Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Monday, 02 August 2004

CNL Hospitality to Change Name

Written by 
Rate this item
(0 votes)
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.


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort
  • Subject: Mortgages/Financing (MOR)
  • Company: Cogswell Realty Group LLC, Dominion Bond Rating Service
Read 680 times

Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds