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Partnership to Acquire 4 Hotels for $235 million |
BEVERLY HILLS, Calif., and ORLANDO, Fla.- Oct.
3, 2001-- Hilton Hotels Corp. (NYSE:HLT) and CNL Hospitality Corp. (``CNL'')
today announced the formation of a partnership that will own four hotel
properties: the 500-room Hilton Miami Airport in Miami; the 276-room Embassy
Suites in Portland, Ore.; the 484-room Hilton Costa Mesa (California),
and the 224-room Hilton Suites in Auburn Hills, Mich.
"This relationship with CNL represents a new and high quality capital partner for Hilton,'' said Matthew J. Hart, executive vice president and chief financial officer for Hilton Hotels Corp. ``Our participation in this venture enables us to own an equity interest in four outstanding hotel properties, while achieving the important goal of retaining long-term management contracts. It has been particularly gratifying to work closely with CNL and Morgan Stanley and we salute them for their flexibility and integrity in closing this important transaction.'' "Our new relationship with Hilton marks another milestone for CNL and fits squarely into our strategy of partnering with the industry's top-tier lodging companies,'' said Charlie Mueller, chief operating officer of CNL Hospitality Corp. ``The addition of these four hotels expands our portfolio into proven, resilient markets and adds two exceptional full-service brands. CNL is pleased to be working alongside Hilton as we continue to expand our portfolio of superior hotel assets.'' CNL Hospitality Corp., the hotel industry investment and development subsidiary of CNL Financial Group Inc., currently owns or controls a geographically diverse portfolio of 49 hotels with 11,686 rooms in 20 states. With headquarters in Orlando, CNL Financial Group Inc. is one of the nation's largest privately held real estate investment and finance companies. CNL Financial Group Inc. and the entities it has formed have acquired more than $5.0 billion in assets, representing more than 3,000 properties in 49 states. The company and those entities focus on properties in the hospitality, retirement, corporate facility, community development, retail and restaurant sectors. Hilton Hotels Corp. is recognized internationally as a preeminent hospitality company. The company develops, owns, manages or franchises 2,000 hotels, resorts and vacations ownership properties. |
Hilton Hotels Corp.
Kathy Shepard, 310/205-7676 http://www.hilton.com CNL Hospitality Corp.
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