The closing also allowed CNL to pay off a $2.6-million loan debt on the five properties. The company plans to use the $2.1-million gain to pay off other existing long-term debt.
CNL acquired the five properties in 2003 through its 57-hotel purchase of RFS Hotel Investors Inc., as GlobeSt.com previously reported. The disposition of the five hotels leaves CNL with 94 hotels and resorts across North America that operate under independent and corporate brands such as Marriott, Hilton and Hyatt. The properties are aggregately valued at $5.8 billion.
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