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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_be20f639-ba46-41c9-bdce-cef559baddc1_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Nonvested shares at beginning period (USD per share)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForLoanAndLeaseLossesWriteOffs" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForLoanAndLeaseLossesWriteOffs"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForLoanAndLeaseLossesWriteOffs" xlink:to="lab_us-gaap_AllowanceForLoanAndLeaseLossesWriteOffs" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AssetAcqusitionAxis_9ea6c1dd-b1d0-45f7-9823-66caee032180_terseLabel_en-US" xlink:label="lab_clny_AssetAcqusitionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acqusition [Axis]</link:label>
    <link:label id="lab_clny_AssetAcqusitionAxis_label_en-US" xlink:label="lab_clny_AssetAcqusitionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acqusition [Axis]</link:label>
    <link:label id="lab_clny_AssetAcqusitionAxis_documentation_en-US" xlink:label="lab_clny_AssetAcqusitionAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acqusition</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcqusitionAxis" xlink:href="clny-20201231.xsd#clny_AssetAcqusitionAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetAcqusitionAxis" xlink:to="lab_clny_AssetAcqusitionAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DueToAffiliatesDeferredConsideration_4ee36be9-db93-48c6-bd87-d20e49d5334f_terseLabel_en-US" xlink:label="lab_clny_DueToAffiliatesDeferredConsideration" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred consideration</link:label>
    <link:label id="lab_clny_DueToAffiliatesDeferredConsideration_label_en-US" xlink:label="lab_clny_DueToAffiliatesDeferredConsideration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Due To Affiliates, Deferred Consideration</link:label>
    <link:label id="lab_clny_DueToAffiliatesDeferredConsideration_documentation_en-US" xlink:label="lab_clny_DueToAffiliatesDeferredConsideration" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Due To Affiliates, Deferred Consideration</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DueToAffiliatesDeferredConsideration" xlink:href="clny-20201231.xsd#clny_DueToAffiliatesDeferredConsideration"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DueToAffiliatesDeferredConsideration" xlink:to="lab_clny_DueToAffiliatesDeferredConsideration" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_CapitalExpenditureReservesMember_7f8f7d71-4f16-42db-bae8-fb07067c050e_terseLabel_en-US" xlink:label="lab_clny_CapitalExpenditureReservesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital expenditures reserves</link:label>
    <link:label id="lab_clny_CapitalExpenditureReservesMember_label_en-US" xlink:label="lab_clny_CapitalExpenditureReservesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Expenditure Reserves [Member]</link:label>
    <link:label id="lab_clny_CapitalExpenditureReservesMember_documentation_en-US" xlink:label="lab_clny_CapitalExpenditureReservesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Expenditure Reserves [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_CapitalExpenditureReservesMember" xlink:href="clny-20201231.xsd#clny_CapitalExpenditureReservesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_CapitalExpenditureReservesMember" xlink:to="lab_clny_CapitalExpenditureReservesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DataBankMember_567b7022-4692-460d-affa-d3c3263dea32_terseLabel_en-US" xlink:label="lab_clny_DataBankMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">DataBank</link:label>
    <link:label id="lab_clny_DataBankMember_d30bef87-fb16-4d0e-80bc-4e8e4e36a573_verboseLabel_en-US" xlink:label="lab_clny_DataBankMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">DatabaBank</link:label>
    <link:label id="lab_clny_DataBankMember_label_en-US" xlink:label="lab_clny_DataBankMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">DataBank [Member]</link:label>
    <link:label id="lab_clny_DataBankMember_documentation_en-US" xlink:label="lab_clny_DataBankMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">DataBank [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DataBankMember" xlink:href="clny-20201231.xsd#clny_DataBankMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DataBankMember" xlink:to="lab_clny_DataBankMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TreasuryStockSharesAcquired_732b2174-b318-4621-b474-0e141da86066_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shares repurchased (in shares)</link:label>
    <link:label id="lab_us-gaap_TreasuryStockSharesAcquired_label_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Treasury Stock, Shares, Acquired</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockSharesAcquired"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockSharesAcquired" xlink:to="lab_us-gaap_TreasuryStockSharesAcquired" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonClassBMember_7d3d1ff1-342b-44eb-b51e-b80e017653cb_terseLabel_en-US" xlink:label="lab_us-gaap_CommonClassBMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class B Common Stock</link:label>
    <link:label id="lab_us-gaap_CommonClassBMember_label_en-US" xlink:label="lab_us-gaap_CommonClassBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Class B [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonClassBMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonClassBMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonClassBMember" xlink:to="lab_us-gaap_CommonClassBMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_d9fe69c1-5363-4e41-a725-9dde350d4f32_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2024</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FinanceLeaseCost_77154ff9-5912-4126-ba03-74ed3e5b2ef9_totalLabel_en-US" xlink:label="lab_clny_FinanceLeaseCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total finance lease cost</link:label>
    <link:label id="lab_clny_FinanceLeaseCost_label_en-US" xlink:label="lab_clny_FinanceLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Lease, Cost</link:label>
    <link:label id="lab_clny_FinanceLeaseCost_documentation_en-US" xlink:label="lab_clny_FinanceLeaseCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Lease, Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FinanceLeaseCost" xlink:href="clny-20201231.xsd#clny_FinanceLeaseCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FinanceLeaseCost" xlink:to="lab_clny_FinanceLeaseCost" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DiscontinuedOperationsDisposalTransactionValue_69865702-017c-4e2b-a60e-ba02fdd834ce_terseLabel_en-US" xlink:label="lab_clny_DiscontinuedOperationsDisposalTransactionValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction value</link:label>
    <link:label id="lab_clny_DiscontinuedOperationsDisposalTransactionValue_label_en-US" xlink:label="lab_clny_DiscontinuedOperationsDisposalTransactionValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discontinued Operations, Disposal, Transaction Value</link:label>
    <link:label id="lab_clny_DiscontinuedOperationsDisposalTransactionValue_documentation_en-US" xlink:label="lab_clny_DiscontinuedOperationsDisposalTransactionValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discontinued Operations, Disposal, Transaction Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DiscontinuedOperationsDisposalTransactionValue" xlink:href="clny-20201231.xsd#clny_DiscontinuedOperationsDisposalTransactionValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DiscontinuedOperationsDisposalTransactionValue" xlink:to="lab_clny_DiscontinuedOperationsDisposalTransactionValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockValue_d2a174ae-8641-405e-98da-8fe6ef65d95e_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred stock, $0.01 par value per share; $1,033,750 liquidation preference; 250,000 shares authorized; 41,350 shares issued and outstanding</link:label>
    <link:label id="lab_us-gaap_PreferredStockValue_label_en-US" xlink:label="lab_us-gaap_PreferredStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock, Value, Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockValue" xlink:to="lab_us-gaap_PreferredStockValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare_b6a60fbe-e212-4735-80a9-d8c87899c2ba_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss from discontinued operations (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:to="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BuildingMember_6b570b24-6445-4826-8ff2-070a1f2a8dda_terseLabel_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Building</link:label>
    <link:label id="lab_us-gaap_BuildingMember_label_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Building [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BuildingMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BuildingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingMember" xlink:to="lab_us-gaap_BuildingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_309d9788-0c2a-4c81-9c94-1bbc197a84f1_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Changes in accumulated other comprehensive income (loss) related to:</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_PortfolioAxis_c2aec57f-299d-4d89-b2a5-775a896ce5d1_terseLabel_en-US" xlink:label="lab_clny_PortfolioAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portfolio [Axis]</link:label>
    <link:label id="lab_clny_PortfolioAxis_label_en-US" xlink:label="lab_clny_PortfolioAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portfolio [Axis]</link:label>
    <link:label id="lab_clny_PortfolioAxis_documentation_en-US" xlink:label="lab_clny_PortfolioAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portfolio [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_PortfolioAxis" xlink:href="clny-20201231.xsd#clny_PortfolioAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PortfolioAxis" xlink:to="lab_clny_PortfolioAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations_5c158a1d-57fe-4b81-9582-c3c866ef380e_negatedLabel_en-US" xlink:label="lab_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense) on continuing operations</link:label>
