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WestCoast Selling Building Interest for $10.6M

SPOKANE, WA-Sticking to its guns on a previously announced financial strategy, WestCoast Hospitality has entered into an agreement to sell its 80% interest in the WHC Building, an office propertry in the central business district.

By Janet Parker | Updated on March 11, 2002

SPOKANE, WA-As part of a new business strategy to divest of majority ownership in its non-core asset, WestCoast Hospitality Corp. is unloading its 80% interest in the WHC Building, an office property in Downtown Spokane. The Spokane-based hotelier says it will sell an 80.1% interest in the 100,350-sf class A building to “an investment group…located in Oregon and California.”

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.

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