According to a registration statement filed with the Securities and Exchange Commission, the trust would offer for sale to the public up to 1.8 million (yield not stated) trust preferred securities with a liquidation value of $25 each. The offering, to be underwritten by the Washington, DC-based investment bank Friedman Billings Ramsey Group Inc., is expected to commence in late 2003 or early 2004. Distributions on the trust preferred securities will be payable quarterly in arrears, beginning March 31, 2004.

A West Coast Hospitality Corp. executive did not return a phone call seeking comment. In its SEC filing, the company states that it believes that the consummation of this offering and the planned elimination of its existing preferred stock and its associated dividend requirements will strengthen the company's financial condition, "particularly in the long term."

The trust will invest the proceeds of the offering in junior subordinated debentures to be issued by West Coast Hospitality Corp. The debentures, which will be the trust's only assets, will have substantially the same payment terms as the trust preferred securities. The debentures mature, and the trust preferred securities must be redeemed, by December 2043. The trust may redeem the securities at any time after December 2008.