RLHC (RLH) Announces Early Closure of Vantage Hospitality Acquisition
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Red Lion Hotels Corporation (NYSE: RLH) announced that it closed its acquisition of Vantage Hospitality Group, Inc. (“Vantage”) based in Coral Springs, Florida, on September 30, 2016, a month ahead of schedule.
As a result of the acquisition, the Company acquired approximately 1,000 franchise hotel agreements nationwide and added over 59,000 rooms. The acquisition has accelerated RLHC’s transformation into an “asset-light” franchised hotel company. RLHC expects the transaction to be earnings accretive in the next twelve months.
“We are excited to have accelerated the closing of Vantage,” commented Greg Mount, President and Chief Executive Officer. “Our newly combined teams are diligently working on a smooth integration to capitalize on the strengths of both platforms. With a firm foundation and a deep dedicated team focused on select service, we can now intensify our efforts on accelerating the growth of our midscale and upscale brands, Red Lion and Hotel RL. The pipeline for legacy RLHC brands, including Hotel RL remains strong, and we look forward to delivering additional value and opportunities to all of our hoteliers and associates, as well as earnings accretion to our shareholders.”
CS Capital Advisors, LLC served as a financial advisor to RLHC. Duane Morris LLP served as legal counsel to RLHC, and Akerman LLP served as legal counsel to Vantage on the transaction.
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