CNL Financial Group

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CNL Financial Group (CNL), formerly Commercial Net Lease, is an Orlando, Florida based private investment management and commercial real estate company. It was started in 1973 by James Seneff.[1] The company has been a major player in efforts to redevelop Orlando's downtown. The original CNA tower (the Citrus Center) was downtown Orlando's first modern skyscraper when it was completed in 1971. A new CNL tower was constructed on the east side of Orange Avenue.[2]

The company invests in and manages commercial real estate, runs Real Estate Investment Trusts (REITs), and invests in private companies. The company's divisions include CNL Commercial Real Estate, CNL Securities Corp., CNL Lifestyle Properties, CNL Growth Properties, CNL Healthcare Properties, Global Income Trust and Corporate Capital Trust.[1] In 2013, Florida Trend ranked it as the state's 33rd largest private company.[1] It is frequently covered in the news media for its real estate transactions and has assets of approximately $25 billion.[3][4]

In 2003, a division of the company bought five hotels with Hilton Hotels for a combined $402 million.[5] CNL's REITs own many major resorts and hotels such as Mount Washington Hotel, Frontier City, Elitch Gardens Theme Park, Okemo Mountain, Sugarloaf (ski resort) and Magic Springs and Crystal Falls.

CNL Founder Seneff purchased a controlling stake in Alliance Bankshares, taking over the company and renamming it CNLBank. The bank is headquartered in the Citrus Center. Seneff was inducted into the Horatio Alger Association in 2010.[6]

In 2011 CNL launched CNL Properties Trust.[7] In July 2013, the company's CNL Commercial Real Estate division announced a contract to purchase the Mount Vernon Inn site. Plans are to demolish the hotel and redevelop the site.[4] Also in 2011, CNL joined with Kohlberg Kravis Roberts to form an investment company for private corporate debt.[8]

CNL donated $10 million to help build the Dr. P. Phillips Orlando Performing Arts Center.[9]

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References[edit]

  1. ^ a b c Mike Boslet The Long View July 2013 Florida Trend pages 58-62
  2. ^ CNL HAS MAJOR TENANT FOR 2ND DOWNTOWN TOWER Orlando Sentinel - Apr 6, 2004
  3. ^ http://www.google.com/search?aq=f&hl=en&gl=us&tbm=nws&btnmeta_news_search=1&q=CNL+Financial+Group&oq=CNL+Financial+Group&gs_l=news-cc.3..43j43i53.13000.16062.0.16218.19.3.0.15.0.0.328.468.0j1j0j1.2.0...0.0...1ac.1.bn58QSbQY6o
  4. ^ a b CNL contracts to buy Mt. Vernon Inn Real estate July 7, 2013 By Mary Shanklin, Orlando Sentinel
  5. ^ "Company Briefs". Nytimes.com. 2003-02-22. Retrieved 2014-01-05. 
  6. ^ CNL founder to get Horatio Alger award - Orlando Sentinel Orlando Sentinel - Apr 8, 2010
  7. ^ [1] CNL launches new REIT - Orlando Business Journal Bizjournals.com - Jun 28, 2011
  8. ^ CNL, Kohlberg Kravis Roberts to invest in debt of privately held companies Apr 4, 2011 |By Richard Burnett, Orlando Sentinel
  9. ^ Stevie Awards

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