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CNL Hospitality Picks Up Two New Assets for $24.6 Mil or $85,451 per Unit

ORLANDO-The locally based company paid $15.79 million ($93,988 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. CNL is leasing back the properties to the sellers.

By Alex Finkelstein | Updated on February 22, 2001

ORLANDO-Locally based CNL Hospitality Properties Inc. continues its growth curve with the acquisition of two new hotels in Kansas and North Carolina for a total $24.61 million or about $85,451 per unit.

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%.

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