"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
SOURCE Red Lion Hotels Corporation