WestCoast Hospitality and GVD Commercial Properties, Inc. Join Forces to Expand and Renovate the Kalispell Center Retail and Hot
July 25 2005 - 9:00AM
PR Newswire (US)
WestCoast Hospitality and GVD Commercial Properties, Inc. Join
Forces to Expand and Renovate the Kalispell Center Retail and Hotel
Complex KALISPELL, Mont., July 25 /PRNewswire-FirstCall/ --
WestCoast Hospitality Corporation (NYSE:WEH) announced it has sold
a 50% interest in its Kalispell Center retail and hotel complex
located in Kalispell, Montana to GVD Commercial Properties, Inc.
(GVD). GVD is an experienced retail developer and brings a wealth
of experience for a planned multi-phase expansion and renovation
project for the Kalispell Center in Kalispell's downtown core.
"This transaction with GVD brings expertise in retail development
to maximize the value of Kalispell Center. At the same time, it
allows us to focus on our core hotel business as GVD brings decades
of experience and valuable national contacts to the project," said
Arthur M. Coffey, President and Chief Executive Officer of
WestCoast Hospitality Corporation. "We will continue to seek
relationships to maximize the value of our assets by bringing in
expertise outside our core hotel business." GVD specializes in the
development and leasing of retail centers throughout the western
United States. WestCoast Hospitality will continue to operate the
hotel under a long term lease. G & B Real Estate Services, a
division of WestCoast Hospitality Corporation, will continue to
manage the retail component of Kalispell Center. "We are very
pleased to team with WestCoast Hospitality Corporation to develop
Kalispell Center," said Gerald Vance Dicker, President of GVD
Commercial Properties, from his Spokane, Washington office. "It is
an exciting renovation which will offer expanded lodging, retail
and community opportunities to Kalispell and the entire Flathead
Valley." The initial phase of this development project includes
hotel expansion, renovations and retail site enhancements that will
cost approximately $5 million. Renovations will start in the fall
of this year and the company anticipates completion by the middle
of 2006. Upon completion, the Kalispell Center hotel will be
re-branded to Red Lion. "The expanded and renovated hotel at the
Kalispell Center will be a flagship Red Lion in Montana and the
Flathead Valley," added Coffey. "This development will help us
strengthen the Red Lion hotel brand, the Kalispell Center retail
offering and enhance downtown activity." About WestCoast
Hospitality Corporation WestCoast Hospitality Corporation is a
hospitality and leisure company primarily engaged in the ownership,
management, development and franchising of upper mid-scale, full
service hotels under its Red Lion(R) and WestCoast(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 brokering sales and leases of
commercial and multi-unit residential properties. About GVD
Commercial Properties, Inc. GVD Commercial Properties was formed in
1974 and now owns retail projects in 19 states. Its staff of real
estate professionals specialize in acquiring, developing and
leasing retail centers particularly in the Northwest, California,
and Texas. GVD is currently developing a 95 acre life style - power
center which will have 9 or more restaurants and other major retail
tenants. GVD is very active in the Northwest with major projects in
Spokane, Washington; Sandpoint, Post Falls and Coeur d'Alene,
Idaho. Contact: Julie Langenheim, Investor Relations Manager of
WestCoast Hospitality Corporation, +1-509-777-6322, or .
DATASOURCE: WestCoast Hospitality Corporation CONTACT: Julie
Langenheim, Investor Relations Manager of WestCoast Hospitality
Corporation, +1-509-777-6322, or Web site:
http://www.westcoasthotels.com/
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