CNL acquired a majority interest in the 772-room Hyatt Dearborn in a partnership with Ford Motor Land Development Corporation. The hotel is located across from Ford Motor Company's World Headquarters within the 2,300-acre business, shopping and entertainment complex of Fairlane, 12 miles from Downtown Detroit. The property features 52,000 sf of meeting space, a revolving rotunda restaurant and newly renovated guest rooms and lobby.
In addition, CNL acquired a majority interest in the newly-constructed 20-story, 144-room Hampton Inn Chelsea through a previously announced joint venture with Hersha Hospitality Trust. The hotel is located in the Chelsea district, bordering the West Village and Midtown Manhattan in New York City. With the opening of this hotel, the Hampton Inn brand enters the New York City market and marks CNL's first hotel in Manhattan.
The transactions closed in August and were announced this month. No terms were announced.
CNL Hospitality Properties, Inc. is an affiliate of CNL Financial Group, Inc., and specializes in investing in quality hotels and resorts. Through partnering with several top-tier lodging companies, CNL owns interests in a portfolio of 126 hotels with more than 26,000 rooms in 37 states with 19 nationally recognized hotel brands.
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