CNL Plowing $65M Into JV With Hersha

ORLANDO-After starting with a single hotel purchase in 1998, Orlando-based CNL Hospitality Properties Inc. appears to be headed for a portfolio of at least 100 properties in the next five years, area brokers familiar with the REIT’s progress tell GlobeSt.com.

Their projection follows CNL’s April 22 joint venture with Harrisburg, PA-based Hersha Hospitality Trust in which CNL will invest a total $65 million in three separate transactions with Hersha Hospitality Limited Partnership, the operating partnership of Hersha Hospitality Trust.

The two REITs plan a total capitalization of $150 million for the purchase of newly built hotels in CT, MA, MD, NJ, NY, PA, VA and Washington, DC, says Thomas J. Hutchison III, co-CEO of CNL Hospitality.