Sonesta International has agreed to acquire RLH Corporation, in an all-cash deal valued at $90m, creating a company with more than 1,200 hotels.
The transaction came after a busy year for Sonesta, which saw a number of hotels owned by 34% shareholder Service Properties Trust take on its brands.
Holders of RLH’s common stock will receive $3.50 per share in cash, representing an 88% premium over the 4 November, closing share price, the last trading date before Red Lion most recently provided a