The company's 8K form, filed Feb. 16 with the Securities and Exchange Commission, shows CNL paid $15.79 million ($93,955 per room) to Courtyard Management Corp. for the 168-room Courtyard by Marriott in Overland Park, KS and $8.82 million ($73,517 per suite) to SpringHill SMC Corp. for the 120-suite SpringHill Suites by Marriott in Raleigh, NC.

Company officials couldn't be reached at GlobeSt.com's publication deadline, but the SEC filing shows the acquisition is going to be a good buy for CNL. For example, the average daily room rate at the five-month-old Kansas property is $106.53, up from $96.09 when it was purchased. Revenue per available room is $49.96, up from $35.84 in October. Occupancy is 42.2%, up from 37.3%.

At the North Carolina property, the average daily room rate is $87.03, down from $89.82, but the revenue per available room is at $55.70, up from $15.99 when SpringHill Suites opened in December. Occupancy is at 64%, up from 17.8%.

CNL is leasing back the properties to the sellers for 15 years. The minimum annual rent at the Kansas hotel is $1.57 million or $23.68 million for the full term. The North Carolina property is paying $882,000 per year or an aggregate $13.23 million. On top of the basic rent, the hotels are paying a percentage rent equal to 7% of room revenue after the second lease year.

CNL's competition in both Kansas and North Carolina markets is formidable, according to the SEC filing. In Overland Park, the Orlando company is going up against an Embassy Suites, a Hampton Inn, a Homewood Suites, a Marriott and a Wyndham. In Raleigh, CNL faces a nearby Courtyard by Marriott, a Fairfield Inn by Marriott, a Hilton Garden Inn, a La Quinta, a Marriott, a Wingate Inn and a Wyndham Garden Hotel.