Red Lion Hotels Corporation is an American hospitality company primarily involved in franchising, management and ownership of upscale, mid-scale hotels and the economy. The company also operates the entertainment and event ticket distribution division, TicketsWest.
Red Lion, headquartered in Denver, Colorado, has 90,000 rooms at more than 1,400 properties (as of May 2018) in North America.
Video Red Lion Hotels Corporation
History
Establishment and diversification
The company started as a property management and commercial development company when it was founded in Spokane, Washington in 1937 under the name of Goodale & amp; Company Barbieri. In 1976, Goodale & amp; Barbieri acquired the River Inn in Spokane, launching the company into the hotel business. The Cavanaughs brand name was then created in 1980 for its hotel operations. In 1987, the company set up a computerized ticketing company, G & amp; B Select A Seat, now known as TicketsWest.
1990s-2000s: IPO, regional growth , and rebranding
Preparing Initial Public Offering, Goodale & amp; Barbieri Company adopted the hotel brand into its corporate identity in 1997, changing its name to Cavanaughs Hospitality Corporation. The IPO was completed in April 1998, and Cavanaughs began trading under the CVH ticker. In late 1999, Cavanaughs announced it would acquire its regional rivals Seattle, WestCoast Hotels, Inc. with a transaction closing on January 7, 2000. On March 1, 2000, the merged company started trading under the new ticker, WEH. Acknowledging the wider geographical range of the WestCoast name, Cavanaughs also changed its name to WestCoast Hospitality Corporation with the launch of its new share ticker and announced plans to rename the hotel to WestCoast.
In addition to the hotel's expanded portfolio after the acquisition of WestCoast, the company also announced plans for a franchise property under its brand.
In 2001, the company grew again; this time by announcing it will acquire the Red Lion Hotels and Inns brand and property (along with several other DoubleTree properties) from Hilton Hotels. Utilizing the Red Lion brand, the majority of WestCoast Hotel properties in the company were renamed the Red Lion within two years after the acquisition. In September 2005, after realizing the revitalization of the Red Lion name, WestCoast Hospitality Corporation assumed its current name, Red Lion Hotels Corporation.
In 2006, RLHC divested its property development operations by spinning the segment into an independent entity, G & amp; B Real Estate Companies.
2010s: Acquisition and transformation into a national company
Red Lion Hotels Corporation expanded its hotel operations. In October 2014, RLHC announced a new upscale conversion brand, Hotel RL. In April 2015, RLHC acquired GuestHouse International, LLC and its two brands, GuestHouse International and Settle Inn & amp; Suite, from Boomerang Hotel for up to $ 10 million. This acquisition more than doubled the size of the Red Lion from 57 properties to 130 properties and added 5,187 rooms to its portfolio.
In September 2016, RLHC acquired Vantage Hospitality Group and its brand Vantage Hotels, Americas Best Value Inn, Canadas Best Value Inn, Lexington by Vantage, Best Lodging and Suites in America, Country Hearth Inns, Jameson Inns, Signature Inn and 3 Palms Hotels & amp; Resorts.
Following up on the acquisition of Vantage and its nine brands, RLHC reduced its lineup and brand positioning in May 2017 to eliminate overlapping market positions and provide flexibility for franchisees to switch between brands. In addition to Vantage's retirement name, the announcement removes five of the nine Vantage brands - just keeping Signature Inn, Americas Best Value Inn, Canadas Best Value Inn, and Country Hearth Inn & amp; Suites. The five Red Lion pre-acquisition brands are retained. The eliminated Vantage brand competes directly with existing Red Lion brands or has a very small footprint. With the rearrangement of the brand, RLHC also divides its economic segment into three levels - lower economic, economic, and lower economies - and promotes the existing GuestHouse brand to the upper economic segment.
As a result of the acquisition of Vantage Hospitality, which transformed the company's footprint from regional to national, Red Lion Hotels Corporation moved its corporate headquarters from Spokane to Denver, Colorado, in August 2017, to become more centered on franchisees, partners, vendors, and two regional offices. Former headquarters in Spokane will be maintained as a regional office along with the former Vantage Hospitality headquarters in Coral Springs, Florida.
On August 17, 2017, RLHC announced it had sold its TicketsWest business to Paciolan, a ticket business owned by Learfield.
On April 4, 2018, RLHC announced it had reached an agreement with Wyndham Worldwide to acquire the Knights Inn brand for $ 27 million. The transaction closes on May 14, 2018.
Maps Red Lion Hotels Corporation
Hotel
Red Lion Hotels Corporation operates ten hotel brands in the following market segments:
Franchise
The Franchise segment licenses the Red Lion brand to third party hotel owners. In 2009 there were about 17 Red Lion hotel franchises. The hotel owners can franchise either as a full service Red Lion Hotel, which offers a restaurant and banquet meeting rooms; limited service Red Lion Inn & amp; Suites; or under Leo Hotel Collection, for unique boutique or historic hotels. Hotel Las Vegas & amp; The casino is the first hotel to join Leo Collection in February 2013.
Loyalty program
RLHC operates a loyalty program called Hello Rewards.
Controversy
In mid-2008 the Columbia Pacific Opportunity Fund, an investment manager for the Baty family, founder of Seattle Emeritus Corporation, made an unsolicited acquisition offer of $ 9.50 per share to acquire the Red Lion. At that time, Columbia Pacific holds 12.7 percent of the Red Lion.
In October, Columbia Pacific withdrew its offer and, shortly after, the Red Lion board of directors enacted a poison pill plan, angering Columbia Pacific who expressed confidence that the Red Lion should be liquidated because the company's assets are in "excess Red Lion market capitalization".
Later that year, after stock prices rose significantly, Red Lion took off its poison pills.
References
External links
- Official website
Source of the article : Wikipedia
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