"The addition of these hotels will broaden our diversification and geographic reach, expanding our portfolio to encompass 14 hotel brands in 22 states," says James M. Seneff Jr., chairman/CEO of CNL Financial Group Inc. CNL Hospitality is a subsidiary of CNL Financial.
The $121-million deal equates to $130,388 per key. Both properties will be converted to the Hilton brand. CNL-Hilton financed a portion of the purchase with a $78 million, five-year first mortgage loan at a fixed rate of 6%. The MetLife property acquisition follows a four-property deal CNL-Hilton completed in October 2001.
CNL is clearly on a rapid-fire acquisition track. GlobeSt.com reported just this morning that its retirement venture plunked down $89 million for 12 Marriott seniors-housing assets.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
