February 16, 2010 in Business

Red Lion Hotels reports 2009 losses

By The Spokesman-Review
 

Red Lion Hotels Corp. today reported losses for the fourth quarter and full-year 2009 as an industry-wide downturn took its toll.

The Spokane-based chain of 45 hotels and its entertainment ticketing business lost $3.1 million, or 16 cents per share, excluding an $8.5 million impairment taken on its hotel in southeastern Denver, which the company purchased and remodeled in 2008, just as demand for hotel rooms began to fall. A second impairment of $200,000 was taken on another property.

Revenues fell 13.7 percent to $35.7 million.

The company lost $2.6 million, or 15 cents per share, during the fourth quarter of 2008.

For the year, Red Lion lost $1 million, or 5 cents per share, before the impairments. The company earned $2 million, or 11 cents per share, in 2008.

Revenue fell almost 12 percent for the year, to $165.4 million.

Declines were also reported on revenue per room and earnings before income tax and depreciation.


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