US hotel group to buy franchise company
Red Lion Hotels Corp has announced it will acquire hotel franchise company Vantage Hospitality Group.
Vantage is one of the largest franchisors in the US with a portfolio of more than 1,000 hotels
The deal will see Red Lion pay $23 million in cash plus stock and possible additional payments based on ‘performance metrics’ over the next two years.
The transaction is expected to close in the fourth quarter of 2016.
"The acquisition of Vantage Hospitality Group’s operations establishes RLHC as one of the largest hotel franchisors adding approximately 1,000 hotel franchise, membership, and licensing agreements to our growing brand family," said Greg Mount, Red Lion chief executive.
"Vantage has built a distinctive and highly successful platform over the last 16 years owing to a strong culture that emanates from its leaders. "
Mount said Vantage’s HQ at Coral Springs will become the hub for all Red Lion select service brand operations.
"We are excited to become part of the RLHC family of brands. Joining RLHC’s platform will provide our members with additional resources to grow their businesses and our guests with a broad array of brands to enjoy," said Vantage CEO and founder Roger Bloss.
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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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