Red Lion Hotels Sells Mall; Leases Hotel
Friday April 26th, 2013 - 11:25AM HB
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KALISPELL, MT— Red Lion Hotels Corp. sold for $11.6 million the Kalispell Center Mall here to WSPGB Mall, LLC, an affiliate of Woodbury Strategic Partners and Goodale & Barbieri Co. As part of the agreement, the company entered into a long-term lease to continue to operate the attached Red Lion Hotel Kalispell.
The sale of the mall completes the company's disposition of non-hotel operating assets.
Located at 20 N Main S.t, the mall was built in 1986 with the attached hotel. The development brought national department stores here, such as JC Penney and Herberger's. The property manager, Goodale & Barbieri, will continue to manage the property for the new ownership group.
"The sale of the Kalispell Center Mall allows us to access the value from this asset to pay down debt and invest in our owned hotels," said Jon E. Eliassen, president/CEO of Red Lion Hotels Corp. "We are happy with the opportunity to continue to operate our hotel in Kalispell. This market has been, and will continue to be, important to Red Lion for many years."
The 170-room Red Lion Hotel Kalispell features a wood-burning rock fireplace, an outdoor courtyard with a fire pit and whirlpool, a renovated solarium with an indoor pool and more than 10,000 sq. ft. of meeting space.
Tags: • Hospitality • Brands • Ownership •
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.