Red Lion Hotels Announces Sale Of Its Hotel In Helena, Montana
SPOKANE, Wash., July 26, 2012 /PRNewswire/ -- Red Lion Hotels Corporation (NYSE: RLH) announced today it has entered into an agreement to sell the Red Lion Colonial Hotel in Helena, Mont., to Helena Colonial L.L.C. The purchase price for the sale is $5.6 million and the close date is scheduled for July 31, 2012. The buyer has indicated that it intends after closing to enter into a franchise license agreement with Red Lion Hotels Franchising Inc. and maintain the Red Lion brand on the hotel.
"The sale of our hotel property in Helena fits with our strategy of selling certain non-core assets to pay down debt, invest in our brand and increase shareholder value," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "The buyer has informed us that it intends to invest substantial additional capital in the property, and we anticipate that the hotel's enhanced appeal will be attractive to our Red Lion guests in Helena."
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. Helena Colonial L.L.C. is using Stockman Bank, based in Montana, to finance the acquisition.
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.
Contact: Pam ScottRed Lion Hotels Corporation509-777-6393 (d)509-570-4610 (c) Pam.Scott@redlion.com www.RedLion.com SOURCE Red Lion Hotels Corporation
Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
