RLH Secures Non-Binding Sale Agreements for Three Hotels
RED LION HOTELS (RLH)
Last red lion hotels earnings: 2/27 06:30 am
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ir.redlion.com/investor-relations
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Source: GlobeNewswire
Enters Agreements to Sell Hotels in Atlanta, Salt Lake City and Washington D.C. - Increases Range of Net Proceeds to RLHC to $35 to $45 Million - DENVER, Sept. 03, 2019 (GLOBE NEWSWIRE) -- RLH Corporation (NYSE:RLH) announced that it has entered into non-binding sale agreements for its Red Lion Hotel Atlanta Airport, Hotel RL Washington D.C. and Hotel RL in Salt Lake City for an aggregate $64 million in gross proceeds. The transactions, which are subject to due diligence, financing contingencies and customary closing conditions, are expected to close by year-end. The sales are part of the Company’s ongoing hotel asset disposition program. Each of these properties are held in joint ventures, of which the Company owns 55%. Net proceeds to the Company will be used to repay property level and corporate level debt. The Red Lion Hotel Atlanta will not be retaining the Red Lion flag. It is anticipated that the Hotel RL Washington D.C. and the Hotel RL Salt Lake City will retain the
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