Red Lion Hotels Corp. will acquire Vantage Hospitality Group, increasing its hotel portfolio from 113 to more than 1,100.

Red Lion has agreed to acquire Vantage for $23 million cash and 690 shares of the company’s stock, which closed Monday at $6.96 per share.

An additional 690,000 shares and $7 million cash could be earned depending on performance metrics in the first two years after the transaction closes, according to Red Lion— that includes a minimum $1 million cash payment on the first and second anniversaries.

The transaction is expected to close in the fourth quarter.

Red Lion said the acquisition will turn it into a “national brand.”

“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,” Red Lion president and CEO Greg Mount said in a statement. “Vantage has built a distinctive and highly successful platform over the last 16 years owing to a strong culture that emanates from its leaders. As such, Vantage’s current leadership and staff in Coral Springs will become the hub for all RLHC select service brand operations.”

Vantage owns the brands Vantage Hotels, Americas Best Value Inn, 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.

Red Lion owns the brands Hotel RL, Red Lion Hotels, Red Lion Inn & Suites, GuestHouse and Settle Inn.

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