Also today, CNL announced that it has acquired its first Hyatt hotel, bringing a twelfth hotel brand to the company's diverse portfolio of 61 properties, including one parcel of land, for a total of approximately 15,700 rooms in 22 states.
On December 24, 2002, the CNL-Hilton partnership completed the acquisition of the 500-room Doubletree Hotel at Lincoln Centre in Dallas, Texas, and the 428-room Sheraton El Conquistador Resort and Country Club in Tucson, Arizona. The Tucson property has been converted to the Hilton brand, and the Dallas property is in the process of being converted to a Hilton.
CNL, one of the lodging industry's top acquirers of hotels, owns a majority interest in the partnership and contributed the Doubletree Crystal City to the partnership. Hilton, one of the world's leading hotel owners and operators, will operate the seven Hilton, Doubletree and Embassy Suites branded properties under long-term management agreements and retain a minority interest in the partnership. The Hyatt Hotels Corporation will operate the Hyatt Regency Coral Gables.
"CNL is pleased to announce the acquisition of these premier hotel assets valued at $215 million and our entrance into the New York market," said Thomas J. Hutchison III, co-CEO of CNL Hospitality Properties, Inc. "We are also excited to add another quality hotel brand such as Hyatt to our portfolio and look to continue our relationship with this exceptional lodging company."
The 242-room Hyatt Coral Gables is within walking distance of shopping on the famous Miracle Mile and is convenient to Coconut Grove, Miami Beach and Bayside Marketplace. The Mediterranean-style hotel, which was fully renovated in 2000, offers over 13,400 square-feet of meeting space as well as the Two Sisters full-service restaurant, lobby lounge and Alcazaba nightclub. The 14- floor hotel also features spectacular views of Coral Gables and downtown Miami.
CNL Hospitality Properties, Inc. is an affiliate of CNL Financial Group, Inc., and specializes in the investment of premium hotels and resorts.
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