WestCoast Hospitality Corporation (the “Company”) today announced the
pricing of a $40 million public offering of trust preferred securities by
WestCoast Hospitality Capital Trust, a Delaware statutory trust sponsored
by the Company. The trust has granted the underwriters an option to
purchase up to an additional $6 million in trust preferred securities
within thirty days to cover over-allotments. The offering will be made
pursuant to an effective registration statement that the Company and the
trust have filed with the Securities and Exchange Commission. The
securities will be listed on the New York Stock Exchange under the symbol
WEHPrA. The securities have a maturity of 40 years and are entitled to
cumulative cash distributions at a 9.5% annual rate. The Company will
guarantee the securities through its combined obligations under a
guarantee agreement, a trust agreement, and junior subordinated debentures
issued under an indenture. The offering is expected to close on February
19, 2004, subject to customary closing conditions.
A written prospectus for the offering may be obtained from Friedman,
Billings, Ramsey & Co., Inc. (1001 19th Street North, Arlington, Virginia
22209, Attn: Prospectus Department), the sole book-running manager for the
offering, or from Wells Fargo Securities, LLC (600 California Street,
Suite 1600, San Francisco, California 94108, Attn: Prospectus Department),
the co-managing underwriter for the offering.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. No sale of, offer to sell
or solicitation of an offer to buy the trust preferred securities shall be
made in any state or jurisdiction in which such a sale, offer or
solicitation would be unlawful.

WestCoast Hospitality Corporation is a hospitality and leisure company
primarily engaged in the ownership, management, development and
franchising of mid-scale, full service hotels under its WestCoast(R) and
Red Lion(R) brands. In addition, through its entertainment division, which
includes its TicketsWest.com, Inc. subsidiary, it engages in event ticket
distribution and promotes and presents a variety of entertainment
productions. G&B Real Estate Services, its real estate division, engages
in traditional real estate-related services, including developing,
managing and acting as a broker for sales and leases of commercial and
multi-unit residential properties.
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