CNL Financial Group, established in 1973 by James M. Seneff Jr., is a private investment management and commercial real estate firm headquartered in Orlando, Florida. The company has played a significant role in the redevelopment of Orlando's downtown area, notably constructing the original CNA Tower (now the Citrus Center) in 1971 and a new CNL Tower on Orange Avenue.
Company Overview
CNL Financial Group specializes in investing in and managing commercial real estate, operating Real Estate Investment Trusts (REITs), and investing in private companies. Its divisions include CNL Commercial Real Estate, CNL Securities Corp., CNL Growth Properties, CNL Healthcare Properties, Global Income Trust, and Corporate Capital Trust. As of 2013, Florida Trend ranked CNL as the state's 33rd largest private company, with assets totaling approximately $25 billion.
Key Business Activities
- Real Estate Investments: CNL has been involved in significant real estate transactions, including the purchase of five hotels with Hilton Hotels in 2003 for a combined $402 million. The company sold its hotel holdings in 2007. Its REITs have owned major resorts and hotels such as Darien Lake, Frontier City, Elitch Gardens Theme Park, Okemo Mountain, Sugarloaf ski resort, Jiminy Peak, Magic Springs and Crystal Falls, and Wild Waves Theme Park. CNL sold its theme parks and Northstar California ski resort to EPR Properties, and the remaining ski resorts were sold to Och-Ziff Capital Management.
- Banking: Founder James Seneff acquired a controlling stake in Alliance Bankshares, renaming it CNLBank. The bank was headquartered in the Citrus Center and was acquired by Valley National Bank in 2015.
- Investment Trusts: In 2011, CNL launched CNL Properties Trust and partnered with Kohlberg Kravis Roberts to form an investment company for private corporate debt.
Market Position and Financial Performance
CNL Financial Group's diverse portfolio and strategic investments have positioned it as a significant player in the investment management and commercial real estate sectors. The company's assets of approximately $25 billion as of 2013 reflect its substantial market presence. However, specific financial performance metrics beyond this period are not readily available in the provided sources.
Recent Developments
In December 2015, CNL sold the Mount Washington Hotel to Omni Mount Washington LLC. Additionally, the company has been involved in philanthropic efforts, including a $10 million donation to help build the Dr. Phillips Center for the Performing Arts.
