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WestCoast Takes Hit Along With Hotel Industry

SPOKANE, WA-In announcing its three- and nine-month fiscal results, the full-service hotel owners reveal the company was not spared the effects of Sept. 11. But it remains optimistic the travel industry will rebound in the coming months.

By Gina Binole | Updated on October 31, 2001

SPOKANE, WA-Revenues for WestCoast Hospitality Corp. dropped 8.3% during the quarter ended Sept. 30, according to the locally-based company’s latest fiscal earnings report. Revenues went from $36.9 million in 2000 to $33.8 million in 2001 despite increased revenues from the franchises, central services and development, TicketsWest and real estate divisions.

Corporate officials blamed the decline largely on the drop in business due to the Sept. 11 terrorist attacks as well as a weaker economy overall, which proceeded that date.

“In the third quarter, the country’s travel industry experienced an acute drop in business unlike any we have ever seen,” Donald Barbieri, chairman, president and CEO, said in announcing the news. “The hotel segment of the travel industry has not been spared, and we find ourselvesoperating in a different and difficult environment. But, that doesn’t change the need to look forward and I remain confident that the industry will regain its strength and continue to serve the millions of people who rely on us to provide our essential services.”

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