    <link:label id="lab_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations_253c483c-b1ca-4e3e-9c02-aed25f1355ce_negatedTotalLabel_en-US" xlink:label="lab_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense) on continuing operations</link:label>
    <link:label id="lab_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations_label_en-US" xlink:label="lab_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Expense (Benefit), Including Discontinued Operations</link:label>
    <link:label id="lab_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations_documentation_en-US" xlink:label="lab_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Expense (Benefit), Including Discontinued Operations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:href="clny-20201231.xsd#clny_IncomeTaxExpenseBenefitIncludingDiscontinuedOperations"/>
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    <link:label id="lab_clny_CEOAndCIOMember_5404a73d-9265-45a1-8511-b1a4fc129541_terseLabel_en-US" xlink:label="lab_clny_CEOAndCIOMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CEO and CIO</link:label>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionAmountsOfTransaction_cc3e800b-2f47-4ebe-8b20-d950153f64bf_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Invested by related party</link:label>
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    <link:label id="lab_us-gaap_CostOfOtherPropertyOperatingExpense_096beb0a-c38e-42e4-a468-f94f5fe9ed7c_terseLabel_en-US" xlink:label="lab_us-gaap_CostOfOtherPropertyOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property operating expense</link:label>
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    <link:label id="lab_clny_NumberOfLendingCommitmentsOutstanding_163e75b0-cb21-4b0c-95d9-cc37323a2a87_terseLabel_en-US" xlink:label="lab_clny_NumberOfLendingCommitmentsOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of additional lending commitments outstanding to this TDR</link:label>
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    <link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock_8f639c67-24f4-4f75-8638-2c3eeb6b087d_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in Unconsolidated Ventures</link:label>
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    <link:label id="lab_clny_TransactionRelatedCosts_7ce589c3-d930-4ff0-8a26-6d614499cdd0_terseLabel_en-US" xlink:label="lab_clny_TransactionRelatedCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction costs</link:label>
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    <link:label id="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock_fcda7e0d-4174-4b5a-8f16-53ea4c129647_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Compensation</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateDelinquentPrincipalOrInterestAcquiredFromAffiliates_246806e1-d24b-482c-8942-f7aa19b4ac40_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDelinquentPrincipalOrInterestAcquiredFromAffiliates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal Amount Subject to Delinquent Principal or Interest</link:label>
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    <link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_a1cc9b98-9350-4ce1-a460-589ce9f0c24d_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized gain (loss) in earnings</link:label>
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    <link:label id="lab_clny_AOCIInEquityMethodInvestmentsMember_a50ce1cb-f8f3-4880-bf5b-3cb9068d8035_terseLabel_en-US" xlink:label="lab_clny_AOCIInEquityMethodInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company's Share in AOCI of Equity Method Investments</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsNetOfValuationAllowanceAbstract_bfa6f594-9677-427f-a0f2-fefb814dc66d_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNetOfValuationAllowanceAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred tax assets</link:label>
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    <link:label id="lab_clny_FurnitureFixturesandEquipmentNet_6b08e370-a813-4802-a1be-958eccba4622_terseLabel_en-US" xlink:label="lab_clny_FurnitureFixturesandEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, fixtures and equipment</link:label>
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_7e829882-7d40-40c4-82c0-c4973032ad2c_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-Lived Tangible Asset [Axis]</link:label>
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    <link:label id="lab_clny_FranceTwoMember_facd6800-2a9d-4f1e-91ed-71daa7f8ee77_terseLabel_en-US" xlink:label="lab_clny_FranceTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">France Two</link:label>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_e9b82a78-64cb-49de-9e34-d4846bf0a092_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Flows from Financing Activities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
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    <link:label id="lab_clny_ContinuedAndDiscontinuedOperationsDisposedOfBySaleMember_e44bacf6-74da-48b0-b839-f24e104f5a46_terseLabel_en-US" xlink:label="lab_clny_ContinuedAndDiscontinuedOperationsDisposedOfBySaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposition by Sale</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsDeferredIncome_98fbc19f-b8f3-4458-8d03-edc87f9a3fd9_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsDeferredIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred income</link:label>
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    <link:label id="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest_b256a390-4bae-488f-915b-20ecac54c017_terseLabel_en-US" xlink:label="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior management ownership percent</link:label>
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    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_827f560c-a3fb-4ace-942b-28a60a2ae17c_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2023</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year Three</link:label>
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    <link:label id="lab_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesAbstract_05cdd7c4-b5ab-46e5-a028-a8792afa1696_terseLabel_en-US" xlink:label="lab_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Cash, Other Assets And Other Liabilities [Abstract]</link:label>
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    <link:label id="lab_us-gaap_PlanNameAxis_a9743cb5-29ae-4dfc-9add-228d84118020_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Plan Name [Axis]</link:label>
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    <link:label id="lab_clny_FundsAndRetailCompaniesMember_2481f75c-0f7f-43b7-9829-44c4b2e9a445_terseLabel_en-US" xlink:label="lab_clny_FundsAndRetailCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private funds</link:label>
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    <link:label id="lab_us-gaap_IncomeLossFromContinuingOperations_9a92f6c2-f8ea-4e74-867a-2f845c3d6ded_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss from continuing operations attributable to Colony Capital, Inc.</link:label>
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    <link:label id="lab_us-gaap_Assets_30948d05-18a4-4a8f-8579-2ab7fd204b36_totalLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total assets</link:label>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_12f24e96-54bb-4016-81e1-dbf4e1b20bfa_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transactions with Affiliates</link:label>
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    <link:label id="lab_us-gaap_InterestExpenseDebt_b08b1c82-c6c7-4105-8244-9f41f3e70ee1_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest expense</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_edd72c32-60d7-4dd7-b9f0-5fd9713048f5_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Nonvested shares outstanding (in shares)</link:label>
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    <link:label id="lab_us-gaap_OtherIntangibleAssetsMember_4dc1dabc-6821-4ee5-9a2d-ec25cf64bc41_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_c76b346f-1276-4ff7-9a9f-d778adab40ab_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CMBS of consolidated fund, at fair value</link:label>
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    <link:label id="lab_us-gaap_Liabilities_91f7c77e-baf4-449b-9399-8f9c28b75819_totalLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total liabilities</link:label>
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    <link:label id="lab_us-gaap_Liabilities_7291e751-791b-4b86-96f2-b4d1a04b2c57_terseLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total liabilities of consolidated private fund</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_de7c6a2f-5102-45d0-b055-e3390e376008_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected volatility of the Company's class A common stock</link:label>
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    <link:label id="lab_us-gaap_InvestmentCompanyFinancialCommitmentToInvesteeFutureAmount_3319e366-7f43-421d-a1ca-cfce2b015af7_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentCompanyFinancialCommitmentToInvesteeFutureAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unfunded lending commitment</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfStockByClassTextBlock_5a765282-530b-4cf8-9cf8-4743884bac9b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfStockByClassTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Activity of Preferred and Common Stock</link:label>
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    <link:label id="lab_clny_OtherInvestmentVenturesMember_dbf0bdb4-8f76-4b38-8a36-aba80a9a936e_terseLabel_en-US" xlink:label="lab_clny_OtherInvestmentVenturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other investment ventures</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_b195e944-dbf5-4362-a7c4-ee5110dc55f2_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Shares [Roll Forward]</link:label>
