Private REIT Postpones IPO
CNL Hotels & Resorts, one of the nation’s largest private REITs, has decided to delay its plans to go public late yesterday afternoon. CNL, which is based in Orlando, blamed a host of factors ranging from market conditions to the recent terror threats in New Jersey and New York for the postponement. The company has not set a new date for the offering.
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CNL expected to raise $700 million in operating capital through the IPO, which would have been the largest REIT IPO of the year. The firm planned to offer 35 million shares of common stock priced between $19 and $21 each. Shares of the REIT were expected to trade on the New York Stock Exchange under the ticker symbol CHO.
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