Red Lion Hotels sells Red Lion Hotel Port Angeles for $19.5M
RLH announced the sale of Red Lion Hotel Port Angeles, for $19.5M. The hotel is the eighth of 11 hotels being marketed for sale previously disclosed in October 2017. Red Lion Hotel Port Angeles, along with all other sold hotels, has signed a franchise license agreement to retain their Red Lion brand. RLH Corporation's total gain on the sale is expected to be approximately $11.5M. With this sale, RLH Corporation fully retired the remaining $24.2M of debt held by Pacific Western Bank applying $15.6M of proceeds from the sale and the restricted cash associated with the debt. Together with the other seven previously announced sales, RLH Corporation's gain on sales is approximately $27.4M.