February 28, 2003
Kelley Drye represented Connecticut General Life Insurance Company in connection with the closing of a $145 million mortgage loan secured by multiple hotel properties, including the Rye Town Hilton Hotel in Rye Brook, New York and the Crystal City DoubleTree Hotel in Crystal City, Virginia.
The transaction was a joint venture between CNL Hospitality Corporation and Hilton Hotels Corporation. This loan was one in a series of four that have closed to date. In the last six months, Kelley Drye has represented Connecticut General Life Insurance Company on three other multi-million dollar hotel financing transactions with CNL, totaling more than $300 million in loans.