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Red Lion Hotel on Fifth Avenue in Downtown Seattle announces $25 million renovation

Improvements include an additional floor of meeting space and add more guest rooms to downtown Seattle hotel

December 2011 - The Red Lion Hotel on Fifth Avenue in downtown Seattle has launched a multi-phase $25 million renovation which will increase meeting space by 50 percent, add 22 additional guestrooms and remodel the downtown Seattle hotel's expansive dining and outdoor entertaining venues. A seasonally timed renovation schedule will allow the hotel, managed by Destination® Hotels & Resorts, to remain open during the improvements, which are scheduled to be fully completed by 2014.

The first phase of the renovation of the Seattle hotel will add nearly 50 percent more meeting space to the existing state-of-the-art conference facilities by 2012, bringing the total to over 22,000 square feet. The Red Lion on Fifth Avenue will add an entire floor of event space, including the addition of a 6,000 square foot ballroom to complement the existing 9,000 square foot Emerald Ballroom, one of the largest meeting rooms in Seattle. All meeting space will feature the most modern technologies, high-end finishes and flexible configuration to maximize appeal to all market segments.

Later phases include the addition of 22 guest rooms and renovation of all rooms and common areas to reflect a classically-inspired modern design. The hotel's guest rooms feature expansive windows offering sweeping views of the city, mountains and waterfront. Along with the added guest rooms, a new 2,000 square foot high-tech fitness center will be developed to replace the existing facility on the fourth floor of this Seattle hotel. Classic and rich in color and texture, the hotel will meld all the amenities of a superior convention facility with the personal service and style of a smaller hotel.

The Red Lion Hotel on Fifth Avenue offers the largest outdoor terrace in downtown Seattle with remarkable views of Puget Sound. The Terrace Gardens and Lounge, located on the 5th floor, will be completely renovated to showcase the view and highlight local Northwest cuisine. The outdoor atmosphere will be enhanced with the addition of fire pits, modern landscape architecture and expanded service, making the space an ideal venue for private events and cocktail parties.

“The Red Lion has always enjoyed a premier location in the heart of Seattle. Our $25 million renovation and additions will provide our guests and meeting planners with expanded options, modern and engaging spaces, and a unique alternative,” said Shannon Sheron, Red Lion’s General Manager. “Our team of associates are excited to unveil our new hotel and services to our loyal and new customers over the next three years.”

The 297-room Red Lion Hotel on Fifth Avenue is a full-service Seattle hotel in the heart of the downtown business district, offering superior conference facilities and services for groups of all sizes. The Washington State Convention Center, the historic Pike Place Market, live theater, fine dining and world-class shopping are all located within several blocks of the hotel.

The hotel’s new owner, Lowe Enterprises Investors (LEI), purchased the property in June 2011 for $71 million from Red Lion Hotels Corporation (NYSE: RLH). The owner entered into a franchise agreement with Red Lion Hotels Franchising, Inc. to continue to operate the property as a Red Lion hotel, managed by Destination® Hotels & Resorts.

LEI, its affiliates and Destination® Hotels & Resorts have a long history in the Pacific Northwest with six properties including the Sunriver Resort outside Bend, Oregon; Suncadia Resort in Roslyn, Washington; and Skamania Lodge in Stevenson, Washington.

About Lowe Enterprises Investors

Lowe Enterprises Investors (LEI) is owned by a strategic partnership of The Guardian Life Insurance Company of America, Lowe Enterprises, Inc. and senior members of the LEI management team. LEI provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $6 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. For more information about LEI, please visit: www.LoweInvestors.com.

About Destination® Hotels & Resorts

Destination® Hotels & Resorts is a privately held hospitality management company headquartered in Colorado. With more than 35 independent, luxury and upscale hotels, resorts and golf clubs, Destination is the third largest hospitality management company in the country. The company’s portfolio features more than 8,970 guest rooms, 15 golf courses and 16 fullservice spas. Destination® Hotels & Resorts properties are located in key metropolitan and resort markets including Washington, D.C., Seattle, Denver, San Diego, Santa Fe, Aspen, Austin, Phoenix, Portland, Palm Springs, Maui and Lake Tahoe. The company is a subsidiary of Los Angeles-based investment, development and management firm Lowe Enterprises.

For a complete list of properties in the Destination® Hotels & Resorts collection, please visit www.destinationhotels.com.

About Red Lion Hotels Corporation

Red Lion Hotels Corporation is a hospitality and leisure company primarily engaged in the ownership, operation and franchising of midscale hotels under its Red Lion® brand. As of March 31, 2011, the RLH hotel network was comprised of 45 hotels located in eight states and one Canadian province, with 8,630 rooms and 429,797 square feet of meeting space. The company also owns and operates an entertainment and event ticket distribution business. For more information, please visit the company's website at www.redlion.com.

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