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CNL Closes $353 Million Term Loan Facility

CNL Hotels & Resorts, Inc., the
nation’s second largest hotel real estate investment trust, today
announced the closing of a $353 million term loan with an affiliate of
Deutsche Bank. The variable-rate loan is secured by 30 hotel and resort
properties owned by the company and has an initial term of two years with
a one-year extension* at the company’s option. Proceeds of the loan and cash on hand were used to pay the remaining
portion of a $1.1 billion short-term loan executed in connection with the
company’s acquisition of KSL Recreation Corporation in April 2004.

“We are pleased to have been able to once again partner with Deutsche Bank
and to have paid off our short-term loan in advance of its scheduled
maturity,” said Thomas J. Hutchison III, CNL Hotels & Resorts’ chief
executive officer.

In a separate announcement, CNL Hotels & Resorts was awarded Marriott’s
Partnership Circle Award for the third consecutive year. The company also
received “Best New Product of the Year” and “Opening of the Year” awards
for the Renaissance Tampa Hotel at International Plaza, which opened in
August 2004.