Posted: Feb 26, 2013 12:26 PM by Dennis Bragg - KPAX News
Updated: Feb 26, 2013 1:55 PM
MISSOULA - Red Lion Hotels Corporation has decided to sell its hotel in Missoula.
However, the property will continue to bear the "Red Lion" name under an agreement for the new owners to keep operating it as a franchise.
Red Lion announced the sale a few days ago, saying it had decided to sell the hotel on West Broadway for $1.95 million to a Minnesota investment group.
The Red Lion Inn and Suites is what's known as a "limited service" property with 76-exterior entry rooms and has been popular over the years because of its proximity to St. Patrick Hospital, as well as downtown Missoula and the University of Montana. It's location also puts it close to parks and the trails along the Clark Fork River.
"We are pleased to keep this hotel in our system and that the new owners are investing in property upgrades," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "With each of the hotels we have sold in the past year, we have also signed new franchise agreements."
"This property is in a great location and Red Lion has a good name in Missoula," said Sam Hossain of RASM Properties, LLC, new owners of the hotel. "We look forward to keeping Red Lion guests happy."
The Spokane-based chain had announced it was putting the Missoula hotel on the market just over a year ago. Red Lion also recently sold the Red Lion Colonial Hotel in Helena.