CNL to net $405M in sale of 32 hotels

12/15/2006 | Forbes · American City Business Journals

CNL Hotels & Resorts Inc. has agreed to sell 32 of its non-strategic hotels to an affiliate of Whitehall Street Global Real Estate. The sale is expected to net CNL approximately $405 million and should close in 2007. "This transaction marks a significant step in our efforts to refine the quality and distinction of our portfolio, intensifying our focus on luxury and upper-upscale assets," said CNL Hotels & Resorts CEO Thomas J. Hutchison III.

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Forbes · American City Business Journals

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