The subsidiary of locally based CNL Financial Group Inc. posted profit of $15.8 million or 16 cents per diluted share versus $19.3 million or 30 cents per share in 2001. Total revenue increased to $156.4 million from $71.5 million, while assets jumped to $1.3 billion from $901.4 million.
Funds from operations stood at $59.3 million, up 45% from 2001. Cash and cash equivalents totaled $49 million, up from $44.8 million, a key barometer auditors look for in evaluating the financial health of a business.
CNL Hospitality has grown quickly since buying its first hotel in 1998 and getting into direct hotel development in 2001. The company owns or has contracted to buy 64 hotels totaling 16,900 rooms in 23 states.
CNL Hospitality's newest development partner is Hilton Hotels Corp. of Beverly Hills, CA. In February, the partnership bought five hotels valued at $215 million. The acquisition comprised three Embassy Suites in Orlando, Arlington, VA and Santa Clara, CA; the Doubletree Crystal City in Arlington, VA; and the Hilton Rye Town in Rye Brook, NY.
In February, CNL also acquired its first Hyatt hotel, bringing a 12th brand to its diverse portfolio. Chicago-based Hyatt Hotels Corp., controlled by the Pritzker Group, will operate the Hyatt Regency Coral Gables property.
On its own, CNL Hospitality developed and completed in 2002 the 350-suite Residence Inn by Marriott in Orlando and the 174-room Courtyard by Marriott in Weston, FL, near Fort Lauderdale in South Florida.
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