ORLANDO, FL CNL Hospitality Corp., based here, is expanding its relationship with Marriott International, HOTEL BUSINESS. has learned.
In a 33-property portfolio, the developer currently has 31 Marriotts it owns or controls, 26 of which have been acquired or are under development by Marriott and set to be acquired by CNL in first-quarter as they are completed. CNL typically triple-net leases the properties back for management.
CNL has additional Marriott products under development. These include a 350-room Residence Inn here near SeaWorld and adjacent to Marriott Vacation Club s Horizons project, and a 174-room Courtyard under development in Weston, FL. A third development, Marriott s Desert Ridge Resort, a 950-room property in northeast Phoenix, is via a joint venture with the lodging chain.
In addition, CNL recently acquired the multibrand Marriott Village at Little Lake Bryan here for $104 million and, according to COO Charles Muller, the company is interested in reprising the multibrand concept, calling it a tremendous opportunity for resort destinations with a high concentration of leisure demand, as well as convention-related demand.
Two Wyndham Hotels make up the remainder of CNL Hospitaltity s portfolio. (1/12/01) Stefani C. O Connor