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WestCoast Hospitality Survives Q4, Looks Ahead

SPOKANE, WA- During the fourth quarter, WestCoast's lost $553,000 on an 8.5% decline in revenue. In December, WestCoast acquired Red Lion Hotels and Inns, more than doubling its hotel base to 93. Plans for 2002 include adding at least another 10 hotels.

By Janet Parker | Updated on February 14, 2002

SPOKANE, WA-In announcing the company’s year-end results Thursday morning, Don Barbieri, president and chairman of West Coast Hospitality Corp., describes 2001 as “perhaps the most difficult economic environment in the recent history of the hospitality industry.”

The Spokane-based hotelier today reported a 30% rise in profit in 2001 on a 4% drop in revenue. Net income was $7.57 million, up 30% from $5.82 million. Revenue was $121 million, down from $126 million. EBITDA decreased 11.2%, from $34.0 million to $30.2 million. Shares of West Coast ended Thursday worth $7.53 each, up$0.03 on the day on light volume. The share price is up from a 52-week low of $4.90 in March of last year and off $0.47 from a 52-week high of $8.00 achieved in July of last year.

During the fourth quarter, WestCoast’s lost $553,000 on an 8.5% decline in revenue. RevPAR fell 13.0% at all owned, managed and franchised hotels on a decline in occupancy of 4.1 percentage points a 6% decline in average daily rates. Particularly from the standpoint of revenue per available room and earnings comparisons between 2001 and the prior year, WestCoast believes it faired well compared to its industry peers.

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