CNL Hotels & Resorts is selling 30 hotels for $465 million.
The buyer was an affiliate of Ashford Hospitality Trust Inc.
CNL is the US’s second largest hotel investment trust (REIT).
The sale price represents an 8.1% capitalization rate based on net 2004 operating revenues.
The hotels represent four brands of Marriott International Inc. The properties include a total of 4,328 rooms in 16 states.
CNL Hotels & Resorts says it will use the proceeds from the sale to retire outstanding debt.
Report by David Wilkening
