Document:

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                                                               Exhibit 10.4

                                    EXHIBIT C

                      FORM OF REGISTRATION RIGHTS AGREEMENT
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                      FORM OF REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is dated as of _____
2006, by and among CNL REAL ESTATE GROUP, INC., a Florida corporation, FIVE
ARROWS REALTY SECURITIES II L.L.C., a Delaware limited liability company ("Five
Arrows"), JAMES M. SENEFF, JR., ROBERT A. BOURNE, C. BRIAN STRICKLAND, THOMAS J.
HUTCHISON, III, JOHN A. GRISWOLD, BARRY A. N. BLOOM and MARCEL VERBAAS
(collectively, the "Stockholders"), and CNL HOTELS & RESORTS, INC., a Maryland
corporation (the "Company").

                                    RECITALS

     WHEREAS, pursuant to an Amended and Restated Agreement and Plan of Merger
among the Company, CNL Hotels & Resorts Acquisition, LLC, a Florida limited
liability company all of the membership interests of which are owned by the
Company ("CHPAC"), CNL Hospitality Properties Acquisition Corp., a Florida
corporation, CNL Hospitality Corp., a Florida corporation (the "Advisor"), CNL
Financial Group, Inc., a Florida corporation, and the Stockholders, entered into
as of April 3, 2006 (the "Merger Agreement"), the Stockholders received
3,600,000 shares of Common Stock (defined below) (the "Common Shares"), in
exchange for all of the outstanding shares of capital stock of the Advisor;

     WHEREAS, in connection with the Merger Agreement, the Stockholders, other
than Five Arrows, have each entered into a Lock-Up Agreement (defined below)
dated the date hereof with the Company with respect to the shares of Common
Stock;

     WHEREAS, the Company desires to grant to the Stockholders certain
registration rights with respect to the Common Shares, subject to the terms and
conditions contained herein and in the Lock-Up Agreement; and

     WHEREAS, the Company and the Stockholders desire to set forth the rights
and obligations of the parties with respect to such registration rights.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

                                    AGREEMENT

     1. Certain Definitions. As used in this Agreement, the following terms
shall have the following meanings:

          "Common Shares" shall have the meaning set forth in the first
paragraph of the Recitals.

          "Common Stock" shall mean common shares, $0.01 par value per share, of
the Company.

          "Company" shall mean CNL Hotels & Resorts, Inc., a Maryland
corporation.

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          "Demand Registration Request" shall have the meaning set forth in
Section 4.1.

          "Demand Registration Rights" shall mean the rights of the Holders to
request registration of their Registrable Securities in accordance with the
provisions of Section 4.

          "Demanding Holders" shall have the meaning set forth in Section 4.1.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

          "Filing Notice" shall have the meaning set forth in Section 3.1.

          "Holders" shall mean the Stockholders or any Permitted Transferee of a
Stockholder, and, with respect to a Permitted Transferee, only if such
Stockholder has granted rights under this Agreement to such Permitted
Transferee; and "Holder" shall mean any one of them.

          "Listing" means the actual listing of the Company's Common Shares on
The New York Stock Exchange, Inc., any other national securities exchange or
U.S. inter-dealer quotation system.

          "Lock-Up Agreement" means the letter agreement, dated as of the date
hereof, by and between each of the Stockholders (other than FARS) and the
Company, substantially in the form attached hereto as Annex I, whereby each of
the Stockholders (other than FARS) has agreed to certain restrictions on the
sale and transfer of the shares of Common Stock.

          "Merger" shall mean the merger of the Advisor with and into CHPAC,
with CHPAC as the surviving entity in the merger, upon the terms and subject to
the conditions of the Merger Agreement and in accordance with the Florida
Business Corporation Act and the Florida Limited Liability Company Act.

          "Permitted Transferee" shall have the meaning set forth in Section 2.

          "Piggyback Registration Rights" shall mean the rights of the Holders,
in accordance with the provisions of Section 3, to have their Registrable
Securities included in any Registration Statement filed by the Company with
respect to the sale of Common Shares or filed by any other shareholders of the
Company.

          "Prospectus" means the prospectus included in any Registration
Statement, as amended or supplemented by any prospectus supplement with respect
to the terms of the offering of any of the Registrable Securities covered by
such Registration Statement and by all other amendments and supplements to the
prospectus, including post-effective amendments and all material incorporated by
reference in such prospectus.

          "Registrable Securities" means all of the Common Shares and shall
include all shares of Common Stock received by the Holders with respect to the
Common Shares pursuant to a stock split, stock dividend or distribution or other
recapitalization of the Company. For the purposes of this Agreement, such shares
of Common Stock shall cease to be Registrable Securities on the Rule 144
Eligibility Date or, if earlier, on such date on which (a) a Registration

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Statement covering such shares has been declared effective and such shares have
been disposed of pursuant to such effective Registration Statement, or (b) all
of the Registrable Securities are eligible for sale (other than pursuant to Rule
904 of the Securities Act), in the opinion of counsel to the Company, in a
single transaction or multiple transactions exempt from the registration and
prospectus delivery requirements of the Securities Act, so that all transfer
restrictions with respect to such shares and all restrictive legends with
respect to the certificates evidencing such shares are or may be removed upon
the consummation of such sale.

          "Registration Period" shall mean the period commencing on the date the
Merger is effective and ending at the earlier of (i) such time as no Holder owns
any Registrable Securities or (ii) the Rule 144 Eligibility Date, provided that
nothing herein shall affect the Stockholders' obligations to comply with the
terms of the Lock-Up Agreement.

          "Registration Statement" means any registration statement filed by the
Company under the Securities Act that covers any of the Registrable Securities,
including the Prospectus, any amendments and supplements to such registration
statement, including post-effective amendments, and all exhibits thereto and all
material incorporated by reference in such registration statement.

          "Rule 144 Eligibility Date" means the three-month anniversary of the
date on which all Common Shares issued by the Company to the Stockholders in the
Merger and the other Common Shares defined as Registrable Securities herein
first become permitted to be sold under Rule 144 of the Securities Act by each
Holder within the volume limitations of Rule 144(e) of the Securities Act or
without limitation pursuant to Rule 144(k) of the Securities Act.

          "SEC" shall mean the Securities and Exchange Commission.

          "Securities Act" shall mean the Securities Act of 1933, as amended.

          "Selling Holder Information" shall mean information either furnished
in writing by or on behalf of a Selling Holder for use in the Registration
Statement or Prospectus.

          "Selling Holders" when used with respect to a Registration Statement
shall mean those Holders whose Registrable Securities are included in a
Registration Statement pursuant to an exercise by such Holders of their
Piggyback Registration Rights or their Demand Registration Rights.

          "Stockholders" shall have the meaning set forth in the Preamble
hereof.

          "Underwriter(s)" shall mean any one or more investment banking or
brokerage firms to or through which the Holders or the Company, as the case may
be, may offer and sell Registrable Securities pursuant to a transaction
requiring the filing of a Registration Statement under the Securities Act,
including one or more of such firms who shall manage such public offering
through such Underwriters and that are referred to herein as "Managing
Underwriter(s)."

     2. Permitted Transferees.

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          2.1 Subject to Section 12.6, any Stockholder may transfer any of the
Registrable Securities held by such Stockholder (i) to the spouse, siblings or
issue or spouses of siblings or issue of such Stockholder, (ii) to a trust or
custodial account for the sole benefit of such Stockholder or the spouse,
siblings or issue or spouses of siblings or issue of such Stockholder, (iii) to
a partnership, limited liability company or other entity, the majority and
controlling equity owners of which are a Stockholder or the spouse, siblings or
issue or spouses of siblings or issue of such Stockholder or any trust referred
to in clause (ii) above, (iv) to the personal representative of a Stockholder
upon the death of such Stockholder for the purposes of administration of such
Stockholder's estate or upon the incompetency of such Stockholder for the
purposes of the protection and management of such Stockholder's assets, but such
personal representative may not transfer such Registrable Securities other than
as permitted under this Agreement, (v) to a charitable foundation (subject to
receipt by the Stockholder of written approval from the Company, such approval
not to be unreasonably withheld), (vi) to the Company, or (vii) to any other
Stockholder or to any of the transferees referred to in clause (i), (ii) or
(iii) above for the benefit of such other Stockholder.

          2.2 Five Arrows shall be permitted to assign or otherwise transfer any
of the Registrable Securities held by it, and any of its rights hereunder with
respect to such Registrable Securities, to one or more persons, provided that
such assignments or transfers are made in accordance with all agreements to
which both the Company and Five Arrows are parties and the applicable provisions
of Section 12.6 of this Agreement.

          2.3 Any person to whom a transfer of Registrable Securities is made
pursuant to, or otherwise in accordance with, Section 2.1 or Section 2.2 of this
Agreement shall be a "Permitted Transferee."

