Red Lion Hotels has signed an agreement with Lowe Enterprises to sell the Red Lion Hotel on Fifth Avenue in Seattle, Washington, US for $71m.

The hotel offers 297 rooms, as well as 2,787m² of meeting and banquet space.

The downtown Seattle hotel will retain the Red Lion brand under a franchise agreement, and will be managed by Lowe’s hospitality management subsidiary Destination Hotels & Resorts.

Red Lion Hotels operates 44 hotels in eight US states and one Canadian province, and offers a total of 8,557 rooms.