Hilton Rye Town among hotels sold in $2.4B deal
By
ALEX PHILIPPIDIS :: January 19, 2007
The Hilton Rye Town hotel in Rye Brook is changing hands for the second time in four years under a $6.6 billion hotel deal announced this morning.
Owner CNL Hotels & Resorts Inc. of Orlando, Fla., the nation’s second-largest real estate investment trust, is selling all of its hotels to two buyers. The Hilton Rye Town is among 51 hotels to be sold off to another REIT, Ashford Hospitality Trust Inc. (AHT) for $2.4 billion.
That will leave CNL with eight uber-luxury hotels – three in Florida, two each in Arizona and California, one in Hawaii -- when the company, all its common stock and its debts are acquired for $6.6 billion by funds managed by Morgan Stanley Real Estate.
CNL acquired the Hilton Rye Town in 2003. Technically Hilton Hotels Corp. sold off majority interest in the 437-room hotel to CNL, then formed a partnership with Hilton in which Hilton would operate the hotel under a long-term management contract.
Ashford owns two hotels in New York state. The closest to Westchester is its Radisson Hotel MacArthur Airport, in the Long Island community of Holtsville. Ashford also owns four Hilton hotels – one each in Houston and Fort Worth, Tex., as well as Santa Fe, N.M., and St. Petersburg, Fla.
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