The LP previously controlled the 172-room property through an operating lease. The purchase was the back-end of a 1031 Exchange. Funds for the purchase came from WestCoast's October sale of the 245-room Red Lion River Inn in Spokane, which WestCoast developed in 1976 and continues to operate under a new 15-year lease agreement from the new owner.
The Red Lion Hotel Yakima Gateway is located at 9 North 9th St. WestCoast says there will be no changes in the operation or name of the hotel as a result of the acquisition.
In November, WestCoast Hospitality reported a third quarter (ended Sept. 30, 2003) profit of $3.2 million on revenue of $54.5 million.
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