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    <link:label id="lab_clny_AvailableForSaleSecuritiesExpectedMaturityPeriod_0dc8cbaf-1201-487f-b856-82f3ba9c9393_terseLabel_en-US" xlink:label="lab_clny_AvailableForSaleSecuritiesExpectedMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected maturity period</link:label>
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    <link:label id="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement_920b2bd6-2646-4703-b6bc-2b3a76bdc2f8_terseLabel_en-US" xlink:label="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other adjustments, net</link:label>
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    <link:label id="lab_us-gaap_MinorityInterestDecreaseFromRedemptions_8d87ea34-4b02-4b58-80d6-da7d66cb401f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromRedemptions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Redemption of OP Units for class A common stock</link:label>
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    <link:label id="lab_us-gaap_EquityMethodInvestments_75d59100-277f-4986-a1cd-9051f3cebd74_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity method investments</link:label>
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    <link:label id="lab_clny_AssetAcquisitionLand_3082e7b0-3615-49d1-b84d-6eb50d25a2bb_terseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionLand" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land</link:label>
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    <link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_22370761-8cc2-4840-b2e1-713bae480e1d_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Interest Entities</link:label>
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    <link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_ab3c7cac-5894-4ee4-a588-2791fe178ad4_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss from continuing operations before income taxes</link:label>
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    <link:label id="lab_clny_ManagementServiceOtherMember_9acd260c-3fba-42b3-856d-0f36340ac0bd_terseLabel_en-US" xlink:label="lab_clny_ManagementServiceOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other fee income ($4,541, $2,206 and $3,389 from affiliates, respectively)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_InvestmentManagementContractsMember" xlink:to="lab_clny_InvestmentManagementContractsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsForDerivativeInstrumentInvestingActivities_20ad05db-4e6a-4c72-a835-7b93f7fe3af3_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForDerivativeInstrumentInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net receipts (payments) on settlement of derivatives</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForDerivativeInstrumentInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForDerivativeInstrumentInvestingActivities"/>
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    <link:label id="lab_clny_RetailOtherEquityandDebtMember_ae64c384-0dfe-421f-92e9-340e9621d5fc_terseLabel_en-US" xlink:label="lab_clny_RetailOtherEquityandDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail - Other Equity and Debt</link:label>
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    <link:label id="lab_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield_4f51f9ff-a0e3-42af-b9cf-053158fc4457_periodStartLabel_en-US" xlink:label="lab_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Beginning accretable yield</link:label>
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    <link:label id="lab_us-gaap_LongTermDebtTextBlock_44a10c9f-f91f-4d01-85c3-ab7ac362a51b_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtTextBlock" xlink:to="lab_us-gaap_LongTermDebtTextBlock" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss_91648bc0-036d-493e-ae5c-469d250a03e9_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized loss on notional forward starting swap</link:label>
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    <link:label id="lab_clny_OtherComprehensiveIncomeLossNetForeignInvestmentHedgesGainLossNetofTax_b4edddf8-6c16-4a32-992a-89911bbd76a6_terseLabel_en-US" xlink:label="lab_clny_OtherComprehensiveIncomeLossNetForeignInvestmentHedgesGainLossNetofTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net investment hedges</link:label>
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    <link:label id="lab_clny_OtherGainLossNetMember_646f7b9b-fcc1-4ef4-9e27-246ca35a5a8f_terseLabel_en-US" xlink:label="lab_clny_OtherGainLossNetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other gain (loss), net</link:label>
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    <link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_29411c55-40f6-48bb-8587-7df528a2495c_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Liability, Statement of Financial Position [Extensible List]</link:label>
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    <link:label id="lab_us-gaap_EquitySecuritiesFvNi_53e0dc35-c66a-4c0c-8e79-bfa838abe835_verboseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesFvNi" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Marketable equity securities</link:label>
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    <link:label id="lab_dei_EntityDomain_a19aa7e5-522b-48bf-bcd7-de72877c3c86_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity [Domain]</link:label>
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    <link:label id="lab_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_40060afa-b3ec-4c8c-a4a7-64312fb56d09_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shares canceled for tax withholdings on vested stock awards</link:label>
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    <link:label id="lab_us-gaap_DerivativeForwardExchangeRate1_8a802775-3df2-4a9a-9f58-4c68f24906ca_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeForwardExchangeRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">FX Rates (in $ per unit of foreign currency)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationAdditionalDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationAdditionalDisclosuresAbstract"/>
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    <link:label id="lab_us-gaap_FinancingReceivableModificationsLineItems_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Troubled Debt Restructuring [Line Items]</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivableModificationsNumberOfContracts2_089b9dae-97ad-43f1-9ebc-b3c2b11a3ccd_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableModificationsNumberOfContracts2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of loans modified</link:label>
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_8cc65c74-0803-4c9a-a2ac-776c1e65861e_verboseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, plant and equipment, useful life</link:label>
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    <link:label id="lab_us-gaap_FairValueDisclosuresAbstract_964e67fa-e993-40fb-a838-609e6b99ff3f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Disclosures [Abstract]</link:label>
    <link:label id="lab_us-gaap_FairValueDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Disclosures [Abstract]</link:label>
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    <link:label id="lab_clny_GroundLeasesMember_7048c47b-a9c0-4eee-9a01-decaaf546ab6_terseLabel_en-US" xlink:label="lab_clny_GroundLeasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ground Leases</link:label>
    <link:label id="lab_clny_GroundLeasesMember_label_en-US" xlink:label="lab_clny_GroundLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ground Leases [Member]</link:label>
    <link:label id="lab_clny_GroundLeasesMember_documentation_en-US" xlink:label="lab_clny_GroundLeasesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ground Leases [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_GroundLeasesMember" xlink:href="clny-20201231.xsd#clny_GroundLeasesMember"/>
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    <link:label id="lab_clny_DeferredTaxLiabilitiesRightOfUseAsset_1bf9c170-aace-4424-aceb-2c85d4f051c9_terseLabel_en-US" xlink:label="lab_clny_DeferredTaxLiabilitiesRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ROU lease asset&#8212;corporate offices</link:label>
    <link:label id="lab_clny_DeferredTaxLiabilitiesRightOfUseAsset_label_en-US" xlink:label="lab_clny_DeferredTaxLiabilitiesRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Right-of-Use Asset</link:label>
    <link:label id="lab_clny_DeferredTaxLiabilitiesRightOfUseAsset_documentation_en-US" xlink:label="lab_clny_DeferredTaxLiabilitiesRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Right-of-Use Asset</link:label>
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    <link:label id="lab_clny_LTIPUnitsMember_f9aa3d8f-9174-474a-b045-93cec0aed548_terseLabel_en-US" xlink:label="lab_clny_LTIPUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">LTIP Units (1)</link:label>
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    <link:label id="lab_clny_LTIPUnitsMember_documentation_en-US" xlink:label="lab_clny_LTIPUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents information pertaining to LTIP Units.</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_11007c86-4262-4e87-bc12-4585eeee7c13_verboseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">N-Star CDO bonds, available for sale</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_5946df15-4bcb-4fb5-ac77-9cc1743e5099_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value</link:label>
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    <link:label id="lab_us-gaap_RestrictedStockMember_deda33e0-7637-4717-a178-f27a820cfc56_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock</link:label>
