30 hotels sold for $465 million

Monday, 05 May, 2005 0

CNL Hotels & Resorts is selling 30 hotels for $465 million.

The buyer was an affiliate of Ashford Hospitality Trust Inc.

CNL is the US’s second largest hotel investment trust (REIT).

The sale price represents an 8.1% capitalization rate based on net 2004 operating revenues.

The hotels represent four brands of Marriott International Inc. The properties include a total of 4,328 rooms in 16 states.

CNL Hotels & Resorts says it will use the proceeds from the sale to retire outstanding debt.

Report by David Wilkening



 

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