RLHC Completes Sale of Hotel RL Salt Lake City for $33 Million

RLH Coporation | December 23, 2019

The Company expects to complete the sale of the remaining two hotels by the end of Q1 2020 RLH Corporation (NYSE:RLH) announced that it has closed on the sale of its Hotel RL Salt Lake City for $33 million in gross proceeds. The Hotel RL Salt Lake City was held in a joint venture with a secured debt agreement for a term loan principal of $11.0 million. RLHC will receive approximately $12.0 million in net proceeds after closing costs, the repayment of property level mortgage debt and distributions to its joint venture partner.  Net proceeds to RLHC will be used to retire corporate level term debt of $2.4 million, while the remain...