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Major transaction for US Hotel Reits

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Published on 05/02/07 - Updated on 17/03/22

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CNL Hotels & Resorts is about to be acquired by Morgan Stanley Real Estate for approximately $6.6 billion. This major acquisition of the second largest hotel REITs in the United States will have some immediate impact on the hotel industry. CNL owns eight iconic luxury properties : the Grand Wailea Resort in Maui, La Quinta Resort and Club in La Quinta, California and the Arizona Biltmore Resort in Phoenix, Arizona. In connection with this transaction, CHL announced the sale of 51 hotel properties to Ashford hospitality trust for approximately $2.4 billion prior to the Morgan Stanley transaction. Other major transaction, the Hotel REIT Winston Hotels agreed to be acquired by Wilbur Acquisition Holding Co. LLC for $14.10 per share for a purchase price of $430.1 million. Winston, which owns 44 hotels, has investments in nine others.

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