CNL Hotels & Resorts closes $200 million revolver

By Jennifer Chiou

New York, Oct. 5 - CNL Hotels & Resorts, Inc. announced the closing of a $200 million senior secured revolving credit facility.

Banc of America Securities LLC was lead arranger and book manager.

The variable-rate revolver is secured by 25 of the company's hotel properties and has a term of three years.

The company drew about $69 million of the revolver at closing to retire the remaining balance of a $353 million senior secured term loan one year before its maturity.

The revolver also provides the company with capital for acquisitions, letters of credit and general corporate purposes.

Bank of America, NA was administrative agent while the syndicate included Barclays Capital, Calyon New York Branch, Citibank North America Inc., Deutsche Bank Trust Co. Americas and Wachovia Bank NA.

CNL Hotels & Resorts, which is a real estate investment trust focused on luxury resorts and upscale properties, is based in Orlando.

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