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Red Lion Hotels Corp (RLH) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Red Lion Hotels Corp

CIK: 1052595 Ticker: RLH

Exhibit 99.1

 

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Company Contact:

Pam Scott

Director of Corporate Communications

(509) 777-6393

Red Lion Hotels Reports Fourth Quarter

and Full Year 2011 Results

SPOKANE, Wash., February 28, 2012

—Red Lion Hotels Corporation (NYSE: RLH), a western U.S. based owner and franchisor of midscale hotels, today announced its results for the fourth quarter and year ended December 31, 2011.

Comparable operating results and data from continuing operations (as disclosed in the table by the same title) for the periods included in this release exclude from hotel operations the results of the Red Lion Hotel on Fifth Avenue in Seattle, which was sold in the second quarter of 2011. Following the sale, this property continues to operate as a franchised hotel and the company is therefore required to report its financial results in continuing operations.

Fourth Quarter Overview:

 

   

RevPAR for comparable owned and leased hotels decreased 0.9 percent year over year

 

   

Comparable EBITDA from continuing operations before special items increased $1.9 million compared with fourth quarter 2010

 

   

Recorded pre-tax goodwill and asset impairment charges of $20.5 million in continuing operations

 

   

Net loss from continuing operations, including the impairment charges, was $20.2 million compared to $7.1 million in the prior year

 

   

Acquired 10 previously leased hotels in a tax-deferred exchange

 

   

Added three new franchised hotels in New Mexico

Full Year Overview:

 

   

RevPAR from comparable owned and leased hotels increased 2.7 percent

 

   

Comparable EBITDA from continuing operations before special items decreased $3.9 million compared to prior year

 

   

Recorded pre-tax goodwill and asset impairment charges of $22.7 million in continuing operations

 

   

Sold Seattle Fifth Avenue for $71 million and recorded a gain of $33.5 million.

 

   

Net loss from continuing operations was $6.0 million compared to $7.9 million in the prior year

 

   

Added six new franchised hotels

“In 2011, our RevPAR growth exceeded that of our competitors in our markets and we continued to maintain our market share,” said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. “At the same time, we significantly improved our balance sheet by paying down debt and acquiring previously leased hotels. As we look forward, we believe our hotels will be well positioned to compete for business when the economy recovers in our region.”


The following information was filed by Red Lion Hotels Corp (RLH) on Tuesday, February 28, 2012 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Red Lion Hotels Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:

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SEC Filing Tools
Ticker: RLH
CIK: 1052595
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-115988
Submitted to the SEC: Thu Mar 15 2012 6:23:27 AM EST
Accepted by the SEC: Thu Mar 15 2012
Period: Saturday, December 31, 2011
Industry: Hotels And Motels

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