Red Lion Hotels Sells and Franchises Pendleton Property
SPOKANE, Wash., April 4, 2013 /PRNewswire/ -- Red Lion Hotels Corporation (NYSE: RLH) today announced the company has sold for $2.25 million the Red Lion Hotel Pendleton in Oregon.
"The sale of this property allows us to further invest in our owned hotels while we continue to leverage the Red Lion name in this market," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "We are pleased that each of our property sales in the past 22 months has resulted in a new franchise agreement."
The full service hotel has 170 rooms, a restaurant, 10,500 square feet of meeting and banquet space and an outdoor pool with a view of the Blue Mountains. Located at 304 SE Nye Avenue, just off of I-84, the hotel is one mile from the city center and minutes from Pendleton Airport. Nearby attractions include the Pendleton Underground Tours, Pendleton Woolen Mills, the Umatilla Indian Reservation and Wildhorse Golf Course.
"Red Lion has a long history in the Pendleton community," said Ron Burgett, Executive Vice President of Lodging and Brand Development for Red Lion Hotels Corporation. "The new owners of this property will continue to build on that legacy."
The company purchased the Red Lion Hotel Pendleton as part of the November 2011 purchase of 10 previously-leased properties from iStar Financial.
About Red Lion Hotels Corporation:
Red Lion Hotels Corporation is a hospitality and leisure Company primarily engaged in the franchising, ownership and operation of hotels under its Red Lion Hotel, Red Lion Inn & Suites and Leo Hotel Collection brands. 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.
SOURCE Red Lion Hotels Corporation