An affiliate of China's HNA Group Co. Ltd. closed on the sale of its entire stake in Red Lion Hotels Corp. to funds and accounts managed by Coliseum Capital Management LLC and accounts advised by Vindico Capital.

The 3,738,401 common shares, representing about 15.4% of Red Lion's outstanding common stock as of May 18, were sold for $10.45 apiece, generating roughly $39.1 million in gross proceeds for HNA.

The Coliseum-advised funds now own a 13.4% stake in RLH, and the Vindico funds own 2.0% of the hotel company.