ANAHEIM, CA-Red Lion Hotels Corp. of Spokane, WA has signed a deal to acquire the leasehold interest in the 314-room Radisson Hotel Maingate-Anaheim at 1850 S. Harbor Blvd. from from Lindquist & Craig Hotels and Resorts. The purchase price for the leasehold, which runs through 2107 if all extension options are exercised, was $8 million.

The sale marks the return of publicly held Red Lion to the Southern California market. The company plans to spend approximately $10 million on extensive renovations to the property, which features 5,000 sf of meeting space, a swimming pool, a full service restaurant a lounge and a fitness center. President Alan X. Reay of Irvine-based Atlas Hospitality Group tells GlobeSt.com that the renovations are badly needed. Reay explains that the hotel, built in 1968, needs the renovations to compete with the spate of newer hotels in the area.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.