    <link:label id="lab_us-gaap_RestrictedStockMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockMember" xlink:to="lab_us-gaap_RestrictedStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_OtherGeographicalMember_71f0801a-bb45-4b25-a43a-43603de4cbd0_verboseLabel_en-US" xlink:label="lab_clny_OtherGeographicalMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_clny_OtherGeographicalMember_documentation_en-US" xlink:label="lab_clny_OtherGeographicalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Geographical [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_OtherGeographicalMember" xlink:href="clny-20201231.xsd#clny_OtherGeographicalMember"/>
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    <link:label id="lab_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems_0c2a9cde-1f8f-4273-a0be-c9c54f6108a7_terseLabel_en-US" xlink:label="lab_us-gaap_EntityWideInformationRevenueFromExternalCustomerLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue from External Customer [Line Items]</link:label>
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    <link:label id="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract_7440948a-c5ba-4ea2-913a-c9b50d8cab53_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionPercentageOfVotingInterestAcquired" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionPercentageOfVotingInterestAcquired"/>
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    <link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_5da4ffc1-3933-423c-b9bc-58a0e8737939_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value</link:label>
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    <link:label id="lab_us-gaap_RealEstateLineItems_f0469729-f532-4c7b-91e0-a8dc8a966f40_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Line Items]</link:label>
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    <link:label id="lab_us-gaap_InterestRateSwapMember_4fb31b32-d7f1-4935-973e-ef5bd25c7473_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest rate swaps</link:label>
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    <link:label id="lab_us-gaap_OperatingLeasedAssetsLineItems_02d81aee-1f5f-4434-975b-7b1cdc5b43f0_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Leased Assets [Line Items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasedAssetsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasedAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasedAssetsLineItems" xlink:to="lab_us-gaap_OperatingLeasedAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockLiquidationPreferenceValue_93939a40-9462-4de5-989e-a7ac057a96a2_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockLiquidationPreferenceValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred stock, liquidation preference</link:label>
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    <link:label id="lab_dei_EntityRegistrantName_487361e9-54d1-4bb9-8080-a9780f2668e3_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Registrant Name</link:label>
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    <link:label id="lab_us-gaap_SubsequentEventTypeDomain_2e17bf97-14c9-4f0a-9e17-e0af3758df5a_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
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    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_df725b2d-140d-4c1d-8182-e8f53b614562_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease, weighted average discount rate</link:label>
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    <link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_42ffebf5-deea-45eb-8053-2f1fc393b4e3_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets</link:label>
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    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationImpairment_669ac655-da5f-435b-97fa-ee2fdbd4fbcc_terseLabel_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationImpairment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment loss</link:label>
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    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAtCost_c07335fd-3fe2-4e38-9022-7cc3068b5186_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate held for investment, gross</link:label>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAtCost_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Investment Property, at Cost</link:label>
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    <link:label id="lab_us-gaap_ManagementServiceIncentiveMember_922df470-fbda-40bf-b02f-e999414e4699_terseLabel_en-US" xlink:label="lab_us-gaap_ManagementServiceIncentiveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Service, Incentive [Member]</link:label>
    <link:label id="lab_us-gaap_ManagementServiceIncentiveMember_afe96281-acc6-4e76-a998-8ca093eacea9_verboseLabel_en-US" xlink:label="lab_us-gaap_ManagementServiceIncentiveMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Incentive Fees</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ManagementServiceIncentiveMember" xlink:to="lab_us-gaap_ManagementServiceIncentiveMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DebtInstrumentConvertibleConversionOrExchangeShares_7eb0477c-bfd9-4d4f-99fa-a7d882c40a03_terseLabel_en-US" xlink:label="lab_clny_DebtInstrumentConvertibleConversionOrExchangeShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Conversion or Exchange Shares (in shares)</link:label>
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    <link:label id="lab_clny_RoyaltyRate_1175556c-100c-4e6e-9ef4-1c5c231deb4e_terseLabel_en-US" xlink:label="lab_clny_RoyaltyRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Royalty rate</link:label>
    <link:label id="lab_clny_RoyaltyRate_label_en-US" xlink:label="lab_clny_RoyaltyRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Royalty Rate</link:label>
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    <link:label id="lab_clny_AccountsReceivableAndOtherAssets_a99cc3e3-de9b-4a52-8956-b5df43dff921_terseLabel_en-US" xlink:label="lab_clny_AccountsReceivableAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other assets</link:label>
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    <link:label id="lab_us-gaap_InvestmentsAbstract_9600826a-21e8-489a-8023-b70b5c4f7340_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Investments</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLocationAxis_c959f59f-bafb-4c69-8aa1-78c8fa40053b_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Comprehensive Income Location [Axis]</link:label>
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    <link:label id="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestment_4fec8045-c7db-44c8-be13-0029c5464f84_terseLabel_en-US" xlink:label="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected life of investment</link:label>
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    <link:label id="lab_clny_AssetsofPropertiesHeldforSaleMember_ae7f983d-d024-4604-8df4-f7335de253a8_terseLabel_en-US" xlink:label="lab_clny_AssetsofPropertiesHeldforSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets Held For Sale</link:label>
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    <link:label id="lab_clny_JointVentureCommonStockContributed_2486c3e7-f5ff-486f-bcee-0040a5ec1316_terseLabel_en-US" xlink:label="lab_clny_JointVentureCommonStockContributed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock contributed</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_46f4e590-2a42-4042-88f9-d2cebb780acb_negatedLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross cumulative unrealized loss</link:label>
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    <link:label id="lab_dei_EntityAddressPostalZipCode_44b7c732-6e0e-46c4-9342-9c598de12e6d_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
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    <link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization_a7dd0d40-d589-4b0d-ba67-6b85cc10ac9c_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Depreciation and amortization</link:label>
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    <link:label id="lab_clny_ProceedsfromExcessofAccretiononNonperformingFinancingReceivable_ffa6705f-c2f4-4427-a6dc-d9c192f197fd_terseLabel_en-US" xlink:label="lab_clny_ProceedsfromExcessofAccretiononNonperformingFinancingReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash receipts in excess of accretion on purchased credit-impaired loans</link:label>
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    <link:label id="lab_clny_CertainLoansAcquiredinTransferNotAccountedforasDebtSecuritiesAccretableYieldBalanceTableTextBlock_da4bcd09-ca9c-403e-bbcd-79541ab22b10_terseLabel_en-US" xlink:label="lab_clny_CertainLoansAcquiredinTransferNotAccountedforasDebtSecuritiesAccretableYieldBalanceTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Changes in Accretable Yield for the PCI loans</link:label>
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    <link:label id="lab_clny_BaseManagementFeesMember_documentation_en-US" xlink:label="lab_clny_BaseManagementFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Base management fees.</link:label>
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    <link:label id="lab_us-gaap_DebtDefaultLongtermDebtAmount_dd5bd154-f220-41d0-a32d-64f26591c89b_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDefaultLongtermDebtAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying value of defaulted debt</link:label>
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    <link:label id="lab_clny_DataCenterInfrastructureMember_dfaf7fbc-bcca-4ec6-a8b9-e83fb20f1919_terseLabel_en-US" xlink:label="lab_clny_DataCenterInfrastructureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Data center infrastructure</link:label>
