Local News - Local News - February 28, 2013
Red Lion Hotels Corp., of Spokane, reported this afternoon a fourth-quarter 2012 net loss of $3.6 million, or 19 cents a diluted share, compared with a loss of $20.9 million, or $1.09 a share, in the year-earlier period.For all of 2012, the company posted a net loss of $14.7 million, or 76 cents a share, compared with a loss of $7.1 million, or 38 cents a share.
Comparable revenue for owned and leased hotels increased by 2 percent in the quarter, compared with the year-earlier period, and by almost 5 percent for all of 2012 compared with 2011. Pre-tax impairment charges and income-tax expense largely attributed to the net losses, the company said.
Jon Eliassen, president and CEO of Red Lion, said in a press release that the company has better defined its product offering, increased the size of its hotel network through franchising, and is using money from asset sales to pay down debt.
Also, Eliassen said, "We continue to execute our asset sale strategy, which is providing additional capital to further invest in our owned hotels."
As of Dec. 31, Red Lion's hotel network included 48 hotels in nine states and one Canadian province. That doesn't include the 3,000-guest room Las Vegas Hotel & Casino, which last month agreed to become the first hotel affiliated with the Red Lion's Leo Hotel Collection, which is to be a group of historic and boutique hotels.