Red Lion Hotels, which owns and franchises 48 midscale hotels primarily in the western U.S., may go up for sale.
The Spokane, Wash.-based company has been working with Bank of America Merrill Lynch since mid-February on "strategic alternatives."
Last year, Red Lion cut its long-term debt to $3.3 million from $25.3 million and bought back some of its leased hotels, largely by selling the 297-room Red Lion Hotel Fifth Avenue in Seattle last summer for $71 million.
Red Lion narrowed its loss last year by 17% to $7.1 million and said revenue per available room (RevPAR) rose 2.7%.
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