     3. Piggyback Registration Rights.

          3.1. If the Company proposes to file a registration statement under
the Securities Act with respect to any proposed public offering of Common Stock
by the Company or by any holders of Common Stock (i) prior to the Registration
Period, and the Company reasonably expects such registration statement to be
declared effective during the Registration Period, or (ii) during the
Registration Period, the Company shall, not later than 30 days prior to the
proposed date of filing of such registration statement with the SEC under the
Securities Act, give written notice (a "Filing Notice") of the proposed filing
to each Holder, which notice shall describe in reasonable detail the proposed
registration and distribution (including those jurisdictions where registration
under the securities or blue sky laws is intended). During the Registration
Period, each Holder may elect, by written notice to the Company (which notice
shall specify the aggregate number of Registrable Securities proposed to be
offered and sold by such Holder pursuant to such Registration Statement, the
identity of the proposed seller thereof, and a general description of the manner
in which such person intends to offer and sell such Registrable Securities)
given within 15 days after receipt of the Filing Notice from the Company, to
have any or all of the Registrable Securities owned by such Holder included in
such Registration Statement, and the Company shall include such Registrable
Securities in such Registration Statement. If the Managing Underwriter(s) or
Underwriters (in the case of an underwritten registration) or the Company (in
the case of a non-underwritten registration covering a primary

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offering by the Company) should reasonably object to the exercise of the
Piggyback Registration Rights with respect to such Registration Statement, then
in the discretion of the Company, either:

               (a) the Registrable Securities of the Selling Holders shall
          nevertheless be included in such Registration Statement subject to the
          condition that the Selling Holders may not offer or sell their
          Registrable Securities included therein for a period of up to 90 days
          after the initial effective date of such Registration Statement,
          whereupon the Company shall be obligated to file one or more
          post-effective amendments to such Registration Statement to permit the
          lawful offer and sale of such Registrable Securities for a reasonable
          period thereafter beginning at the end of such lock-up period and
          continuing for such period, not exceeding 120 days, as may be
          necessary for the Selling Holders, Underwriters and selling agents to
          dispose of such Registrable Securities; or

               (b) if the Managing Underwriter(s) (in the case of an
          underwritten registration) or the Company (in the case of a
          non-underwritten registration covering a primary offering by the
          Company) should reasonably determine that the inclusion of such
          Registrable Securities, notwithstanding the provisions of the
          preceding clause (a), would adversely affect the offering contemplated
          in such Registration Statement, and based on such determination
          recommends including in such Registration Statement fewer or none of
          the Registrable Securities of the Holders, then (x) if the Managing
          Underwriter(s) or the Company, as applicable, recommends the inclusion
          of fewer Registrable Securities, the number of Registrable Securities
          of the Holders included in such Registration Statement shall be
          reduced pro-rata among such Holders (based upon the number of
          Registrable Securities requested to be included in the registration),
          or (y) if the Managing Underwriter(s) or the Company, as applicable,
          recommends the inclusion of none of such Registrable Securities, none
          of the Registrable Securities of the Holders shall be included in such
          Registration Statement.

          3.2. Unless otherwise required by law, rule or regulation, if
Registrable Securities owned by Holders who have made the election provided in
Section 3.1 are included in such Registration Statement, the Company shall bear
and pay all fees, costs, and expenses incident to such inclusion, including,
without limitation, registration fees, exchange listing fees and expenses, legal
fees of Company counsel (including blue sky counsel), printing costs and costs
of any regular audits or accounting fees. Each Selling Holder shall pay all
underwriting discounts and commissions with respect to its Registrable
Securities included in the Registration Statement, as well as fees or
disbursements of counsel, accountants or other advisors for the Selling Holder
and all internal overhead and other expenses of the Selling Holder or transfer
taxes.

          3.3. The rights of the Holders under this Section 3 are solely
piggyback in nature, and nothing in this Section 3 shall prevent the Company
from reversing a decision to file a Registration Statement or from withdrawing
any such Registration Statement before it has become effective.

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          3.4. The Holders shall have the right, at any time during the
Registration Period, to exercise their Piggyback Registration Rights pursuant to
the provisions of this Section 3 on any number of occasions that the Company
shall determine to file a registration statement under the Securities Act.

          3.5. The Piggyback Registration Rights granted pursuant to this
Section 3 shall not apply to (a) a registration relating solely to employee
stock option, purchase or other employee plans, (b) a registration related
solely to a dividend or distribution reinvestment plan or (c) a registration on
Form S-4 or Form S-8 or any successor Forms thereto.

          3.6. In the event that there is a reduction in the number of
Registrable Securities to be included in a Registration Statement to which
Holders have exercised Piggyback Registration Rights, the Company shall so
advise all Holders participating that the number of Registrable Securities that
may be included in the registration shall be reduced pro rata among such Holders
(based on the number of Registrable Securities requested to be included in the
registration); provided, however, that the percentage of the reduction of such
Registrable Securities shall be no greater than the percentage reduction of
securities of other selling securityholders who also have exercised piggyback
registration rights pursuant to agreements other than this Agreement, as such
percentage reductions shall be determined in the good faith judgment of the
Company, which determination shall be based on the advice of the Managing
Underwriter of the offering to the extent the offering is an underwritten
offering. If Holders have exercised Piggyback Registration Rights with respect
to a Registration Statement which is being filed as a result of the exercise of
demand registration rights by other securityholders, the securityholders
exercising their demand registration rights shall have the right, in the event
of any reduction of securities covered by such Registration Statement, to have
all of their registrable securities included in such Registration Statement
before inclusion of any Registrable Securities of Holders exercising their
Piggyback Registration Rights. Notwithstanding the foregoing, prior to any
reduction of the number of Registrable Securities of Holders exercising
Piggyback Registration Rights hereunder, the Company shall first exclude
securities held by persons not having any contractual registration rights.

          3.7. The underwriter in any registration referred to in this Section 3
shall be chosen by the Company in its sole discretion, except in the case of any
registration made at the request of a third party holding demand registration
rights, in which case the underwriter will be selected as provided in any
agreement relating to such demand registration rights.

     4. Demand Registration Rights.

          4.1. In addition to, and not in lieu of, the Piggyback Registration
Rights set forth under Section 3, at any time after the Effective Time (as
defined in the Merger Agreement) and during the Registration Period, any Holder
may deliver to the Company a written request (a "Demand Registration Request")
that the Company register any or all of the Registrable Securities owned by such
Demanding Holders (as hereinafter defined) (provided that the aggregate offering
price of all such Registrable Securities actually included in the Demand
Registration equals $10.0 million or more), and any other Holders that may elect
to be included pursuant to Section 4.2, under the Securities Act and the state
securities or blue sky laws of any jurisdiction designated by such Selling
Holders (subject to Section 9), subject to the provisions

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of this Section 4. The requisite Holders making such demand are sometimes
referred to herein as the "Demanding Holders." The Company shall, as soon as
practicable following the Demand Registration Request, prepare and file a
Registration Statement (on the then appropriate form or, if more than one form
is available, on the appropriate form selected by the Company) with the SEC
under the Securities Act, covering such number of the Registrable Securities as
the Selling Holders request to be included in such Registration Statement and to
take all necessary steps to have such Registrable Securities qualified for sale
under state securities or blue sky laws. The Company shall use its commercially
reasonable best efforts to file such Registration Statement no later than 90
days following the Demand Registration Request. Further, the Company shall use
its commercially reasonable efforts to have such Registration Statement declared
effective (within the meaning of the Securities Act) by the SEC as soon as
practicable thereafter and shall take all necessary action (including, if
required, the filing of any supplements or post-effective amendments to such
Registration Statement) to keep such Registration Statement effective to permit
the lawful sale of such Registrable Securities included thereunder for the
period set forth in Section 6, subject, however, to the further terms and
conditions hereof.

          4.2. No later than 10 days after the receipt of the Demand
Registration Request, the Company shall notify all Holders who have not joined
in such request of the proposed filing, and such Holders may, if they desire to
sell any Registrable Securities owned by them, by notice in writing to the
Company given within 15 days after receipt of such notice from the Company,
elect to have all or any portion of their Registrable Securities included in the
Registration Statement.

          4.3. The Holders, in the aggregate, may only exercise the Demand
Registration Rights granted pursuant to this Section 4 two times. The Company
shall only be required to file one Registration Statement (as distinguished from
supplements or pre-effective or post-effective amendments thereto) in response
to the exercise by the Demanding Holders of their Demand Registration Rights
pursuant to the provisions of this Section 4.

          4.4. In the event that preparation of a Registration Statement is
commenced by the Company in response to the exercise by the Demanding Holders of
the Demand Registration Right, but such Registration Statement is not filed with
the SEC, either at the request of the Company or at the request of the Demanding
Holders, for any reason, the Demanding Holders shall not be deemed to have
exercised a Demand Registration Right pursuant to this Section 4, except that,
if such Registration Statement is not filed after the commencement of
preparation thereof at the request of the Demanding Holders, then the Selling
Holders whose Registrable Securities were proposed to be included therein shall
be required to bear the fees, expenses and costs incurred in connection with the
preparation thereof.

          4.5. In the event that any Registration Statement filed by the Company
with the SEC pursuant to the provisions of this Section 4 is withdrawn prior to
the completion of the sale or other disposition of the Registrable Securities
included thereunder, then the following provisions, whichever are applicable,
shall govern:

               (a) If such withdrawal is effected at the request of the Company
          for any reason other than the failure of all the Selling Holders to
          comply with their obligations hereunder with respect to such
          registration, then the filing thereof by

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          the Company shall be excluded in determining whether the Holders have
          exercised their Demand Registration Rights hereunder with respect to
          the filing of such Registration Statement.

               (b) If such withdrawal is effected at the request of the Selling
          Holders, then the filing thereof by the Company shall be deemed an
          exercise of a Demand Registration Right with respect to the filing of
          such Registration Statement.

