Posted at 9:53 a.m., Friday, January 19, 2007
Morgan Stanley buys Grand Wailea Resort owner
Advertiser Staff
CNL Hotels &Resorts Inc., the real estate investment trust that owns the Grand Wailea Resort Hotel & Spa and other luxury lodging properties, has agreed to be acquired by Morgan Stanley Real Estate for $6.6 billion.CNL stockholders will receive $30.50 a share for their common stock. In connection with the purchase CNL also agreed to sell 51 other properties to Ashford Hospitality Trust for $2.4 billion.
