CNL Hotels & Resorts Completes the Purchase of Grande Lakes Orlando- Two Luxury Resort Destinations - The Ritz-Carlton and JW Marriott-
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CNL Hotels & Resorts Completes the Purchase of Grande Lakes Orlando- Two Luxury Resort Destinations - The Ritz-Carlton and JW Marriott-
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-02-28
CNL Hotels & Resorts, Inc., the nation's second largest hotel real estate investment trust, announced today that the company closed on the purchase of the 500-acre Grande Lakes Orlando resort, comprised of a 584-room Ritz-Carlton, a 998-room JW Marriott, a 40,000-square-foot spa and an 18-hole Greg Norman-designed championship golf course. CNL Hotels & Resorts acquired 100 percent of the Grande Lakes Orlando resort from an affiliate of Annapolis-based Thayer Lodging Group for a purchase price of approximately $753 million.
"We are excited about the acquisition of these two signature properties that includes the addition of our first Ritz-Carlton to our portfolio. This acquisition emphasizes our commitment to acquiring distinctive real estate assets while furthering our strategy to create long-term value," stated Thomas J. Hutchison III, CEO of CNL Hotels & Resorts.
The properties at the resort include:
* The Ritz-Carlton Orlando, Grande Lakes - The AAA Four-Diamond property features 584 rooms including 64 suites and 56 club level rooms. With the addition of a planned 14,100-square-foot ballroom, which is currently under construction, The Ritz-Carlton will feature 48,500 square feet of flexible meeting space. The property offers the popular Ritz Kids children's program, specialty concierge services and signature dining options including the award- winning Norman's restaurant, as well as an 18-hole Greg Norman-designed championship golf course and an award-winning 40,000-square-foot spa with 40 treatment rooms, offering a private lap pool and state-of-the-art Wellness Center.
* JW Marriott Orlando, Grande Lakes
The AAA Four-Diamond property represents the highest level of Marriott luxury, features 998 rooms, including 64 suites, 108,000 square feet of flexible meeting space, a winding lazy river outdoor heated pool, hydrotherapy pools, three tennis courts and signature dining choices including Primo.
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