SPOKANE, Wash. - Sept. 17, 2015 // GLOBE NEWSWIRE // - RLHC (Red Lion Hotels Corporation) (NYSE:RLH) today announced the company has signed a franchise license agreement with an affiliate of Three Wall Capital, LLC., to convert a hotel in Brooklyn to a Red Lion Inn & Suites within the next few weeks. Under the agreement, the hotel will continue to be managed by Boast Hotel Management Company, LLC.
‘When we met with the RLHC team, it became increasingly clear the brand offers an impressive guest management system backed by a well-defined digital marketing program," said Alan Kanders, a principal of Three Wall Capital based in New York City. "We sought out an established brand that could set apart our property from others in a competitive and thriving market."
"This officially marks our foray into New York City," said RLHC Senior Vice President and Chief Franchise Officer Brian Quinn. "Brooklyn is exploding with development and the hospitality industry is riding on the coattails of this tremendous growth. With the signing of this agreement, we are working with one of the most reputable ownership and management companies on the East Coast in one of the top markets. In the last few weeks, we have announced hotels opening or set to open in Baltimore, Washington DC, Harrisburg and Atlanta, all furthering our nationwide growth."
The future Red Lion Inn & Suites Brooklyn, 279 Butler Street, has 104 guest rooms, an indoor hot tub, and offers complimentary breakfast. Built in 2007, the hotel is located in historic Park Slope Brooklyn and Cobble Hill, one of the most desirable areas of Brooklyn with more than 150 restaurants and lounges. As part of the conversion to Red Lion, the hotel will be upgraded with completely new guest rooms which reflect the vibrant character of Park Slope in Brooklyn. In addition to brand new guest rooms, all public spaces, the breakfast area, technology and guest reception will be upgraded to reflect the forward thinking Red Lion brand and the needs of the travelers visiting the property. The renovation should be completed by the end of the first quarter of 2016.
As the nearest hotel to the Barclays Center, an entertainment and sports arena which is home to the Brooklyn Nets and New York Islanders, the hotel is also conveniently located to the Long Island Rail Road (LIRR) Atlantic Terminal at Barclays Center which links to downtown Manhattan as well as JFK International Airport. The hotel is just two miles from the Brooklyn Bridge, Brooklyn Museum, and Prospect Park, Brooklyn's 585-acre flagship park. Coney Island is just 12 miles south.
With an estimated 2.6 million residents, Brooklyn is the most populated borough of five in New York City and one of the fastest growing regions in the country.
Red Lion Hotels Corporation is a hospitality company primarily engaged in the franchising, management and ownership of upscale, midscale and economy hotels under the Hotel RL, Red Lion Hotel, Red Lion Inn & Suites, GuestHouse International and Settle Inn brands. Established in 1959, the company has 130 hotels system wide and also owns and operates an entertainment and event ticket distribution business. For more information, please visit the company's website at www.redlion.com.
Three Wall Capital was founded in 2008 and is a hospitality equity and debt investment group for institutional and individual investors. Three Wall Capital has completed over $300mm in transactions during the past 24 months in both advisory and principal investor capacities. Investments have included several properties on the East Coast of the United States. Among the properties owned by Three Wall Capital are The Quin Hotel in Midtown Manhattan; Mayflower Inn & Spa in Washington, CT; The Coral Beach & Tennis Club; and Horizons & Cottages in Bermuda; and three select service hotels in metro New York City. Three Wall Capital continues to expand its holdings through value added acquisitions and maintaining its personal relationships throughout the hospitality and lodging real estate sector.
SOURCE RLHC (Red Lion Hotels Corporation)
VP, Corporate Communications