New owner, same name for Red Lion in Seattle
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.
Pandora’s IPO debut better than expected
Internet radio station Pandora Media’s IPO struck the right chord with investors Wednesday despite the static in the overall stock market.
Pandora’s stock surged by as much 63 percent in their market debut before pulling back later in the session. The shares closed at $17.42, up 9 percent from Pandora’s initial public offering price of $16 and a nearly six-fold increase from what Pandora’s own board thought the stock was worth six months ago.
FDA approves drug for kidney transplants
TRENTON, N.J. – The first new type of drug in more than a decade for keeping transplanted kidneys functioning won approval from federal regulators on Wednesday.
The Food and Drug Administration approved Nulojix, developed by Bristol-Myers Squibb Co., for preventing rejection of a transplanted kidney in adult patients, despite concerns about serious possible side effects. It was approved for use along with other medicines that suppress the immune system.
Without immune suppressants, a patient’s body would reject the new kidney as a foreign object and attack it.
• The Hershey Co. has removed “interim” from the title of its president and CEO, John Bilbrey. The chocolate-making icon said on Wednesday that its board decided to appoint Bilbrey on a permanent basis.
• Foreclosure listing service RealtyTrac says the number of households put on notice for being behind on their mortgage payments fell in May to the lowest level since December 2006. Bank repossessions declined for the second month in a row.