Fast Retailing Shares Drop as Uniqlo Japan August Sales Fall 
Qantas Near-Miss Raises Sydney Air Traffic Controller Fatigue Concerns 
Tesla Cybercab Launch Puts Robotaxi Ambitions in Focus 
MongoDB Stock Sinks 14% as Atlas Growth Misses Expectations 
Anthropic Nears $15 Billion Credit Deal Ahead of IPO 
SpaceX Turbine Push Unlikely to Threaten Howmet, Bernstein Says 
Honda Targets $9.4 Billion in Cost Cuts as China EV Competition Intensifies 
Shein Shares Drop 5% After Weak Hong Kong IPO Debut 
Thomson Reuters C-Track Cyberattack Hits Courts Across U.S. and Canada 
Volkswagen Approves 50,000 More Job Cuts in Major Restructuring 
Nvidia Eyes $2.5 Billion Investment in Thinking Machines Lab 
CATL Shares Fall as Hungary Plant Faces Safety Halt 
Adobe Names Anil Chakravarthy CEO as AI Push Accelerates 
Audi, SAIC Launch China Innovation Hub for New AUDI Models 
Lynas Rare Earths Shares Rise After Takeover Talks Revealed 
Deutsche Telekom Shares Rise as Elliott Pushes Against T-Mobile Merger 
South Korea, US Discuss Chip Investments Amid Tariff Plans 
Add as a preferred source on Google
DENVER, Feb. 27, 2018 -- RLH Corporation (NYSE:RLH) announced today the sale of Red Lion Hotels in Redding and Eureka, California for $17.35 million. The two hotels are part of the 11 hotels being marketed for sale previously disclosed in October 2017 and are being sold to affiliates of the same buyer.
The buyer will continue to operate the hotels under the Red Lion Hotel brand in addition to an 80-room hotel in Monterey, California converting to a Red Lion this summer.
RLH Corporation’s total gain on the sales is expected to be over $6.0 million and $15.3 million of the proceeds of the sales were used for debt repayment at the closing.
“We are excited to close on the sale of the first two of the 11 hotels we have listed,” said RLH Corporation President and Chief Executive Officer Greg Mount. “Because of these sales, the company's real estate-specific costs of interest, depreciation and amortization will be reduced. We anticipate that as we close on additional hotel sales, the elimination of real estate costs will enhance our ability to generate positive EPS in the future.”
The Redding and Eureka hotels accounted for $9.6 million combined revenue on an annual basis for 2017. The hotels’ combined adjusted EBITDA on consolidated reporting was $1.6 million and RLH Corporation’s share of the adjusted EBITDA was approximately $860,000 for 2017. This impact does not take into account the previously announced corporate overhead adjustments to reduce operating costs.
To learn more about franchising with RLH Corporation, visit franchise.rlhco.com.
About RLH Corporation
Red Lion Hotels Corporation is an innovative hotel company doing business as RLH Corporation and focuses on the franchising, management and ownership of upscale, midscale and economy hotels. The company focuses on maximizing return on invested capital for hotel owners across North America through relevant brands, industry-leading technology and forward-thinking services. For more information, please visit the company's website at www.rlhco.com.
Social Media:
www.Facebook.com/myhellorewards
www.Twitter.com/myhellorewards
www.Instagram.com/myhellorewards
www.Linkedin.com/company/rlhco
Investor Relations Contact:
Amy Koch
O: 509-777-6417
C: 917-579-5012
[email protected]
Media Contact:
Dan Schacter
Director, Social Engagement and Public Relations
509-777-6222
[email protected]
