The board of Red Lion Hotels Corp. approved the listing for sale of 11 of the company's remaining 18 hotels and tapped CBRE Group Inc. to market the hotels.
The move is in line with the company's asset-light strategy, which focuses on the higher-margin hotel franchise business. In the last few years, the company has expanded its franchise portfolio to about 1,100 hotels.
The hotels picked for listing include Hotel RL Salt Lake City in Utah; Hotel RL Spokane at the Park, Hotel RL Olympia, Red Lion Hotel Pasco, Red Lion Hotel Richland Hanford House and Red Lion Hotel Port Angeles in Washington; Red Lion Hotel Redding and Red Lion Hotel Eureka in California; Red Lion Hotel Boise Downtowner and Red Lion Hotel Templin's on the River in Idaho; and Red Lion Inn & Suites Bend in Oregon.
The company intends to repay its long-term debt relating to the assets being listed and expects the sale to improve its ability to generate higher earnings per share in the future.