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    <link:label id="lab_clny_DataCenterInfrastructureMember_documentation_en-US" xlink:label="lab_clny_DataCenterInfrastructureMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Data Center Infrastructure [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DataCenterInfrastructureMember" xlink:to="lab_clny_DataCenterInfrastructureMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_OtherEquityAndDebtMember_702fba31-ea26-4a5f-952c-34b1bd9d95ef_terseLabel_en-US" xlink:label="lab_clny_OtherEquityAndDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_35d9150a-979f-4a01-bb27-43c8c0cbd75c_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net loss allocated to common stockholders&#8212;diluted</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets_7fa1b6ca-4b4f-4399-abad-6d7524c31836_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed assets, net</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment, Net, Excluding Capital Leased Assets</link:label>
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    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_8eda03d5-24fe-4061-944f-68bff05d93ef_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dispositions</link:label>
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    <link:label id="lab_us-gaap_CommonStockMember_938c40eb-7f62-473f-b874-16461c354b79_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Stock</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember"/>
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    <link:label id="lab_srt_ProductsAndServicesDomain_33673315-7609-45a3-b46f-264fc0ad4274_terseLabel_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Product and Service [Domain]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_ProductsAndServicesDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain"/>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_AccruedRealEstateAndOtherTaxes" xlink:href="clny-20201231.xsd#clny_AccruedRealEstateAndOtherTaxes"/>
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    <link:label id="lab_clny_AlbertsonsSafewayMember_27e1e8ec-1936-4388-aedb-e0bb5a6f734a_terseLabel_en-US" xlink:label="lab_clny_AlbertsonsSafewayMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Albertsons/Safeway</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_AlbertsonsSafewayMember" xlink:href="clny-20201231.xsd#clny_AlbertsonsSafewayMember"/>
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    <link:label id="lab_clny_PrivateFundEmergingMarketPrivateEquityMember_documentation_en-US" xlink:label="lab_clny_PrivateFundEmergingMarketPrivateEquityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private Fund, Emerging Market Private Equity [Member]</link:label>
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    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_89c27054-c427-4343-a93c-1493fedc12c4_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-Term Debt, Maturity, Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive"/>
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    <link:label id="lab_clny_PaymentsForRedemptionOfUnits_7d64ce55-724c-401a-aeb1-120f9e3626b7_negatedTerseLabel_en-US" xlink:label="lab_clny_PaymentsForRedemptionOfUnits" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Redemption of OP Units for cash</link:label>
    <link:label id="lab_clny_PaymentsForRedemptionOfUnits_label_en-US" xlink:label="lab_clny_PaymentsForRedemptionOfUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments for Redemption of Units</link:label>
    <link:label id="lab_clny_PaymentsForRedemptionOfUnits_documentation_en-US" xlink:label="lab_clny_PaymentsForRedemptionOfUnits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments for Redemption of Units</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_PaymentsForRedemptionOfUnits" xlink:href="clny-20201231.xsd#clny_PaymentsForRedemptionOfUnits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PaymentsForRedemptionOfUnits" xlink:to="lab_clny_PaymentsForRedemptionOfUnits" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_SECScheduleIIIRealEstateHeldforInvestment_89b51c8b-58a0-493d-a975-ef001b8fe388_totalLabel_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateHeldforInvestment" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule III, Real Estate, Held for Investment</link:label>
    <link:label id="lab_clny_SECScheduleIIIRealEstateHeldforInvestment_label_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateHeldforInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule III, Real Estate, Held for Investment</link:label>
    <link:label id="lab_clny_SECScheduleIIIRealEstateHeldforInvestment_documentation_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateHeldforInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule III, Real Estate, Held for Investment</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_SECScheduleIIIRealEstateHeldforInvestment" xlink:to="lab_clny_SECScheduleIIIRealEstateHeldforInvestment" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateLineItems_443d92dd-3fa9-4232-b845-bd1c355c55df_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateLineItems_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateLineItems" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateLineItems" xlink:to="lab_srt_MortgageLoansOnRealEstateLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_OtherIncomePolicyPolicyTextBlock_aee06a61-2ecb-4e55-b2f4-01f02a7a9323_terseLabel_en-US" xlink:label="lab_clny_OtherIncomePolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Income</link:label>
    <link:label id="lab_clny_OtherIncomePolicyPolicyTextBlock_label_en-US" xlink:label="lab_clny_OtherIncomePolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Income, Policy [Policy Text Block]</link:label>
    <link:label id="lab_clny_OtherIncomePolicyPolicyTextBlock_documentation_en-US" xlink:label="lab_clny_OtherIncomePolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Income, Policy</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_OtherIncomePolicyPolicyTextBlock" xlink:href="clny-20201231.xsd#clny_OtherIncomePolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_OtherIncomePolicyPolicyTextBlock" xlink:to="lab_clny_OtherIncomePolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets_9a5e0e7e-895d-4a98-843b-da71989603f7_terseLabel_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate, net</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets_label_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Real Estate Assets</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets_documentation_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Real Estate Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets" xlink:href="clny-20201231.xsd#clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets" xlink:to="lab_clny_DisposalGroupIncludingDiscontinuedOperationRealEstateAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_082d84db-9e0d-4942-a4ed-ab44dc31d3de_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Asset, Expected Amortization, Year One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_Revenues_579826c8-b4fd-4cce-83b0-458877f3f70b_totalLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total revenues</link:label>
    <link:label id="lab_us-gaap_Revenues_83e8427d-a218-421d-bca2-44b9762aff37_terseLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total revenues</link:label>
    <link:label id="lab_us-gaap_Revenues_label_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenues</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Revenues"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues" xlink:to="lab_us-gaap_Revenues" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxesPaidNet_c2a60e17-2218-4bed-a5a4-939ea88bf5ac_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash paid for income taxes, net of refunds</link:label>
    <link:label id="lab_us-gaap_IncomeTaxesPaidNet_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Taxes Paid, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxesPaidNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaidNet" xlink:to="lab_us-gaap_IncomeTaxesPaidNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PartnersCapitalAccountUnitsRedeemed_fdfbeb38-f628-469a-8110-57531d0a3807_terseLabel_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsRedeemed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OP units redeemed (in shares)</link:label>
    <link:label id="lab_us-gaap_PartnersCapitalAccountUnitsRedeemed_label_en-US" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsRedeemed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Partners' Capital Account, Units, Redeemed</link:label>
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    <link:label id="lab_us-gaap_AociAttributableToNoncontrollingInterestMember_a8ee0a0a-5abc-4fef-817e-1afaf2cec78a_verboseLabel_en-US" xlink:label="lab_us-gaap_AociAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">AOCI Attributable to Noncontrolling Interest in Investment Entities</link:label>
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    <link:label id="lab_us-gaap_EarningsPerShareDiluted_900e27aa-66a6-4d3f-b1dd-039f478b5c5c_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net loss attributable to common stockholders per common share - diluted (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareDiluted_7d3cdab6-957a-4355-a7f3-41f01b69c979_totalLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net loss attributable to common stockholders per diluted common share (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings Per Share, Diluted</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableInterestEntityLineItems_a58460b3-884e-416a-a2f3-e4110c080782_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Interest Entity [Line Items]</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityLineItems_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Interest Entity [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityLineItems" xlink:to="lab_us-gaap_VariableInterestEntityLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent_2e4b07b8-1f96-48c3-9835-387c82adbb0b_terseLabel_en-US" xlink:label="lab_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aggregate percentage of common stock</link:label>
    <link:label id="lab_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent_label_en-US" xlink:label="lab_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Warrant Or Right, Aggregate Purchase Option Amount, Percent</link:label>
