Red Lion Hotels Corp., of Spokane, said this afternoon it has agreed to acquire the assets, including franchise licensing agreements, of Hendersonville, Tenn.-based GuestHouse International LLC.

The transaction is valued at up to $10 million, Red Lion said in a press release. GuestHouse will receive $8.5 million upon completion of the transaction, which is scheduled for April 30, and it could receive up to another $1.5 million six months later if certain performance targets are met.

GuestHouse has 73 franchised hotels, with a total of nearly 5,200 guest rooms, that operate under the GuestHouse and Settle Inns & Suites brands. Once the transaction is complete, Red Lion will have a total of 130 hotels in 30 states, with the bulk of the hotels expected to continue to operate under their current brands.

Red Lion plans to use some of the cash from the recent $35.4 million sale of its Bellevue hotel property to fund the acquisition.