Red Lion Hotels Corporation (NYSE: RLH) announced the departure of CFO Nate Troup, effective May 29, 2020, who is joining Twilio as Vice President, Global Controller. The company has engaged Gary A. Kohn, an experienced financial consultant, as interim support during the transition. John Russell, the interim CEO, emphasized the company’s focus on supporting franchisees and a strong finance team. A search for a permanent CFO is underway.
Red Lion Hotels Corporation (NYSE: RLH) reported a net loss of $(8.1) million or $(0.32) per share for Q1 2020, compared to $(4.3) million or $(0.17) per share year-over-year. This loss was driven by $9.7 million in bad debt due to COVID-19's impact on receivables. Despite executing 70 franchise agreements—up 25% year-over-year—the company's revenue fell to $10.9 million, down from $13.0 million. The firm ended the quarter with $37.8 million in cash and no corporate debt, but is facing significant operational challenges due to the pandemic.
Red Lion Hotels Corporation (NYSE: RLH) has announced its Annual Meeting of Shareholders will be held virtually on May 19, 2020, due to ongoing COVID-19 health concerns. Shareholders of record as of March 24, 2020, can participate as either a 'Shareholder' or 'Guest.' Shareholders will have voting rights and can submit questions during the meeting, while Guests will not have these options. Voting is encouraged, and instructions are available in the Proxy Statement filed with the SEC on April 6, 2020.
RLH Corporation (NYSE: RLH) announced enhanced cleanliness recommendations for its 1,000+ hotels amid the COVID-19 pandemic. These guidelines, aligned with CDC and WHO recommendations, emphasize strict sanitation practices to ensure guest safety. Key measures include physical distancing, limited room availability, increased public area sanitation, and food service modifications. RLHC aims to support franchisees in adapting to new hospitality standards, ensuring clean and sanitized environments as the industry recovers.
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