Red Lion Hotels Corp (RLH) 10-Q Quarterly Report May 2018

Red Lion Hotels Corporation (the “Company”) (NYSE: RLH), a growing hospitality company doing business as RLH Corporation that franchises upscale, midscale and economy hotels, today reported first quarter 2018 results.

First Quarter 2018 Highlights

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Net income was $7.3 million for the three months ended March 31, 2018 compared to a net loss of $5.3 million in the prior year period. The improvement was primarily attributable to approximately $14 million in gain on sale of assets related to the five hotels sold during the quarter.

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The Company reported Adjusted EBITDA of $421,000.

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Six of the 11 hotels owned and identified for disposal by the Company have sold. These sales generated an accounting gain of approximately $16 million and reduced long-term debt by $42 million representing a nearly 60 percent reduction in total RL Venture, LLC debt. The Company has three additional hotels under contract with closings expected in the second and third quarters, subject to normal contingencies.

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During the first quarter, the company executed 47 new franchise agreements and opened 27 new franchise hotels. Included in these new franchise agreements were 10 full service hotels owned by Inner Circle representing nearly 3,000 rooms in major markets. The Inner Circle franchise agreements have 20-year terms representing significant net present value to the Company.

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The Company entered a definitive agreement with Wyndham Hotel Group, LLC to acquire the Knights Inn brand, more than 350 franchise agreements and a significant development pipeline. This acquisition is due to close in May and we expect it to bring annualized Adjusted EBITDA of more than $5 million. Despite recent industry transactions being reported at valuation levels of 15 to 17 times EBITDA, the Company negotiated the Knights Inn transaction at a significantly lower EBITDA multiple which the Company expects will allow the acquisition to be immediately accretive to the Company’s earnings and cash flow. The returns to the Knights Inn franchise owners should be meaningfully supplemented by the Company’s industry-leading technology RevPAK and revenue management systems and Hello Rewards guest recognition program.

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Midscale Franchise RevPAR increased 1.7 percent. Ninety percent of the Company’s franchised hotels have a fixed fee representing an important hedge against an economic downturn and providing stability of its base franchise revenues and cash flow.

The following information was filed by Red Lion Hotels Corp (RLH) on Tuesday, May 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Red Lion Hotels Corp provided additional information to their SEC Filing as exhibits

Exhibit 12.1: Statement Regarding Calculation Of Ratios

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: RLH
CIK: 1052595
Form Type: 10-Q Quarterly Report
Accession Number: 0001052595-18-000009
Submitted to the SEC: Wed May 09 2018 4:28:06 PM EST
Accepted by the SEC: Wed May 09 2018
Period: Saturday, March 31, 2018
Industry: Hotels And Motels

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Red Lion Hotels Corp (RLH) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

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