RLH Corporation Closes Sale of Red Lion Hotel Templin’s on the River for $9.25 Million
RED LION HOTELS (RLH)
Last red lion hotels earnings: 2/27 06:30 am
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Source: GlobeNewswire
DENVER, May 16, 2018 (GLOBE NEWSWIRE) -- RLH Corporation (NYSE:RLH) announced today the sale of Red Lion Hotel Templin’s on the River in Post Falls, Idaho for $9.25 million. The hotel marks the seventh of 11 hotels being marketed for sale previously disclosed in October 2017. Red Lion Hotel Templin’s on the River, along with all other sold hotels, has signed a franchise license agreement to retain their Red Lion brand. RLH Corporation’s total loss on the sale is expected to be approximately $0.3 million, and $6.7 million of the proceeds of the sale was used for debt repayment at the closing. Together with the other six previously announced sales, RLH Corporation’s gain on sales is approximately $16.2 million. “We have made great strides in becoming an asset light company,” said RLH Corporation President and Chief Executive Officer Greg Mount. “With seven hotels sold so far in 2018, we have been able to repay the long-term debt relating to those assets and increase cash reserves an
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