As additional collateral for the facility, the company pledged the Red Lion Colonial Hotel in Helena, MT, as well as the Red Lion Hotel Denver Southeast and the Red Lion Hotel Kalispell and Kalispell Center Mall in Montana. The debt secured by the Red Lion Colonial Hotel in Helena was retired using cash reserves. The $10 million revolving line of credit with Wells Fargo is currently unused.
“We have made significant progress in reducing our debt and restructuring our balance sheet during the past few months,” said Julie Shiflett, Executive Vice President and Chief Financial Officer of Red Lion Hotels Corporation. “The revolving line of credit is available for short-term borrowing needs.”
The 149-room Red Lion Colonial Hotel in Helena, MT, remains listed for sale. The hotel has 15,500 square feet of meeting space, the largest group space in the market, and underwent a major renovation in 2006.
To access all the latest information about the world’s major hotel companies via one mobile platform visit hotel.city.mobi/.