"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.
CNL Financial Group Inc. and its entities have $5.3 billion in assets, representing more than 2,850 commercial properties in 49 states. Hilton owns, manages or franchises 2,000 hotels, resorts and timeshare properties.
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