News for the Hospitality Executive
Red Lion Hotels Corporation Acquriring Fee Simple Interest
in the 478-room
Radisson Hotel Denver Southeast for $25.3 million
Following $8 million Renovation Property to be Rebranded Red Lion
|SPOKANE, Wash., May 7, 2008 - Red Lion Hotels Corporation
(NYSE:RLH) today announced that it has entered into an agreement to acquire
the fee simple interest in the 478-room Radisson Hotel Denver Southeast
for $25.3 million. The company has waived its due diligence inspection
contingency, and the acquisition is expected to close in the second quarter
of 2008, subject to usual closing conditions.
"This acquisition is part of our long-term growth and expansion strategy to increase our brand imprint," said Red Lion President and Chief Executive Officer Anupam Narayan. "The new hotel will be a welcome addition to the Red Lion family. This hotel, along with our existing franchised property, the Red Lion Hotel Denver Central, should solidify our strong presence in this major Western hub market."
The hotel is located along Interstate 225 and is approximately 20 minutes
from downtown Denver and 25 minutes from Denver International Airport.
It is adjacent to Denver's growing light rail system, providing convenient
access to the city. The hotel features 25,000 square feet of meeting space,
a two-story parking garage, swimming pool, business center, and full food
and beverage service, including a 120-seat restaurant and 50-seat lounge.
Radisson Hotel Denver Southeast
3200 South Parker Road
Upon closing, the property will be branded as a Red Lion hotel. After the acquisition closes, Red Lion will spend approximately $8 million on renovations -- primarily to guest rooms and public spaces. In order to finance the acquisition, the company expects to draw on its currently unused $50 million line of credit.
About Red Lion Hotels Corporation:
Red Lion Hotels Corporation
|Also See:||George Schweitzer Joins Red Lion Hotels as Senior Vice President, Hotel Operations, Anthony F. Dombrowik Promoted to Chief Financial Officer / March 2008|
|Anupam Narayan, CEO Red Lion Hotels Corp, Says 'The Hotel Industry is Just a Fun Business' / March 2008|