    <link:label id="lab_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent_documentation_en-US" xlink:label="lab_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Warrant Or Right, Aggregate Purchase Option Amount, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent" xlink:href="clny-20201231.xsd#clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent" xlink:to="lab_clny_ClassofWarrantOrRightAggregatePurchaseOptionAmountPercent" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ResolutionOfInvestmentsReceivable_406548fc-6dca-4704-8b05-c81724f74810_terseLabel_en-US" xlink:label="lab_clny_ResolutionOfInvestmentsReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Receivables from resolution of investments</link:label>
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    <link:label id="lab_clny_ResolutionOfInvestmentsReceivable_documentation_en-US" xlink:label="lab_clny_ResolutionOfInvestmentsReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Resolution Of Investments Receivable</link:label>
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    <link:label id="lab_us-gaap_MinorityInterestLineItems_6025cfae-2c5f-42a0-bdfe-a9585f55d8e3_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest [Line Items]</link:label>
    <link:label id="lab_us-gaap_MinorityInterestLineItems_label_en-US" xlink:label="lab_us-gaap_MinorityInterestLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestLineItems" xlink:to="lab_us-gaap_MinorityInterestLineItems" xlink:type="arc" order="1"/>
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    <link:label id="lab_clny_AmortizationofAboveandBelowMarketLeasesTotal_label_en-US" xlink:label="lab_clny_AmortizationofAboveandBelowMarketLeasesTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of Above and Below Market Leases, Total</link:label>
    <link:label id="lab_clny_AmortizationofAboveandBelowMarketLeasesTotal_documentation_en-US" xlink:label="lab_clny_AmortizationofAboveandBelowMarketLeasesTotal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of Above and Below Market Leases, Total</link:label>
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    <link:label id="lab_dei_EntityAddressAddressLine1_491fde42-f57e-4ad8-91a9-2b44c8190a6a_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line One</link:label>
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    <link:label id="lab_clny_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived_d7505a31-8aed-4db9-9799-4b24953e58d9_negatedTerseLabel_en-US" xlink:label="lab_clny_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Paid-in-kind interest added to loan principal, net of interest received</link:label>
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    <link:label id="lab_clny_AmortizationOfAboveAndBelowMarketLeasesYearFive_ff1877a9-5166-4044-ad6b-47e1c2196be7_terseLabel_en-US" xlink:label="lab_clny_AmortizationOfAboveAndBelowMarketLeasesYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_AmortizationOfAboveAndBelowMarketLeasesYearFive" xlink:href="clny-20201231.xsd#clny_AmortizationOfAboveAndBelowMarketLeasesYearFive"/>
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    <link:label id="lab_clny_DeconsolidateOfSecuritizationTrustsMember_925d0594-b17a-47fa-bf77-99f8c581e440_terseLabel_en-US" xlink:label="lab_clny_DeconsolidateOfSecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of N-Star CDO</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_DeconsolidateOfSecuritizationTrustsMember" xlink:href="clny-20201231.xsd#clny_DeconsolidateOfSecuritizationTrustsMember"/>
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    <link:label id="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss_001d9920-5289-45d9-9447-0ef0d4217163_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAccruedInterestAfterAllowanceForCreditLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest receivable</link:label>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_eead106b-bc0d-4d1b-a3da-01a9894c8086_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred leasing and other intangible assets, accumulated amortization</link:label>
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    <link:label id="lab_clny_MortgageLoansonRealEstatePaidinKIndInterestAddedtoLoanPrincipal_e892b1a3-75f7-4896-b736-bceb5333d911_terseLabel_en-US" xlink:label="lab_clny_MortgageLoansonRealEstatePaidinKIndInterestAddedtoLoanPrincipal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Paid-in-kind interest added to loan principal</link:label>
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    <link:label id="lab_clny_OfficeIndustrialOtherEquityandDebtMember_918fad18-49e5-4824-834c-fe0c147a44a2_terseLabel_en-US" xlink:label="lab_clny_OfficeIndustrialOtherEquityandDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office/Industrial - Other Equity and Debt</link:label>
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    <link:label id="lab_srt_MaximumMember_fa9780ea-9223-4329-86fa-c2581051fd39_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum</link:label>
    <link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember" xlink:to="lab_srt_MaximumMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MovementInMortgageLoansOnRealEstateRollForward_016497f9-3ac9-4581-a9ef-2a1f2da9bdd2_terseLabel_en-US" xlink:label="lab_us-gaap_MovementInMortgageLoansOnRealEstateRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_163878c0-1503-4ede-901f-296812f8df50_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity-based compensation</link:label>
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    <link:label id="lab_us-gaap_DividendsCommonStockCash_7624c63d-d455-45b5-af5d-5cc2c87abd95_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStockCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock dividends declared</link:label>
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    <link:label id="lab_clny_DeferredAssetManagementFeeIncome_6644afee-e87b-4db5-bcb9-d9b3a82d8001_terseLabel_en-US" xlink:label="lab_clny_DeferredAssetManagementFeeIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred asset management fee income</link:label>
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    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpense_815646b1-1853-4dbe-a7fa-9cabf50466a2_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other gain (loss), net</link:label>
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    <link:label id="lab_us-gaap_ManagementServiceMember_label_en-US" xlink:label="lab_us-gaap_ManagementServiceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Service [Member]</link:label>
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    <link:label id="lab_us-gaap_CreditLossStatusDomain_3f78af61-2a8f-4681-af6e-73e0b54e6dba_terseLabel_en-US" xlink:label="lab_us-gaap_CreditLossStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Loss Status [Domain]</link:label>
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    <link:label id="lab_clny_AssetAcquisitionROULeaseAndOtherAssets_876723c4-a3c1-4098-8559-86e40f8a00f8_terseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionROULeaseAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ROU Lease and Other Assets</link:label>
    <link:label id="lab_clny_AssetAcquisitionROULeaseAndOtherAssets_label_en-US" xlink:label="lab_clny_AssetAcquisitionROULeaseAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, ROU Lease and Other Assets</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionROULeaseAndOtherAssets" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionROULeaseAndOtherAssets"/>
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    <link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_f49a75df-b66a-4f40-bb0f-1983d658b028_terseLabel_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segments [Axis]</link:label>
    <link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segments [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis"/>
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    <link:label id="lab_clny_ZColoColocationDataCentersMember_85331db4-9441-4068-b426-da9412765fdc_terseLabel_en-US" xlink:label="lab_clny_ZColoColocationDataCentersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">zColo Colocation Data Centers</link:label>
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    <link:label id="lab_clny_ZColoColocationDataCentersMember_documentation_en-US" xlink:label="lab_clny_ZColoColocationDataCentersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">zColo Colocation Data Centers</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_6619e52a-90e9-4ca6-bba7-0b851403b068_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Vested (USD per share)</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_1fbaf977-4db7-44b6-a39a-d87277724cce_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders</link:label>
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    <link:label id="lab_clny_NStarCDOBondsMember_9b00fce4-87c3-43c2-9b0b-dc3f3d453d8c_terseLabel_en-US" xlink:label="lab_clny_NStarCDOBondsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">N-Star CDO bonds, available for sale</link:label>
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    <link:label id="lab_us-gaap_StockRepurchasedDuringPeriodShares_1b4923b0-f454-40b9-b20a-4d6801366c65_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repurchase of common stock (in shares)</link:label>
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    <link:label id="lab_clny_DeferredLeasingCostsAndLeaseIntangibleAssetsMember_e8fcc07e-53a9-4556-b688-45b8baa8d799_terseLabel_en-US" xlink:label="lab_clny_DeferredLeasingCostsAndLeaseIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred leasing costs and lease intangible assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_RelatedPartyTransactionPercentageOfAverageInvestedAssetsReimbursableAsOperatingCosts_ab841514-19c7-4ec0-b316-d71871bf9a7f_terseLabel_en-US" xlink:label="lab_clny_RelatedPartyTransactionPercentageOfAverageInvestedAssetsReimbursableAsOperatingCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage of average invested assets reimbursable as operating costs</link:label>
