WestCoast Hospitality, Buyer Nix Sale of Montana Mall, Hotel

SPOKANE. WA-WestCoast Hospitality Corp. and American Capital Group LLC said Wednesday they have jointly terminated a purchase agreement executed in October 2002 wherein American Capital was to acquire from WestCoast the Kalispell Center Mall and the adjoining WestCoast Kalispell Hotel in Kalispell, MO, for an undisclosed price.

The companies did not say on Wednesday why the sale had been nixed, only that WestCoast would “proceed with the ownership of and operating responsibilities” of the 132-room hotel and the 160,000-sf mall and is “not seeking another buyer.” The properties have a combined net book value of $13 million, a source at WestCoast tells GlobeSt.com.

WestCoast’s predecessor Goodale & Barbieri Companies developed the mall and the hotel in 1986. WestCoast says it will move forward with elements of the plans developed by American Capital to revitalize the existing mall and attract new tenants, though it did not place a monetary value on the project.