Red Lion Hotels Corporation has entered exclusive negotiations with Vantage Hospitality. This takeover will affect franchise contracts for a dozen brands, including Americas Best Value Inn, including 1,000 hotels and close to 60,000 rooms. The initial aggregate price for the operation is estimated at some 25 million euros in cash and shares, and may be adjusted after two years of results.
Greg Mount, President and CEO RLHC declared on this occasion: "The acquisition of Vantage Hospitality Group's operations establishes RLHC as one of the largest hotel franchisors adding approximately 1,000 hotel franchise, membership, and licensing agreements to our growing brand family." Roger Bloss, Founder, President and Chief Executive Officer of Vantage, added: "We are excited to become part of the RLHC family of brands. Joining RLHC's platform will provide our members with additional resources to grow their businesses and our guests with a broad array of brands." Vantage Hospitality Group is an American franchiser created in 1999.
This operation brought RLHC's portfolio the following brands: Vantage Hotels; Americas Best Value Inn (80% of the supply); Canadas Best Value Inn; Lexington by Vantage; America’s Best Inns and Suites; Country Hearth Inns; Jameson Inns; Signature Inn; and 3 Palms Hotels & Resorts. The group's portfolio will thus have 1,100 franchised properties or 73,200 rooms versus 113 hotels and 14,200 rooms previously. RHLS was created in 1937; at the time the company was called Goodale & Barbieri Companies (G&B). Its introduction to the stock market in 1998 was synonymous with expansion. In 2001 the company bought Red Lion Hotels & Inns and moved most of its units under Red Lionin 2003. It also took over West Coast Hospitality in 2005 and has taken another major step towards growth with the takeover of Vantage Hospitality.
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