EXHIBIT-99.1

CONTACT:   MICHAEL W. SHIMASAKI
           PRESIDENT AND CHIEF EXECUTIVE
           ALASKA NORTHWEST PROPERTIES INC.
           (206) 433-0730

             ALASKA NORTHWEST PROPERTIES INC. SIGNS MERGER AGREEMENT

     Seattle, Washington, November 18, 1996.  Alaska Northwest Properties Inc.
(the "Company")(OTC:ANWP) announced today that it has signed a merger agreement
which provides for the disposition of its principal asset, Spieden Island, for a
total consideration of approximately $22 million in cash and other properties.
Under the plan, all of the Company's outstanding shares will be acquired in a
cash merger with a privately held corporation.  Prior to the merger, other
assets and liabilities along with working capital will be transferred to a
private limited liability company (LLC), the ownership of which will be
distributed on a proportionate basis to shareholders of the Company.  The LLC
will proceed with an orderly liquidation of the other properties and will be
responsible for winding up the Company's prior activities as a public
corporation.  The amount of cash to be distributed and the value of the LLC
units, which will not be publicly traded, have not been determined.  However, it
is currently expected that holders of fewer than 50 shares will receive all cash
and other shareholders will receive a combination of LLC units and cash.

     Both the merger and the plan of distribution are subject to various
conditions and will be submitted to the shareholders for approval at a meeting
which is tentatively expected to occur in February, 1997.  The merger and the
plan of distribution will be described in a proxy statement which will be mailed
to shareholders after the filing and disclosure requirements of the Securities
and Exchange Commission have been satisfied.

     Under the merger agreement, the Board of Directors of the Company has
reserved the right to consider, during the next thirty days, acquisition
proposals from other qualified persons



who are willing to execute a confidentiality agreement and meet certain other
terms and conditions, including a $10 million cash deposit in an escrow account,
which must be made prior to the Company's acceptance of another acquisition
proposal.

     The Company does not plan on releasing any other statement or information
until it is permitted to distribute its proxy materials.

     Alaska Northwest Properties Inc. is a real estate investment firm with
properties and operations in Alaska, Hawaii and Washington