Red Lion Hotels’ Third-Quarter Results Show Increases All Around

Red Lion Hotels Corp. reported its third quarter profits jumped almost 400 percent based on strong occupancy and room rates.

The company said income rose to $7.1 million from $1.4 million in the same period last year, when the company had a $4.9 million expense for extinguishing debt. Revenue increased 6 percent, from $51.4 million to $54.5 million.

Revenue per available room was up 9.5 percent, average daily rates were up 5.2 percent and occupancy increased 3.1 percentage points, the company said.

Arthur Coffey, president and CEO, also reported that the company last month acquired the long-term lease on the 314-room Radisson Hotel Maingate in Anaheim, Calif., adjacent to Disneyland, a property he said will be key to the company’s continued growth.

“Once it is repositioned, it will be an exceptional banner for the Red Lion brand in the important California market, and should provide a strong base for further expansion,” Coffey said.