CNL Sale To Morgan Stanley, Ashford Approved

ORLANDO—At a special meeting, stockholders of CNL Hotels and Resorts, Inc. have approved the previously announced sale of the company consisting of select properties to a fund managed by Morgan Stanley (Nachrichten) Real Estate and to Ashford Hospitality Trust, Inc. This will be followed by the merger of the company to a fund managed by Morgan Stanley Real Estate. More than 95% of the total shares that voted were in favor of the transaction. Subject to the satisfaction or waiver of applicable closing conditions, CNL expects the asset sales to be completed today and the merger to be completed on April 12.