CNL to Acquire All of Desert Ridge
ORLANDO, FL, April 07, 2006. Hotel REIT CNL Hotels & Resorts, Inc., 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, AZ.
The company will acquire the remaining 56% interest from Desert Ridge Resort, Ltd. and Marriott Hotel Services, Inc. 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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
