RLHC (Red Lion Hotels Corporation) signed a management contract with the new owners of the Red Lion Hotel Woodlake Convention Center Sacramento, Calif., a franchised property. Under the contract, RLHC is managing the hotel effective immediately.
The hotel sold on May 4 to Columbia Woodlake, an affiliate of Seattle-based Columbia Pacific Advisors, from a former RLHC franchisee. Columbia Pacific's real estate team intends to substantially invest in the renovation of the property in the coming year. The management contract with RLHC carries an initial five-year term and three potential five-year extensions.
"This is a great win for our guests, the new owners and for our entire brand," said RLHC president & CEO Greg Mount. "Columbia Pacific's real estate strategy has a long history of successfully repositioning properties that exhibit a compelling combination of excellent location, economic value and future prospects. We are excited to further our national growth strategy and strengthen our brand by partnering with such a respected investor."
The Red Lion Hotel Woodlake Convention Center Sacramento, 500 Leisure Ln, originally joined the RLHC portfolio as a franchised property in October 2012. Situated on the shores of a private lake three miles from the Sacramento city center, the full service hotel offers 306 guestrooms, 50,000 square feet of meeting space, a fitness center and an outdoor pool.