WestCoast Announces Acquisition of Bellevue Hotel Property

WestCoast Hospitality
Corporation announced today that its subsidiary has completed the
acquisition of the Red Lion Bellevue Inn in Bellevue, Washington.
Previously, another subsidiary had controlled the 181-room property
through an operating lease, with an option to purchase the property
outright. The purchase price has not been disclosed, although a portion of
the price was paid with proceeds from the 2003 sale of the Red Lion River
Inn, located in Spokane, Washington, which had been reserved to
accommodate a Section 1031 tax deferred exchange. There will be no changes
in the operation or name of the hotel as a result of the acquisition. The
Red Lion Bellevue Inn is located at 11211 Main Street, Bellevue,
Washington 98901.
The acquisition of the property follows the Company’s “hub and spoke”
strategy of securing hotel properties in tier one cities, then adding
hotels in surrounding feeder markets. Bellevue is a vibrant business and
shopping district located nine miles east of Seattle. The property has
high visibility from Interstate-405 and is just blocks from the city’s
convention center.

“This property in the Bellevue market fits perfectly within our long-term
strategy of strengthening our market position through ownership of key
assets in important markets,” said John Taffin, Executive Vice President,
Hotel Operations. “The acquisition continues the execution of our brand
positioning initiatives and continues our market leadership in the Pacific
Northwest.”
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