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Red Lion Hotels Corporation (NYSE:RLH) reported that three franchise contracts had been signed in January. After its Vantage Hospitality acquisition in October of last year, the new and bigger Red Lion Hotels Corporation calculated for the full 2016 calendar year, 87 franchise agreements had been signed under ten of its hotel brands.
The hotel franchisor today also reported a strong January for hotel openings – four Americas Best Value Inn, two Hotel RL, a Red Lion Inn & Suites, and a Country Hearth Inn.
"Coming off such a remarkable year, in which we executed 87 FLAs [franchise license agreements] and opened 68 hotels, it is great to begin 2017 the way we left off," said EVP and president of global development, Roger Bloss. The majority of those hotels, 47, were Americas Best Value Inns, formerly under Vantage Hospitality. "Our well-connected development team continues to demonstrate the advantages of franchising with RLHC, including advanced booking technologies and digital marketing programs that maximize ROI."
Share prices of Red Lion have dropped from their November highs.