SPOKANE, WASHINGTON Red Lion Hotels Corp. has posted an 8.3% increase in RevPAR year-over-year, increasing ADR by 5.8%. The company also has a new chief financial officer, tapping Dan Jackson to be senior vice president and chief financial officer.
Red Lion’s revenue from hotels during the third quarter increased 3% to US$46.2 million, although total revenue actually dropped 1% to US$49.8 million.
The company’s RevPAR gain “underscores the success of our strategies to increase rate, as well as our business mix initiatives aimed at capture of the group, preferred corporate and premium transient segments,” says interim President and CEO Jon Eliassen. “Consistent with our expectations, group demand rebounded during the third quarter and we also continued to capture share in the highest rate transient segments.”
New Red Lion CFO Jackson previously served as executive vice president and CFO for KinderCare Learning Centers Inc. During his tenure with KinderCare, the company grew its EBITDA from US$82 million in fiscal year 1997 to US$134 million in fiscal year 2004. Prior to KinderCare, Jackson was vice president and controller for Red Lion Hotels, when it was held by Kohlberg Kravis Roberts & Co.
During his 12 year tenure at Red Lion, Jackson was responsible for the financial operations of over 50 hotels and was instrumental in the company’s initial public offering and subsequent sale to Doubletree Hotels.
“Dan’s knowledge of the hotel industry, combined with his executive-level expertise in strategic planning and financing, is a great fit for Red Lion Hotels at this time,” Eliassen, says. “We are pleased to have someone of Dan’s caliber join us.”
Jackson replaces Anthony Dombrowik, who left Red Lion in October after accepting a position as CFO of Ambassadors Group Inc.