The sales price for the property located on the north bank of the Spokane River is $10.6 million. WestCoast says the transaction is expected to close by the end of this month but remains contingent upon the buyer's receiving the final approval of their existing lender.

WestCoast, which just completed the acquisition of the Red Lion chain the end of December, will retain ownership of 19.9% interest in the WHC Building. And, through a subsidiary, G&B Real Estate Services, the company will continue to act as manager and leasing agent for the property.

In a move toward debt repayment and to facilitate company growth, WestCoast had previously announced it would maintain only sliver ownership interests and management responsibilities in non-core assets.

WHC was built in 1985 and has served as its headquarters since. Other tenants in the 98%-occupied property include Avista Energy, IBM, Potlach Corp. and Morgan Stanley.

According to WestCoast's calculations, the majority-interest sale of WHC is expected to result in a before-tax gain of approximately $4.9 million. Of that, $1.7 million will be deferred over six years for the property's continued use as WestCoast headquarters. The company says it expects immediate net gain to contribute approximately $0.16 in earnings-per-share this quarter.

As for WestCoast's plans for growth, company officials say they plan to add another nine to 19 hotels this year through additional franchising and sliver-equity investments. It currently owns, manages or franchises 90 hotel properties in 16 states.

WestCoast officials say the company is also looking to expand its commercial and residential management portfolio. The company's entertainment arm includes TicketsWest and WestCoast Entertainment, which provide event ticketing and special event presentations.