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CNL Hospitality Corp. Spends $143M for Two Hotels

ORLANDO-The hotel investment and development arm of CNL Hospitality Properties, based here, buys the 347-room Bridgewater Marriott and the 405-room San Francisco Courtyard from Marriott International.

By Glen Thompson | Updated on June 18, 2002

ORLANDO-CNL Hospitality Corp., based here, has purchased two hotel properties–one in San Francisco and another in Bridgewater, NJ–from Marriott International in a $143-million deal.

Washington, DC-based Marriott developed the 347-room Bridgewater Marriott and the 405-room San Francisco Courtyard and will retain an equity interest in the California property.

Currently, CNL owns 45 rooms in 21 states with an aggregate of 10,000 rooms. The company was formed in 1997 by CNL Financial Group Inc. to direct its hotel investment and development efforts. CNL’s parent company, CNL Hospitality Properties, is an unlisted, triple-net lease REIT what acquires and develops properties that are leased to or managed by nationally recognized hotel operators.

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