ORLANDO-Stockholders of locally based CNL Hotels & Resorts Inc. have approved the merger of the company to a fund managed by Morgan Stanley Real Estate in a deal valued at $6.6 billion. Stockholders also approved the sale of about 51 select properties to a fund managed by Morgan Stanley and to Dallas-based Ashford Hospitality Trust Inc. for $2.4 billion. Over 95% of the shares that voted were in favor of the transactions.

CHR announced that the agreements for the property sales and merger in January. The company expects the property sales to be completed today, April 11 and the merger on April 12.

Under terms of the merger agreement, stockholders will receive $20.50 in cash for each share of outstanding common stock. Stockholders will also receive a special dividend of $12.55 per share for the sale of the properties and $7.95 per share for the merger.

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