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NEW YORK, May 8 - Standard & Poor's Ratings Services said today that it placed its 'BB-' corporate credit and 'B+' senior unsecured ratings for RFS Hotel Investors Inc. on CreditWatch with developing implications. This action follows the announcement that CNL Hospitality Properties, Inc., an unrated lodging REIT, has agreed to acquire RFS for approximately $383 million in cash plus the assumption of debt, for total consideration of approximately $687.6 million. "The developing implications reflect the absence of information on privately held CNL," said Standard & Poor's credit analyst Stella Kapur. |
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