Morgan Stanley's ( MS) real estate arm is buying a bunch of ritzy hotels and resorts.

The big Wall Street firm is paying $20.50 a share, or $6.6 billion, for CNL Hotel & Resorts, which operates the Grand Wailea Resort Hotel & Spa in Maui and the Doral Golf & Resort in Florida.

Morgan Stanley's real estate arm has been an aggressive acquirer of luxury properties in recent years.

"This acquisition is a unique opportunity to acquire eight top-quality resort properties diversified across key U.S. travel destinations," says Michael Franco, a Morgan Stanley managing director.

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