Cnl Hospitality Properties News

CNL Hospitality Properties To Acquire KSL

13 February 2004 Press Release Hotel News

CNL Hospitality Properties, Inc., an Orlando-based real estate investment trust, today announced that it has signed a contract to acquire KSL Recreation Corporation, one of the nation’s leading owners and operators of upscale destination resorts. These premier properties include some of the world’s most famous luxury hotels, golf resorts and spas in Hawaii, California, Arizona, and Florida, including the Grand Wailea Resort Hotel & Spa, the La Quinta Resort & Club, the Arizona Biltmore Resort & Spa and the Doral Golf Resort & Spa. CNL Hospitality Properties, Inc. will acquire 100 percent of the outstanding stock of KSL for $1.366 billion. In addition, the company will assume long-term debt in the amount of $794 million.