CNL Hotels & Resorts Completes the Sale of Its Two Wyndham Hotels for $42.5 Million
ORLANDO, Fla., 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.
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.
About CNL Hotels & Resorts, Inc. | CNL Hotels & Resorts, Inc. owns one of the most distinctive portfolios in the lodging industry. With a focus on luxury resorts and upper-upscale properties, the company has approximately $6.0 billion in total assets with 92 hotels and resorts across North America that operate under independent brands and corporate brands such as The Ritz-Carlton, Marriott, Hilton, Hyatt and The Waldorf=Astoria Collection. For more information, visit / .
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