DENVER—As part of its commitment to its focus on franchising, RLH Corporation’s board of directors has approved the listing for sale of 11 of the company’s remaining 18 owned hotels.
The hotels that aren’t being listed at this time are generally newer joint venture acquisitions (Baltimore, Atlanta and Washington, DC) in which additional time will help stabilize to higher revenues and profitability before marketing those properties. The remaining hotels are leasehold interests with no near-term plan for disposal, according to the brand.
In recent years, RLH Corporation has refreshed its original portfolio of brands, acquired a number of new brands and associated franchise agreements, and has organically added additional franchise agreements to contribute to the earnings growth of the company. According to the company, RLH Corporation has strategically chosen to focus on investing its capital in higher-margin hotel franchise business rather than making significant new investments in direct ownership of hotel assets.
RLH Corporation has engaged CBRE to immediately commence the marketing of these hotels. All of the listed hotels are owned through partnerships with outside investors. It is expected that the elimination of these real estate costs will enhance the company’s ability to generate positive EPS in the future, according to the brand.
The hotels currently being listed for sale with CBRE are the following:
- Hotel RL Salt Lake City, UT
- Hotel RL Spokane at the Park, WA
- Hotel RL Olympia, WA
- Red Lion Hotel Pasco, WA
- Red Lion Hotel Richland Hanford House, WA
- Red Lion Hotel Port Angeles, WA
- Red Lion Hotel Redding, CA
- Red Lion Hotel Eureka, CA
- Red Lion Hotel Boise Downtowner, ID
- Red Lion Hotel Templin’s on the River, Post Falls, ID
- Red Lion Inn & Suites Bend, OR