    <link:label id="lab_clny_RelatedPartyTransactionPercentageOfAverageInvestedAssetsReimbursableAsOperatingCosts_label_en-US" xlink:label="lab_clny_RelatedPartyTransactionPercentageOfAverageInvestedAssetsReimbursableAsOperatingCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction, Percentage Of Average Invested Assets Reimbursable As Operating Costs</link:label>
    <link:label id="lab_clny_RelatedPartyTransactionPercentageOfAverageInvestedAssetsReimbursableAsOperatingCosts_documentation_en-US" xlink:label="lab_clny_RelatedPartyTransactionPercentageOfAverageInvestedAssetsReimbursableAsOperatingCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents the percentage of average invested assets reimbursable as operating costs.</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_RelatedPartyTransactionPercentageOfAverageInvestedAssetsReimbursableAsOperatingCosts" xlink:to="lab_clny_RelatedPartyTransactionPercentageOfAverageInvestedAssetsReimbursableAsOperatingCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_7ccbb9c3-b3b8-427c-9246-442180b18c6a_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred leasing costs and intangible assets, net</link:label>
    <link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Assets, Net (Excluding Goodwill)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsOfDebtIssuanceCosts_3a1db69b-68e2-4e9b-a6a8-9d5915e0078c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDebtIssuanceCosts" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payment of deferred financing costs</link:label>
    <link:label id="lab_us-gaap_PaymentsOfDebtIssuanceCosts_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDebtIssuanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments of Debt Issuance Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDebtIssuanceCosts" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDebtIssuanceCosts" xlink:to="lab_us-gaap_PaymentsOfDebtIssuanceCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DiscountedCashFlowsMember_11ea4d22-ddf2-490c-9419-94261e706372_terseLabel_en-US" xlink:label="lab_clny_DiscountedCashFlowsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discounted Cash Flows</link:label>
    <link:label id="lab_clny_DiscountedCashFlowsMember_label_en-US" xlink:label="lab_clny_DiscountedCashFlowsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discounted Cash Flows [Member]</link:label>
    <link:label id="lab_clny_DiscountedCashFlowsMember_documentation_en-US" xlink:label="lab_clny_DiscountedCashFlowsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discounted Cash Flows [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DiscountedCashFlowsMember" xlink:href="clny-20201231.xsd#clny_DiscountedCashFlowsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DiscountedCashFlowsMember" xlink:to="lab_clny_DiscountedCashFlowsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_HealthcareSegmentMember_09fb883b-0dc5-485a-b699-b783bd129a05_verboseLabel_en-US" xlink:label="lab_clny_HealthcareSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wellness Infrastructure</link:label>
    <link:label id="lab_clny_HealthcareSegmentMember_c57204a2-2ac3-4025-9ee0-e6ffe1210752_terseLabel_en-US" xlink:label="lab_clny_HealthcareSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wellness Infrastructure</link:label>
    <link:label id="lab_clny_HealthcareSegmentMember_label_en-US" xlink:label="lab_clny_HealthcareSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Healthcare Segment [Member]</link:label>
    <link:label id="lab_clny_HealthcareSegmentMember_documentation_en-US" xlink:label="lab_clny_HealthcareSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Healthcare Segment [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_HealthcareSegmentMember" xlink:href="clny-20201231.xsd#clny_HealthcareSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_HealthcareSegmentMember" xlink:to="lab_clny_HealthcareSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableRateAxis_30c85103-dfa2-47b9-a6e7-d5b74c6ac3c7_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:label id="lab_us-gaap_VariableRateAxis_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy_c009f012-d1da-4a3a-a137-5a28ce4a6497_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and Cash Equivalents</link:label>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:to="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherInvestments_e907352f-2ae8-4ced-b345-1e560a9caa8d_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment ventures and Private funds and non-traded REIT</link:label>
    <link:label id="lab_us-gaap_OtherInvestments_d9a55ebb-54f2-4d03-a746-3c505a1f81f1_terseLabel_en-US" xlink:label="lab_us-gaap_OtherInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CMBS of consolidated fund</link:label>
    <link:label id="lab_us-gaap_OtherInvestments_label_en-US" xlink:label="lab_us-gaap_OtherInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherInvestments" xlink:to="lab_us-gaap_OtherInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation_7ba95b37-d572-43a1-99a5-2e68f43932eb_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shares canceled for tax withholdings on vested stock awards</link:label>
    <link:label id="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement, Decrease for Tax Withholding Obligation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:to="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_02e7060e-0af0-47e0-b8ff-22a69660fb05_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repurchase of common stock</link:label>
    <link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments for Repurchase of Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate_cb416ceb-a013-4263-853d-8ac908bb3493_terseLabel_en-US" xlink:label="lab_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Potential carried interest, discount rate</link:label>
    <link:label id="lab_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate_label_en-US" xlink:label="lab_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurement, Potential Carried Interest, Discount Rate</link:label>
    <link:label id="lab_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate_documentation_en-US" xlink:label="lab_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurement, Potential Carried Interest, Discount Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate" xlink:href="clny-20201231.xsd#clny_FairValueMeasurementPotentialCarriedInterestDiscountRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate" xlink:to="lab_clny_FairValueMeasurementPotentialCarriedInterestDiscountRate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_990d038f-1840-4036-b663-eb54acf04534_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Vesting period</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_e700111f-7f68-410a-9b1a-84234760eb75_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, after Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressStateOrProvince_ad3ae54c-d2e9-42f5-b26a-9733cd616a3e_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_ef5953f1-4454-4d03-9df4-8704fb1609eb_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Vested (shares)</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:type="arc" order="1"/>
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    <link:label id="lab_clny_AssetAcquisitionsConsiderationTransferredForEquityInterests_dde6ccc5-26bc-40fd-8aa2-e99aa11f4540_terseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionsConsiderationTransferredForEquityInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total consideration for equity interest acquired</link:label>
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    <link:label id="lab_clny_RelatedPartyTransactionExpectedReimbursableDirectAndIndirectOperatingCostsPercentOfNetIncome_f421f287-8c1b-4d54-b831-1e33ab5270c1_terseLabel_en-US" xlink:label="lab_clny_RelatedPartyTransactionExpectedReimbursableDirectAndIndirectOperatingCostsPercentOfNetIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected reimbursable direct and indirect operating costs, percent of net income</link:label>
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    <link:label id="lab_us-gaap_BusinessCombinationsAbstract_bf9509ed-ea6f-40a6-a609-21de710040d2_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combinations [Abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsMember" xlink:to="lab_us-gaap_EquityMethodInvestmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ClassofWarrantorRIghtIssued_10e5dd56-bd83-4daf-92fb-0bbc443d781d_terseLabel_en-US" xlink:label="lab_clny_ClassofWarrantorRIghtIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of warrants issued</link:label>
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    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_1145ba22-31bf-4a63-97b9-b0c5037635bc_terseLabel_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Depreciation</link:label>
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    <link:label id="lab_us-gaap_SeniorNotesMember_1ca161b0-4e05-4d35-8223-451d2dfdd1a2_verboseLabel_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Convertible and Exchangeable Senior Notes</link:label>
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    <link:label id="lab_clny_ManagementFeePercentageThresholdAmount_bd1a22f6-f3fd-4359-966a-e85495beca40_terseLabel_en-US" xlink:label="lab_clny_ManagementFeePercentageThresholdAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management fee, threshold amount</link:label>
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    <link:label id="lab_srt_StatementGeographicalAxis_1b5a777b-8d9f-4c0f-8011-cdf23cf85970_terseLabel_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Geographical [Axis]</link:label>
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    <link:label id="lab_clny_PrivateInvestmentVehiclesAndOtherMember_d2d04b14-34dd-416a-a306-941017bfe6b9_terseLabel_en-US" xlink:label="lab_clny_PrivateInvestmentVehiclesAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private investment vehicles and other</link:label>
