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News and Information Article
ORLANDO, Fla., April 6 // -- CNL Hotels & Resorts, Inc., the
nations second largest hotel real estate investment trust, announced today
that it has entered into two separate purchase agreements to acquire the
remaining membership interests in the entity that owns the 950-room JW
Marriott Desert Ridge Resort & Spa in Phoenix, Arizona. The Company will
acquire the remaining 56 percent interest from Desert Ridge Resort, Ltd. ("DRR
Ltd.") and Marriott Hotel Services, Inc. ("MHS") for an aggregate purchase
price of approximately $65 million, plus closing price adjustments (based on
working capital and cash flow of the Resort before closing). The Company
expects to complete the purchase in the second quarter of 2006, subject to
approval of the purchase from DRR Ltd.s limited partners, and other closing
conditions. There can be no assurance that the purchases will be completed.
"Our expanded investment in the JW Marriott Desert Ridge Resort & Spa is
consistent with our commitment to the luxury and upper upscale market and
provides us with complete ownership of this signature asset that we helped
develop," said Thomas J. Hutchison III, chief executive officer of CNL Hotels
& Resorts, Inc. "We are pleased with its performance and remain optimistic
about its ability to continue to capitalize on the continuing strength of the
lodging market."
"We expect this property to continue to benefit from Marriotts global
marketing program through its network of large destination resorts, including
our recently added Ritz-Carlton and JW Marriott Grande Lakes resort in
Orlando, Florida," added John Griswold, president of CNL Hotels & Resorts,
Inc. "This platform for group bookings is expected to provide synergistic
strength in group venues in the Eastern and Western U.S."
The JW Marriott Desert Ridge Resort & Spa provides state-of-the-art
amenities while guests enjoy nine distinctive dining experiences, a luxurious
28,000-square-foot European spa, magnificent swimming pools with
interconnecting waterways and waterfalls, an eight-court tennis pavilion and
world-class golf on two 18-hole championship courses. The property features
200,000 square feet of indoor and outdoor meeting and event space and an
additional 10,000 square feet of convention space currently under
construction.
About CNL Hotels & Resorts, Inc.
CNL Hotels & Resorts, Inc. owns one of the most distinctive portfolios in
the lodging industry. With a focus on luxury and upper-upscale properties, the
company has approximately $6 billion in total assets with 94 hotels and
resorts across North America that operate under brands such as The
Waldorf=Astoria Collection, The Ritz-Carlton, Marriott, Hilton, and Hyatt. For
more information, please visit http://www.cnlhotels.com .
Certain items in this Current Report on Form 8-K may constitute forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements regarding the
expected closing of the Purchase Agreements and other statements that are not
historical facts, and/or statements containing words such as "anticipate(s),"
"expect(s)," "intend(s)," "plan(s)," "could", "target(s)," "project(s),"
"will," "believe(s)," "seek(s)," "estimate(s)" and similar expressions. These
statements are based on managements current expectations, beliefs and
assumptions and are subject to a number of known and unknown risks,
uncertainties and other factors, including those outside of our control that
could lead to actual results materially different from those described in the
forward-looking statements. The Company can give no assurance that its
expectations will be attained. Factors that could cause actual results to
differ materially from the Companys expectations include, but are not limited
to: the failure of closing conditions to be satisfied; a change in the
national economy; failure to secure certain third party consents; the
occurrence of terrorist activities or other disruptions to the travel and
leisure industries; natural disasters; and such other risk factors as may be
discussed in our annual report on Form 10-K and other filings with the
Securities and Exchange Commission. Such forward-looking statements speak only
as of the date of this press release. The Company expressly disclaims any
obligation to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Companys
expectations with regard thereto or any change in events, conditions or
circumstances on which any statement is based.
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