Red Lion Hotels 8-K RLHC Completes Sale of Hotel RL Salt Lake City for $33 Million

Exhibit 99.2

RED LION HOTELS CORPORATION

Unaudited Condensed Consolidated Balance Sheets

As of September 30, 2019

(In thousands, except share data)

	As Reported			Less: Atlanta Hotel Asset Previously Sold			Atlanta Pro Forma Adjustments			Less: SLC Hotel Asset Sold			SLC Pro Forma Adjustments			Pro Forma
ASSETS
Current assets:
Cash and cash equivalents		18,267			3,653	a		93	f		21,211	a		370	f		34,391
								619	g					(9,822	) i
Restricted cash		2,930						(619	) g								2,311
Accounts receivable, net		19,496						(338	) f					(1,022	) f		18,136
Notes receivable, net		4,188															4,188
Other current assets		4,961						(174	) f					(116	) f		4,671
Total current assets		49,842			3,653			(419	)		21,211			(10,590	)		63,697
Property and equipment, net		107,554			(11,500	) b					(26,032	) b					70,022
Operating leaseright-of-use assets		48,553															48,553
Goodwill		18,595															18,595
Intangible assets, net		58,233															58,233
Other assets, net		5,085															5,085
Total assets		287,862			(7,847	)		(419	)		(4,821	)		(10,590	)		264,185
LIABILITIES
Current liabilities:
Accounts payable		5,176						(192	) f					(322	) f		4,662
Accrued payroll and related benefits		1,868						(54	) f					(146	) f		1,668
Other accrued liabilities		5,519						(173	) f		(127	) d		(300	)f		4,919
Long-term debt, due within one year		24,628			(8,171	) c											16,457
Operating lease liabilities, due within one year		4,801															4,801
Total current liabilities		41,992			(8,171	)		(419	)		(127	)		(768	)		32,507
Long-term debt, due after one year, net of debt issuance costs		20,496									(10,939	) c					9,557
Line of credit, due after one year		10,000															10,000
Operating lease liabilities, due after one year		46,871															46,871
Deferred income and other long-term liabilities		1,541			(38	) d					(240	) d					1,263
Deferred income taxes		1,217															1,217
Total liabilities		122,117			(8,209	)		(419	)		(11,306	)		(768	)		101,415
Commitments and contingencies
STOCKHOLDERS’ EQUITY
RLH Corporation stockholders' equity
Preferred stock - 5,000,000 shares authorized; $0.01 par value; no shares issued or outstanding		—															—
Common stock - 50,000,000 shares authorized; $0.01 par value; 25,075,912 and 24,570,158 shares issued and outstanding		252															252
Additionalpaid-in capital, common stock		182,723						(71	) h								182,652
Accumulated deficit		(26,923	)		199	e					3,567	e					(23,157	)
Total RLH Corporation stockholders’ equity		156,052			199			(71	)		3,567			—			159,747
Noncontrolling interest		9,693			163	e		71	h		2,918	e		(9,822	) i		3,023
Total stockholders’ equity		165,745			362			—			6,485			(9,822	)		162,770
Total liabilities and stockholders’ equity		287,862			(7,847	)		(419	)		(4,821	)		(10,590	)		264,185

a - Reflects the cash from the sale of assets less selling costs and the repayment of debt

b - Reflects the book value of assets sold

c - Reflects the elimination of debt after full repayment

d - Reflects the leases and/or equipment financing assumed by the purchaser

e - Reflects the gain on sale

f - Reflects the settlement of working capital

g - Reflects the release of restricted cash related to the assets sold and repayment of debt

h - Reflects the elimination of the noncontrolling interest

i - Reflects the proforma distribution of cash to the noncontrolling interest.

RED LION HOTELS CORPORATION

Unaudited Pro Forma Condensed Consolidated Statements of Comprehensive Income (Loss)

For the year ended December 31, 2018

(In thousands, except per share data)

