That strategy allowed the company "to take advantage of lower interest rates and more flexible terms under the revolver," says C. Brian Strickland, the firm's executive vice president and chief financial officer. He says the revolver also provides the company with available capital for acquisitions, letters of credit and general corporate purposes.

The new facility was coordinated by Banc of America Securities LLC as sole lead arranger and book manager. Bank of America NA is the administrative agent. The bank syndicate participating in the transaction is Barclay's Capital, Ceylon New York Branch, Citibank North America Inc., Deutsche Bank Trust Co. Americas and Wachovia Bank NA.

CNL Hotels & Resorts Inc., part of the CNL Financial family, has $5.8 billion in total assets with 94 hotels and resorts across North America. The hotels operate under independent and corporate brands such as Marriott, Hilton and Hyatt.