SPOKANE, Wash., Sept. 09, 2015 (GLOBE NEWSWIRE) -- RLHC (Red Lion Hotels Corporation) (NYSE:RLH) today announced that a subsidiary of the Company has formed a joint venture with an affiliate of Shelbourne Falcon Investors to acquire the 3 Palms Atlanta Airport North for $6.3 million. In addition, the joint venture has secured financing with an affiliate of Prime Finance to complete a comprehensive renovation of this property. The operations of the hotel will cease immediately during the six-month, $6.6 million restoration. The property is scheduled to reopen in the first quarter of 2016 as the Red Lion Hotel Atlanta International Airport and will be managed by RLHC.
“The Atlanta Airport is the busiest in the world and this hotel is located within a mile, in the historic College Park area,” said RLHC Senior Vice President of Corporate Development Angela Landgraf. “In terms of airport properties, the opportunity for the Red Lion brand here is tremendous following a complete refurbishment of this property. This hotel is a great addition to our portfolio further supporting the continuation of our national expansion in key U.S. markets.”
The 3 Palms Atlanta Airport is just one mile from Hartsfield–Jackson Atlanta International Airport in historic College Park, and eight miles southwest of downtown Atlanta. As the ninth largest metropolitan area in the U.S., the greater Atlanta region has a population of 5.5 million and approximately 35 million visitors annually.
The future Red Lion Hotel Atlanta International Airport is a six-story interior corridor property with 246 guest rooms and will feature the latest room designs, as well as other RLHC sample brand designs for further consumer testing. The hotel has a ballroom and two meeting rooms, in addition to an outdoor pool, a fitness center and a full service restaurant on site.
RLHC will maintain a 55 percent interest in the joint venture on this property, with the remaining 45 percent owned by an affiliate of Shelbourne Falcon Investors.
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 system wide 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 Shelbourne Capital LLC:
Shelbourne Capital LLC, is a real estate private equity firm focused on investments in commercial real estate throughout the United States. Since its founding, Shelbourne has focused its investments in various property types including lodging, senior living, office, multifamily residential and large portfolios of single family housing. Please see more at www.shelbournecap.com.
About Falcon Investors, LLC:
Falcon Investors, LLC ("Falcon") is an opportunistic real estate investment platform with a nationwide focus. Falcon holds investments in several hotel and residential projects and also serves as the managing member for the ownership group of the St. Regis Deer Valley, a $320M luxury hotel and residential property located in Park City, Utah. The chief executive officer and founder of Falcon is David Reis. As a nationally known developer-owner of senior living facilities, Reis has developed and/or acquired over $600 million of retirement-oriented projects that span a broad continuum of care. Please see more at www.falconinvestors.com.
Company Contact Pam Scott VP, Corporate Communications 509-777-6393 509-570-4610 Pam.Scott@redlion.com
Source: RLHC (Red Lion Hotels Corporation)