Columbia Pacific Opportunity Fund LP last week withdrew its preliminary proposal to purchase Red Lion Hotels Corp. The investment group originally offered to pay $9.50 per share for the company in June.

Red Lion responded by giving several parties, including Columbia Pacific Opportunity Fund, access to confidential company information. Red Lion says they received interest, but no official offers. Stock prices fell to $3.81 at the close of trading yesterday, nearing the 52-week low of $3.63 (the high was $10.83).

Prices climbed to nearly $9 a share soon after the original buyout offer. Red Lion attributed the lack of an offer to the credit crisis and economic downturn.

Red Lion has 53 hotels in nine states and Canada and an entertainment and event ticket distribution business. Red Lion hotels, predominantly located in the West, are full-service properties catering to both corporate and leisure travelers.