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On March 17, 2021, Sonesta International Hotels Corporation announced its acquisition of RLH Corporation (NYSE: RLH), significantly expanding its portfolio to approximately 1,200 locations and over 100,000 guest rooms worldwide. This acquisition adds more than 900 franchised hotels to Sonesta's diverse brand offerings, enhancing its franchising capabilities. Keith Pierce will join Sonesta as Executive Vice President, focusing on franchise development, while RLH's CEO, John J. Russell, Jr., will aid in the transition until April 30, 2021.
Sonesta International Hotels Corporation announced a definitive agreement to acquire RLH Corporation (NYSE: RLH), the 10th-largest U.S.-based hotel franchise company with over 900 hotels. This acquisition will significantly expand Sonesta's portfolio to approximately 1,200 hotels under 13 brands, enhancing its franchising capabilities. Keith Pierce, a seasoned hotel industry executive, will join Sonesta as Executive Vice President, President of Franchise & Development. The acquisition is set to close in H1 2021, pending shareholder approval, and will be funded through cash and capital contributions.
RLH Corporation (NYSE: RLH) has entered into a definitive merger agreement with Sonesta International Hotels Corporation in an all-cash transaction valued at approximately $90 million. Shareholders will receive $3.50 per share, reflecting an 88% premium over the November 4, 2020 closing price. The RLH Board unanimously approved the agreement, which is subject to shareholder approval and customary conditions, expected to close in the first half of 2021. Post-transaction, RLH will become a privately-held entity and its stock will be delisted from the NYSE.
Red Lion Hotels Corporation (RLH) announced its third quarter 2020 results, reporting a net loss of $(3.1) million or $(0.12) per share, a slight improvement from a net loss of $(3.7) million in the same period last year. Adjusted EBITDA decreased to $1.5 million from $5.9 million in 2019. Despite challenges from COVID-19 and terminated franchise agreements, RLH's franchisee retention improved by 33%. The company ended the quarter with $34.1 million in cash and is exploring strategic alternatives amid increased interest in its less impacted hotel portfolio.
RLH Corporation (NYSE:RLH) will release its third quarter 2020 financial results on November 4, 2020, after market close. Following this, a conference call and webcast will be held on November 5, 2020, at 9:00 a.m. ET to discuss the results. Investors can access the webcast through the company’s Investor Relations website. A replay of the call will be available from November 5 at 11:30 a.m. ET until November 19 at 11:59 p.m. ET, accessible via designated phone numbers with a passcode.
RLH Corporation has launched GuestHouse Extended Stay, a new brand targeting the demand for longer-term stays in the hotel market. The initiative focuses on affordable franchise fees and aims to enhance revenue opportunities for hotel owners. This upper-economy brand features flexible property improvement options and a minimum of 10% of rooms equipped with full kitchenettes. With significant demand for extended stay hotels, RLH Corporation is optimistic about the new brand’s potential, planning six new builds and 15 conversions in various states to capture market share.
RLH Corporation has appointed Christopher Trick as its new Senior Vice President and Chief Marketing Officer, effective September 15, 2020. With over 20 years of experience in brand building and franchise growth, Mr. Trick will lead the company's marketing strategies. His goal includes revitalizing the brand, improving its image, and enhancing brand standards for franchisees. CEO John Russell expressed excitement about Trick's extensive background in the hospitality and franchising sectors, anticipating his contributions to the company's strategic execution.
Red Lion Hotels Corporation (RLH) reported a net loss of $4.0 million for Q2 2020, compared to a loss of $3.0 million in Q2 2019. Revenue in the core franchise hotel segment fell to $8.8 million from $14.7 million year-over-year. Despite these challenges, RLH signed 92 franchise agreements, a testament to franchisee retention with a 22% drop in terminations. Cash and equivalents increased slightly to $33.8 million. The company is focusing on cost-saving initiatives amid ongoing pandemic uncertainties while remaining optimistic for future recovery in drive-to travel.
Red Lion Hotels Corporation (NYSE: RLH) announced the appointment of John J. Russell, Jr. as Chief Executive Officer, effective immediately. Russell, who has over 40 years of hospitality experience, previously served as interim CEO since December 2019. He has played a crucial role in refocusing the company on franchisee support amid pandemic challenges. Chairman Carter Pate expressed confidence in Russell's leadership to enhance shareholder value. Russell's extensive background includes executive roles at various hospitality companies and leadership positions in industry associations.
RLH Corporation has appointed Gary A. Kohn as Executive Vice President and Chief Financial Officer, effective May 29, 2020. With over 30 years of experience, Kohn will oversee financial planning, accounting, tax, and investor relations. He previously served as CFO at Westmoreland Coal Company and Intrepid Potash. John Russell, Interim CEO, expressed confidence in Kohn's leadership during the company's evolution. Kohn is optimistic about contributing to RLH's growth, having engaged with talented team members since his consultancy began on May 18, 2020.
