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DENVER-Red Lion Hotels Corp. said this week it has agreed to acquire a 478-key hotel property here for $25.3 million. The 53-hotel chain headquartered in Spokane, WA, has waived its due diligence inspection contingency and will close on the Radisson Hotel Denver Southeast later this quarter.

The Radisson Hotel Denver Southeast is located adjacent the region’s light rail system along Interstate 225, 20 minutes from downtown Denver and 25 minutes from Denver International Airport. The hotel features 25,000 sf of meeting space, a two-story parking garage, swimming pool, business center, and full food and beverage service, including a 120-seat restaurant and 50-seat lounge.

To finance the acquisition, Red Lion will draw down an unused $50-million line of credit. Immediately upon taking ownership, Red Lion plans to put its company name on the asset and begin n $8-milliom improvement program. Most of the money will be spent upgrading rooms and common areas.

Red Lion owns and/or operates 53 hotels in eight states and one Canada province, including Red Lion Hotel Denver Central. Red Lion President and Chief Executive Officer Anupam Narayan says the acquisition of a second Denver hotel will solidify the company’s presence in the market and is in line with the company’s long-term growth and expansion strategy.

Narayan, the company’s CFO since early 2005, became chief executive of the company in February, when Arthur Coffey announced his retirement as president, chief executive and director. In March, Anthony F. Dombrowik, the company’s chief accounting officers since 2003, was appointed to Narayan’s former role as CFO. In April, the company appointed George H. Schweitzer to the position of senior vice president of hotel operations. Schweitzer previously was as partner and EVP of business development at Unifocus, a provider of business intelligence applications and performance technology for the hospitality industry.

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