In the company's corporate restructuring, Capital Marketspresident Robert A. Bourne becomes CEO and vice chairman. James M.Seneff Jr., who founded the parent company with a $5,000 loan fromhis father 30 years ago, remains chairman of CNL Financial.

Grayson comes to CNL with 35 years experience in the real estateand financial markets. Prior to AIG, Sanders was executive managingdirector for CB Richard Ellis Investors of Los Angeles. From 1991to 1996, he was a director of real estate investments for theAmeritech Pension Trust.

Sanders co-founded and managed his own real estate investmentfirm, the Landsing Corp., from 1972 to 1988. In 1975, Landsingcreated the first publicly registered, non-traded private REIT.Sanders was on the board of governors of the National Associationof Real Estate Investment Trusts from 1993 to 1996. He was adirector of the Pension Real Estate Association from 1992 to1998.