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A Dallas-based real estate investment trust has agreed to buy the Hilton Tucson El Conquistador Golf & Tennis Resort as part of two separate deals worth a combined $5.53 billion.

Ashford Hospitality Trust Inc. said the El Conquistador is part of a $2.4 billion deal to acquire 51 hotels from Orlando, Fla.-based CNL Hotels & Resorts.

Immediately following that deal, CNL said, Morgan Stanley Real Estate will pay about $3.13 billion in cash for CNL's stock.

Morgan Stanley will receive a portfolio of eight luxury properties, including the historic Arizona Biltmore Resort & Spa and the JW Marriott Desert Ridge Resort & Spa, both in Phoenix; the Grand Wailea Resort Hotel & Spa in Maui, Hawaii; the Ritz-Carlton Orlando and the Doral Golf Resort & Spa in Doral, Fla.

The Ashford deal is expected to close sometime between April and June, following shareholder approval, said Tripp Sullivan, senior vice president of Ashford's corporate communications.

Details of the group's plans for the El Conquistador, at 10000 N. Oracle Road, won't be announced until the deal is completed, Sullivan said.

Managers with the El Conquistador could not be reached for comment.

The 428-room El Conquistador is an AAA Four Diamond-rated resort that features five restaurants and 108,000 square feet of meeting space.

The property also includes 45 holes of championship golf, 31 tennis courts, equestrian facilities and a wellness center with spa and fitness amenities.

Michael Franco, managing director at Morgan Stanley Real Estate, said the acquisition was a unique chance to acquire eight top-quality resort properties in key U.S. travel markets.

"We believe that these types of luxury hotels are extremely hard to replicate and will exhibit excellent future growth from increased corporate group travel and leisure travelers seeking a one-of-a-kind experience," Franco said.

The Morgan Stanley acquisition is expected to close in the second quarter, subject to the approval of CNL's shareholders and other customary closing conditions. The deal was unanimously approved by the boards of CNL, Morgan Stanley Real Estate and Ashford Hospitality.

"We believe our ability to acquire great real estate, particularly focused in the luxury and upper-upscale segments, along with our dedication to strong asset management, positioned the company for this opportunity to deliver value to our shareholders," said Thomas J. Hutchison III, CNL's chief executive.

The transaction is positive for publicly traded luxury hotels, said Citigroup analyst Joshua Attie in a research note. Overall, Attie said, the public demand and pricing for the hotel real estate market is "robust."

CNL also agreed in December to sell off 32 properties to an affiliate of Whitehall Street Global Real Estate Limited Partnership 2005 for $405 million.

Other properties acquired in the sale to Morgan Stanley Real Estate include the La Quinta Resort & Club in La Quinta, Calif.; and the Claremont Resort & Spa in Berkeley, Calif.

CNL, a real estate investment trust closed to new investors, formed in 1996 and has spent the last decade acquiring upscale properties and forming relationships with major players in the hotel and resort industry, such as Walt Disney World, Marriott and Hilton.

On the New York Stock Exchange, Morgan Stanley shares closed up 29 cents, or about 0.36 percent, at $81.50 and Ashford Hospitality Trust closed up 33 cents, or about 2.7 percent, to $12.37.