CNL Hotels & Resorts, Inc. v. Twin City Fire Insurance

CNL Hotels and Resorts appeals two summary judgments in favor of Houston Casualty Company and Landmark American Insurance Company. CNL argues that the district court erred when it concluded that various payments CNL made were not covered under the insurance policies issued by Houston and Landmark. We affirm in part and reverse and remand in part.

I. BACKGROUND

CNL was incorporated in 1996 and was managed by CNL Hospitality Corporation. CNL raised 3.1 billion dollars in capital between 1996 and 2004 by selling shares directly to the public at a split-adjusted cost of $20 a share. CNL was a…