Red Lion Hotels (RLH)

[56Chevy]

Red Lion Hotels Announces Strategic Sale of Denver Southeast Property

Date : 08/06/2012 @ 4:01PM
Source : PR Newswire
Stock : Red Lions Hotels Corp. (RLH)
Quote : * 6.64 -0.06 (-0.90%) @ 4:04PM

*The price at the time of the announcement of the sale was approx. $7.25. The stock has been in decline since.

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.

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