Red Lion Hotels reports 2009 losses
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.