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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Red Lion Hotels | NYSE:RLH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.49 | 0 | 01:00:00 |
The sale of RLH Corporation’s Entertainment business was completed on October 3, 2017. Although the sale of the Entertainment business required that the company disclose its results of operations as discontinued operations in the income statement, the company has determined that it is not necessary to revise 2017 earnings guidance as a result of the sale. As reported in its second quarter earnings report, its earnings guidance range for adjusted EBITDA is $22 million to $23 million for 2017 – guidance which remains unchanged despite the sale of the Entertainment business.
On October 5, 2017, the company announced its intent to engage CBRE to list for sale 11 of its hotels while working to retain franchise agreements on those assets. The company is committing significant resources to working with CBRE to ensure a successful outcome of this sale process. RLH Corporation is encouraged by preliminary indications of interest it is receiving for all of the hotels listed for sale. Based on its review of the market, the company estimates the aggregate value of the 11 hotels is currently between $165 and $175 million. The actual current value of the portfolio will ultimately be determined by the market. The company expects that the completion of these sales would allow it to significantly reduce or eliminate its long-term debt and to increase cash reserves for future franchise agreement growth initiatives.
About RLH CorporationRed 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.
To learn more about franchising with RLH Corporation, visit franchise.rlhco.com.
Investor Relations Contact:Amy KochO: 509-777-6417C: 917-579-5012investorrelations@rlhco.com
Media Contact:Dan SchacterDirector of Corporate Communications847.877.9420Dan.Schacter@rlhco.com
Social Media:www.Facebook.com/rlhcorp www.Twitter.com/rlhco www.Instagram.com/rlhco www.Linkedin.com/company/rlhco
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