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SEATTLE-Red Lion Hotels said Thursday it has concluded its strategic review of the company’s alternatives without having received an acquisition offer. The 53-hotel chain based in Spokane, WA attributed the outcome to “the recent downturn in the US and global economies and credit markets.”

In early July, Red Lion announced it had retained the investment-banking firm JMP Securities to assist the board of directors in evaluating its options for maximizing shareholder value. The move followed quickly on the heels of an unsolicited, non-binding offer by Columbia Pacific Opportunity Fund LP to acquire the company for $9.50 per share ($173 million).

At the time, Red Lion’s share price was in the $7 range, but bounced up above $8 on the news. The share price closed above $8 as recently as Sept. 30. On Thursday afternoon, it was trading under $4 per share.

As part of the review, Red Lion says it entered into confidentiality agreements with several parties, including Columbia Pacific, and gave those parties access to confidential company information. Columbia Pacific, the only party it ever named, has “withdrawn its previous indication of interest in acquiring the company,” the company said in an SEC filing announcing the closure of the review process.

“Red Lion received preliminary indications of interest in acquiring the company from multiple parties, but did not receive a definitive proposal from any party,” the company said in an SEC filing.

The Red Lion chain includes 53 hotels located in nine states and one Canadian province, with 9,266 rooms and 441,640 sf of meeting space. The company also owns and operates an entertainment and event ticket distribution business. Columbia Pacific Opportunity Fund currently owns 2.3 million shares of Red Lion stock, or 12.7% of the company.

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