A Virginia-based real estate investment trust bought the 180-room Marriott Residence Inn at Redmond Town Center for $26.9 million yesterday, King County tax records show.
Apple Hospitality Two Inc., which has been acquiring similar properties around the country, bought the Redmond hotel under the name AHT Redmond Inc. from a limited partnership of Western International, a Texas-based hotel developer. Marriott International is expected to continue operating the hotel.
The sale of the Residence Inn does not affect Western International's plans to build a Marriott Hotel on a nearby site.
Coinstar shares drop on Safeway reports
Coinstar Inc. shares fell more than 8 percent yesterday on speculation that Safeway Inc. may be reconsidering an arrangement that places the company's coin-sorting machines in its grocery stores.
The company's shares fell $1.79 to close at $20.24 during regular trading yesterday on the Nasdaq market. During the day, its stock sold for as low as $19.41, a 52-week low.
Coinstar maintains coin-sorting machines in a number of grocery stores, including Safeway. Chief Operating Officer Rich Stillman said the company would not comment on its relationships with specific companies, but 'if there is any material change' in the relationships, the company would make an announcement.
For the nine months ending Sept. 30, Safeway made up about 11 percent of the company's revenues.
AOL Time Warner wants to unload book unit
AOL Time Warner is seeking to sell its book-publishing division in an effort to pay down some of the debt taken on with AOL's acquisition of Time Warner, people involved in sale discussions said. But in the current market, getting a decent price may be difficult and there is no guarantee a buyer will emerge.
The move, at a time when many media companies are short on cash, underscores the pressure on AOL Time Warner to pare its $26 billion debt.
AOL is also trying to sell its three Atlanta sports teams, its interests in at least two cable channels and a minority interest in its cable unit.
NEW TOP OFFICERS
Microsoft Corp. named Will Poole senior vice president of the Windows Client Business. He heads the development of the E-Home electronic-home products, the Windows Digital Media products and 'Longhorn,' the next version of Windows.
Nastech Pharmaceutical Co. Inc. announced the appointment of Jade Brown as senior director, marketing and business development. Brown brings 13 years of pharmaceutical marketing and business development experience at Eli Lilly to Nastech.
Action Engine, a provider of a software platform for the development and deployment of applications for wireless mobile devices, has named Ron Jasper executive vice president of sales, marketing and business development.
SHIPPING NEWS
Vessels due at the Port of Seattle today, according to the Marine Exchange of Puget Sound, include APL Japan, from Hong Kong, at Terminal 5; Chuanhe, from Long Beach, Calif., at 18-5; CSL Cabo, from Plumper Sound, B.C., at 8PB; Kapitan Maslov, from Oakland, Calif., at 5; Monte Pelmo, from Muroran, Japan, at anchor; Paris Express, from Tokyo, at 18-2; and Santa Monica, from Vancouver, B.C., at 18-4.
This report contains information from P-I staff, The Associated Press, The New York Times and Bloomberg News.