          4.6. The Company shall bear and pay all fees, costs and expenses
incident to such Registration Statement and incident to keeping it effective and
in compliance with all federal and state securities laws, rules, and regulations
for the period set forth in Section 6 (including, without limitation,
registration fees, blue sky qualification fees (subject to Section 9), exchange
listing fees and expenses, legal fees of Company counsel (including blue sky
counsel), printing costs, costs of any regular audits and accounting fees). Each
Selling Holder shall pay fees and disbursements of counsel, accountants and
other advisors for the Selling Holder and any underwriting discounts and
commissions with respect to its Registrable Securities and any internal,
overhead and other expenses of the Selling Holders and transfer taxes.

          4.7. Whenever a decision or election is required to be made hereunder
by the Demanding Holders or the Selling Holders, such decision or election shall
be made by a vote of holders of a majority of the Registrable Securities owned
by such Demanding Holders or Selling Holders, as the case may be.

          4.8. (a) If the Managing Underwriter(s) in the case of an underwritten
registration should reasonably determine that the inclusion of all Registrable
Securities requested to be included in any Registration Statement would
materially and adversely affect the offering contemplated in a Registration
Statement, and based on such determination recommends inclusion in such
Registration Statement of fewer or none of the Registrable Securities of the
Holders, then (x) if the Managing Underwriter(s) recommends the inclusion of
fewer Registrable Securities, the number of Registrable Securities of the
Holders included in such Registration Statement shall be reduced pro-rata among
such Holders (based upon the number of Registrable Securities requested to be
included in the registration), or (y) if the Managing Underwriter(s) recommends
the inclusion of none of such Registrable Securities, none of the Registrable
Securities of the Holders shall be included in such Registration Statement (and
the request for registration shall not count for purposes of Section 4.3).

               (b) In the event that there is a reduction in the number of
          Registrable Securities to be included in a Registration Statement to
          which Holders have exercised Demand Registration Rights, the Company
          shall so advise all Holders participating that the number of
          Registrable Securities that may be included in the registration shall
          be reduced pro rata among such Holders (based on the number of
          Registrable Securities requested to be included in the registration);
          provided, however, that the percentage of the reduction of such
          Registrable Securities shall be no greater than the percentage
          reduction of securities of other selling securityholders who also have
          exercised demand registration rights pursuant to agreements other than
          this Agreement, as such percentage reductions shall be

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          determined in the good faith judgment of the Company based on the
          advice of the Managing Underwriter of the offering in the case of any
          underwritten offering.

               (c) In the event that there is a limitation on the number of
          securities which may be covered by such Registration Statement, the
          Selling Holders shall have the right, with respect to any such
          Registration Statement filed as a result of their Demand Registration
          Request, to include their Registrable Securities prior to the
          inclusion of the Company (in the case of any inclusion of shares of
          Common Stock for sale for its own account) and any other
          securityholder exercising piggyback registration rights.

          4.9 The Company shall have the right, with respect to any Registration
Statement to be filed as a result of a Demand Registration Request, to determine
whether such registration shall be underwritten or not and to select, subject to
the consent of the Selling Holders (which consent shall not be unreasonably
withheld), any such underwriter.

     5. Information to be Furnished. In the event any of the Registrable
Securities are to be included in a Registration Statement under Sections 3 or 4,
the Selling Holders and the Company shall furnish the following information and
documents:

          5.1. The Selling Holders shall furnish to the Company all information
required by the Securities Act to be furnished by sellers of securities for
inclusion in the Registration Statement, together with all such other
information which the Selling Holders have or can reasonably obtain and which
may reasonably be required by the Company in order to have such Registration
Statement become effective and such Registrable Securities qualified for sale
under applicable state securities laws.

          5.2. The Company, before filing a Registration Statement, amendment or
supplement thereto (including all exhibits), will furnish copies of such
documents to legal counsel selected by the Selling Holders. In addition, the
Company shall make available for inspection by any Selling Holder or by any
Underwriter, attorney or other agent of any Selling Holder or Underwriter all
information reasonably requested by such persons. All non-publicly available
information provided to any Selling Holder, Underwriter or any attorney or agent
of any Selling Holder or Underwriter shall be kept strictly confidential by such
Selling Holder, Underwriter or attorney or agent of such Selling Holder or
Underwriter so long as such information remains nonpublic.

          5.3. The Company shall promptly notify each Selling Holder and each
Selling Holder shall promptly notify the Company, upon discovery by the Company
or such Selling Holder, as the case may be, of the occurrence of any event which
renders any Prospectus then being circulated among prospective purchasers
misleading because such Prospectus contains an untrue statement of a material
fact or omits to state a material fact necessary to make the statements made, in
light of the circumstances in which they were made, not misleading, and the
Company will amend or supplement the Prospectus so that it does not contain any
material misstatements or omissions and deliver the number of copies of such
amendments or

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supplements to each Selling Holder as each Selling Holder may reasonably
request. Until such time as such Prospectus is so amended or supplemented, each
Selling Holder shall cease use thereof.

     6. Registration to Be Kept Effective. In connection with any registration
of Registrable Securities pursuant to this Agreement, the Company shall, at its
expense, keep effective and maintain such registration and any related
qualification of Registrable Securities under state securities laws for such
period not exceeding 120 days or such shorter period as may be necessary for the
Selling Holders, Underwriters and selling agents to dispose of such Registrable
Securities, from time to time to amend or supplement the Prospectus used in
connection therewith to the extent necessary to comply with applicable laws, and
to furnish to such Selling Holders such number of copies of the Registration
Statement, the Prospectus constituting a part thereof, and any amendment or
supplement thereto as such Selling Holders may reasonably request in order to
facilitate the disposition of the registered Registrable Securities.

     7. Conditions to Company's Obligations. The obligations of the Company to
cause the Registrable Securities owned by the Holders to be registered under the
Securities Act are subject to each of the following limitations, conditions and
qualifications:

               (a) The Company shall not be required to fulfill any registration
          obligations under this Agreement, including any obligation with
          respect to the Stockholders' Piggyback Registration Rights or the
          Demand Registration Rights, until one hundred eighty (180) days after
          such time as there has been a Listing.

               (b) The Company shall be entitled to postpone for a reasonable
          period of time not to exceed four (4) months the filing of any
          Registration Statement otherwise required to be prepared and filed by
          it pursuant to Section 4, if, in the good faith opinion of the
          Company's Board of Directors, the Company determines that such
          registration and offering would materially interfere with any proposal
          or plan to engage in any financing, acquisition, corporate
          reorganization or other material transaction involving the Company or
          any of its subsidiaries, and the Company promptly gives the Holders
          written notice including a general explanation of such determination;
          provided that the Company shall not delay such action pursuant to this
          sentence more that once in any 12-month period. If the Company shall
          so postpone the filing of a Registration Statement, the Selling
          Holders shall have the right to withdraw the Demand Registration
          Request by giving written notice to the Company within 30 days after
          receipt of the notice of postponement (and, in the event of such
          withdrawal, such Demand Registration Request shall not be counted for
          purposes of the Demand Registration Requests to which the Holders are
          entitled pursuant to Section 4.3).

               (c) The Company shall not be required to file any Registration
          Statement pursuant to this Agreement in connection with a Demand
          Registration Request made less than 90 days after the effective date
          of any Registration Statement filed by the Company (other than a
          registration filed on Form S-8 or any successor form thereto.

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               (d) The Company may require, as a condition to fulfilling its
          obligations to register the Registrable Securities under Sections 3 or
          4, that the Selling Holders execute reasonable and customary
          indemnification agreements for the benefit of the Underwriters of the
          registration; provided, however, a Selling Holder shall not be
          required to indemnify the Underwriters except with respect to Selling
          Holder information.

               (e) The Company shall not be required to fulfill any registration
          obligations under this Agreement, if the Company provides the Holders
          with an opinion of counsel reasonably acceptable to such Holders
          stating that the Holders are free to sell in the manner proposed by
          them all of the Registrable Securities that they desired to register
          without registering such Registrable Securities or such Registrable
          Securities can be sold under Rule 144 of the Securities Act, or
          otherwise without registration in the open market in compliance with
          the Securities Act.

               (f) The Company shall not be obligated to file any Registration
          Statement pursuant to this Agreement in connection with a Demand
          Registration Request at any time if the Company would be required to
          include financial statements audited as of any date other than the end
          of its fiscal year, unless the Selling Holder(s) agree to pay the cost
          of any such additional audit.

     8. Exchange Listing. In the event any Registrable Securities are included
in a Registration Statement under Sections 3 or 4, the Company will exercise
commercially reasonable efforts to cause all such Registrable Securities to be
listed on the New York Stock Exchange or listed on any other exchange(s) on
which the shares of Common Stock are then listed or quoted in any U.S.
inter-dealer quotation system in which the shares of Common Stock are then
quoted.

     9. Registration Under State Securities Laws. The Company shall use its
commercially reasonable efforts to register or qualify any Registrable
Securities included in a Registration Statement pursuant to Sections 3 or 4
under state "blue sky" or similar securities laws in such jurisdictions as the
Selling Holders reasonably request and to take such other action as may be
reasonably necessary to enable the Selling Holders to sell their shares of
Registrable Securities in the jurisdictions where such registration or
qualification was made, provided that the Company shall not be required to
qualify to do business in any jurisdiction in which it is not so qualified or to
execute a general consent to service of process in any jurisdiction in which it
has not executed such a consent.

