WASHINGTON, D.C. — Red Lion Hotels Corporation (RLHC) has closed its acquisition of Florida-based Vantage Hospitality Group, Inc. a month ahead of schedule.
With the acquisition, the company acquired approximately 1,000 franchise hotel agreements nationwide and added over 59,000 rooms. The acquisition has accelerated RLHC’s transformation into an “asset-light” franchised hotel company. RLHC expects the transaction to be earnings-accretive in the next 12 months.
“We are excited to have accelerated the closing of Vantage,” says Greg Mount, president and CEO. “Our newly combined teams are diligently working on a smooth integration to capitalize on the strengths of both platforms. With a firm foundation and a deep dedicated team focused on select-service, we can now intensify our efforts on accelerating the growth of our mid-scale and up-scale brands, Red Lion and Hotel RL. The pipeline for legacy RLHC brands, including Hotel RL remains strong and we look forward to delivering additional value and opportunities to all of our hoteliers and associates, as well as earnings accretion to our shareholders.”