Exhibit 99.2

Unaudited Pro Forma Financial Statements

The following Unaudited Pro Forma Financial Statements are based on Red Lion Hotels Corporation’s (the “Company’s”) historical consolidated results of operations and financial position, adjusted to give effect to the Asset Sale, as defined in Item 2.01 of this Form 8-K, as if it had been completed on June 30, 2017 with respect to the pro forma unaudited condensed balance sheet and as of January 1, 2014 with respect to the pro forma unaudited condensed statements of operations.

The Unaudited Pro Forma Financial Statements and the accompanying notes should be read together with the Company’s audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2016, and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (“Annual Report”) and its unaudited condensed consolidated financial statements and accompanying notes as of and for the six months ended June 30, 2017 and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company's Quarterly Report on Form 10-Q ("Quarterly Report") for the six months ended June 30, 2017. The Unaudited Pro Forma Financial Statements may differ materially from the future financial position or results of operations due to a number of factors described in “Risk Factors” under Item 1A of Part 1 of our Annual Report and “Forward-Looking Statements” under Item 1 of Part 1 of our Annual Report.

Red Lion Hotels Corporation

Unaudited Pro Forma Condensed Consolidated Balance Sheet

June 30, 2017

	As Reported			Less: Deconsolidation of the Entertainment Segment				Add: Pro Forma Adjustments			Pro Forma
ASSETS	(in thousands)
Current assets:
Cash and cash equivalents	$	32,198		$	(8,527	)	(a)	$	4,700	(b)	$	28,371
Restricted cash		12,940			-				-			12,940
Accounts receivable, net		14,933			(1,429	)	(a)		-			13,504
Accounts receivable from related parties		1,575			-				-			1,575
Notes receivable, net		1,600			-				-			1,600
Inventories		663			(16	)	(a)		-			647
Prepaid expenses and other		4,482			(494	)	(a)		300	(b)		4,288
Total current assets		68,391			(10,466	)			5,000			62,925
Property and equipment, net		206,267			(225	)	(a)		-			206,042
Goodwill		12,566			(3,161	)	(a)		-			9,405
Intangible assets		51,823			(6	)	(a)		-			51,817
Other assets, net		2,153			(225	)	(a)		300	(b)		2,228
Total assets	$	341,200		$	(14,083	)		$	5,300		$	332,417
LIABILITIES
Current liabilities:
Accounts payable	$	6,529		$	(402	)	(a)	$	-		$	6,127
Accrued payroll and related benefits		6,352			(156	)	(a)		-			6,196
Other accrued entertainment liabilities		9,215			(9,215	)	(a)		-			-
Other accrued liabilities		5,557			(83	)	(a)		-			5,474
Long-term debt, due within one year		15,030			-				-			15,030
Contingent consideration for acquisition due to related party, due within one year		6,785			-				-			6,785
Total current liabilities		49,468			(9,856	)			-			39,612
Long-term debt, due after one year, net of debt issuance costs		96,027			-				-			96,027
Contingent consideration for acquisition due to related party, due after one year		4,443			-				-			4,443
Deferred income and other long term liabilities		1,891			-				-			1,891
Deferred income taxes		5,980			-				-			5,980
Total liabilities		157,809			(9,856	)			-			147,953
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Red Lion Hotels 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; 23,564,176 and 23,434,480 shares issued and outstanding		235			-				-			235
Additional paid-in capital, common stock		172,350			-				-			172,350
Accumulated deficit		(19,657	)		(4,227	)	(a)(c)		5,300	(c)		(18,584	)
Total Red Lion Hotels Corporation stockholders' equity		152,928			(4,227	)			5,300			154,001
Noncontrolling interest		30,463			-				-			30,463
Total stockholders’ equity		183,391			(4,227	)			5,300			184,464
Total liabilities and stockholders’ equity	$	341,200		$	(14,083	)		$	5,300		$	332,417

