Red Lion sells Helena hotel

Red Lion Hotels Corp. has sold its Colonial Hotel in Helena, Mont. The Spokane-based Red Lion will receive $5.6 million. The new owners of the hotel in Montana’s state capital plan to stick with the Red Lion brand and enter into a franchise lease agreement. The sale is part of Red Lion’s strategy of selling assets to pay down debts, said Jon Eliassen, president and chief executive. The Helena hotel has 149 rooms and boasts the largest group meeting space in the city. It was renovated six years ago. The Spokane hotel chain has 48 hotels in nine states and Canada. The company’s shares are traded on the New York Stock Exchange under the RLH ticker symbol.