Red LionHotels Corp. closed its acquisition of Vantage Hospitality GroupInc. on Sept. 30, one month ahead of schedule.
The cash-and-stock transaction worth roughly $27.8 million was announced inmid-September.
The acquisition accelerates the company's into an"asset-light" franchised hotel company, Red Lion said in a newsrelease.
Following the transaction, Red Lion acquired roughly 1,000franchise hotel agreements nationwide and added more than 59,000 rooms to itsselect service portfolio.
The acquisition is expected to be earnings accretive in theupcoming 12 months, the company said.
CS Capital Advisors LLC served as a financial adviser to RedLion, and Duane Morris LLP was the legal counsel. Akerman LLP served as legalcounsel to Vantage Hospitality.