Red Lion Hotels Corp. said it has sold its 149-room Red Lion Colonial Hotel in Helena, Mont., property to Helena Colonial LLC, for $5.6 million. The deal closes Tuesday.

Red Lion Hotels Corp. said it has sold its 149-room Red Lion Colonial Hotel in Helena, Mont., property to Helena Colonial LLC, for $5.6 million. The deal closes Tuesday.

The new owner is entering into a franchise agreement with the company that operates 48 hotels, including 17 franchised properties.

The hotel was one of four units the Spokane, Wash.-based hospitality chain has for sale. Medford, Missoula, Mont., and Aurora, Colo., hotels remain on the block, a Red Lion spokesperson said.