Located at 5530 E. Marriott Dr., Desert Ridge Resort & Spawas completed in July 2005. The Orlando-based CNL, which alreadyowns 44% of the controlling ownership, is picking up 45.84% fromDesert Ridge Resort Ltd., a corporation owned and controlled by CNLchairman James M. Seneff Jr. and vice chairman Robert A. Bourne,and 10.16% from Marriott Hotel Services Inc.

"The hotel began construction in late 2000. And at the time, newconstruction financing was pretty stringent," says C. BrianStrickland, executive vice president and CFO with CNL Hotels &Resorts. "We structured the deal in this way to bring in othercapital to assist in the new development. It was a great way toparticipate in a signature asset like this without completeexposure to all development risks at the time."

Strickland says CNL will have full control, but Desert RidgeResort & Spa will continue under Marriott's management andbranding. "We're pleased with our relationship with Marriott," headds.