The locally based lodging company is paying Marriott International Inc. $130 million or $992 per room for the 22-year-old, 1,310-room Waikiki Beach Marriott Resort, directly across from the world-famous Waikiki Beach in Honolulu on the island of Oahu.
Marriott will manage the two-tower property. CNL has started a $65 million renovation expected to be complete in 2002. Marriott still has a minority equity interest in the asset.
The trophy-property transaction marks the 35th hotel CNL Hospitality has purchased in 18 states. The total room count is 8,500. The five-acre Waikiki Beach Marriott is the fourth largest in Hawaii. It was formerly known as the Hawaiian Regent Hotel.
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