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Hotel Industry News |
Saturday November 22nd, 2008 |
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WestCoast Hospitality Corporation Announces Acquisition of Yakima Hotel Property |
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WestCoast Hospitality Corporation (NYSE: WEH) announced today that its subsidiary, WestCoast Hospitality Limited Partnership, has completed the acquisition of the Red Lion Hotel Yakima Gateway in Yakima, Washington. |
Previously, the limited partnership had controlled the 172-room property through an operating lease and in September 2003 exercised an option to purchase the hotel for $6.25 million. The transaction utilized most of the proceeds from the previous 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 Hotel Yakima Gateway is located at 9 North 9th Street, Yakima, Washington 98901.
WestCoast Hospitality Corporation is a NYSE-listed hospitality and leisure company primarily engaged in the ownership, management, development and franchising of mid-scale, full service hotels under its WestCoast® and Red Lion® brands.
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