A 40,000-sf space and an 18-hole Greg Norman-designed championship golf course are part of the sale. Area hospitality industry sources tell GlobeSt.com the deal will be the largest of its kind here in the last five years. Thayer Group developed the two hotels at the 500-acre Grande Lakes Resort at John Young Parkway and Central Florida Parkway in south Orlando for about $600 million, as GlobeSt.com previously reported.

The 15-story, $117-million Ritz-Carlton and the 25-story, $200-million JW Marriott opened in July 2003. In his statement, CNL CEO Thomas J. Hutchison III says CNL Hotels will acquire 100% of the Grande Lakes Resort. "We are particularly enthusiastic about the growth opportunities at this spectacular 2.5-year-old resort, which positions two of the industry's leading luxury brands within easy reach to the airport, convention center and major area attractions," Hutchison says.

Funding for the acquisition will come partly from CNL Hotels' proceeds from the sale of its interest in the Waikiki Beach Marriott Resort and the pending sale of its interest in the Hotel del Coronado, Hutchison says. When the deal closes, CNL Hotels & Resorts will own 95 hotels totaling 27,000 rooms with 20 nationally recognized hotel brands.