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Grand Wailea sold to REIT

CNL Hospitality Inc., an Orlando-based real estate investment trust, will acquire the Grand Wailea Resort & Spa on Maui as part of a $1.4 billion deal to purchase the upscale resort's owner, KSL Recreation Corp.

Built in 1991, the Grand Wailea is on 40 acres fronting Wailea Beach on the southwest shore of Maui. The 780 room property includes six restaurants, meeting space and a 50,000-square-foot European style spa.

CNL owns interests in a portfolio of 130 hotels with more than 29,000 rooms under 19 nationally recognized hotel brands. The properties are spread across 37 states and Canada.