Red Lion Hotels Completes Expansion of Its Credit Facility with Wells Fargo
Friday June 21st, 2013 - 11:17AM I
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SPOKANE, WA—Red Lion Hotels Corporation has completed the expansion of its credit facility agreement with Wells Fargo Bank. Under the secured facility, Red Lion Hotels obtained $45 million in a term loan with a 15-year amortization maturing in June 2018.
Proceeds from the term loan were used to refinance approximately $38 million in maturing CMBS debt and pay expenses in connection with the transaction. The remainder will be used to invest in capital expenditures and for general corporate purposes.
Additionally, a $10-million, two-year revolving line of credit is available under the facility. The company has pledged 19 Red Lion properties as collateral for the new agreement.
Tags: • Hospitality • FF+E/Purchasing •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.