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SPOKANE. WA-WestCoast Hospitality Corp. and American Capital Group LLC said Wednesday they have jointly terminated a purchase agreement executed in October 2002 wherein American Capital was to acquire from WestCoast the Kalispell Center Mall and the adjoining WestCoast Kalispell Hotel in Kalispell, MO, for an undisclosed price.

The companies did not say on Wednesday why the sale had been nixed, only that WestCoast would “proceed with the ownership of and operating responsibilities” of the 132-room hotel and the 160,000-sf mall and is “not seeking another buyer.” The properties have a combined net book value of $13 million, a source at WestCoast tells GlobeSt.com.

WestCoast’s predecessor Goodale & Barbieri Companies developed the mall and the hotel in 1986. WestCoast says it will move forward with elements of the plans developed by American Capital to revitalize the existing mall and attract new tenants, though it did not place a monetary value on the project.

“WestCoast and American Capital have concluded that it is in our mutual interests and in the interests of the Kalispell community that WestCoast proceed with the ownership of the Kalispell Center Mall and pursue its expansion,” says WestCoast President/CEO Arthur Coffey in a prepared statement. “We have been in contact with potential expansion tenants and are very optimistic about our opportunities to solidify the Kalispell Center’s reputation as the destination mall for Western Montana.”

WestCoast also owns through its subsidiaries the Red Lion Inn and the WestCoast Outlaw Hotel in Kalispell and has operations in the Montana cities of Missoula, Helena and Butte.

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