The rent which CNDL pays for the 64 hotels owned by HPT is approximately $52 million/year.
A summary of the existing lease between HPT and CNDL and of the proposed management contract between HPT and IHG is as follows:
The agreements announced today are subject to numerous conditions and contingencies, including approval by CNDL shareholders.
THE AGREEMENTS BY CNDL TO SELL 12 HOTELS TO HPT, TO TERMINATE
SHAREHOLDERS WHO HPT BELIEVES OWN A MAJORITY OF CNDL SHARES
BEEN ADVISED THAT CNDL MAY REFUSE TO COMPLETE ITS AGREEMENTS
IN CERTAIN CIRCUMSTANCES, PARTICULARLY IF CNDL RECEIVES A