ORLANDO-CNL Hotels & Resorts has closed on a $353-million, two-year, variable rate loan from an affiliate of Deutsche Bank AG. The company says the proceeds, along with additional cash, will be used to pay off the balance of the short-term, $1.1 billion loan it took out with the same affiliate in April to acquire six trophy resorts from La Quinta, CA-based KSL Recreation Corp. for $1.4 billion.

CNL is putting up 30 of its 136 hotels as collateral for the $353-million loan, says CNL Hospitality CEO Thomas J. Hutchison III. CNL’s $6.5-billion portfolio encompasses 32,500 rooms at 19 national recognized branded hotels in 37 states and Canada.

In the KSL deal, CNL acquired the 780-room Grand Wailea Resort & Spa on Maui, HI; the 796-room La Quinta Resort & Club and PGA West in La Quinta, CA; the 692-room Doral Golf Resort & Spa in Miami; the 738-room Arizona Biltmore Resort & Spa in Phoenix; the 279-room Claremont Resort & Spa in Berkeley, CA; and the 246-room Lake Lanier Islands Resort near Atlanta.

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