POV-waterfront-04182014_2077-webAt their August 26 meeting, Port of Vancouver USA commissioners paved the way for further development of Vancouver’s waterfront by unanimously approving two agreements related to port property occupied by Red Lion Hotel Vancouver at the Quay.

“I am so pleased that we’ve reached agreement on next steps,” said port Commissioner Nancy Baker. “One of my top priorities has always been to make sure the public has direct access to the Columbia River. Working with the city of Vancouver on their efforts to reconnect our community to the river is key to making that happen, and the opportunity to work collaboratively with our longtime tenant Red Lion Hotel Vancouver at the Quay makes the progress even sweeter.”

Commission President Brian Wolfe echoed Baker with his comment, “That property is critically important to the port. Not only is it the location of the first Red Lion Hotel, but it’s the birth place of the port, our Terminal 1. With all the partners working together, the future of our waterfront is bright.”

Tuesday’s board action established a direct lease between the port and Red Lion Hotel Holdings Inc., a wholly owned subsidiary of Red Lion Hotels Corporation, and removed RLH Partnership LP, a wholly owned subsidiary of iStar Financial, from the lease agreement.

Prior to Tuesday’s meeting, RLH Partnership LP leased the property from the port and then subleased the property to Red Lion Hotel Holdings Inc. As part of the approved agreements, the sublease will be terminated upon the port’s payment of $3.4 million to RLH Partnership LP, a completely unrelated party to Red Lion Hotel Holdings Inc. by no later than August 29, 2014.

Establishing a direct lease between the port and Red Lion Hotel Holdings Inc. allows the parties to move forward on removing the Centennial Center, the Quay’s 4,557-square-foot meeting facility, making the construction of Columbia Way on its final alignment possible. The new roadway, which will support waterfront redevelopment efforts, is a joint effort by the port, the city of Vancouver and Columbia Waterfront LLC.

The approved agreements also set the stage for continued discussions between the port and Red Lion Hotel Holdings Inc. on future plans for the hotel and the surrounding property.

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The Port of Vancouver USA is one of the major ports on the Pacific Coast, and its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a skilled labor force and an exceptional level of service to its customers and community. For more information, please visit us at www.portvanusa.com.