     10. Indemnification.

          10.1. The Company shall indemnify and hold each Selling Holder, its
partners, officers, directors and agents (including sales agents and
Underwriters) and each person, if any, who controls (within the meaning of the
Securities Act or the Exchange Act) the Selling Holder or any of the foregoing,
harmless to the maximum extent permitted by law, from and against any loss,
claim, liability, damage or expense (including reasonably documented attorneys'
fees and disbursements of only one firm of counsel selected by the Selling
Holders) resulting from a

                                       11

<PAGE>

claim that any Registration Statement, Prospectus or amendment thereof or
supplement thereto, which includes Registrable Securities to be sold by such
Selling Holder, contains an untrue statement of a material fact or omits to
state a material fact necessary in order to make the statements made, in light
of the circumstances under which they were made, not misleading, unless such
claim is based upon Selling Holder Information or resulting from the Selling
Holder's failure to deliver a current Prospectus as required under the
Securities Act; and each such Selling Holder will indemnify and hold harmless
the Company, its directors, officers and agents and each person, if any, who
controls (within the meaning of the Securities Act or the Exchange Act) the
Company against any loss, claim, liability, damage or expense (including
reasonably documented attorneys' fees and disbursements) resulting from any such
claim relating to Selling Holder Information.

          10.2. Promptly after receipt by an indemnified party under this
Section 10 of notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying
party under this Section 10, notify the indemnifying party in writing of the
commencement thereof; but the omission so to notify the indemnifying party shall
not relieve it from any liability which it may have to any indemnified party
under this Section 10 or otherwise to the extent such omission did not actually
and materially prejudice the indemnifying party. In case any such action is
brought against any indemnified party, and it notifies the indemnifying party of
the commencement thereof, the indemnifying party will be entitled to participate
therein, and to the extent that it may elect by written notice delivered to the
indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party; provided, however, if the defendants in
any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there exists a
conflict of interest between the indemnifying party and any indemnified party or
that there may be legal defenses available to it and/or other indemnified
parties which are different from or additional to, and inconsistent or in
conflict with, those available to the indemnifying party, the indemnified party
or parties shall have the right to select separate counsel to assert such legal
defenses and to otherwise participate in the defense of such action on behalf of
such indemnified party or parties. Upon receipt of notice from the indemnifying
party to such indemnified party of its election so to assume the defense of such
action and approval by the indemnified party of counsel, the indemnifying party
will not be liable to such indemnified party under this Section 10 for any legal
or other expenses subsequently incurred by such indemnified party in connection
with the defense thereof unless (i) the indemnified party shall have employed
separate counsel in accordance with the proviso to the preceding sentence, (ii)
the indemnifying party shall not have employed counsel reasonably satisfactory
to the indemnified party to represent the indemnified party within a reasonable
time after notice of commencement of action, or (iii) the indemnifying party has
authorized the employment of counsel for the indemnified party at the expense of
the indemnifying party; and except that, if clause (i) or (iii) is applicable,
such liability shall be only in respect of the counsel referred to in such
clause (i) or (iii). No settlement of an action against any party under this
Section 10 shall bind the other party unless such other party agrees in writing
to the terms of such settlement (which agreement will not be unreasonably
withheld).

                                       12

<PAGE>

          10.3. The obligation of the indemnifying party to indemnify the
indemnified party under this Section 10 shall, in each case, be in addition to
any liability which the indemnifying party may otherwise have hereunder or
otherwise at law or in equity.

          10.4. If the indemnification provided for in this Section 10 from the
indemnifying party is applicable in accordance with its terms but for any
reasons is held to be unavailable to an indemnified party hereunder in respect
of any losses, claims, damages, liabilities or expenses referred to therein,
then the indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative faults of the indemnifying
party and indemnified party in connection with the actions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative faults of such indemnifying
party and indemnified party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact, has been made by, or relates to information supplied by, such indemnifying
party or indemnified party, and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such action. The amount
paid or payable by a party as a result of the losses, claims, damages,
liabilities and expenses referred to above shall be deemed to include, subject
to the limitations set forth in Sections 10.1 and 10.2, any legal or other fees
or expenses reasonably incurred by such party in connection with any
investigation or proceeding.

          The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 10.4 were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person.

     11. Rule 144. The Company covenants that it shall use its reasonable best
efforts to file any reports required to be filed by it under the Exchange Act
and the rules and regulations adopted by the SEC thereunder, and that it shall
take such further action as any Holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such Holder to
sell the Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by (a) Rule 144 under the
Securities Act, as such rule may be amended from time to time, or (b) any
similar rule or regulation adopted by the SEC. The Company shall, upon the
request of any holder of Registrable Securities, deliver to such Holder a
written statement as to whether it has complied with such requirements.

     12. Miscellaneous.

          12.1. Amendments and Waivers. Subject to Section 12.2, this Agreement
may be modified or amended only by a writing signed by the Company and each of
the Stockholders, and, to the extent a permitted transfer has occurred pursuant
to Section 2, its Permitted Transferee.

                                       13

<PAGE>

          12.2. Third Party Beneficiaries. Subject to the next sentence of this
Section 12.2, there shall be no third party beneficiaries of the rights and
benefits of this Agreement, which rights and benefits shall accrue only to the
benefit of the parties hereto. Any Permitted Transferee shall be a third party
beneficiary or intended beneficiary to the agreement made hereunder by a
Stockholder so long as such transfer of rights under this Agreement to the
Permitted Transferee is made in compliance with Section 12.6.

          12.3. No Waiver. No failure to exercise and no delay in exercising, on
the Company's or the Holders' part, of any right, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided are cumulative and not exclusive of any rights or
remedies provided by law.

          12.4. Survival of Agreements. All agreements, representations and
warranties contained herein or made in writing by or on behalf of the Company in
connection with the transactions contemplated hereby shall survive the execution
and delivery of this Agreement.

          12.5. Limitation of Registration Rights. Nothing contained in this
Agreement shall create any obligation on behalf of the Company to register under
the Securities Act any securities which are not shares of Common Stock.

          12.6. Binding Effect and Benefits. This Agreement shall be binding
upon and shall inure to the benefit of the Company and the Holders and their
respective successors and permitted assigns. Without limiting the generality of
the foregoing, each Holder's registration rights granted hereunder shall be
transferable to and exercised by any Permitted Transferee of Registrable
Securities; provided, however, that no Holder may transfer or assign this
Agreement or any of its rights hereunder unless (a) such transfer or assignment
is effected in accordance with applicable securities laws, (b) such transferee
or assignee (other than the Company) agrees in writing to be bound by this
Agreement and the Lock-Up Agreement (other than, with respect to the Lock-Up
Agreement, Permitted Transferees of Five Arrows), and (c) the Company is given
prior written notice by such Holder of such transfer or assignment, stating the
name and address of the transferee or assignee, and identifying the Registrable
Securities with respect to which such rights are being transferred or assigned.

          12.7. Entire Agreement. This Agreement, together with the Lock-Up
Agreement, constitute the full and entire understanding and agreement between
the parties with regard to the subjects hereof and thereof and supersedes any
prior understandings, agreements or representations by or among the parties,
written or oral, to the extent they relate in any way to such subject matter.

          12.8. Separability of Provisions. In case any provision of this
Agreement shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

          12.9. Notices. All notices, requests, consents and other
communications hereunder shall be in writing and shall be by telecopy, facsimile
transmission (confirmed by U.S.

                                       14

<PAGE>

mail), telegraph, hand delivery or mailed by certified or registered mail
postage prepaid, returned receipt requested, to the addresses set forth below or
to such other address as any party may advise the other parties in a written
notice given in accordance with this Section.

               If to the Company:   CNL Hotels & Resorts, Inc.
                                    CNL Center II at City Commons
                                    420 South Orange Avenue
                                    Orlando, FL 32801
                                    Attn.: Thomas J. Hutchison, III

               With a copy (which shall not constitute notice pursuant to this
               Section 12.9) to:

                                    Greenberg Traurig, LLP
                                    The MetLife Building
                                    200 Park Avenue
                                    New York, NY 10166
                                    Attention: Judith D. Fryer, Esq.
                                    Facsimile: (212) 805-9330

                                    Hogan & Hartson, L.L.P.
                                    555 Thirteenth Street, N. W.
                                    Washington, D. C. 20004
                                    Attn: J. Warren Gorrell, Jr., Esq.
                                    Facsimile: (202) 637-5910

               If to the Holders:   To the respective addresses set forth in
                                    the records of the Company

          Any notice, request or other communication so addressed and so mailed
shall be deemed to have been given when duly delivered or sent.

          12.10. Governing Law; Construction. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York, without
giving effect to the conflict of laws provisions thereof. The descriptive
headings of the several sections and subsections hereof are for convenience only
and shall not control or affect the meaning of construction of any of the
provisions hereof.

          12.11. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute a single original instrument.

                                       15

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                                        THE COMPANY:

                                        CNL HOTELS & RESORTS, INC.

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                        STOCKHOLDERS:

                                        CNL REAL ESTATE GROUP, INC.

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                        FIVE ARROWS REALTY SECURITIES II L.L.C.

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                        ----------------------------------------
                                        JAMES M. SENEFF, JR.

                                        ----------------------------------------
                                        ROBERT A. BOURNE

                                        ----------------------------------------
                                        C. BRIAN STRICKLAND

                                        ----------------------------------------
                                        THOMAS J. HUTCHISON, III

                                        ----------------------------------------
                                        JOHN A. GRISWOLD

                                        ----------------------------------------
                                        BARRY A. N. BLOOM

                                        ----------------------------------------
                                        MARCEL VERBAAS

                                       16

<PAGE>

                                     ANNEX I

                              FORM OF LOCKUP LETTER

                           CNL HOTELS & RESORTS, INC.