	As Reported			Less: Previously Sold Hotels (j)			Prev Sold Pro Forma Adjustments			Less: SLC Hotel Asset Sold			SLC Pro Forma Adjustments			Pro Forma
Revenue:
Royalty		22,309						317	l					244	l		22,870
Other franchise		5,537															5,537
Company operated hotels		82,021			(20,510	)					(9,574	)					51,937
Marketing, reservations and reimbursables		25,948						978	l					508	l		27,434
Other		34															34
Total revenues		135,849			(20,510	)		1,295			(9,574	)		752			107,812
Operating expenses:
Selling, general, administrative and other expenses		32,122															32,122
Company operated hotels		67,314			(17,665	)					(7,568	)					42,081
Marketing, reservations and reimbursables		26,877						978	l					508	l		28,363
Depreciation and amortization		17,003			(2,448	)					(1,918	)					12,637
Asset impairment		10,582															10,582
Loss (gain) on asset dispositions, net		(42,021	)		40,713						830						(478	)
Acquisition and integration costs		2,219															2,219
Total operating expenses		114,096			20,600			978			(8,656	)		508			127,526
Operating income (loss)		21,753			(41,110	)		317			(918	)		244			(19,714	)
Other income (expense):
Interest expense		(6,209	)		2,479						478						(3,252	)
Loss on early retirement of debt		(794	)														(794	)
Other income (expense), net		265			(2	)											263
Total other income (expense)		(6,738	)		2,477			—			478			—			(3,783	)
Income (loss) from continuing operations before taxes		15,015			(38,633	)		317			(440	)		244			(23,497	)
Income tax expense (benefit)		(71	)														(71	)
Net income (loss)		15,086			(38,633	)		317			(440	)		244			(23,426	)
Net (income) loss attributable to noncontrolling interest		(13,129	)		17,385						198						4,454
Net income (loss) and comprehensive income (loss) attributable to RLHC		1,957			(21,248	)		317			(242	)		244			(18,972	)
Earnings (loss) per share - basic	$	0.08														$	(0.78	)
Earnings (loss) per share - diluted	$	0.08														$	(0.78	)
Weighted average shares - basic		24,392															24,392
Weighted average shares - diluted		25,477															24,392

j - Includes the actual results for the nine company operated hotels sold during the year ended December 31, 2018 and one company operated hotel sold in November 2019.

l - Reflects the franchise income and related expenses that would have been received under the existing intercompany franchise agreement. Does not represent the impact of the franchise agreements with the new owners of the assets.

RED LION HOTELS CORPORATION

Unaudited Pro Forma Condensed Consolidated Statements of Comprehensive Income (Loss)

For the nine months ended September 30, 2019

(In thousands, except per share data)

	As Reported			Less: Previously Sold Hotels (j)			Prev Sold Pro Forma Adjustments			Less: SLC Asset Sold			SLC Pro Forma Adjustments			Pro Forma
Revenue:
Royalty		17,516						104	l					192	l		17,812
Other franchise		3,772															3,772
Company operated hotels		43,839			(3,665	)					(7,464	)					32,710
Marketing, reservations and reimbursables		22,632						256	l					276	l		23,164
Other		13															13
Total revenues		87,772			(3,665	)		360			(7,464	)		468			77,471
Operating expenses:
Selling, general, administrative and other expenses		21,921															21,921
Company operated hotels		36,750			(3,190	)					(5,871	)					27,689
Marketing, reservations and reimbursables		22,088						256	l					276	l		22,620
Depreciation and amortization		11,192			(510	)					(1,377	)					9,305
Asset impairment		5,382															5,382
Loss (gain) on asset dispositions, net		45															45
Transaction costs		436															436
Total operating expenses		97,814			(3,700	)		256			(7,248	)		276			87,398
Operating income (loss)		(10,042	)		35			104			(216	)		192			(9,927	)
Other income (expense):
Interest expense		(3,690	)		803						311						(2,576	)
Loss on early retirement of debt		(164	)														(164	)
Other income (expense), net		121			(2	)											119
Total other income (expense)		(3,733	)		801			—			311			—			(2,621	)
Income (loss) from continuing operations before taxes		(13,775	)		836			104			95			192			(12,548	)
Income tax expense (benefit)		676															676
Net income (loss)		(14,451	)		836			104			95			192			(13,224	)
Net (income) loss attributable to noncontrolling interest		4,040			(376	)					(43	)					3,621
Net income (loss) and comprehensive income (loss) attributable to RLHC		(10,411	)		460			104			52			192			(9,603	)
Earnings (loss) per share - basic	$	(0.42	)													$	(0.39	)
Earnings (loss) per share - diluted	$	(0.42	)													$	(0.39	)
Weighted average shares - basic		24,859															24,859
Weighted average shares - diluted		24,859															24,859

j - Includes the actual results for the one company operated hotel sold in November 2019.

l - Reflects the franchise income and related expenses that would have been received under the existing intercompany franchise agreement. Does not represent the impact of the franchise agreements with the new owners of the assets.