SPOKANE, WA–Red Lion is buying one of Wyndham Hotel Group's six economy hotel brands — the Knights Inn — for $27 million in cash. Wyndham is selling the brand, which originally made its mark with its medieval-like design, ahead of its previously-announced plans to spin off La Quinta Holdings' 315 assets into a publicly-traded REIT, CorePoint Lodging.
There are more than 350 Knights Inn hotels across North America and a pipeline of an additional approximately 47 hotels. The transaction is expected to close in the second quarter of 2018, subject to customary closing conditions.
Red Lion CEO Greg Mount said the acquisition is part of the company's plan to grow aggressively via acquisitions and that the acquisition of Knights Inn will increase its franchise units by over 30%.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
