Properties to Pyramid Hotel Opportunity
Venture LLC for $109 million
|July 15, 2005 - CNL Hotels & Resorts, Inc., the nation's second-largest
hotel real estate investment trust, announced today that, through its subsidiaries,
it has entered into an agreement with Pyramid Hotel Opportunity Venture
LLC to sell five non-strategic hotel properties for $109 million, or $113,424
CNL Hotels & Resorts purchased the five properties --
"This transaction aligns well with our long-term strategy to actively recycle capital through the sale of non-strategic assets, while also allowing us to concentrate on the ownership and acquisition of luxury resorts and upper-upscale properties," stated Thomas J. Hutchison III, CEO of CNL Hotels & Resorts.
CNL Hotels & Resorts intends to use the proceeds from the sale to primarily retire existing long-term debt. The transaction, expected to close in third quarter of 2005, is subject to customary closing conditions, and there can be no assurance the sale will be completed.
About CNL Hotels & Resorts, Inc.
Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the federal securities laws and regulations.
C. Brian Strickland, EVP, CFO, Treasurer & Corporate Secretary,+1-407-650-1000
CNL Hotels & Resorts
|Also See:||CNL Hotels & Resorts, Inc. Reports 1st Qtr Net income Was $9.0 million; RevPAR Up 11.6% / Hotel Operating Statistics / May 2005|
|Ashford Hospitality Trust Finalizes Acquisition of 30-Hotel Portfolio for $465 Million from CNL Hotels & Resorts / June 2005|