                                  Common Stock

[Name of Stockholder]
________________________
________________________
________________________
________________________
                                                               ___________, 2006

Dear _________________:

     This Lock-Up Letter Agreement is being delivered to you pursuant to that
certain Registration Rights Agreement (the "Registration Rights Agreement") by
and among CNL Real Estate Group, Inc., a Florida corporation, Five Arrows Realty
Securities II L.L.C., a Delaware limited liability company, and James M. Seneff,
Jr., Robert A. Bourne, C. Brian Strickland, Thomas J. Hutchison, III, John A.
Griswold, Barry A. N. Bloom and Marcel Verbaas (collectively, the
"Stockholders"), and CNL Hotels & Resorts, Inc., a Maryland corporation (the
"Company"). Capitalized terms used in this letter but not defined have the
meanings assigned to such terms in the Registration Rights Agreement.

     1. Lock-Up and Transfer Limitation. The undersigned Stockholder shall not
directly or indirectly Transfer (as defined in paragraph 3 of this letter
agreement), contract or agree to Transfer or publicly announce any intention to
Transfer any shares of Common Stock or any securities convertible into or
exercisable or exchangeable for shares of Common Stock or warrants, options or
other rights to purchase or otherwise acquire shares of Common Stock it may now
or later own of record or beneficially (collectively, "Stockholder Shares") at
any time prior to the six (6) month anniversary of the date of the Registration
Rights Agreement. In addition, the undersigned Stockholder shall not directly or
indirectly Transfer, contract or agree to Transfer or publicly announce any
intention to Transfer any Stockholder Shares in excess of 50% of the total
number of its Common Shares received under the Merger Agreement between such six
(6) month anniversary and the one (1) year anniversary of the date of the
Registration Rights Agreement. The lock-up and transfer limitations described in
this paragraph 1 are in addition to any other restrictions on transfer of the
Stockholder Shares that may apply under the Registration Rights Agreement, the
Pledge and Security Agreement entered into as of ______, 2006 between certain
Stockholders, the Company and CNL Hotels & Resorts Acquisition, LLC (the "Pledge
Agreement"), or this Lock-Up Letter Agreement.

     2. General Holdback. In addition to and not in lieu of the restrictions on
Transfer of the Stockholder Shares set forth in paragraph 1 above, the
undersigned Stockholder shall not, for a period of 14 days prior to and 90 days
after the date of any final prospectus relating to an

<PAGE>

effective registration statement filed by the Company with the SEC (or such
longer periods as the applicable underwriter or the Company may reasonably
request) (collectively, the "Holdback Period"), directly or indirectly Transfer,
contract or agree to Transfer or publicly announce any intention to Transfer any
Stockholder Shares, any securities convertible into or exercisable or
exchangeable for shares of Common Stock and any warrants or other rights to
purchase or otherwise acquire shares of Common Stock. The foregoing sentence
shall not apply to (a) the registration of or sale of any Common Stock pursuant
to a Registration Statement filed in accordance with the Registration Rights
Agreement, (b) bona fide gifts of such securities, provided that the recipient
thereof agrees in writing with the underwriters or the Company, as applicable,
to be bound by the terms of this letter agreement or (c) dispositions to any
trust for the direct or indirect benefit of the undersigned Stockholder and/or
the immediate family of the undersigned Stockholder, provided that the trustee
agrees in writing with the Company to be bound by the terms of this letter
agreement and otherwise if a permitted transferee of the subject securities. If
(i) the Company issues an earnings release or material news, or a material event
relating to the Company occurs, during the last 17 days of the Holdback Period,
or (ii) prior to the expiration of the Holdback Period, the Company announces
that it will release earnings results during the 16-day period beginning on the
last day of the Holdback Period, the restrictions imposed by this paragraph 2
shall continue to apply until the expiration of the 18-day period beginning on
the issuance of the earnings release or the occurrence of the material news or
material event; provided, however, that this sentence shall not apply if any
research published or distributed by any underwriter of the Company would be
compliant under Rule 139 of the Securities Act and the Company's securities are
actively traded as defined in Rule 101(c)(1) of Regulation M of the Exchange
Act. The Stockholders hereby authorize the Company during the term of this
letter agreement to cause any transfer agent for the Stockholder Shares to
decline to transfer, and to note stop transfer restrictions on the stock
register and other records relating to, the Stockholder Shares for which the
Stockholders are the record holders and, in the case of the Stockholder Shares
for which the Stockholders are the beneficial but not the record holder, agrees
during the term of this letter agreement to cause the record holder to cause the
relevant transfer agent to decline to transfer, and to note stop transfer
restrictions on the stock register and other records relating to, such
Stockholder Shares, in each case if the Company reasonably determines in good
faith that such Transfer would, if made, be inconsistent with paragraph 1 of
this letter agreement.

     3. Definition of Transfer. For all purposes of this letter agreement,
"Transfer" shall mean (i) any sale, offer to sell, transfer, assignment,
exchange, redemption, hypothecation, grant of an option to purchase or acquire
and any other disposition of any securities; (ii) establishing or increasing a
put equivalent position or liquidating or decreasing a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder, with respect to
any securities; and (iii) entering into any swap, derivative or other
transaction or arrangement that transfers to another, in whole or in part, any
economic consequences of ownership of any securities, whether any such
transaction is to be settled by delivery of such securities or other securities,
in cash or otherwise; provided, however, that the term "Transfer" shall not mean
any (a) Transfer to a Permitted Transferee in accordance with the terms of the
Registration Rights Agreement or (b) bona fide pledge, assignment or grant of a
security interest in any of the Stockholder Shares or any other bona fide
pledge, assignment or grant of a security interest in any of the Stockholder
Shares.

<PAGE>

     4. Authority. The Stockholders hereby severally, but not jointly, represent
and warrant that they have full power and authority to enter into this Agreement
and will execute any additional documents necessary in connection with
enforcement hereof.

     5. Term. This letter agreement shall automatically expire and be of no
further force and effect one (1) year after the date of the Registration Rights
Agreement.

     6. Counterparts. This letter agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute a single original instrument.

     7. Incorporation of Miscellaneous Provisions of the Registration Rights
Agreement. The provisions of Sections 12.2, 12.3 and 12.6 through 12.10 of the
Registration Rights Agreement are hereby incorporated by reference into this
letter agreement as if set forth at length herein.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

     If the terms of this Lock-Up Letter Agreement reflect your understanding of
our agreements with respect to its subject matter, please indicate your
agreement and acceptance of the same by countersigning this letter agreement in
the space below and returning the signed copy to the Company.

                                        Yours very truly,

                                        CNL HOTELS & RESORTS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

Accepted and agreed as of the date
first written above:

---------------------------------
[Stockholder]<PAGE>
                                                                  Exhibit 10.5

                                    EXHIBIT D

                      FORM OF PLEDGE AND SECURITY AGREEMENT
<PAGE>

                      FORM OF PLEDGE AND SECURITY AGREEMENT

          THIS PLEDGE AND SECURITY AGREEMENT (this "Agreement") is entered into
as of _______, 2006 by and among CNL REAL ESTATE GROUP, INC., a Florida
corporation ("CREG"), JAMES M. SENEFF, JR., a resident of the State of Florida,
ROBERT A. BOURNE, a resident of the State of Florida, C. BRIAN STRICKLAND, a
resident of the State of Florida, THOMAS J. HUTCHISON, III, a resident of the
State of Florida, JOHN A. GRISWOLD, a resident of the State of Florida, BARRY
A.N. BLOOM, a resident of the State of Florida, and MARCEL VERBAAS, a resident
of the State of Florida (each of the foregoing parties are referred to
individually herein as an "Individual Pledgor," and collectively, "Pledgors"),
CNL HOTELS & RESORTS, INC., a Maryland corporation ("CHR"), and CNL HOTELS &
RESORTS ACQUISITION, LLC, a Florida limited liability company (together with CHR
and their successors and assigns, "Secured Parties").

          WHEREAS, Secured Parties and Pledgors, among other parties, have
entered into an Amended and Restated Agreement and Plan of Merger, entered into
as of April 3, 2006 (the "Merger Agreement"), pursuant to which Pledgors have
agreed, on a several basis, to indemnify Secured Parties on the terms and
conditions set forth in the Merger Agreement;

          WHEREAS, pursuant to Section 8.20 of the Merger Agreement, Pledgors
are required to execute and deliver this Agreement and to pledge and grant a
continuing security interest in the Collateral (as defined herein) as additional
security for the Secured Obligations (as defined herein); and

          WHEREAS, all capitalized terms used herein which are not herein
defined shall have the meanings ascribed to them in the Merger Agreement.

          NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

1.   DEFINITIONS

          For the purposes of this Agreement:

          (a) "Collateral" means (i) an aggregate of 750,000 common shares, $.01
par value per share, of CHR owned by Pledgors ("Stock") in the proportions set
forth on Schedule A on the date hereof, (ii) any dividends or distributions,
distributions in property, returns of capital or other distributions made on or
with respect to any of the foregoing shares, and (iii) all proceeds of the
foregoing.

