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Wed., Oct. 24, 2012, 5:51 p.m.

Red Lion sells its Denver property for $13 million

Spokane's Red Lion Hotels Corp. said Wednesday it's closed a $13 million sale of its Red Lion Hotel Denver Southeast.

This past August the publicly traded hospitality company announced it had entered an agreement with the likely buyer.

Wednesday's announcement identified the buyer: Pandey Hotel Denver LLC, a wholly owned subsidiary of Pandey Hotel Corporation, the US division of CP Group New Zealand..

CEO and President Jon E. Eliassen said, in a release: "The sale of our Denver hotel helps us reduce debt and invest in our owned hotels in a manner which is meaningful to both guests and shareholders."

The just-sold former Red Lion Hotel Denver Southeast has 478 rooms and 25,000 square feet of meeting space. It's near Cherry Creek State Park and has scenic views of the Rocky Mountains and downtown Denver.

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The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.