(Spokane, WA, March 10, 2011) - Red Lion Hotels Corporation (NYSE: RLH) has announced plans to offer for sale its Red Lion Colonial Hotel, located in Helena, MT.
"We plan to maintain our presence in Helena, where the Red Lion brand has significant history and relevance," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels. "With the debt on this property maturing this summer, we have a unique opportunity to redeploy the equity in the property and reinvest in our brand. We believe prospective buyers will be interested in maintaining the Red Lion brand on this hotel and we look forward to continuing to operate as a Red Lion Hotel."
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 property is listed with CB Richard Ellis (CBRE) and interested parties should contact CBRE's representative, Chris Burdett, for more information.
"Today's hotel owners are all looking for yield and Red Lion has proven time and again they know how to maximize both the top and bottom line," said Burdett. "Because of this, we have had tremendous interest expressed by prospective buyers for Red Lion's Seattle Fifth Avenue hotel. We expect Helena, as the largest hotel in the capital city of Montana, to have considerable interest as well."
Red Lion Hotels announced in January 2011 that it was listing for sale the Red Lion Hotel Fifth Avenue in Seattle and the Red Lion Hotel Denver Southeast and that the company prefers to maintain the hotels' Red Lion affiliations, either as managed or franchised properties.
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 December 31, 2010, the RLH hotel network was comprised of 44 hotels located in eight states and one Canadian province, with 8,557 rooms and 425,397 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.