          (b) "Event of Default" means (i) any failure by an Individual Pledgor
to fully and punctually pay or perform one or more of its obligations pursuant
to Section 9.8 or Article 12 of the Merger Agreement (collectively, the "Secured
Obligations"), as determined by at least a majority of all of CHR's
disinterested directors who are non-employee directors, regardless of whether
either of the Secured Parties has exercised its rights under Section 13.2 of the
Merger Agreement, (ii) the unenforceability of Secured Parties' security
interest in the Collateral with

<PAGE>

the priority set forth herein for any reason whatsoever, or (iii) any breach by
an Individual Pledgor of any of its obligations under this Agreement that is not
cured within five (5) business days after such Individual Pledgor's receipt of
Secured Parties' written notice thereof.

2.   PLEDGE OF COLLATERAL

          (a) As additional security for the payment and performance by Pledgors
of all of the Secured Obligations and all of their obligations under this
Agreement, each Individual Pledgor hereby pledges, assigns and grants to Secured
Parties a first priority security interest in all of its or his right, title and
interest in and to the Collateral and the proceeds thereof (the "Pledge").

          (b) In the event the shares of Stock included in the Collateral are
certificated:

               (i) simultaneously with the execution and delivery of this
Agreement, each Individual Pledgor is delivering to Secured Parties certificates
representing the shares of Collateral described in clause (i) of Section 1(a)
and according to the listing of shares of Collateral set forth in the attached
Schedule A, and will deliver to Secured Parties all certificates relating to the
Collateral described in clause (ii) of Section 1(a) within five (5) days after
each Individual Pledgor's acquisition thereof, all of which certificates shall
be registered in the name of the appropriate Individual Pledgor, duly endorsed
in blank or accompanied by stock powers duly executed by the appropriate
Individual Pledgor in blank, together with any documentary tax stamps and any
other documents necessary to cause Secured Parties to have a good, valid and
perfected first pledge of, lien on and security interest in the Collateral, free
and clear of any mortgage, pledge, lien, security interest, hypothecation,
assignment, charge, right, encumbrance or restriction (individually,
"Encumbrance," and collectively, "Encumbrances"), but subject to restrictions
set forth in state and federal securities laws or restrictions set forth in the
Registration Rights Agreement and accompanying Lock-Up Agreement executed in
connection with the Closing (as defined in the Merger Agreement). At any time
following an Event of Default, any or all of the shares of the Collateral held
by Secured Parties hereunder may, at the option of Secured Parties exercised in
accordance with Sections 3(b) and 5(c), be registered in the names of Secured
Parties or in the name of their nominee; and

               (ii) Secured Parties hereby confirm receipt of the certificates
representing the Collateral described in clause (i) of Section 1(a) and agree to
hold such certificates in accordance with the terms of this Agreement.

          (c) In the event the shares of Stock included in the Collateral are
uncertificated, each Individual Pledgor agrees to take such actions and execute,
deliver and file such instruments and documents, including without limitation,
one or more financing statements, as the Secured Parties may request to perfect
the Secured Parties' interest in the Collateral pursuant to this Agreement.

3.   RIGHTS OF PLEDGORS WITH RESPECT TO THE COLLATERAL

          (a) So long as no Event of Default shall have occurred and be
continuing:

                                      -2-

<PAGE>

               (i) Each Individual Pledgor shall be entitled to exercise any and
all voting and/or consensual rights and powers relating or pertaining to such
Individual Pledgor's portion of the Collateral, subject to the terms hereof,
including any and all rights under the Registration Rights Agreement.

               (ii) Each Individual Pledgor shall be entitled to receive and
retain cash dividends or distributions payable on such Individual Pledgor's
portion of the Collateral; provided, however, that all other dividends or
distributions (including, without limitation, stock and liquidating dividends or
distributions), distributions in property, returns of capital and other
distributions made on or in respect of the Collateral, whether resulting from a
subdivision, combination or reclassification of the outstanding capital stock of
CHR or received in exchange for the Collateral or any part thereof or as a
result of any merger, consolidation, acquisition or other exchange of assets to
which CHR may be a party or otherwise, and any and all cash and other property
received in exchange for or redemption of any of the Collateral, shall be
retained by Secured Parties, or, if delivered to Pledgors, shall be held in
trust for the benefit of Secured Parties and forthwith delivered to Secured
Parties within five (5) days of the acquisition thereof and shall be considered
as part of the Collateral for all purposes of this Agreement.

               (iii) Secured Parties shall execute and deliver (or cause to be
executed and delivered) to Pledgors all such proxies, powers of attorney,
dividend or distribution orders, and other instruments as Pledgors may
reasonably request for the purpose of enabling each Individual Pledgor to
exercise its or his voting and/or consensual rights and powers which such
Individual Pledgor is entitled to exercise pursuant to Section 3(a)(i) above
and/or to receive the dividends or distributions which such Individual Pledgor
is authorized to receive and retain pursuant to Section 3(a)(ii), and each
Individual Pledgor shall execute and deliver to Secured Parties such instruments
as may be required or may be requested by Secured Parties to enable Secured
Parties to receive and retain the dividends or distributions, distributions in
property, returns of capital and other distributions it is authorized to receive
and retain pursuant to Section 3(a)(ii).

          (b) Upon the occurrence and during the continuance of an Event of
Default, all rights of each Individual Pledgor to exercise the voting and/or
consensual rights and powers which such Individual Pledgor is entitled to
exercise pursuant to Section 3(a)(i) and/or to receive the dividends or
distributions which such Individual Pledgor is authorized to receive and retain
pursuant to Section 3(a)(ii) shall cease, at the option of Secured Parties, on
not less than one (1) day's written notice to Pledgors, and all such rights
shall thereupon become vested in Secured Parties, who shall have the sole and
exclusive right and authority to exercise such voting and/or consensual rights
and powers and/or to receive and retain such dividends or distributions. In such
case, each Individual Pledgor shall execute and deliver such documents as
Secured Parties may request to enable Secured Parties to exercise such rights
and receive such dividends or distributions. In addition, Secured Parties are
hereby appointed the attorney-in-fact of each Individual Pledgor, with full
power of substitution, which appointment as attorney-in-fact is irrevocable and
coupled with an interest, to take all such actions after the occurrence and
during the continuance of an Event of Default, whether in the name of Secured
Parties or an Individual Pledgor, as Secured Parties may consider necessary or
desirable for the purpose of exercising such rights and receiving such dividends
or distributions. Any and all money and other property paid over to or received
by Secured Parties pursuant to the provisions of this Section 3(b) shall

                                      -3-

<PAGE>

be retained by Secured Parties as part of the Collateral and shall be applied in
accordance with the provisions hereof.

4.   SUBSTITUTION OF COLLATERAL

          Provided that no Event of Default shall then have occurred and be
continuing, any Individual Pledgor may at any time propose that Secured Parties
accept substitute collateral and/or credit support (e.g., an irrevocable standby
letter of credit) in lieu of any of such Individual Pledgor's portion of the
Collateral as may be specified in writing by such Individual Pledgor. If, in the
sole judgment of Secured Parties, such proposed substitute collateral or credit
support (hereinafter referred to as "Replacement Assurances") is satisfactory in
form and comfort to Secured Parties and affords Secured Parties protection at
least equivalent to the protection afforded by such Individual Pledgor's portion
of the Collateral, then the Individual Pledgor and Secured Parties shall
cooperate, at the Individual Pledgor's sole cost and expense, to effect the
substitution of such Replacement Assurances for such Individual Pledgor's
portion of the Collateral, including (i) the preparation, execution, delivery
and filing of such agreements and other documents as may be requested by Secured
Parties in order to create and perfect in favor of Secured Parties a perfected
first-priority security interest in the proposed substitute collateral and/or to
establish Secured Parties' recourse to the proposed credit support, and (ii)
execution and delivery of such documents as may be necessary to release the
Secured Parties' security interest in such Collateral.

5.   REMEDIES OF DEFAULT

          (a) If at any time an Event of Default shall have occurred and be
continuing, then, in addition to having the right to exercise any right or
remedy of a secured party upon default under the Uniform Commercial Code as then
in effect in the jurisdiction in which the Collateral is held by Secured Parties
and the right to exercise any right or remedy of Secured Parties under the
Merger Agreement or otherwise, Secured Parties shall, to the extent permitted by
law, without being required to give any notice to Pledgors except as provided
below:

               (i) Apply any cash held by them hereunder in the manner provided
in Section 5(g);

               (ii) If there shall be no such cash or if the cash so applied
shall be insufficient to pay in full the items specified in Sections 5(g)(i) and
(ii), collect, receive, appropriate and realize upon the Collateral or any part
thereof, and/or sell, assign, contract to sell or otherwise dispose of and
deliver the Collateral or any part thereof, in its entirety or in portions, at
public or private sale or at any broker's board, on any securities exchange or
at any of Secured Parties' places of business or elsewhere, for cash, upon
credit or for future delivery, and at such price or prices as Secured Parties
may deem best, and Secured Parties may (except as otherwise provided by law) be
the purchaser of any or all of the Collateral so sold and thereafter may hold
the same, absolutely, free from any right or claim of whatsoever kind, but shall
in each case be subject to the terms and conditions of the Lock-Up Agreement;
and

               (iii) Upon the occurrence of an Event of Default, Secured Parties
or their nominee shall have the right, upon not less than one (1) day's notice
to Pledgors, to exercise

                                      -4-

<PAGE>

any and all rights of conversion, exchange, subscription or any other rights,
privileges or options pertaining to any shares of the Collateral as if it were
the absolute owner thereof, including, without limitation, the right to
exchange, at their discretion, any or all of the Collateral upon the merger,
consolidation, reorganization, recapitalization or other readjustment of CHR, or
upon the exercise by CHR of any right, privilege or option pertaining to any
such shares of the Collateral, and, in connection therewith, to deposit and
deliver any and all of the Collateral with any committee, depository, transfer
agent, registrar or other designated agency upon such terms and conditions as
Secured Parties may determine.

