RLH Corporation Closes Sale of Red Lion Hotel Port Angeles for $19.5 Million

RLH Corporation | July 16, 2018

DENVER (July 16, 2018) — RLH Corporation (NYSE:RLH) announced the sale of Red Lion Hotel Port Angeles, for $19.5 million. 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 $11.5 million. With this sale, RLH Corporation fully retired the remaining $24.2 million of debt held by Pacific Western Bank applying $15.6 million of proceeds from the sale and the restricted cash associate...