News for the Hospitality Executive
Nov. 9, 2011-- Red Lion Hotels Corporation (NYSE: RLH) has
listed for sale the Red Lion Hotel Medford in Oregon and the Red Lion
Inn Missoula in Montana.
"Our purchase last week from iStar Financial Inc. of the previously leased portfolio of hotels gives us the opportunity to take action toward monetizing non-core assets," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "We will continue to look for ways to strategically position Red Lion with hotels that fit the brand going forward. Selling these two properties also furthers our effort to restructure our balance sheet, which will give the company more financial flexibility and increase shareholder value."
The Red Lion Hotel Medford is a select service property located downtown with 185 exterior entry rooms and more than 9,500 square feet of meeting space. Medford is 25 miles north of the California border in Southern Oregon's scenic Rogue Valley.
The Red Lion Inn Missoula is a limited service property with 76 exterior entry rooms, located just blocks from the city center and the University of Montana. Across the street from the hotel is Riverfront Park with walking and biking trails, a tennis court and a fishing pond.
In addition, the Red Lion Colonial Hotel in Helena, MT, was listed for sale in March 2011. The 149-room Red Lion Colonial Hotel has 15,500 square feet of meeting space, the largest group space in the market, and underwent a major renovation in 2006. It is located approximately one mile from the Montana State Capitol building.
The properties are all listed with CBRE Hotels representative Chris Burdett, the agent responsible for the successful sale of Red Lion Hotel on Fifth Avenue in Seattle in June.
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 September 30, 2011, the RLH hotel network was comprised of 44 hotels located in eight states and one Canadian province, with 8,457 rooms and 424,387 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 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|