| ORLANDO, FL � January 11, 2001 - CNL Hospitality
Corp. (�CNL�) announced its entry into hotel development with the ground
breaking of two properties in Florida, a 350-suite Residence Inn by Marriott
in Orlando and a 174-room Courtyard by Marriott in Weston (Fort Lauderdale
area).
�By implementing our strategy to start four or five new development
projects per year, CNL is well positioned to compliment its acquisition
pipeline. We are fortunate to be able to compliment our affiliated
companies� core competencies in the areas of commercial, retail and restaurant
development and our expanding relationships within the lodging community,�
said Charlie Muller, chief operating officer of CNL Hospitality Corp.
�Combined with CNL�s consistent access to capital, we have the ability
to carefully select quality sites and develop premium hotels at lower costs.
It�s an important aspect of our strategy to continue maximizing value for
our investors and to become more vertically integrated.�
|
 Charles
A. Muller is Chief Operating Officer and an Executive Vice President
of CNL Hospitality Properties, Inc., and CNL Hospitality Corp., and Executive
Vice President of CNL Hotel Development Company. He joined CNL Hospitality
Corp. in 1996 and is responsible for the planning and implementation of
CNL�s interest in hotel industry investments, including acquisitions, development,
project analysis and due diligence.
Mr. Muller joined CNL following more than 15 years of
broad-based hotel industry experience with such firms as Tishman Hotel
Corporation, Wyndham Hotels & Resorts, PKF Hospitality Consulting and
AIRCOA Hospitality Services. His background includes responsibility for
market review and valuation efforts, property acquisitions and development,
capital improvement planning, hotel operations and project management for
renovations and new construction.
Mr. Muller is a graduate of Cornell University�s School
of Hotel Administration, has served on the American Hotel & Motel Association
Market, Finance and Investment Analysis Committee and is a founding member
of the Lodging Industry Investment Council. |
|
The Residence Inn will be located in Orlando just south of SeaWorld, adjacent
to the first flagship Horizons by Marriott Vacation Club. The property
is
| attractively located five minutes
from the Orange County Convention Center and between Walt Disney World
and Universal Studios, with frontage along Interstate 4. Designed in a
Key West |
The 350-suite Residence Inn by Marriott
Orlando
|
theme to compliment the Horizons property, the hotel will offer the following
amenities: zero entry pool, whirlpool, sand volleyball, sport court, gazebo
and picnic areas, exercise room, game room and sundries/gift shop, as well
as 1,125 square feet of meeting space. Guests will also have access to
a number of shared amenities with the Horizon�s resort, to include a boat
dock, miniature golf course and numerous shopping venues. The hotel is
scheduled to open in the first quarter of 2002.
| The Courtyard will
be situated in the upscale master-planned community of Weston, approximately
15 miles west of downtown Fort Lauderdale and 20 miles north of downtown
Miami. The property is positioned along Interstate |
The 174-room Courtyard by Marriott
Weston
|
75 within the area of Weston Commerce Park, a burgeoning business corridor
that will contain 10-million-square-feet of mixed-use commercial space.
In addition, a Town Center project is under construction one mile from
the hotel and will include a Publix grocery store and the future Weston
City Hall, followed by six freestanding restaurants and seven two-story
office buildings. The Courtyard is scheduled to open in the first quarter
of 2002 and will feature a 76-seat restaurant, lounge/library/bar area,
exercise facility, pool, whirlpool and gazebo.
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 owns or controls
a geographically diverse portfolio of 33 hotels with 7,188 rooms in 17
states.
CNL Financial Group, Inc. is one of the nation�s largest, privately
held real estate investment and finance companies, headquartered in Orlando,
Florida. CNL Financial Group and the entities it has formed have acquired
more than $4.0 billion, representing more than 2,900 properties in 48 states.
The company and those entities focus on properties in the hospitality,
health care, corporate facility, community development, retail and restaurant
sectors. |
