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Morgan buys CNL Hotels for US$6.6bn
By Helen Patenall
Morgan Stanley Real Estate is set to acquire real estate investment trust CNL Hotels & Resorts (CHR) for US$6.6bn (£3.3bn, 5bn euro).
Under the terms of the agreement, CNL will sell another 51 properties to Ashford Hospitality Trust for US$2.4bn (£1.2bn, 1.8bn euro) immediately before the Morgan Stanley transaction.
Morgan Stanley’s portfolio will comprise three properties from the Hilton’s Waldorf–Astoria collection -– The Grand Wailea Resort Hotel & Spa in Hawaii, The La Quinta Resort & Club in California and The Arizona Biltmore Resort & Spa in Arizona -– as well as three JW Marriott resorts and The Claremont Resort & Spa in California.
Morgan Stanley will pay CHR’s shareholders US$20.50 (£10.40, 15.80 euro) per share.
The transaction is expected to close in the second quarter of 2007. Details: www.cnlhotels.com
Morgan Stanley Real Estate is set to acquire real estate investment trust CNL Hotels & Resorts (CHR) for US$6.6bn (£3.3bn, 5bn euro).
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