          (b) In the event of a sale as aforesaid, Secured Parties are
authorized to, at any such sale, if they deem it advisable to do so, restrict
the number of prospective bidders or purchasers and/or further restrict such
prospective bidders or purchasers to persons who will represent and agree that
they meet such suitability standards as Secured Parties may deem appropriate,
are purchasing for their own account, for investment, and not with a view to the
distribution or resale of the Collateral, and may otherwise require that such
sale be conducted subject to restrictions as to such other matters as Secured
Parties may deem necessary in order that such sale may be effected in such
manner as to comply with all applicable state and federal securities laws. Upon
any such sale, Secured Parties shall have the right to deliver, assign and
transfer to the purchaser thereof the Collateral so sold.

          (c) Notwithstanding anything to the contrary contained herein, in the
event Secured Parties exercise any of their remedies hereunder against any
portion of the Collateral representing less than all of the Collateral, Secured
Parties agree to do so on a pro-rata basis according to each Individual
Pledgor's proportionate share of the Collateral.

          (d) (i) Pledgors hereby acknowledge that, notwithstanding that a
higher price might be obtained for the Collateral at a public sale than at a
private sale or sales, the making of a public sale of the Collateral may be
subject to registration requirements under applicable securities laws and
similar other legal restrictions, compliance with which would require such
actions on the part of Pledgors, would entail such expenses, and would subject
Secured Parties, any underwriter through whom the Collateral may be sold and any
controlling person of any of the foregoing to such liabilities, as would make a
public sale of the Collateral impractical or inadvisable. Accordingly, Pledgors
hereby agree that private sales made by Secured Parties in good faith in
accordance with the provisions of Sections 5(a) or (b) may be at prices and on
other terms less favorable to the seller than if the Collateral were sold at
public sale, and that Secured Parties shall not have any obligation to take any
steps in order to permit the Collateral to be sold at public sale, a private
sale being considered or deemed to be a sale in a commercially reasonable
manner.

               (ii) Each purchaser at any such sale shall hold the property
sold, absolutely, free from any claim or right of whatsoever kind, including any
equity or right of redemption of any Individual Pledgor, each of whom hereby
specifically waives all rights of redemption, stay or appraisal which any
Individual Pledgor has or may have under any rule of law or statute now existing
or hereafter adopted. Secured Parties shall give Pledgors not less than five (5)
days' written notice of its intention to make any such public or private sale.
Such notice, in case of a public sale, shall state the time and place fixed for
such sale, and, in case of a sale at broker's board, on a securities exchange,
at one or more of Secured Parties' places of

                                      -5-

<PAGE>

business or elsewhere, shall state the board, exchange or other location at
which such sale is to be made and the day on which the Collateral, or that
portion thereof so being sold, will first be offered for sale at such location.
Such notice, in case of a private sale, shall state only the date on or after
which such sale may be made. Any such notice given as aforesaid shall be deemed
to be reasonable notification. Notwithstanding the above, all sales of the
Collateral shall be subject to applicable state and federal securities laws.

               (iii) Any such public sale shall be held at such time or times
within ordinary business hours and at such place or places as Secured Parties
may fix in the notice of such sale. At any sale the Collateral may be sold in
one lot as an entirety or in parts, as Secured Parties may determine, but in all
cases subject to Section 5(c). Secured Parties shall not be obligated to make
any sale pursuant to any such notice. Secured Parties may, without notice or
publication, adjourn any sale or cause the same to be adjourned from time to
time by announcement at the time and place fixed for the sale, and such sale may
be made at any time or place to which the same may be so adjourned. In case of
any sale of all or any part of the Collateral on credit or for future delivery,
the Collateral so sold may be retained by Secured Parties until the selling
price is paid by the purchaser thereof, but Secured Parties shall not incur any
liability in case of the failure of such purchaser to take up and pay for the
Collateral so sold and, in case of any such failure, such Collateral may again
be sold upon like notice.

               (iv) On any sale of the Collateral, Secured Parties are hereby
authorized to comply with any limitation or restriction in connection with such
sale that it may be advised by counsel is necessary in order to avoid any
violation of applicable law or in order to obtain any required approval of the
purchaser or purchasers by any governmental regulatory authority or officer or
court.

               (v) Subject to Section 5(c), it is expressly understood and
agreed by Pledgors that Secured Parties may proceed against all or any portion
or portions of the Collateral and all other collateral securing the Secured
Obligations in such order and at such time as Secured Parties, in their sole
discretion, see fit, and Pledgors hereby expressly waive any rights under the
doctrine of marshalling of assets.

               (vi) Compliance with the foregoing procedures shall result in
such sale or disposition being considered or deemed to have been made in a
commercially reasonable manner.

          (e) Secured Parties, instead of exercising the power of sale herein
conferred upon them, may proceed by a suit or suits at law or in equity to
foreclose their lien or security interest arising from this Agreement and sell
the Collateral, or any portion thereof in a manner consistent with Section 5(c),
under a judgment or decree of a court or courts of competent jurisdiction.

          (f) Each of the rights, powers, and remedies provided herein or now or
hereafter existing at law or in equity or by statute or otherwise shall be
cumulative and concurrent and shall be in addition to every other right, power
or remedy provided for herein or therein or now or hereafter existing at law or
in equity or by statute or otherwise. The exercise of any such right, power or
remedy shall not preclude the simultaneous or later exercise of any or

                                       -6-

<PAGE>

all other such rights, powers or remedies, including under the Merger Agreement,
except there shall be no duplication of recovery. No notice to or demand on
Pledgors in any case shall entitle Pledgors to any other notice or demand in
similar or other circumstances.

          (g) The proceeds of any collection, recovery, receipt, appropriation,
realization or sale as aforesaid shall be applied by Secured Parties in the
following order:

               (i) First, to the payment of all costs and expenses of every kind
incurred by Secured Parties in connection therewith or incidental to the care,
safekeeping or otherwise of any of the Collateral, including, without
limitation, reasonable attorneys' fees and expenses;

               (ii) Second, to the payment of all other Secured Obligations; and

               (iii) Finally, to the payment to Pledgors of any surplus then
remaining from such proceeds unless otherwise required by law or directed by a
court of competent jurisdiction. The payment of any such surplus to Pledgors
shall be made in proportion to each Individual Pledgor's share of the
Collateral.

6.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGORS

          (a) Each Individual Pledgor, severally, but not jointly, represents,
warrants and covenants that:

               (i) CREG is a corporation duly incorporated, validly existing and
in good standing under the laws of the State of Florida and has the full legal
power and authority to own the Collateral.

               (ii) Each Individual Pledgor has all requisite capacity, power
and authority, being under no legal restriction, limitation or disability, to
own the Collateral.

               (iii) Each Individual Pledgor has full power and authority to
execute and deliver this Agreement and to perform its or his obligations
hereunder. The execution, and delivery of this Agreement has been duly and
validly authorized by the Board of Directors of CREG. No other corporate
proceedings on the part of CREG are necessary to authorize the consummation of
the transactions contemplated hereby on behalf of CREG. This Agreement has been
duly and validly executed and delivered by each Individual Pledgor and
constitutes the valid and legally binding obligation of each Individual Pledgor,
enforceable against each Individual Pledgor in accordance with its terms and
conditions. No consents, approvals, orders or authorizations of, or
registration, declaration or filing with, any government or governmental agency
is required by or with respect to any Individual Pledgor in connection with the
execution and delivery of this Agreement or the consummation of the transactions
contemplated hereby.

               (iv) Each Individual Pledgor is or, with respect to the
Collateral described in clause (ii) of Section 1(a), not later than the time of
each Individual Pledgor's acquisition thereof will be, the direct record and
beneficial owner of each share of the Individual Pledgor's portion of the
Collateral. Each Individual Pledgor has and will have good, valid and

                                       -7-

<PAGE>

marketable title thereto, free and clear of all Encumbrances other than the
security interest created by this Agreement.

               (v) The Collateral is and will be duly and validly pledged to
Secured Parties in accordance with law, and Secured Parties have a good, valid,
and perfected first lien on and security interest in the Collateral and the
proceeds thereof.

               (vi) Neither the execution and the delivery of this Agreement,
nor the consummation of the transactions contemplated hereby, by Pledgors, will
(A) violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge, or other restriction of any government,
governmental agency, or court to which any Individual Pledgor is subject or any
provision of its articles of incorporation, certificate of formation, by-laws,
limited liability company agreement or other organizational documents, as
applicable, or (B) result in a breach of, constitute a default under, result in
the acceleration of, create in any person the right to accelerate, terminate,
modify, or cancel, or require any notice under any agreement, contract, lease,
license, instrument, or other arrangement to which any Individual Pledgor is a
party or by which it or he is bound or to which any of its or his assets is
subject.

               (vii) There is no action, claim, suit, proceeding or
investigation pending, or to the knowledge of Pledgors, threatened or reasonably
anticipated, against or affecting any Individual Pledgor, this Agreement, or the
transactions contemplated hereby, before or by any court, arbitrator or
governmental authority which might adversely affect any Individual Pledgor's
ability to perform its obligations under this Agreement or might adversely
affect the value of the Collateral.

