Red Lion Hotels Corp. has entered into an agreement to sell the Lincoln and Grant office and retail buildings in downtown Spokane, Wash., to Barbieri Real Estate Co. in a tax-advantaged transaction, the company said today.
The transaction is expected to close by the end of the third quarter. Red Lion did not disclose the value of the deal.
Barbieri Real Estate Company is owned by Thomas Barbieri, the principal of Goodale & Barbieri Real Estate Co.
“We marketed these buildings nationally in continuation of our effort to divest our non-core real estate and focus on our core hotel business and have been pleased with the level of interest in these properties,” said Anupam Narayan, executive vice president of Red Lion Hotels Corp., a hospitality and leisure company.