News for the Hospitality Executive
SPOKANE, Wash., Aug. 7, 2012-- Red Lion Hotels Corporation (NYSE: RLH) announced today the company has entered into a definitive agreement to sell for $13.0 million the Red Lion Hotel Denver Southeast in Colorado.
"The sale of a non-core property provides us with additional financial flexibility," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "The proceeds from the sale of this hotel will allow us to pay down debt, enhance the competitive position of the Red Lion brand and increase shareholder value."
The sale on the property is expected to close on or before October 31 and the company does not expect the buyer to sign a franchise agreement.
The 478 room select service hotel has 25,000 square feet of meeting space and is located in the southeast metro Denver area adjacent to the light rail line. The hotel borders Cherry Creek State Park and has scenic views of the Rocky Mountains and downtown Denver. Red Lion Hotels Corporation announced in January 2012 it was listing the hotel for sale.
About Red Lion Hotels Corporation:
Red Lion Hotels Corporation is a hospitality and leisure company primarily engaged in the ownership, operation and franchising of midscale hotels under its Red Lion® brand. As of March 31, 2012, the RLH hotel network was comprised of 48 hotels located in nine states and one Canadian province, with 9,010 rooms and 452,387 square feet of meeting space. The company also owns and operates an entertainment and event ticket distribution business. For more information, please visit the company's website at www.redlion.com.
Red Lion Hotels Corporation
Lion Hotels Sells the 149-room Red Lion Colonial Hotel in Helena,
Montana to Helena Colonial L.L.C. for $5.6 Million; The Hotel will
Maintain the Red Lion Brand / July 2012
Lion Hotels Signs Franchise Agreement for Cathedral City, California
Hotel; The 97-room Quality Inn & Suites Date Palm will Convert to
Red Lion Hotel Cathedral City in Fall 2012 / July 2012
Burgett Joins Red Lion Hotels Corporation as Executive Vice President,
Brand Development / July 2012
Lion Hotels Offers Risk Free Meetings with Zero Attrition to Planners
through 2012 / March 2012
Former 126-room Best Western Hotel in Grants, New Mexico is Re-branded
as the Red Lion Hotel Grants / December 2011
Lion Hotels Brand Chosen for Two Former Best Western Hotels in New
Mexico; The 192-room Red Lion Hotel Farmington and the 126-room Red
Lion Hotel Gallup are Now Open for Business / November 2011
Lion Hotels Acquires Ten Previously Leased Hotels From iStar Financial
for $37 million / November 2011
Lion Hotels Continues Expansion in New Mexico with the Addition of the
126-room Red Lion Hotel Grants Formerly the Best Western Inn &
Suites of Grants / October 2011
Lion Hotels Names Julie Shiflett as Executive Vice President and Chief
Financial Officer / September 2011
Interim Status, Red Lion Hotels Names Jon Eliassen President and Chief
Executive Officer / February 2011
Lion Hotels Plans Sale of Two Properties; the Red Lion Hotel Fifth
Avenue in Seattle and the Red Lion Hotel Denver Southeast / January
Lion Hotels Enters into Two New Franchise Agreement in Northern
California / November 2010
|Red Lion Hotels Corporation Hires Dan Jackson as Senior Vice President and Chief Financial Officer / November 2010|
|Red Lion Hotels Expands Board of Directors; Appoints Melvin L. Keating to Board / July 2010|
|Red Lion Hotels Appoints Richard P. Carlson as Vice President - Lodging Development / March 2010|
|Directors of Red Lion Hotels Remove Anupam Narayan as Chief Executive Officer; No Reason Given / January 2010|