Morgan Stanley is trying to arrange a restructuring deal for the $1 billion first mortgage on five resorts it bought from CNL Hotels & Resorts at the real estate market's peak. The debt was packaged into a CMBS issue and sold to investors. Debt-rating firm Realpoint said the mortgage has been handed over to a special servicing team, a procedure often followed when the borrower is asking for extensions or the debt appears likely to go into default.

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