SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
June 27, 2003
Date of Report (Date of earliest event reported)
WESTCOAST HOSPITALITY CORPORATION
(Exact Name of Registrant as Specified in Charter)
Washington 001-13957 91-1032187
(State or Other (Commission file number) (I.R.S. Employer
Jurisdiction of Identification No.)
Incorporation)
201 W. North River Drive
Suite 100
Spokane, Washington 99201
(Address of Principal Executive Offices, Zip Code)
(509) 459-6100
(Registrant's Telephone Number, Including Area Code)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits.
The following exhibit is furnished pursuant to Item 9 hereof and should not be
deemed to be "filed" under the Securities Exchange Act of 1934:
Exhibit No. Exhibit
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99.1 Press Release dated June 27, 2003
Item 9: Regulation FD Disclosure
On June 27, 2003, the Registrant issued a press release announcing that it had
completed a $55.2 million mortgage refinancing. A copy of the press release is
furnished as Exhibit 99.1 to this Form 8-K pursuant to this Item 9.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WESTCOAST HOSPITALITY CORPORATION
Dated: June 30, 2003 By: /s/ Peter P. Hausback
Peter P. Hausback
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Exhibit
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99.1 Press Release dated June 27, 2003
Exhibit 99.1
WestCoast Hospitality Corporation Completes $55.2 Million Mortgage Refinancing
June 27, 2003
SPOKANE, Wash. - WestCoast Hospitality Corporation (NYSE:WEH) announced today
the successful completion of a $55.2 million mortgage refinancing secured by 10
hotel properties. The 10-year fixed-rate loan was made by Column Financial,
Inc., a Credit Suisse First Boston company out of their Los Angeles office, and
was arranged by Sonnenblick-Eichner Company. The loan has an interest rate of
6.7% and 25-year amortization and includes a ten-year call.
Peter Hausback, Vice President and CFO, stated, "With interest rates at
historical lows it is a good time to refinance our revolving credit facility to
long-term debt and lock in a low rate. This debt structure strengthens the
Company's balance sheet and further positions us for success through the
remaining economic slowdown and the eventual economic recovery."
Loan proceeds will allow the Company to completely pay down outstanding
borrowings under its Revolving Credit Facility. The elimination of borrowings
under the Revolving Credit Facility will reduce current liabilities by
approximately $54 million.
"I am extremely proud of our Company, our assets and our ability to complete
this financing in a difficult economic environment," said Arthur Coffey,
President and CEO. "Our intention to refinance our revolving credit facility has
been stated in recent filings, and this announcement marks the completion of
that process."
Column Financial (www.columnfinancial.com), a wholly owned subsidiary of Credit
Suisse First Boston, was established in 1993 to originate commercial mortgage
loans. Since then, Column has closed over $48 billion in commercial loans.
Column, headquartered in Atlanta, Georgia, has 17 offices located across the
country and in Canada offering a variety of financing options including interim
and mezzanine lending programs.
Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles based real
estate investment banking firm that specializes in marketing institutional real
estate and arranging structured finance for acquisition, construction and
permanent loans, interim and mezzanine financing as well as joint venture equity
transactions.
WestCoast Hospitality Corporation owns, manages, franchises and develops hotels
providing care, comfort and value. Red Lion Hotels and WestCoast Hotels focus on
serving business, convention and leisure travelers in first, second and third
tier markets. WestCoast provides entertainment services through TicketsWest,
including event ticketing for venues in the United States and Canada, and
aggregates content for travel and entertainment that is sold in real time at its
www.ticketswest.com website. TicketsWest also includes WestCoast Entertainment,
a Broadway and special event presenting company. G&B Real Estate Services, the
real estate division of WestCoast Hospitality Corporation, owns and manages
commercial and residential properties. Registered trademarks of WestCoast
Hospitality Corporation and its affiliates protect the use of "WestCoast", "Red
Lion", "TicketsWest" and "G&B" and various derivatives of those usages.
This press release contains forward-looking statements within the meaning of
federal securities law, including statements concerning plans, objectives,
goals, strategies, projections of future events or performance and underlying
assumptions (many of which are based, in turn upon further assumptions). The
forward-looking statements in this press release are inherently subject to a
variety of risks and uncertainties that could cause actual results to differ
materially from those expressed. Such risks and uncertainties include, among
others, economic cycles; international conflicts; changes in future demand and
supply for hotel rooms; competitive conditions in the lodging industry;
relationships with franchisees and properties; impact of government regulations;
ability to obtain financing; changes in energy, healthcare, insurance and other
operating expenses; ability to sell non-core assets; ability to locate lessees
for rental property and managing and leasing properties owned by third parties;
dependency upon the ability and experience of executive officers and ability to
retain or replace such officers as well as other matters discussed in the
Company's annual report on Form 10-K for the 2002 fiscal year and in other
documents filed by the Company with the Securities and Exchange Commission.