RLH Corporation Closes Sale of Hotel RL Spokane at the Park for $35 Million
RLH Corporation (NYSE:RLH)
announced the sale of Hotel RL Spokane at the Park, for $35
million. The hotel is the ninth of 11 hotels being marketed for sale
previously disclosed in October 2017.
RLH Corporation's total gain on the sale is expected to be
approximately $14.8 million. Together with the other eight previously
announced sales, RLH Corporation's gain on sales is approximately $42.2
million.
“With the completion of the Spokane sale we have now completed nine
of the 11 targeted real estate sales,” said RLH Corporation President
and Chief Executive Officer Greg Mount. “We continue to see strong real
estate market conditions and are optimistic that we will complete the
sale of the final two assets prior to yearend. Given the strong real
estate market conditions we have begun to market our interests in our
hotel in Atlanta, and in our leased hotels in Anaheim and Kalispell,
Montana reinforcing our asset-light strategy and enhancing our liquidity
and capital capacity to be available for the growth of our franchise
business.
Hotel RL Spokane at the Park accounted for $2.8 million in revenue in
Q1 2018 and $14.6 million in revenue on an annual basis in 2017. The
hotel's adjusted EBITDA on consolidated reporting was $0.9 million and
RLH Corporation's share of the adjusted EBITDA was approximately $0.5
million for Q1 2018. On an annual basis in 2017, the hotel's adjusted
EBITDA on consolidated reporting was $4.8 million and RLH Corporation's
share of the adjusted EBITDA was approximately $2.6 million This impact
does not take into account the previously announced corporate overhead
adjustments to reduce operating costs.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
