SPOKANE, Wash., Aug. 6, 2012 /PRNewswire/ -- 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.
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Contact: Pam Scott
Red Lion Hotels Corporation
509-777-6393 (d)
509-570-4610 (c)
Pam.Scott@redlion.com
www.RedLion.com
SOURCE Red Lion Hotels Corporation