BELLEVUE, WA—Red Lion Hotels Corporation has entered into an agreement to sell its hotel here for $35.4 million to an affiliate of Wig Properties.
Wig Properties has entered into a multi-year management agreement with Red Lion Hotels Management, Inc., under which the hotel will continue to operate as the Red Lion Hotel Bellevue. The deal on the property is expected to close in early February 2015, subject to customary terms and conditions.
“The sale of this property provides RLHC with the best of all opportunities,” stated RLHC president and CEO Greg Mount. “We maintain our brand presence in an important market while capturing the full value of one of the most desirable development sites on the West Coast.”