Red Lion Hotels Corporation Appoints JMP Securities to Evaluate Strategic Options

July 02, 2008 // Franchising.com // SPOKANE, WA, - Red Lion Hotels Corporation (NYSE: RLH) (the "Company") today said that it is working with its investment banking firm JMP Securities to assist the Board of Directors in evaluating strategic options for maximizing shareholder value for the Company.

As part of the Company's effort to maximize value for all shareholders, a representative of the Company is communicating with a representative of Columbia Pacific Opportunity Fund, LP ("Columbia") concerning Columbia's unsolicited, non-binding and conditional preliminary indication of interest to acquire the Company. The Company is prepared to grant Columbia's request for access to nonpublic information concerning the Company on a non-exclusive basis, subject to Columbia entering into a confidentiality agreement in customary form.

About Red Lion Hotels Corporation:

Red Lion Hotels Corporation is a hospitality and leisure company primarily engaged in the ownership, operation and franchising of upscale and midscale hotels under its Red Lion® brand. As of March 31, 2008 the RLH hotel network was comprised of 53 hotels located in nine states and one Canadian province, with 9,266 rooms and 441,640 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.

This press release contains forward-looking statements within the meaning of federal securities law, including statements concerning plans, objectives, goals, strategies, projections of future events or performance and underlying assumptions (many of which are based, in turn, upon further assumptions). The forward-looking statements in this press release are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed. Such risks and uncertainties include, among others, economic cycles; international conflicts; changes in future demand and supply for hotel rooms; competitive conditions in the lodging industry; relationships with franchisees and properties; impact of government regulations; ability to obtain financing; changes in energy, healthcare, insurance and other operating expenses; ability to sell non-core assets; ability to locate lessees for rental property; dependency upon the ability and experience of executive officers and ability to retain or replace such officers as well as other matters discussed in the company's annual report on Form 10-K for the year ended December 31, 2007 and in other documents filed by the company with the Securities and Exchange Commission.

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