Doral Golf Resort back to lender

The lender on the Doral Golf Resort and Spa, CNL AB, was the only
registered bidder at the Jan. 28 auction of eight hotels in a portfolio.
CNL will take over the equity of KSL Hotel and be responsible for
servicing the debt on the Doral hotel and seven others. The portfolio
has a total of $3.3 billion in debt, according to Dax Scharfstein,
managing director and general counsel of New York-based Carlton Advisory
Services, which was hired by CNL to find bidders for the $200 million
mezzanine loan on the corporate debt of KSL. “We widely marketed the
portfolio and had a huge response, but, in the end, no one showed up to
bid,” he said.