�CNL�s access to capital in 1999, a year when most hotel investment companies were constrained by the tightened capital markets, allowed the company to achieve a significant share of the hotel investment activity in the United States while expanding its portfolio of recently constructed premium hotel properties in major urban and resort markets,� said Charlie Muller, Chief Operating Officer of CNL Hospitality Corp.

Additions to the CNL portfolio in 1999 included the staged acquisition of seven hotels located in Seattle, Las Vegas, Phoenix and Dallas, purchased from affiliates of Western International, a Dallas based hotel investment and development firm.  These properties represent the Courtyard® by Marriott®, Residence Inn® by Marriott® and Marriott Suites brands.  Additionally, the company acquired a 150-room Residence Inn in San Diego, California and made a majority investment in the 500-room Courtyard by Marriott hotel in downtown Philadelphia.
 
The Courtyard by Marriott � Philadelphia Downtown, which opened in November of 1999, was a complete renovation by Marriott International and Brickstone Realty of the once vacant 16-story City Hall Annex in Philadelphia�s Broad Street Historic District.  Built in 1926, the building is listed on the National Register of Historic Places, and renovations are in keeping with the character of the building�s original design.  The result is a truly first-class hotel that incorporates state-of-the-art systems with irreplaceable architectural features such as coffered plaster detailing, elegant bronze work and striking marble finishes. 

"Our alliance with CNL has resulted in the development of the beautiful, new Philadelphia Downtown Courtyard by Marriott hotel, which represents an outstanding feat of architectural restoration and city center revitalization.  It is a Crown Jewel in the Courtyard chain!" said Craig E. Lambert, senior vice president of Marriott's select service lodging.

Currently, CNL has 20 properties under commitment to acquire during 2000, and hopes to add additional investment opportunities, bringing its total acquisition activity to over $400 million for the year.  The year 2000 will also mark CNL�s entry into the hotel development business, as it intends to supplement its portfolio of acquired properties through new development.

CNL Hospitality Corp. is an affiliate of CNL Financial Group, Inc, one of the nation�s largest, privately held real estate and financial services companies, headquartered In Orlando, Florida. CNL Financial Group and its affiliates manage an assets base of over $4.0 billion, representing more than 2,700 properties in 48 states.