Red Lion Hotels Corporation (NYSE: RLH) announced the company has listed for sale its hotel in Bellevue, Wash. The property totals six acres along the I-405 corridor and is one of the most developable sites in the region.
“Bellevue is one of the hottest commercial real estate markets in the country right now. It has experienced a revitalization in development and in recent months has had record-setting commercial real estate transactions,” said Greg Mount, President & CEO of Red Lion Hotels Corporation (RLHC). “This hotel has successfully contributed to our company under an excellent management team, but ultimately operation of a sprawling two-story hotel on this site is not the highest and best use of this property, which is among the most desirable redevelopment sites on the West Coast. We intend to capture the full value of this property and redeploy the proceeds toward debt reduction and hotel investment opportunities in the key markets we are targeting across the U.S. to provide the best return for our shareholders. We are certainly exploring the Seattle/Bellevue area for hotel conversion and joint venture opportunities as the Northwest remains a critical region for the company.”
The Red Lion Hotel Bellevue, 11211 Main Street, is adjacent to a planned light-rail stop on the $2.8 billion Sound Transit East Link extension at 112 Avenue SE and Main Street. Constructed in 1969, the two-story hotel has 181 rooms and 5,700 sq. ft. of meeting space. Kidder Mathews is the listing brokerage firm with principals Jason Rosauer, Rob Anderson and Gary Guenther leading the effort. For more information, interested parties can call (206) 296-9600 or log onto www.bellevuelandsite.com.
About Red Lion Hotels Corporation: Red Lion Hotels Corporation (NYSE: RLH) is a hospitality company primarily engaged in the franchising, ownership and operation of hotels. As of July 24, 2014, the company has 53 hotels system wide and also owns and operates an entertainment and event ticket distribution business. For more information, please visit the company's website at www.redlion.com.