The most luxurious hotels
Morgan Stanley becomes the most luxurious hotels USA
Morgan Stanley Real Estate, the real estate division of U.S. investment Bank Morgan Stanley, buying eight luxury hotels of the mortgage investrust CNL Hotels & Resorts Inc. The amount of the transaction based CNL debt will be $ 6.6 billion, according to RBC daily . The deal also involved investment Fund Ashford Hospitality Trust, which will acquire 51 property owned by CNL for $ 2.4 billion.
Morgan Stanley Real Estate already owns 60 hotels worldwide. In 1969, Morgan Stanley became one of the first banks, which started actively investing in real estate. Under the leadership of John Mack, the direction was strengthened – at the moment there are more than 600 Morgan Stanley employees. New fundraising for Morgan Stanley Real Estate Bank began in November 2006 and by the end of the year, collected from investors of $ 8 billion for investments in high-yield real estate.
The real estate portfolio, which acquires Morgan Stanley Real Estate for 3.13 billion dollars, includes three sites under the management of hotel lines, Hilton, Waldorf-Astoria Grand Wailea Resort Hotel & Spa in Hawaii, La Quinta Resort & Club in California and Arizona Biltmore Resort & Spa in Phoenix, Arizona. Also purchased a Florida Ritz-Carlton Orlando, JW Marriott Orlando and the Doral Golf Resort & Spa, JW Marriott Desert Ridge Resort & Spa in Venicei Claremont Resort & Spa in California. All of these are not just suites, they are located in the main tourist centers in the U.S. and in themselves are attractions. They are a major banking conferences and sports tournaments. So, the Doral Golf Resort & Spa last 40 years hosting competitions Golf PGA Tour with a prize Fund of 8 million dollars.
In a press-service Morgan Stanley Real Estate, told RBC daily that the transaction will be completed only after approval by the shareholders of CNL.