A joint venture between CNL Hospitality Properties Inc. and Hilton Hotels Corp. gets the Embassy Suites properties, while CNL Hospitality took the Hyatt Regency in Florida for itself. Terms of the sales were not disclosed.
Now down to 23 properties, Strategic Hotel Capital still maintains it plans to add to its portfolio.
"We expect to see more properties available for sale in 2003 at more attractive prices and will aggressively seek acquisitions in the months ahead," says CEO Laurence S. Geller. "This sale, along with our recently announced $1.17 billion refinancing of certain of our other assets, gives SHC significant flexibility to take advantage of the opportunities available to us over the coming months."
The Orlando Embassy Suites was acquired in 1999, while Strategic Hotel Capital had owned the other properties since 1997. "All four properties have been excellent assets for us and we expect them to perform well for their new owners," Geller adds.
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