Red Lion completes purchase of Florida chain
Red Lion Hotels Corporation has completed the acquisition of Florida-based Vantage Hospitality Group a month ahead of schedule.
Following the completion, RLHC has added approximately 1,000 franchise agreements to its portfolio comprising more than 59,000 rooms.
"We are excited to have accelerated the closing of Vantage. Our newly combined teams are diligently working on a smooth integration to capitalise on the strengths of both platforms," said CEO Greg Mount.
"We can now intensify our efforts on accelerating the growth of our midscale and upscale brands, Red Lion and Hotel RL."
The deal will help accelerate its move to an ‘asset-light’ franchise business model and will start delivering benefits within a year, RLHC said.
"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," Mount added.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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