CNL Hospitality Properties Inc., a real estate investment trust based in Orlando, Fla., has announced a merger agreement under which it will acquire its external adviser, CNL Hospitality Corp.Under the agreement, all the outstanding shares of capital stock of the adviser would be exchanged for shares of the REIT's common stock and cash. The total consideration would amount to approximately $297 million plus the assumption of approximately $11 million of debt, the REIT said. CNL Hospitality Corp. would become a wholly owned subsidiary of CNL Hospitality Properties, and the officers and other executives of CNL Hospitality Corp. would become associates of the REIT. The REIT can be found online at http://www.cnlonline.com.
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