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GlobeSt.com UPDATE: CNL Closes $279M Hotel Sale

OAHU, HI-A partnership that includes publicly held CNL Hotels & Resorts of Orlando sells the 1,310-room Waikiki Beach Marriott Resort here to an affiliate of Whitehall Street Global Real Estate Limited Partnership 2005.

By Brian K. Miller | Updated on November 09, 2005

OAHU, HI-The $279-million sale of the 1,310-room Waikiki Beach Marriott Resort here has closed. A partnership that includes publicly held CNL Hotels & Resorts of Orlando sold the property to an affiliate of Whitehall Street Global Real Estate Limited Partnership 2005. GlobeSt.com first reported on the transaction in mid October .

CNL and company acquired the property from Marriott International in 2001 for $130 million and then completed a $65-million renovation. The sale price represents $213,000 per key and a 3.9% capitalization rate based on 2004 net operating income. CNL’s estimated net gain on the transaction is $48 million.

CNL says the sale will enable it to capitalize on favorable lodging market fundamentals and recycle capital into new investments. CNL owns 94 hotels and resorts across North America. It continues to have a presence in Hawaii with its 780-room Grand Wailea Hotel Resort & Spa in Maui.

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