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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 1, 1995
Commission file number 1-13700
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Red Lion Hotels, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 91-1634199
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4001 Main Street, Vancouver, Washington 98663
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(Address of principal executive offices) (Zip Code)
(360)696-0001
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(Registrant's telephone number, including area code)
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Item 5. Other Events
The Registrant issued the following press release on December 1, 1995:
December 1, 1995
CONTACT:
Kerri Culbertson
Director, Marketing Communications
Red Lion Hotels, Inc.
360/696-0001
RED LION HOTELS ACQUIRES PREMIER CITY CENTER PROPERTY
Dominates Spokane Lodging Market
VANCOUVER, Wash. -- Red Lion Hotels, Inc. ("Red Lion") (NYSE:RL) today announced
that it has closed the acquisition of the 369-room, full-service Sheraton Hotel
in downtown Spokane, Washington.
The hotel, renamed Red Lion Hotel-Spokane City Center, is owned by a joint
venture between Red Lion and Riverfront Associates. The joint venture acquired
the hotel for approximately $19 million including $5.8 million for renovation.
Red Lion will manage the hotel under a long-term management contract.
Red Lion advanced funds to the venture to facilitate the refinancing of the
hotel and plans a renovation program to reposition the 15-story hotel in the
Spokane market. The renovation is expected to be completed in mid-1996 and will
include guest rooms, meeting rooms, and all public areas including two
restaurants and two lounges.
The hotel is conveniently located on the river in downtown Spokane and connected
to the Spokane Center convention center. Spokane is Washington's second largest
city and the largest northern metropolitan area between Seattle and Minneapolis.
"We are very pleased with this transaction," said David J. Johnson, Red Lion
chairman and chief executive officer. "At a total cost of $19 million, we will
have the premier hotel in Spokane at approximately half its replacement cost.
This transaction will be accretive in the first year of operations. Red Lion
will continue to use its cash and credit lines for growth opportunities which
enhance shareholder value."
Red Lion, headquartered in Vancouver, Washington, is a leading full-service
hospitality company operating 54 hotels containing approximately 14,500 rooms in
the western United States. The company's registration statement for its Initial
Public Offering became effective on July 26, 1995 and is listed on the NYSE
under the symbol "RL".
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized in the City of Vancouver, Washington, on
the 12th day of December 1995.
RED LION HOTELS, INC.
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(Registrant)
By:/S/DAVID J. JOHNSON
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David J. Johnson
President and Chief Executive Officer
