Red Lion Hotels Sells Commercial Mall in Kalispell, Montana
Enters Lease Agreement to Continue Operating the 170-room Red Lion Hotel Kalispell
SPOKANE, WA - April 29, 2013 - Red Lion Hotels Corporation (NYSE: RLH) today announced it has sold for $11.6 million the Kalispell Center Mall in Montana to WSPGB Mall, LLC, an affiliate of Woodbury Strategic Partners and Goodale & Barbieri Company. As part of the agreement, the company has entered into a long term lease to continue to operate the attached Red Lion Hotel Kalispell.
"The sale of the Kalispell Center Mall allows us to access the value from this asset to pay down debt and invest in our owned hotels," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "We are happy with the opportunity to continue to operate our hotel in Kalispell. This market has been, and will continue to be, important to Red Lion for many years."
The sale of the Kalispell Center Mall completes the company's disposition of non-hotel operating assets. Located at 20 N Main St, the mall was built in 1986 with the attached hotel. The development brought national department stores such as JC Penney and Herberger's, which remain there today. The property manager, Goodale & Barbieri, will continue to manage the property for the new ownership group.
The Red Lion Hotel Kalispell is a 170-room property situated adjacent to the historic downtown. The hotel has a wood-burning rock fireplace, an outdoor courtyard with a fire pit and whirlpool, a renovated solarium with an indoor pool and over 10,000 square feet of meeting space.
About Red Lion Hotels Corporation
Red Lion Hotels Corporation is a hospitality company primarily engaged in the franchising, ownership and operation of hotels located in nine states and one Canadian province. As of April 4, 2013, the company has 51 hotels system wide. The Red Lion Hotels and Red Lion Inn & Suites network is comprised of 50 hotels with 8,926 rooms and 470,387 square feet of meeting space. The Leo Hotel Collection is comprised of one hotel with 2,956 rooms and 220,000 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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