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.

For further information: For media inquiries, please contact: Martin Livingston, Living Communications Inc., Vancouver, B.C., [phone]