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Article: Red Lion Hotels Corporation Refinances Bellevue Hotel.
- Article from:
- PR Newswire
- Article date:
- October 13, 2008
CopyrightCOPYRIGHT 2008 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SPOKANE, Wash., Oct. 13 /PRNewswire-FirstCall/ -- Red Lion Hotels Corporation announced today that it has closed on a $14 million loan from Wells Fargo Bank, National Association on Red Lion's 181-room hotel in Bellevue, Washington. The loan provides for a five-year term and a variable spread over LIBOR based on certain financial ratios. The current pricing is 1.75% over LIBOR. Red Lion used part of the proceeds of the loan to pay off its existing higher-rate loan in the approximate amount of $8.2 million and will use the remainder for general corporate purposes.
Dan Adams, Vice President of Wells Fargo Bank, National Association, said, "Red Lion Hotels ...