MEMPHIS— RFS Hotel Investors announced that its shareholders approved the companys proposed merger with CNL Hospitality Properties, Inc. (CNL) at a meeting held July 8. Assuming all other conditions to closing are satisfied, the company anticipates that the merger will close on or about July 10, 2003. As announced on May 8, 2003, CNL is acquiring RFS for $12.35 per share in cash (approximately $383 million), plus the assumption of total debt of approximately $304.6 million, representing total consideration of approximately $687.6 million. RFS owns interests in 57 hotels with approximately 8,271 rooms located in 24 states. Its hotel portfolio is diversified by geography, brand and segment. Leading brands under which RFS hotels are operated include Sheraton, Residence Inn by Marriott, Hilton, Doubletree, and Holiday Inn, among others.
