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Monday, 02 August 2004

CNL Hospitality to Change Name

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August 3, 2004

CNL Hospitality Properties Inc. is changing its name to CNL Hotels & Resorts Inc.

"We have chosen the name CNL Hotels & Resorts, Inc. because we believe it is a more descriptive alignment of our investment strategy and the types of properties we own," said Thomas J. Hutchison III, the company's chief executive officer.

Separately, more details were learned about the $1 billion of mortgage debt that Deutsche Bank Securities Inc. recently committed to provide the Orlando, Fla., REIT.

The financing, which matures in 2007 with two one-year extension options and carries a floating interest rate of 240 basis points over Libor, will be backed by three hotels that CNL acquired when it bought KSL Recreation Corp. this spring.

The properties are the: 780-room Grand Wailea Resort Hotel & Spa on Maui, Hawaii; the 796-room La Quinta Resort & Club in La Quinta, Calif.; and the 692-room Doral Golf Resort & Spa in Miami.

As reported, the loan will carry a floating interest rate of 240 basis points over Libor.

Proceeds from the financing, which will close when the REIT goes public, will be used to repay the $1.1 billion short-term loan from Deutsche Bank that CNL used to acquire KSL.

CNL owns and manages a $6 billion portfolio of more than 130 upscale hotels and resorts across North America that operate under both independent and corporate brands such as Marriott, Hilton and Hyatt.


Comments? E-mail Susanna Potter, or call her at (267) 247-0112, Ext. 212.


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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort
  • Subject: Mortgages/Financing (MOR)
  • Company: Cogswell Realty Group LLC, Dominion Bond Rating Service
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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