NEW YORK— WestCoast Hospitality Corp., as a true believer in the near-term future of the hotel arena, plans to sell off more than a half-million square feet of commercial property and plow those receipts back into its lodging-property dealings. According to Arthur Coffey, president of WestCoast Hotels and evp of WestCoast Hospitality, the Spokane, WA-based organization will divest some 590,000 square feet of commercial retail and office space currently held by its G&B Real Estate Services subsidiary. As Coffey explained to attendees at the 11th Annual CIBC World Markets Gaming, Lodging and Leisure Conference here, the money raised by this transaction would be specifically used to build on the company’s 93-hotel portfolio of WestCoast and Red Lion properties. Moreover, he maintained WestCoast would continue to move aggressively on the franchising front (including Red Lion licensing opportunities), and is particularly keen on targeting new locations in Canada and Mexico via this venue. —Michael Billig
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