Corrected: WestCoast Hospitality Corporation Announces $40 Million Investment to Revitalize Red Lion Hotels
November 29 2004 - 10:18AM
PR Newswire (US)
Corrected: WestCoast Hospitality Corporation Announces $40 Million
Investment to Revitalize Red Lion Hotels SPOKANE, Wash., Nov. 29
/PRNewswire-FirstCall/ -- WestCoast Hospitality Corporation
(NYSE:WEH) today announced it will invest $40 million to revitalize
Red Lion Hotels throughout the company's 12-state and British
Columbia operating region -- one of the most significant facility
improvement programs in company history. The investment will
enhance 31 hotels, accelerating WestCoast's ongoing program to
improve hotel quality by increasing customer comfort, freshening
decor and modernizing with new technology. "WestCoast continues to
strengthen its hotel business," said Arthur Coffey, President and
Chief Executive Officer of WestCoast Hospitality Corporation. "This
investment builds on the $11 million we have invested since the
beginning of this year in areas where customers' quality
expectations are continuing to grow." To support the $40 million
investment, WestCoast will sell 11 hotels and other non-core
properties and use the proceeds to make improvements to all Red
Lion Hotels it owns over the next 18 months. "Seven of the
properties being sold are in markets where WestCoast has multiple
hotels, allowing us to focus our investment and marketing on the
properties which will best represent our brand and have the
greatest growth potential," said Coffey. The investment plan
reflects the management team's strategy to maximize hotel
performance and support long-term Red Lion brand growth, said
Coffey. "With the hotel industry rebounding from a protracted
economic slump, we are taking action now to be in the best position
possible to meet the future growth potential." Mr. Coffey, along
with John Taffin, Executive Vice President Hotel Operations, and
Anupam Narayan, Executive Vice President and Chief Investment
Officer, will be participating in the Friedman Billings Ramsey 11th
Annual Investor Conference on Tuesday, November 30, 2004. As part
of this conference, the team will be conducting a presentation in
which they will discuss the company's investment plan. The
presentation will be at 5:00 p.m. Eastern Time and can be accessed
by the public via webcast at the following website address:
http://wsw.com/webcast/fbr7/weh . About WestCoast Hospitality
Corporation 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
brokering sales and leases of commercial and multi-unit residential
properties. This press release contains forward-looking statements
within the meaning of federal securities law, including statements
concerning plans, objectives, goals, strategies, projections of
future events or performance and underlying assumptions (many of
which are based, in turn upon further assumptions). The
forward-looking statements in this press release are inherently
subject to a variety of risks and uncertainties that could cause
actual results to differ materially from those expressed. Such
risks and uncertainties include, among others, economic cycles;
international conflicts; changes in future demand and supply for
hotel rooms; competitive conditions in the lodging industry;
relationships with franchisees and properties; impact of government
regulations; ability to obtain financing; changes in energy,
healthcare, insurance and other operating expenses; ability to sell
non-core assets; ability to locate lessees for rental property and
manage and lease properties owned by third parties; dependency upon
the ability and experience of executive officers and ability to
retain or replace such officers as well as other matters discussed
in the Company's annual report on Form 10-K for the 2003 fiscal
year and in other documents filed by the Company with the
Securities and Exchange Commission. Contact: Julie Langenheim
Title: Investor Relations Manager Phone: (509) 777-6322 Internet:
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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