CNL Hotels & Resorts Sells Lake Lanier Islands Resort Assets for Net Gain of $12.4 Million
ATLANTA, GA, August 30, 2005. CNL Hotels & Resorts, Inc., the nation's second largest hotel real estate investment trust, announced today it has sold its assets at Lake Lanier Islands Resort to LLI Management Company, LLC (LLIMC) for a total of $24.5 million and a net gain of $12.4 million. The sale includes $13 million in cash and the assumption of an $11.5 million leasehold obligation.
CNL Hotels & Resorts expects to use the proceeds from the sale primarily to retire existing long-term debt and may also use the proceeds for selective future acquisitions of luxury resorts and upper-upscale properties.
"This transaction furthers our strategy to focus on recycling capital through the selective disposition of non-strategic assets, now totaling $498 million in sales year-to-date," stated Thomas J. Hutchison III, CEO of CNL Hotels & Resorts. "We are pleased to complete this transaction with Atlanta-based LLIMC, a resort enterprise of the Virgil R. Williams family."
The 1,041-acre Lake Lanier Islands Resort, located just north of Atlanta, includes the 216-room Emerald Pointe Resort, the 30-villa LakeHouses on Lanier, the 254-room Renaissance PineIsle Resort and Golf Club, a summertime beach and water park, an 18-hole golf course, an equestrian center and the Harbor Landing marina. CNL Hotels & Resorts purchased the property through its acquisition of KSL Recreation Corp. in July 2004, and subsequently acquired the Renaissance PineIsle Resort prior to closing the sale with LLIMC.
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