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CNL completes Wyndham sales

Bad Credit Credit Creditres CNL Hotels & Resorts has completed the sale of its two Wyndham hotels to an affiliate of The Blackstone Group for $42.5 million, resulting in an estimated net gain of approximately $4 million.

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Bad Consolidation Credit Debt The two properties -- Wyndham Denver Tech Center (Denver) and Wyndham Billerica (Billerica, Mass.) -- were previously leased by CNL Hotels & Resorts, Inc. to an affiliate of The Blackstone Group.

The authorization remains on the Buyer's credit card until the sale is completed or the order is cancelled.

Bad Company Credit Repair According to Thomas J. Hutchison III, CEO of CNL Hotels & Resorts, "The sale of the two Wyndham properties is part of our continued effort to focus primarily on luxury resorts and upper upscale properties. With lodging market fundamentals remaining favorable, completing this transaction will enable us to further actively recycle capital from non-strategic assets toward growth opportunities in our target asset classes."

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Bad Card Credit Credit CNL Hotels & Resorts intends to use the net proceeds from the sale primarily for the previously announced acquisition of the remaining membership interests in the entity that owns the 950-room JW Marriott Desert Ridge Resort & Spa (Phoenix) and for other general corporate purposes.

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