Former Best Western Exec Joins WestCoast

SPOKANE, WA-WestCoast Hospitality Corp. has found a replacement for chief financial officer Peter Hausback, who is leaving the company in January to pursue other opportunities. The locally based company announced Thursday the hiring of former Best Western executive Anupam Narayan as executive vice president, chief investment officer and, come January, chief financial officer.Narayan has 25 years experience in the hospitality industry, chiefly in executive, strategic and financial positions. From 1998 to March 2004, he served as an executive officer of Best Western International Inc., including his most recent position as chief financial officer and senior vice president of Global Brand Management. During 2002, he did a three-month stint as acting president and CEO. From 1985 to 1998, Narayan was employed by Doubletree Corporation and Red Lion Hotels, Inc. Immediately prior to joining Best Western, he served as the company’s senior vice president and treasurer. Narayan will be with WestCoast at least through December 31, 2006, according to the related SEC filing. Narayan will receive an annual base salary of $225,000 and will be entitled to participate in an annual bonus plan under which he will have a bonus opportunity of 40% of his base salary upon attainment of the plan’s target performance measures, according to the filing. In addition, the filing states Narayan was granted an option to purchase 80,000 shares of company stock at $5.10 per share and was awarded 18,535 restricted stock units. West Coast president and CEO Arthur Coffey, formerly the company’s CFO, says Narayan’s previous experience with the company’s Red Lion brand “will give him an immediate ability to positively influence our strategy and operations.” Narayan will take over as CFO on January 15, Hauback’s last day with the company. WestCoast acquired the 6,052-room Red Lion portfolio and brand from Hilton Hotels at the end of 2001 for $50.6 million. The deal included nine corporate-owned hotels, 23 franchised hotels and one leased property. The acquisition doubled WestCoast’s total number of rooms. Coffey succeeded former WestCoast CEO and Chairman Donald Barbieri last year.