The directors, Vindico said, had "overseen as chairmen of their committees a persistent share price underperformance over the past 3+ years," up to the present 12% year-to-date decline, compared with hotel peers' 15% median increase.
Vindico, the advisor to entities with an approximately 2% aggregate stake in Red Lion, urged the board to immediately monetize remaining properties, scrutinize rising expenses, install a stock repurchase program and halt any acquisitions "above a certain size."
Red Lion's board, in its response, said it was "confident in the [c]ompany's strategic plan to grow its core franchise business by capitalizing on attractive growth opportunities."
Price: 8.00, Change: +0.06, Percent Change: +0.76
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