The subsidiary of locally based CNL Financial Group Inc. posted profit of $15.8 million or 16 cents per diluted share versus $19.3 million or 30 cents per share in 2001. Total revenue increased to $156.4 million from $71.5 million, while assets jumped to $1.3 billion from $901.4 million.
Funds from operations stood at $59.3 million, up 45% from 2001. Cash and cash equivalents totaled $49 million, up from $44.8 million, a key barometer auditors look for in evaluating the financial health of a business.
CNL Hospitality has grown quickly since buying its first hotel in 1998 and getting into direct hotel development in 2001. The company owns or has contracted to buy 64 hotels totaling 16,900 rooms in 23 states.
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