EX-99.1
2
d896742dex991.htm
EX-99.1
EX-99.1
Exhibit 99.1
RLH COMPLETES SALE OF RED LION HOTEL ANAHEIM FOR $21.5 MILLION
DENVER (March 2, 2020) -
RLH Corporation
(NYSE:RLH
) announced today that it has closed on the sale of its Red
Lion Hotel Anaheim for $21.5 million in gross proceeds.
Red Lion Hotel Anaheim was wholly owned by the Company and unencumbered by a mortgage.
Proceeds after broker fees and customary closing costs will be used to repay the $10 million credit facility. The remaining funds of $10.8 million will be used to fund franchise growth opportunities and for general business purposes.
This transaction marks the final closing of four hotels announced in September 2019 as under contract to be sold. The net proceeds from these four assets
after closing costs, the repayment of property level mortgage and corporate debt, and distributions to its joint venture partners was $22.9 million
Subsequent to the sales of these hotels, the Company's outstanding debt is comprised of hotel property level debt of $5.6 million on the Olympia,
Washington hotel, which is held in a joint venture.
The Company is currently in the process of marketing its Olympia, Washington and Baltimore, Maryland
hotels. The Company continues to anticipate cumulative net proceeds in the range of $32 million to $36 million from the combined 2019 and 2020 asset sales.
To learn more about franchising with RLH Corporation, visit
franchise.rlhco.com
. We don't wait for the future. We create it.
About RLH Corporation
RLH Corporation is an innovative
hotel company focused on the franchising of upscale, midscale and economy hotels. The company maximizes 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
.
Social Media:
www.Facebook.com/myhellorewards
www.Twitter.com/myhellorewards
www.Instagram.com/myhellorewards
www.Linkedin.com/company/rlhco
Investor Relations
Contact:
Nikki Sacks
Investor Relations
203-682-8263
investorrelations@rlhco.com

EX - 99 . 1 2 d896742dex991 . htm EX - 99 . 1 EX - 99 . 1 Exhibit 99 . 1 RLH COMPLETES SALE OF RED LION HOTEL ANAHEIM FOR $ 21.5 MILLION DENVER ( March 2 , 2020 ) - RLH Corporation ( NYSE : RLH ) announced today that it has closed on the sale of its Red Lion Hotel Anaheim for $ 21.5 million in gross proceeds . Red Lion Hotel Anaheim was wholly owned by the Company and unencumbered by a mortgage . Proceeds after broker fees and customary closing costs will be used to repay the $ 10 million credit facility . The remaining funds of $ 10.8 million will be used to fund franchise growth opportunities and for general business purposes . This transaction marks the final closing of four hotels announced in September 2019 as under contract to be sold . The net proceeds from these four assets after closing costs , the repayment of property level mortgage and corporate debt , and distributions to its joint venture partners was $ 22.9 million Subsequent to the sales of these hotels , the Company 's outstanding debt is comprised of hotel property level debt of $ 5.6 million on the Olympia , Washington hotel , which is held in a joint venture . The Company is currently in the process of marketing its Olympia , Washington and Baltimore , Maryland hotels . The Company continues to anticipate cumulative net proceeds in the range of $ 32 million to $ 36 million from the combined 2019 and 2020 asset sales . To learn more about franchising with RLH Corporation , visit franchise.rlhco.com . We do n ' t wait for the future . We create it . About RLH Corporation RLH Corporation is an innovative hotel company focused on the franchising of upscale , mid scale and economy hotels . The company maximizes 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 . Social Media : www.Facebook.com/myhellorewards www.Twitter.com/myhellorewards www.Instagram.com/myhellorewards www.Linkedin.com/company/rlhco Investor Relations Contact : Nikki Sacks Investor Relations 203 - 682 - 8263 investorrelations@rlhco.com