Red Lion Hotels Corporation Sells Red Lion Inn Missoula in Montana for $1.95 Million
New Owners, RASM Properties, Sign Franchise Agreement with Red Lion
SPOKANE, WA - February 22, 2013 - Red Lion Hotels Corporation (NYSE: RLH) today announced the company has sold the Red Lion Inn Missoula in Montana for $1.95 million. As part of the sale agreement, the new owners signed a franchise agreement with the company.
"We are pleased to keep this hotel in our system and that the new owners are investing in property upgrades," said Jon E. Eliassen , President and Chief Executive Officer of Red Lion Hotels Corporation. "With each of the hotels we have sold in the past year, we have also signed new franchise agreements."
The Red Lion Inn & Suites Missoula, 700 W. Broadway St., is a limited service property with 76 exterior entry rooms, located just blocks from Providence Health & Services St. Patrick Hospital, downtown Missoula and the University of Montana. Across the street from the hotel is Riverfront Park with walking and biking trails, a tennis court and fishing on the Clark Fork River. Missoula is also a whitewater rafting, hiking, golfing and hunting destination.
"This property is in a great location and Red Lion has a good name in Missoula," said Sam Hossain of RASM Properties, LLC, new owners of the hotel. "We look forward to keeping Red Lion guests happy."
Red Lion Hotels Corporation announced in November 2011 it was listing the hotel for sale. The property was listed with CBRE Hotels representative Chris Burdett , the agent responsible for the successful sale of Red Lion Hotel on Fifth Avenue in Seattle, Red Lion Colonial Hotel in Helena, Montana, and the Red Lion Hotel Denver Southeast in Colorado.
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, 2012, the RLH hotel network was comprised of 48 hotels located in nine states and one Canadian province, with 9,015 rooms and 484,693 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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