�CNL�s consistent access to capital, accompanied by the extraordinary efforts of our hospitality team and our success in hotel development, has enabled the company to achieve a significant share of the hotel investment activity in today�s U.S. lodging market,� said Charlie Muller, chief operating officer of CNL Hospitality Corp.  �To date, our company has either acquired or has commitments to acquire interests in properties valued at nearly $1.8 billion, comprising 54 hotels in 21 states.� 

The newest additions to the CNL portfolio include an interest in the 405-room Courtyard San Francisco Downtown and the acquisition of 347-room Marriott Bridgewater in New Jersey, which were purchased in June from Marriott International, Inc.  Other acquisitions this year included one Courtyard hotel, one TownePlace Suites and two SpringHill Suites. 

On the development front, CNL recently acquired a site in Foothill Ranch, California where it intends to develop a 156-room Courtyard.  The property, located in Orange County, is scheduled to open in the third quarter of 2003.  The company also has plans to develop a 300-room Renaissance Hotel at Tampa�s International Plaza shopping mall, marking the company�s first Renaissance Hotel and thirteenth hotel brand. 

Other CNL hotel development efforts underway or near completion include the 950-room JW Marriott Desert Ridge Resort & Spa in Phoenix and the 358-room Marriott Waterfront Seattle.  Earlier this year, the company celebrated the grand openings of its first two hotel development projects: the 350-suite Marriott Residence Inn SeaWorld International Center in Orlando and the 174-room Courtyard in Weston, Florida. 

�We are pleased that we were able to achieve our goal of starting four or five new development projects per year, which has positioned CNL to continue maximizing value for our investors and to become more vertically integrated,� added Mr. Muller. 

CNL Hospitality Corp. is the hotel industry investment and development division of CNL Financial Group, Inc.  Through partnering with several of the industry�s top-tier lodging companies, the company has acquired or has commitments to acquire a total of 54 hotels with 13,240 rooms in 21 states. 

Headquartered in Orlando, Florida, CNL Financial Group, Inc. is one of the nation�s largest, privately held real estate investment and finance companies.  CNL Financial Group, Inc. and the entities it has formed or acquired have more than $5.3 billion in assets, representing more than 3,000 properties in 49 states.