CNL gets $570 million loan

By Sara Rosenberg

New York, March 2 - CNL Hotels & Resorts Inc. closed on a new $570 million loan agreement due March 1, 2011, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Wachovia acted as the lead bank on the deal.

The loan, which closed on Feb. 24, carries an interest rate of 5.71% fixed on $335 million of the debt and Libor plus 276 basis points on the remaining $235 million of debt.

Proceeds were used towards the purchase of the Grande Lakes resort in Orlando, Fla., comprised of a 584-room Ritz-Carlton, 998-room JW Marriott, a 40,000-square foot spa and an 18-hole Greg Norman-designed championship golf course.

CNL Hotels & Resorts is an Orlando, Fla.-based hotel real estate investment trust.

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