Red Lion Hotels Corporation

Unaudited Pro Forma Condensed Consolidated Statement of Operations

Six Months Ended June 30, 2017

	As Reported			Less: Deconsolidation of the Entertainment Segment (a)			Pro Forma
	(in thousands)
Revenue:
Company operated hotels	$	56,970		$	-		$	56,970
Other revenues from managed properties		1,993			-			1,993
Franchised hotels		23,331			-			23,331
Entertainment		6,081			(6,081	)		-
Other		116			-			116
Total revenues		88,491			(6,081	)		82,410
Operating expenses:
Company operated hotels		45,166			-			45,166
Other costs from managed properties		1,993			-			1,993
Franchised hotels		17,402			-			17,402
Entertainment		5,817			(5,817	)		-
Other		7			-			7
Depreciation and amortization		9,139			(58	)		9,081
Hotel facility and land lease		2,403			-			2,403
Gain on asset dispositions, net		(217	)		(4	)		(221	)
General and administrative expenses		7,708			-			7,708
Acquisition and integration costs		11			-			11
Total operating expenses		89,429			(5,879	)		83,550
Operating income (loss)		(938	)		(202	)		(1,140	)
Other income (expense):
Interest expense		(3,995	)		-			(3,995	)
Other income, net		224			-			224
Total other income (expense)		(3,771	)		-			(3,771	)
Income (loss) from operations before taxes		(4,709	)		(202	)		(4,911	)
Income tax expense		339			-			339
Net income (loss)		(5,048	)		(202	)		(5,250	)
Net (income) loss attributable to noncontrolling interest		1,378			-			1,378
Net income (loss) attributable to Red Lion Hotels Corporation	$	(3,670	)	$	(202	)	$	(3,872	)
Earnings (loss) per share - basic	$	(0.16	)				$	(0.16	)
Earnings (loss) per share - diluted	$	(0.17	)				$	(0.16	)
Weighted average shares - basic		23,509						23,509
Weighted average shares - diluted		24,199						24,199

Red Lion Hotels Corporation

Unaudited Pro Forma Condensed Consolidated Statement of Operations

Year Ended December 31, 2016

	As Reported			Less: Deconsolidation of the Entertainment Segment (a)			Pro Forma
	(in thousands)
Revenue:
Company operated hotels	$	117,641		$	-		$	117,641
Other revenues from managed properties		5,948			-			5,948
Franchised hotels		24,634			-			24,634
Entertainment		15,719			(15,719	)		-
Other		128			-			128
Total revenues		164,070			(15,719	)		148,351
Operating expenses:
Company operated hotels		91,572			-			91,572
Other costs from managed properties		5,948			-			5,948
Franchised hotels		19,315			-			19,315
Entertainment		13,635			(13,635	)		-
Other		42			-			42
Depreciation and amortization		16,281			(186	)		16,095
Hotel facility and land lease		4,740			-			4,740
Gain on asset dispositions, net		(2,437	)		1			(2,436	)
General and administrative expenses		11,109			-			11,109
Acquisition and integration costs		2,112			-			2,112
Total operating expenses		162,317			(13,820	)		148,497
Operating income (loss)		1,753			(1,899	)		(146	)
Other income (expense):
Interest expense		(6,764	)		-			(6,764	)
Other income, net		483			158			641
Total other income (expense)		(6,281	)		158			(6,123	)
Income (loss) from operations before taxes		(4,528	)		(1,741	)		(6,269	)
Income tax expense		312			-			312
Net income (loss)		(4,840	)		(1,741	)		(6,581	)
Net (income) loss attributable to noncontrolling interest		163			-			163
Net income (loss) attributable to Red Lion Hotels Corporation	$	(4,677	)	$	(1,741	)	$	(6,418	)
Earnings (loss) per share - basic	$	(0.23	)				$	(0.31	)
Earnings (loss) per share - diluted	$	(0.23	)				$	(0.31	)
Weighted average shares - basic		20,427						20,427
Weighted average shares - diluted		20,427						20,427

Red Lion Hotels Corporation

Unaudited Pro Forma Condensed Consolidated Statement of Operations

Year Ended December 31, 2015

	As Reported			Less: Deconsolidation of the Entertainment Segment (a)			Pro Forma
	(in thousands)
Revenue:
Company operated hotels	$	116,187		$	-		$	116,187
Other revenues from managed properties		3,586			-			3,586
Franchised hotels		12,039			-			12,039
Entertainment		11,057			(11,057	)		-
Other		51			-			51
Total revenues		142,920			(11,057	)		131,863
Operating expenses:
Company operated hotels		92,057			-			92,057
Other costs from managed properties		3,586			-			3,586
Franchised hotels		11,233			-			11,233
Entertainment		10,118			(10,118	)		-
Other		35			-			35
Depreciation and amortization		13,315			(254	)		13,061
Hotel facility and land lease		6,569			-			6,569
Gain on asset dispositions, net		(17,692	)		-			(17,692	)
General and administrative expenses		9,819			-			9,819
Acquisition and integration costs		779			-			779
Total operating expenses		129,819			(10,372	)		119,447
Operating income		13,101			(685	)		12,416
Other income (expense):
Interest expense		(6,979	)		-			(6,979	)
Loss on early retirement of debt		(2,847	)		-			(2,847	)
Other income, net		826			(46	)		780
Total other income (expense)		(9,000	)		(46	)		(9,046	)
Income from operations before taxes		4,101			(731	)		3,370
Income tax expense		85			-			85
Net income		4,016			(731	)		3,285
Net (income) loss attributable to noncontrolling interest		(1,297	)		-			(1,297	)
Net income attributable to Red Lion Hotels Corporation	$	2,719		$	(731	)	$	1,988
Earnings per share - basic	$	0.14					$	0.10
Earnings per share - diluted	$	0.13					$	0.10
Weighted average shares - basic		19,983						19,983
Weighted average shares - diluted		20,200						20,200

