SPOKANE, Wash., Sept. 28, 2012 // PRNewswire // -- Red Lion Hotels Corporation (NYSE: RLH) today announced the company has listed for sale the Red Lion Hotel Pendleton in Oregon.
"We have successfully sold three properties that, in turn, have resulted in three franchise agreements with the new owners," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "The proceeds from previous and future property sales are used to reduce debt and improve the competitive position of our hotels to maximize shareholder value."
The Red Lion Hotel Pendleton was part of the purchase by the company in November 2011 of 10 previously-leased properties from iStar Financial. The hotel has 170 rooms and is located off of I-84, 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.
The property is listed with CBRE Hotels representative Chris Burdett, the agent responsible for the successful sale of Red Lion Hotel on Fifth Avenue in Seattle and the Red Lion Colonial Hotel in Helena, Montana.
Red Lion Hotels Corporation is a hospitality and leisure Company primarily engaged in the ownership, operation and franchising of midscale hotels under its Red Lion® brand. As of June 30, 2012, the RLH hotel network was comprised of 47 hotels located in nine states and one Canadian province, with 8,872 rooms and 443,587 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.
Red Lion Hotels Corporation
SOURCE Red Lion Hotels Corporation