RLH Corporation Closes Sale of Red Lion Hotel Port Angeles for $19.5 Million
RED LION HOTELS (RLH)
Last red lion hotels earnings: 2/27 06:30 am
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Source: GlobeNewswire
DENVER, July 13, 2018 (GLOBE NEWSWIRE) -- RLH Corporation (NYSE:RLH) announced today the sale of Red Lion Hotel Port Angeles, for $19.5 million. The hotel is the eighth of 11 hotels being marketed for sale previously disclosed in October 2017. Red Lion Hotel Port Angeles, along with all other sold hotels, has signed a franchise license agreement to retain their Red Lion brand. RLH Corporation’s total gain on the sale is expected to be approximately $11.5 million. With this sale, RLH Corporation fully retired the remaining $24.2 million of debt held by Pacific Western Bank applying $15.6 million of proceeds from the sale and the restricted cash associated with the debt. Together with the other seven previously announced sales, RLH Corporation’s gain on sales is approximately $27.4 million. “So far in 2018, we have sold eight of the 11 hotels we announced we would be marketing for sale late last year,” said RLH Corporation President and Chief Executive Officer Greg Mount. “With thes
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