CNL Hotels & Resorts Completes the Sale of Its Two Wyndham Hotels for $42.5 Million
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CNL Hotels & Resorts Completes the Sale of Its Two Wyndham Hotels for $42.5 Million
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2006-05-03
CNL Hotels & Resorts, Inc., the nation's second-largest hotel REIT, announced today that it has completed the sale of its two Wyndham hotels to an affiliate of The Blackstone Group for $42.5 million, resulting in an estimated net gain of approximately $4 million. The two properties -- Wyndham Denver Tech Center (Denver) and Wyndham Billerica (Billerica, Mass.) -- were previously leased by CNL Hotels & Resorts, Inc. to an affiliate of The Blackstone Group.
According to Thomas J. Hutchison III, CEO of CNL Hotels & Resorts, "The sale of the two Wyndham properties is part of our continued effort to focus primarily on luxury resorts and upper upscale properties. With lodging market fundamentals remaining favorable, completing this transaction will enable us to further actively recycle capital from non-strategic assets toward growth opportunities in our target asset classes."
CNL Hotels & Resorts intends to use the net proceeds from the sale primarily for the previously announced acquisition of the remaining membership interests in the entity that owns the 950-room JW Marriott Desert Ridge Resort & Spa (Phoenix) and for other general corporate purposes.
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