The classic historical 688-room resort, built in 1888, is situated along 31 beachfront acres on the quaint island of Coronado in San Diego, California.
CNL, one of the lodging industry's top acquirers of hotels, owns a majority interest in the partnership. KSL, one of the nation's leading owners and operators of luxury destination resorts, now operates the hotel under a long-term management agreement and holds a minority interest in the partnership.
"The Hotel del Coronado is truly a defining asset in CNL's portfolio, and further demonstrates our commitment to build a world-class portfolio of hotels and resorts. The Del's superb location in the resurging San Diego marketplace, consistent performance and stable cash flow directly aligns with our strategy to create long-term value," said Thomas J. Hutchison III, Chief Executive Officer of CNL Hospitality Properties, Inc. "We are also pleased to be working with an exceptional operator in KSL, and look forward to executing the redevelopment plans to enhance this historic asset."
In 2001, the legendary hotel underwent $55 million in renovations featuring the addition of the Sheerwater and Prince of Whales restaurants, eight North Beach Cottages, as well as refurbishment to the hotel's Victorian Building including its guestrooms, lobby and Crown Room, and expansion to the gardens and seaside walkways of the Windsor Lawn. Under the new ownership, additional renovations are planned, including a significant spa expansion and guestrooms additions.
According to Scott Dalecio, president of KSL's Resort Division, the acquisition of the Hotel del Coronado presents another unique growth opportunity for KSL.
"We are very pleased to partner for the first time with CNL and proud that it involves the addition of the Hotel del Coronado to our collection of unique resorts and hotels," Dalecio said. "The Del is a remarkable property with a storied history. We look forward to being responsible stewards of such a landmark hotel and further building upon its success."
Based in La Quinta, California, KSL includes Hotel del Coronado in a portfolio of luxurious destination resorts with a reputation for offering some of the most memorable lifestyle and recreation experiences in the world.
CNL Hospitality Properties, Inc. is an affiliate of CNL Financial Group, Inc., and specializes in the investment of quality hotels and resorts. CNL Hospitality Properties, Inc. owns interests in a portfolio of 130 hotels with more than 29,000 rooms featuring 19 nationally-recognized hotel brands in 37 states and Canada.
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