RLH Corporation (NYSE:RLH) announced that it has closed on the sale of its Red Lion Airport Hotel Atlanta for $12.25 million in gross proceeds.
The Red Lion Airport Hotel Atlanta was held in a joint venture. RLH Corporation will receive $4.8 million in net proceeds after closing costs and the repayment of property level mortgage. Net proceeds to RLH will be primarily used to reduce corporate level debt.
There are an additional three hotels that are under non-binding contract to be sold. It is the Company’s expectation the hotel sales will be completed by the end of Q1 2020.