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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.

Red Lion Hotels adds new Denver franchise

Red Lion Hotels Corporation said on Wednesday it's signed a franchise agreement for a new location at the Denver airport.

“Our new franchise is one of the closest hotels in proximity to the Denver International Airport, a superb location that will gain visibility for our brand,” said Ron Burgett, Red Lions' VP.

The future Red Lion Inn and Suites Denver Airport, at 7010 Tower Road, is expected to join the system by November 2012. 

The hotel has 87 guest rooms and is near downtown and multiple venues, including those used by the Denver Broncos, Colorado Avalanche and Denver Nuggets.

“With all of the competition we have in this market, we think Red Lion will help us to differentiate our property and compete in the midscale segment,” said Zanfar Kahn of Tower Hospitality, owners of the hotel.

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

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Alison Boggs (@alisonboggs) Online Producer Alison Boggs posts and manages content on and its social networking accounts.

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Scott Maben Scott Maben is a Deputy City Editor who covers North Idaho news and higher education.

Addy Hatch is the city editor, and formerly was business editor.

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