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CNL Hospitality Corp. On a Roll

ORLANDO-The affiliate of CNL Financial Group plans to buy a total 19 hotel properties this year valued at $321 million, or an average $16.89 million per asset. The escalating pace will push the value of CNL's portfolio to about $600 million this year, up from $254 million in 1999.

By Alex Finkelstein | Updated on August 30, 2000

CNL Hospitality Corp. is on track to buy a total 19 hotel properties this year valued at $321 million, or an average $16.89 million per asset. The fast acquisition mode will drive the value of CNL’s portfolio to about $600 million this year, up from $254 million in 1999.

This year’s acquisitions comprise 30 properties in 17 states that are either owned or under commitment to be acquired by CNL. That volume compares with the company’s 1999 volume of nine acquisitions valued at $254 million.

“Access to capital has laid the foundation for yet another record-breaking year,” chief operating officer Charlie Muller tells GlobeSt.com.

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