By Lisa Kerner
Charlotte, N.C., Jan. 19 - CNL Hotels & Resorts, Inc. signed a definitive agreement to be acquired by Morgan Stanley Real Estate for $20.50 per share in cash, or about $6.6 billion including debt.
The transaction is expected to close in the second quarter of 2007.
"This acquisition is a unique opportunity to acquire eight top-quality resort properties diversified across key U.S. travel destinations," Morgan Stanley Real Estate managing director Michael Franco said in the release.
Prior to the Morgan Stanley transaction, CNL will also sell 51 properties to Ashford Hospitality Trust for proceeds of roughly $2.4 billion, according to a news release.
In December, CNL agreed to sell 32 assets to an affiliate of Whitehall Street Global Real Estate Limited Partnership 2005 in a $405 million deal slated to close in the first quarter of 2007.
CNL is a real estate investment trust based in Orlando, Fla.
Morgan Stanley Real Estate, comprised of investing, banking and lending, is located in New York.
| Acquirer: | Morgan Stanley Real Estate
|
| Target: | CNL Hotels & Resorts, Inc.
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| Payment per share: | $20.50
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| Announcement date: | Jan. 19
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| Expected closing: | Second quarter of 2007
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