CNL Doubles Revenue as Profits Stumble

ORLANDO-Profit slipped but revenue rose in 2002 at the fast-running CNL Hospitality Properties Inc., the Orlando-based company has reported to the Securities and Exchange Commission.

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.