CNL Completes Sale of Its Interest in Hampton Inn Chelsea
NEW YORK, NY, October 3, 2006. CNL Hotels & Resorts, Inc., the nation's second largest hotel real estate investment trust, announced that it has completed the sale of its partnership interest in the Hampton Inn Chelsea in New York to Hersha Hospitality Trust.
As previously announced, the sale price was based on a valuation of $54.0 million for the property, or approximately $375,000 per key, resulting in an estimated net gain of approximately $17 million to CNL Hotels & Resorts.
Thomas J. Hutchison III, chief executive officer of CNL Hotels & Resorts, stated, "We have valued our relationship with Hersha in this venture and are pleased to have completed this transaction, furthering our strategy to focus on high-end hotels and resorts and capitalize on favorable market fundamentals."
CNL Hotels & Resorts intends to use the net proceeds from the sale primarily to retire existing debt.
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