CNL Finalizes Purchase of Phoenix's JW Marriott Desert Ridge
PHOENIX, AZ, May 23, 2006. The JW Marriott Desert Ridge Resort & Spa here is now fully owned by CNL Hotels & Resorts, Inc. following its acquisition of what had been the remaining 56% interest in the 950-room property.
CNL paid Desert Ridge Resort, Ltd. and Marriott Hotel Services, Inc. approximately $65 million for the remaining asset interests. The purchase price for the equity interests was based on a total valuation of about $416 million for the property or about $438,000 per key.
CNL has been involved in the JW Marriott Desert Ridge Resort's development and asset management since its 2002 opening.
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 
