Red Lion Hotels posts loss, cuts debt in 2012
Sunday, March 3, 2013
Spokane-based Red Lion Hotels Corp. reported Thursday a net loss of $14.7 million for 2012 compared with a loss of $7.1 million in 2011. But the hospitality company also reported improvement in total revenue and conversions of properties into branded franchises.
Total loss per share in 2012 came to 76 cents, compared with a loss of 38 cents per share in 2011.
CEO and President Jon Eliassen said the loss stemmed from impairments and losses incurred on sales of some hotels during 2012. The company also reduced liabilities from around $100 million in 2011 to roughly $80 million for 2012.