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Article: Washington-Based WestCoast Hospitality Plans to Buy Red Lion Chain from Hilton.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 19, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Stephen H. Dunphy, The Seattle Times Knight Ridder/Tribune Business News
Oct. 19--WestCoast Hospitality, a Spokane-based hotel and entertainment company, yesterday signed a letter of intent to purchase the Red Lion Hotel chain, essentially doubling the size of WestCoast and putting the company into some key new markets.
WestCoast is buying the Red Lion hotels plus five DoubleTree hotels from Hilton Hotels, which had acquired the Red Lion brand as part of its November 1999 acquisition of Promus Hotel Corp.
The transaction, still subject to negotiation of a definitive agreement, is expected to close by the year's end. Financial terms of the ...