RLHC JV acquires the 3 Palms Atlanta Airport hotel

A subsidiary of RLHC (Red Lion Hotels Corporation) formed a joint venture with an affiliate of Shelbourne Falcon Investors to acquire the 3 Palms Atlanta Airport North for $6.3 million. In addition, the joint venture has secured financing with an affiliate of Prime Finance to complete a renovation of this property. The operations of the hotel will cease during the six-month, $6.6-million restoration. The property is scheduled to reopen in the first quarter of 2016 as the Red Lion Hotel Atlanta International Airport and will be managed by RLHC.

The 3 Palms Atlanta Airport is one mile from Hartsfield–Jackson Atlanta International Airport in College Park, and eight miles southwest of downtown Atlanta. As the ninth largest metropolitan area in the U.S., the greater Atlanta region has a population of 5.5 million and approximately 35 million visitors annually.

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The future Red Lion Hotel Atlanta International Airport is a six-story interior corridor property with 246 guestrooms. The hotel has a ballroom and two meeting rooms, in addition to an outdoor pool, a fitness center and a full service restaurant on site.

RLHC will maintain a 55 percent interest in the joint venture on this property, with the remaining 45 percent owned by an affiliate of Shelbourne Falcon Investors.

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