CNL completes Wyndham sales

CNL Hotels & Resorts has completed
the sale of its two Wyndham hotels to an affiliate of The Blackstone Group
for $42.5 million, resulting in an estimated net gain of approximately $4
million.The two properties—Wyndham Denver Tech Center (Denver) and
Wyndham Billerica (Billerica, Mass.)—were previously leased by CNL
Hotels & Resorts, Inc. to an affiliate of The Blackstone Group.
  According to Thomas J. Hutchison III, CEO of CNL Hotels & Resorts, “The
sale of the two Wyndham properties is part of our continued effort to focus
primarily on luxury resorts and upper upscale properties. With lodging
market fundamentals remaining favorable, completing this transaction will
enable us to further actively recycle capital from non-strategic assets
toward growth opportunities in our target asset classes.”
  CNL Hotels & Resorts intends to use the net proceeds from the sale
primarily for the previously announced acquisition of the remaining
membership interests in the entity that owns the 950-room JW Marriott
Desert Ridge Resort & Spa (Phoenix) and for other general corporate