See data at http://www.lolife.com/883_1116/
Michael Koppelmann:
It brightens by 0.53 magnitudes in 2 hours. It is not in SIMBAD or the GCVS/NSV. B-R=1.1 and V-I=0.75, so I don't think it is "very" red. It appears to be GSC 00883-01116 at RA 12 57 36.17 DEC 07 49 11.64. I'll let you know if I'm able to verify this.
Michael Richmond
Looks like an RR Lyrae variable to me. The color (V-I) = 0.75 is in the range of this class of variable. A typical period for an RR Lyrae star is about a half a day, with a quick rise to peak and slower decline. The amplitude can range from 0.5 to 1.0 mag or so. You should be able to confirm this in a single long night or two of followup. Try to get B,V,I mags at some point, then follow it in one passband for hours. Compare the shape of the light curve to those of RR Lyraes in the literature. Good luck! Of course, other lurkers could help Michael obtain followup photometry -- three observers can gather data three times faster than one, especially if the weather is bad...