CNL Hospitality Properties, Orlando, Fla., is acquiring KSL Recreation, a La Quinta, Calif.-based owner and operator of "upscale destination resorts," for $1.366 billion.CNL is also assuming long-term debt of $794 million on the KSL properties, the private real estate investment trust said. The KSL holdings include luxury hotels, golf resorts, and spas in Hawaii, California, Arizona, and Florida, CNL said. "The acquisition of these premium properties -- which are well managed and beautifully maintained -- fits perfectly with our strategy of building a highly diversified, world-class portfolio of hotels and resorts," said Thomas J. Hutchison III, CNL's chief executive officer. He added that CNL is seeing "signs that the travel sector is strengthening" and believes that this is a good time to invest in such properties. An affiliate of Deutsche Bank has committed to partly finance the transaction, CNL said.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
4h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
5h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
8h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
9h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16