RLH has announced the sale of Hotel RL Spokane at the Park in Washington for $35m, which represents the ninth hotel out of the 11 properties being sold as disclosed last October.

With this sale, the company is expected to gain around $14.8m, and about $42.2m in total from the divestment of the nine hotels.

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RLH Corporation president and chief executive officer Greg Mount said: “With the completion of the Spokane sale we have now completed nine of the 11 targeted real estate sales.

“We continue to see strong real estate market conditions and are optimistic that we will complete the sale of the final two assets prior to year end.

“Given the strong real estate market conditions we have begun to market our interests in our hotel in Atlanta, and in our leased hotels in Anaheim and Kalispell, Montana reinforcing our asset-light strategy and enhancing our liquidity and capital capacity to be available for the growth of our franchise business.”

In the first quarter of this year, Hotel RL Spokane at the Park generated $2.8m in revenue, and $14.6m in revenue on annual basis in 2017.

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For the first quarter of the financial year, the hotel’s adjusted EBITDA on consolidated reporting was $0.9m and the share of RLH Corporation to the adjusted EBITDA was about $0.5m.

As per the annual basis of last year, the hotel’s adjusted EBITDA on consolidated reporting was $4.8m and RLH’s share of the adjusted EBITDA was around $2.6m. However, this impact has not taken into account the previously announced corporate adjustments to cut down operating costs.

Red Lion Hotels Corporation, doing business as RLH Corporation, is a hotel company focusing on the franchising, management and ownership of upscale, midscale and economy hotels.

The company also focuses on maximising return on invested capital for hotel owners across North America via relevant brands, technology and services.