The $71 million sale of the Red Lion Hotel on Fifth Avenue in Seattle has closed.
The deal announced last month transfers the 297-room property to Lowe Enterprise Investors.
Lowe affiliate Destination Resorts & Hotels takes over management, but the property near the Pike Place Market and Washington State Convention Center will retain the Red Lion brand.
Red Lion President Jon Eliassen said the revenue from the sale will be used to improve company-owned hotels, and recapitalize its balance sheet.
Spokeswoman Pam Scott said Destination will pay Red Lion franchise and marketing fees.
Destination President Charlie Peck said the company plans to add rooms and expand meeting space at the hotel, which was offered for sale in January.
Scott said Red Lion also put its Denver property up for sale in January, but reconsidered after finding little interest. A Helena hotel remains on the market, she said.