Once the deal closes, the West Coast Kalispell Center Hotel will remain under the WestCoast flag and management, while American Capital will oversee management for the mall.
WestCoast (then Goodale & Barbieri Companies) developed the project in 1986. Under American Capital, WestCoast hopes to see expansion of the mall, in a continued effort to strengthen downtown Kalispell and keep its core full and active. WestCoast owns or operates 6 hotels with more than 750 rooms in the state of Montana. Both companies would like to expand their business in the state.
The sale is part of WestCoast's strategy to divest the company's ownership interests to pay down debt and reinvest in new hotel properties. The company has said it will continue to sell non-core real estate assets during the upcoming years. While the company seeks to dispose of assets in its Real Estate Division portfolio, the company continues to expand the division through management contracts in commercial and residential housing and in development services for third party owners.
WestCoast Hospitality Corp. (NYSE: WEH) owns, manages and franchises more than 90 hotels in 16 states. As of early afternoon, the company stock was trading at $5.30, up from its 52-week low of $5.20 and down from its high of $8.08.
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