Coast Hotels & Resorts Signs Long-Term Lease for Vancouver's Coast Plaza
Hotel & Suites

Comox Street Hotel to Undergo $9 Million Renovation

VANCOUVER, Nov. 27 /CNW/ - Coast Hotels & Resorts today announced that it has signed a long-term lease for the 269-room Coast Plaza Hotel & Suites in Vancouver, located at 1763 Comox Street, enabling the property to continue operating as a Coast Hotel until at least 2017.

The extended contract signed by Coast Hotels & Resorts and the owners of the property (0792203 B.C. Ltd.), will run through October 31, 2017.

As part of the lease agreement, the owners will invest $6 million for building renovations which will include replacing the property's windows and upgrading the hotel's roof and facade to give it a more modern look. Coast Hotels & Resorts, in turn, will invest $3 million to upgrade guest rooms including installing new carpeting and wall coverings, furniture, fixtures, beds and flat screen televisions as well as a renovation of the hotel's ballroom. Renovations are scheduled to get underway in Spring 2010.

"The Coast Plaza Hotel & Suites was Coast Hotels' first property in Vancouver and has always been an integral part of the Coast Hotels' chain," said Graeme G. Barrit, President of Coast Hotels & Resorts. "This long-term lease secures the future of this property as a Coast Hotel giving the company three very attractive locations in the Vancouver market."

The owners of the property purchased the Coast Plaza Hotel & Suites, located above Denman Place Mall, in the fall of 2007. Coast Hotels & Resorts was operating the hotel under a lease agreement that had been scheduled to expire on October 31, 2011.

About the Coast Plaza Hotel & Suites

The Coast Plaza Hotel & Suites is one of Vancouver's most popular hotels. Centrally located in downtown Vancouver, the hotel is close to the city's most popular destinations such as Stanley Park, English Bay and Robson Street, and is within walking distance of some of Vancouver's best restaurants. The pet-friendly hotel offers 269 large guest rooms and oversized suites with kitchenettes providing spectacular views of the city of Vancouver, coastal mountains, English Bay and Coal Harbour. The hotel's helpful, caring staff have earned it a well-deserved reputation for superior guest service, comfort and convenience.

About Coast Hotels & Resorts

Coast Hotels & Resorts is a leading hotel chain in western North America. The company's philosophy of serving its guests through a superior standard of value, hospitality and service enables its continuing expansion. Coast Hotels & Resorts now owns, manages and franchises 42 hotel and resort properties located throughout British Columbia, Alberta, Northwest Territories, the western United States, Alaska and Hawaii. Visit www.coasthotels.com or call 1-800-663-1144 for more information.

SOURCE COAST HOTELS & RESORTS

For further information: For further information: For media inquiries, please contact: Martin Livingston, Living Communications Inc., Vancouver, B.C., (604) 657-8234

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COAST HOTELS & RESORTS

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