Red Lion spins off real estate services

Red Lion Hotels Corporation has announced that it has entered in to an
agreement to spin off its real estate management business to Tom Barbieri
and David Peterson in a tax-free reorganization.Mr. Barbieri and Mr.
Peterson will be re-establishing the business as Goodale & Barbieri
Company, and the transaction will be completed by the end of April.
  “We think this is a great opportunity to give the real estate
management business the independence it needs to flourish, and to continue
our effort to narrowly focus on our core hotel business,” said Arthur
Coffey, President and Chief Executive Officer of Red Lion Hotel
Corporation, headquartered in Spokane. “Tom and David have been integral
over the years in building that business, and to have them owning and
operating it will provide great continuity for our employees and clients.”
  “This is really exciting for David and me, and for the 100 people who
will work for Goodale & Barbieri Company. My father founded the company’s
real estate business in 1937, so it’s going back to my family’s roots, only
with more experience and a stronger understanding of the opportunities
throughout the market,” said Barbieri, who will be President of Goodale &
Barbieri Company.
  Goodale & Barbieri Company will continue to manage Red Lion
Corporation’s office and retail real estate assets, including Lincoln Plaza
in Spokane and the Kalispell Center in Montana. Goodale & Barbieri Company
will also continue to provide traditional real estate-related services,
including developing, managing and brokering sales and leases of commercial
and multi-unit residential properties in Washington, Oregon, Idaho and
Montana. As a division of Red Lion Hotels, the real estate division
currently manages projects with more than 1.7 million square feet of office
and retail space, and more than 2,000 housing units.
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