          (b) Until all Secured Obligations have been paid and performed in full
or until all of the Collateral is returned to Pledgors pursuant to Section 8
hereof, Pledgors hereby covenant that, unless Secured Parties otherwise consent
in advance in writing:

               (i) Each Individual Pledgor shall (A) at the request of Secured
Parties, execute, deliver and file any and all financing statements,
continuation statements, stock powers, instruments, and other documents
necessary or desirable, in Secured Parties' opinion, to create, perfect,
preserve, validate or otherwise protect the pledge of the Collateral to Secured
Parties and Secured Parties' lien on and security interest in the Collateral and
the first priority thereof, (B) maintain or cause to be maintained at all times
the pledge of the Collateral to Secured Parties and Secured Parties' lien on and
security interest in the Collateral and the first priority thereof, and (C)
defend the Collateral and Secured Parties' lien on and security interest therein
and the first priority thereof against all claims and demands of all persons at
any time claiming the same or any interest therein adverse to Secured Parties,
and pay pro rata all costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) in connection with such defense.

               (ii) No Individual Pledgor shall sell, transfer, pledge, assign
or otherwise dispose of any of the Collateral or any interest therein, and no
Individual Pledgor shall create, incur, assume or suffer to exist any
Encumbrance with respect to such Individual Pledgor's portion of the Collateral
or any interest therein (except pursuant hereto).

                                       -8-

<PAGE>

               (iii) No Individual Pledgor shall take any action in connection
with the Collateral or otherwise which would impair the value of the interests
or rights of such Individual Pledgor therein or which would impair the interests
or rights of Secured Parties therein or with respect thereto.

7.   RESPONSIBILITIES OF SECURED PARTIES IN POSSESSION OF THE COLLATERAL

          (a) Secured Parties shall have no duty with respect to the Collateral
other than the duty to use reasonable care in the custody and preservation of
the Collateral.

          (b) Secured Parties shall be protected in acting upon any written
notice, request, waiver, consent, certificate, receipt, authorization, power of
attorney or other paper or document which Secured Parties in good faith believe
to be genuine.

8.   RETURN OF COLLATERAL

          Upon the later of (i) the fourth (4th) anniversary of the date first
written above or (ii) the resolution of all Events of Default or CHP Indemnity
Claims asserted prior to the date set forth in the immediately preceding clause
(i), if any, this Agreement shall terminate and the Collateral then held by
Secured Parties shall promptly be returned to Pledgors at the address of
Pledgors set forth herein or at such other address as Pledgors may direct in
writing. Secured Parties shall not be deemed to have made any representation or
warranty with respect to any Collateral so returned, except that such Collateral
is free and clear, on the date of such return, of any and all liens, charges and
encumbrances arising from Secured Parties' own acts.

9.   ADDITIONAL ACTIONS AND DOCUMENTS

          Each Individual Pledgor hereby agrees to take or cause to be taken
such further actions (including, without limitation, the delivery of
certificates for all of CHR's shares hereafter acquired by such Pledgor), to
execute, deliver and file or cause to be executed, delivered and filed such
further documents and instruments, and to obtain such consents as may be
necessary or desirable, in the opinion of Secured Parties, in order to fully
effectuate the purposes, terms and conditions of this Agreement, whether before,
at or after the occurrence of an Event of Default.

10.  SURVIVAL

          It is the express intention and agreement of the parties hereto that
all covenants, agreements, statements, representations, warranties and
indemnities made by Pledgors herein shall survive the execution and delivery of
this Agreement.

11.  ENTIRE AGREEMENT

          This Agreement and the Merger Agreement constitutes the entire
agreement between the parties hereto and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral.

                                       -9-

<PAGE>

12.  NOTICES

          All notices, demands, requests, claims and other communications
hereunder will be in writing. Any notice, demand, request, claim or other
communication hereunder shall be deemed duly given if (and then effective three
business days after) it is sent by registered or certified mail, return receipt
requested, postage prepaid, and addressed to the intended recipient as set forth
below:

          If to an Individual Pledgor:

               c/o James M. Seneff, Jr.
               CNL Center at City Commons
               450 South Orange Avenue, 14th Floor
               Orlando, Florida 32801
               Telecopy: (407) 650-1011

               With copy to:

               Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
               450 South Orange Avenue, Suite 800
               Orlando, Florida 32801
               Attn: Richard Davidson, Esq.
               Telecopy: (407) 843-4444

          If to Secured Parties:

               Audit Committee of the Board of Directors
               CNL Hotels & Resorts, Inc.
               CNL Center II at City Commons
               420 South Orange Avenue
               Orlando, Florida 32801
               Telecopy: (407) 835-3229
               Attn: Chairman of the Audit Committee

               With copy to:

               Greenberg Traurig, LLP
               The MetLife Building
               200 Park Avenue
               New York, NY 10166
               Attn: Judith D. Fryer, Esq.
               Telecopy: (212) 801-6400

               Hogan & Hartson L.L.P.
               555 Thirteenth Street, N.W.
               Washington, D.C. 20004
               Attn: J. Warren Gorrell, Jr., Esq.
               Telecopy: (202) 637-5910

                                      -10-

<PAGE>

          Any party hereto may send any notice, demand, request, claim, or other
communication hereunder to the intended recipient at the address set forth above
using any other means (including personal delivery, expedited courier, messenger
service, telecopy, ordinary mail, or electronic mail), but no such notice,
demand, request, claim, or other communication shall be deemed to have been duly
given unless and until it actually is received by the intended recipient. Any
party hereto may change the address to which notices, requests, demands, claims,
and other communications hereunder are to be delivered by giving the other
parties hereto notice in the manner herein set forth.

13.  AMENDMENT AND WAIVERS

          This Agreement may not be amended except by an instrument in writing
signed by the parties hereto. No waiver by any party hereto of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, shall be deemed to extend to any prior or subsequent
default, misrepresentation, or breach of warranty or covenant hereunder or
affect in any way any rights arising by virtue of any prior or subsequent such
occurrence. No delay or failure on the part of Secured Parties in exercising any
right, power or privilege under this Agreement or under any other instruments
given in connection with or pursuant to this Agreement shall impair any such
right, power or privilege or be construed as a waiver of any default or any
acquiescence therein. No single or partial exercise of any such right, power or
privilege shall preclude the further exercise of such right, power or privilege,
or the exercise of any other right, power or privilege. No waiver shall be valid
against any party hereto unless made in writing and signed by such party, as the
case may be, and then only to the extent expressly specified therein.

14.  SUCCESSION AND ASSIGNMENT

          This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and permitted assigns. This
Agreement may not be assigned by any Individual Pledgor without the prior
written consent of CHR or by a Secured Party without the prior written consent
of CREG.

15.  SEVERABILITY

          Any term or provision of this Agreement or any other agreement,
document or writing given pursuant to or in connection with this Agreement that
is invalid or unenforceable in any situation in any jurisdiction shall not
affect the validity or enforceability of the remaining terms and provisions
hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction.

16.  GOVERNING LAW

          THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE DOMESTIC LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE
OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY
OTHER JURISDICTION)

                                      -11-

<PAGE>

THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
STATE OF NEW YORK.

17.  PRONOUNS

          All pronouns and any variations thereof in this Agreement shall be
deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the person or entity may require.

18.  HEADINGS

          The section headings contained in this Agreement are inserted for
convenience only and shall not affect in any way the meaning or interpretation
of this Agreement.

19.  COUNTERPARTS

          This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together will constitute one
and the same instrument.

                  [Remainder of page intentionally left blank.]

                                      -12-

<PAGE>

          IN WITNESS WHEREOF, each of the parties hereto has duly executed and
delivered this Agreement, or has caused this Agreement to be duly executed on
its behalf, as of the day and year first above written.

                                        PLEDGORS:

                                        CNL REAL ESTATE GROUP, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        ----------------------------------------
                                        James M. Seneff, Jr.

                                        ----------------------------------------
                                        Robert A. Bourne

                                        ----------------------------------------
                                        C. Brian Strickland

                                        ----------------------------------------
                                        Thomas J. Hutchison, III

                                        ----------------------------------------
                                        John A. Griswold

                                        ----------------------------------------
                                        Barry A.N. Bloom

                                        ----------------------------------------
                                        Marcel Verbaas

                                      -13-

<PAGE>

                                        SECURED PARTIES:

                                        CNL HOTELS & RESORTS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        CNL HOTELS & RESORTS ACQUISITION, LLC

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                      -14-

<PAGE>

                                   SCHEDULE A

<TABLE>
<CAPTION>
                                                              PROPORTIONATE
          PLEDGOR             NUMBER OF SHARES PLEDGED     SHARE OF COLLATERAL
---------------------------   ------------------------   -----------------------
<S>                           <C>                        <C>
CNL Real Estate Group, Inc.          477,299.00                  63.6399%
James M. Seneff, Jr.                  56,062.00                   7.4749%
Robert A. Bourne                     100,079.00                  13.3438%
C. Brian Strickland                   31,483.00                   4.1977%
Thomas J. Hutchison, III              52,316.00                   6.9755%
John A. Griswold                      20,831.00                   2.7775%
Barry A.N. Bloom                       7,764.00                   1.0352%
Marcel Verbaas                         4,166.00                   0.5555%
                                     ----------                  -------
TOTAL:                               750,000.00                   100.00%
                                     ==========                  =======
</TABLE>

                                      -15-

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