SPOKANE, Wash., May 8, 2015 (GLOBE NEWSWIRE) -- RLHC (Red Lion Hotels Corporation) (NYSE:RLH) announced today the company has signed a management contract with the new owners of the Red Lion Hotel Woodlake Convention Center Sacramento, California, a franchised property. Under the contract, RLHC is managing the hotel effective immediately.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/227c297d-5594-4230-af28-3a151bd11f94
The hotel sold on May 4 to Columbia Woodlake, LLC, an affiliate of Seattle-based Columbia Pacific Advisors, LLC, from a former RLHC franchisee. Columbia Pacific’s real estate team intends to substantially invest in the renovation of the property in the coming year. The management contract with RLHC carries an initial five-year term and three potential five-year extensions.
“This is a great win for our guests, the new owners and for our entire brand,” said RLHC President & CEO Greg Mount. “Columbia Pacific’s real estate strategy has a long history of successfully repositioning properties that exhibit a compelling combination of excellent location, economic value and future prospects. We are excited to further our national growth strategy and strengthen our brand by partnering with such a respected investor.”
“We look forward to working closely with Greg and his team on this project,” commented Todd Seneker, a portfolio manager for Columbia Pacific. “Columbia Pacific Advisors strongly believes in Red Lion’s ability to manage this property and facilitate its full potential in a key national market.”
The Red Lion Hotel Woodlake Convention Center Sacramento, 500 Leisure Ln, originally joined the RLHC portfolio as a franchised property in October 2012. Situated on the scenic shores of a private lake, just three miles from the Sacramento city center, the full service hotel offers 306 guest rooms, 50,000 square feet of meeting space, a fitness center and an outdoor pool.
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 systemwide 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.
About Columbia Pacific Advisors:
Columbia Pacific Advisors, LLC manages more than $1 billion* across a variety of alternative investment strategies including private real estate, real estate debt, private equity, and special situation lending. The firm utilizes deep fundamental research designed to generate compelling, consistent risk-adjusted returns. The firm is headquartered in Seattle, WA. For more information, please visit www.columbiapacific.com.
*Regulatory assets under management as of 3/31/15.
Company Contact Pam Scott VP, Corporate Communications 509-777-6393 509-570-4610 Pam.Scott@redlion.com
Source:Red Lion Hotels Corporation