the $753-million acquisition

The 2.5-year-old property at John Young Parkway and Central Florida Parkway includes the 25-story, $200-million JW Marriott Hotel; the 15-story, $117-million Ritz-Carlton; a 40,000-sf spa and an 18-hole Greg Norman-designed golf course, both at the Ritz. The seller was an affiliate of privately held Annapolis, MD-based Thayer Lodging Group which completed the $600-million resort in July 2003 when both hotels formally opened.

The 998-room Marriott includes 64 suites, along with 108,000 sf of flexible meeting space. The 584-room Ritz also has 64 suites, 48,500 sf of meeting area and a planned 14,100-sf ballroom.

Thomas J. Hutchison III, CEO of CNL Hotels & Resorts, calls the two hotels "signature properties" that "emphasize our commitment to acquiring distinctive real estate assets while furthering our strategy to create long-term value." He notes the Ritz-Carlton is the first of its brand in CNL's portfolio. Other brands in the company's portfolio include the Waldorf-Astoria Collection, Marriott, Hilton and Hyatt.