An undisclosed buyer entered into non-binding sale agreement to acquire Red Lion Hotel Atlanta Airport from Red Lion Hotels Corporation (NYSE:RLH) and others on September 3, 2019. In related transactions, the undisclosed buyer entered into non-binding sale agreement to acquire 55% stake in Hotel RL Washington D.C. and Hotel RL in Salt Lake City. The aggregate gross proceeds to Red Lion Hotels Corporation from the sale of the three hotels is $64 million. Red Lion Hotel Atlanta Airport will not be retaining the Red Lion flag post-closing of the transaction. The transactions are subject to due diligence, financing contingencies and customary closing conditions and are expected to close by the end of year 2019. As of November 8, 2019, the transaction is expected to close by the end of first quarter 2020. Net proceeds of the sale will be used to pay down corporate debt and fund future franchise growth opportunities by Red Lion Hotels.