An affiliate of China's HNA Group Co. Ltd. is proceeding with its plan to sell up to 3,738,401 common shares of Red Lion Hotels Corp., or about 15.4% of the hotelier's outstanding common shares, as of May 18.
Red Lion filed a registration statement with the SEC for the shares following a notice submitted by HNA RLH Investments LLC, noting that it will not receive any proceeds from the sale.
The proposed maximum offering price per share is $10.40, or about $38.9 million in the aggregate, estimated solely to calculate the registration fee.