Red Lion Hotels Corporation

Unaudited Pro Forma Condensed Consolidated Statement of Operations

Year Ended December 31, 2014

	As Reported			Less: Deconsolidation of the Entertainment Segment (a)			Pro Forma
	(in thousands)
Revenue:
Company operated hotels	$	118,616		$	-		$	118,616
Franchised hotels		9,618			-			9,618
Entertainment		17,115			(17,115	)		-
Other		77			-			77
Total revenues		145,426			(17,115	)		128,311
Operating expenses:
Company operated hotels		94,241			-			94,241
Franchised hotels		7,004			-			7,004
Entertainment		14,785			(14,785	)		-
Other		318			-			318
Depreciation and amortization		12,762			(349	)		12,413
Hotel facility and land lease		5,210			-			5,210
Gain on asset dispositions, net		(4,006	)		-			(4,006	)
General and administrative expenses		8,353			-			8,353
Acquisition and integration costs		-			-			-
Total operating expenses		138,667			(15,134	)		123,533
Operating income		6,759			(1,981	)		4,778
Other income (expense):
Interest expense		(4,575	)		-			(4,575	)
Loss on early retirement of debt		-			-			-
Other income, net		339			(17	)		322
Total other income (expense)		(4,236	)		(17	)		(4,253	)
Income from operations before taxes		2,523			(1,998	)		525
Income tax expense		31			-			31
Net income from continuing operations		2,492			(1,998	)		494
Discontinued operations:
Loss from discontinued business units, net of income tax of $0		(187	)		-			(187	)
Loss on disposal of the assets of the discontinued business units, net of income tax		(2	)		-			(2	)
Net loss from discontinued operations		(189	)		-			(189	)
Net income		2,303			(1,998	)		305
Net (income) loss attributable to noncontrolling interest		-			-			-
Net income attributable to Red Lion Hotels Corporation		2,303			(1,998	)		305
Comprehensive income (loss) :
Unrealized loss on cash flow hedge, net of tax		(44	)		-			(44	)
Comprehensive income	$	2,259		$	(1,998	)	$	261
Earnings (loss) per share - basic:
Income from continuing operations attributable to RLHC	$	0.13					$	0.02
Loss from discontinued operations		(0.01	)					(0.01	)
Net income attributable to RLHC	$	0.12					$	0.01
Earnings (loss) per share - diluted
Income from continuing operations attributable to RLHC	$	0.13					$	0.02
Loss from discontinued operations		(0.01	)					(0.01	)
Net income attributable to RLHC	$	0.12					$	0.01
Weighted average shares - basic		19,785						19,785
Weighted average shares - diluted		19,891						19,891

Notes to Unaudited Pro Forma Condensed Financial Information

Note 1 — Basis of presentation

The historical consolidated financial statements have been adjusted in the unaudited pro forma condensed financial statements to give effect to pro forma events that are (1) directly attributable to the business disposition, (2) factually supportable and (3) with respect to the unaudited pro forma condensed statements of operations, expected to have a continuing impact on the results following the business disposal.

The disposed business represented a separate, stand-along reporting segment.

Note 2 — The transaction

The company completed the sale of substantially all of the assets and the liabilities of TicketsWest.com, Inc., including WestCoast Entertainment, (TicketsWest or the Entertainment business segment) to Paciolan, LLC (Paciolan) for $6.0 million, resulting in a preliminary gain on sale of approximately $1.1 million, which will be recognized in the fourth quarter of 2017. The final sale price is subject to a working capital adjustment, which is expected to be finalized within 165 days of the closing date.

Note 3 — Pro forma adjustments

The following adjustments have been reflected in the unaudited pro forma condensed financial information:

(a)	Reflects the elimination of the Entertainment segment’s asset and liability balances and results of operations.
(b)	Represents the cash proceeds of $6.0 million, including $0.6 million held in escrow and classified in other current assets ($0.3 million) and other long-term assets ($0.3 million), from Paciolan for purchase of TicketsWest assets, less $0.7 million for transaction related expenses.
(c)	The net of the amounts reflected in retained earnings ($1.1 million) represents the estimated gain on sale of the acquisition, net of transaction costs.  The gain is calculated as the net cash received ($5.3 million after payment of transaction related expenses) less the net assets transferred ($4.2 million). Due to the availability of offsetting net operating loss carryforwards, there is no tax expense associated with the gain on sale.  As the gain is directly attributable to the disposal and is not expected to have a continuing impact on the Company’s operations, it is only reflected in retained earnings on the pro forma unaudited condensed consolidated balance sheet.