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Spokane, Washington  Est. May 19, 1883
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News >  Business

Wenatchee pair buy Spokane hotel

From staff and wire reports The Spokesman-Review

Wenatchee hoteliers Steven and Tanya Tramp have purchased Spokane’s Budget Inn from Red Lion Hotels Corp. for $5.3 million, title records show.

The sale was one of five that recently closed for Red Lion properties in Spokane, and in Boise, Klamath Falls, Ore., Bend, Ore., and Aberdeen, Wash. Red Lion also has purchase agreements in place for the Crescent Court and Patterson buildings in downtown Spokane and for another hotel.

The expected gross proceeds from the sale of the seven properties will be $45 million, Red Lion said in a news release. Additional property sales are expected later this year and early next year.

Red Lion, a publicly traded company which recently changed its name from WestCoast Hospitality Corp., has said in the past it plans to pour the proceeds from the sales into widespread renovations of its remaining hotels. It also announced recently its plans to expand Red Lion Hotels into more than 100 markets over the next five years.

Staff at the Value Inn in Wenatchee confirmed that the Tramps own that property, and a Web site for Princess Properties lists the Budget Inn and Value Inn as properties. It also says the Hampton Inn and Suites will be coming soon to Wenatchee.

Red Lion’s news release did not reveal names of buyers.

Apple to replace iPods with cracked screens

San Francisco Display screens crack easily on a small number of iPod Nano digital music players, Apple Computer Inc. acknowledged Wednesday, saying it would replace flawed units.

Apple was responding to a flurry of complaints posted to online forums and community sites about faulty screens on the Nano, the tiny music player the company launched earlier this month to much fanfare. Most of the complaints revolved around screen scratches that made the displays difficult to read.

Apple spokesman Tom Neumayr said Apple had received few complaints and the only real problem was cracked screens, which would be replaced.

Microsoft reports increased executive earning

Redmond, Wash. Bill Gates and Steve Ballmer each earned $1 million last year, an 11 percent raise over the previous fiscal year, Microsoft Corp. reported in a regulatory filing Wednesday.

Gates, the software company’s chairman, and Ballmer, its chief executive, each earned a salary of $600,000 and a bonus of $400,000 for the company’s 2005 fiscal year ended June 30.

In its proxy statement, the company also disclosed that Gates owned 9.55 percent of Microsoft shares, while Ballmer owns 3.85 percent.

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