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    <link:label id="lab_us-gaap_TreasuryStockValueAcquiredCostMethod_ab6ec189-6492-4259-84ea-9774bb503fc5_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Value of shares repurchased</link:label>
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    <link:label id="lab_clny_TotalLeaseRevenueMember_4fc01837-4c64-493d-af83-5a9bab53b313_terseLabel_en-US" xlink:label="lab_clny_TotalLeaseRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lease income:</link:label>
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    <link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_cd172755-a36f-47ec-9aa4-b4944c04bcfd_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">State and local income taxes, net of federal income tax benefit</link:label>
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    <link:label id="lab_us-gaap_AssetsUnderManagementCarryingAmount_d77e8adf-d65b-47bc-a6bf-40fd4529f20f_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsUnderManagementCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets under management</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_b026eaa5-d304-49fb-a601-d4135f534ecc_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule IV - Mortgage Loans on Real Estate</link:label>
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    <link:label id="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription_d5fe15ef-f377-4f23-b018-9525603a1df8_terseLabel_en-US" xlink:label="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reclassifications</link:label>
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    <link:label id="lab_us-gaap_NetIncomeLossAbstract_cba8c644-5897-4280-8d29-f2ef46fa30e7_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net loss allocated to common stockholders</link:label>
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    <link:label id="lab_clny_EasementsMember_documentation_en-US" xlink:label="lab_clny_EasementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Easements</link:label>
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    <link:label id="lab_clny_CertainEmployeesMember_fb88b113-5e74-4e62-a3d0-18dd6c2bb903_terseLabel_en-US" xlink:label="lab_clny_CertainEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Certain Employees</link:label>
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    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_4e9e8d6c-c63c-4fb9-9d4c-127fe0b621df_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Effect, Period of Adoption [Axis]</link:label>
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    <link:label id="lab_us-gaap_FinancialAssetAcquiredWithCreditDeteriorationMember_fc37a580-63ef-472c-a827-2c17b185a5bb_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialAssetAcquiredWithCreditDeteriorationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">PCI Loans</link:label>
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    <link:label id="lab_us-gaap_CreditFacilityDomain_60c9b346-4a6d-47bb-b3f6-0d0942e6c747_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Facility [Domain]</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1_95fbcd02-e7b6-4dad-8745-6cdc12327a43_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentConvertibleConversionPrice1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Conversion or Exchange Price (in USD per share of common stock)</link:label>
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    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_287c58bf-db75-4eaf-adf9-0bdc91c7009c_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease, remaining term</link:label>
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    <link:label id="lab_clny_NetIncreaseDecreasetoRentalIncome_6b20c9d9-52b8-4b32-a94e-b9e4a3ec8b8c_terseLabel_en-US" xlink:label="lab_clny_NetIncreaseDecreasetoRentalIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net increase to rental income</link:label>
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    <link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_0e826ef3-eadd-47c9-9136-af7f481d7d3b_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income (loss) from discontinued operations</link:label>
    <link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_e2d6abc5-33eb-4a81-afbd-065ffe61e6c2_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income (loss) from discontinued operations</link:label>
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    <link:label id="lab_clny_InvestmentsOwnershipPercentageByParent_4f61877f-2ff9-49ff-ac96-5aee398d032a_terseLabel_en-US" xlink:label="lab_clny_InvestmentsOwnershipPercentageByParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company's ownership percentage</link:label>
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    <link:label id="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember_dbe9e497-cf60-49fa-aae6-b1e9a92146db_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discontinued Operations, Disposed of by Sale</link:label>
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    <link:label id="lab_us-gaap_BalanceSheetLocationAxis_b80f1392-91f4-4b83-97ce-24279dc000b9_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance Sheet Location [Axis]</link:label>
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    <link:label id="lab_clny_CorporateLoansMember_a340c414-1014-49e5-8b07-66ccedfe5398_terseLabel_en-US" xlink:label="lab_clny_CorporateLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-mortgage loans</link:label>
    <link:label id="lab_clny_CorporateLoansMember_2edeced4-17ee-45f9-ab3e-0ecb121d38bb_verboseLabel_en-US" xlink:label="lab_clny_CorporateLoansMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate loans</link:label>
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    <link:label id="lab_clny_CorporateLoansMember_documentation_en-US" xlink:label="lab_clny_CorporateLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Loans [Member]</link:label>
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    <link:label id="lab_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax_fef7a4c4-c574-46bc-ac63-3676c11cf6e2_verboseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income</link:label>
    <link:label id="lab_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax_56ccf309-af18-49f5-bca5-6fc4505396b6_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue from contract with customer</link:label>
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    <link:label id="lab_clny_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightofUseAssetsAndOtherAssets_4501dc37-8e33-46a9-806f-ce8e0dedc74b_terseLabel_en-US" xlink:label="lab_clny_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightofUseAssetsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ROU lease and other assets</link:label>
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    <link:label id="lab_dei_DocumentAnnualReport_e93ade6f-4b3a-4107-bd07-2d32421c9429_terseLabel_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Quarterly Report</link:label>
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    <link:label id="lab_us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleMember_776fc4b7-e4c4-4d51-b636-54f1f53e21cd_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsDisposedOfByMeansOtherThanSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-Sale Disposition</link:label>
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    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateForeclosures_1372fec4-f9b5-45d2-8802-4ed8147ebe36_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateForeclosures" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreclosures and other conversions to real estate</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateForeclosures" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MortgageLoansOnRealEstateForeclosures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateForeclosures" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateForeclosures" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_UnusualOrInfrequentItemMember_2ccc88f2-445e-4a61-a022-dbc3d08f444f_terseLabel_en-US" xlink:label="lab_us-gaap_UnusualOrInfrequentItemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment and fair value decline</link:label>
    <link:label id="lab_us-gaap_UnusualOrInfrequentItemMember_label_en-US" xlink:label="lab_us-gaap_UnusualOrInfrequentItemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unusual or Infrequent Item, or Both [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnusualOrInfrequentItemMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnusualOrInfrequentItemMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnusualOrInfrequentItemMember" xlink:to="lab_us-gaap_UnusualOrInfrequentItemMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_7d452417-7a3f-41f5-9936-f2ac7b504550_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated other comprehensive income</link:label>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
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    <link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_f3a2f588-257c-44b2-9a97-f239e049fa12_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Taxes</link:label>
    <link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateNumberOfLoans_423caa15-7e0f-4a97-b5d8-d9e8932813ad_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNumberOfLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Loans</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateNumberOfLoans_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNumberOfLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateNumberOfLoans" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateNumberOfLoans"/>
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    <link:label id="lab_clny_RelatedPartyTransactionExpectedReimbursableIndirectCostsPercentOfCombinedGeneralAndAdministrativeCosts_2c728921-0dcd-40d2-978c-0acfbb55bbcf_terseLabel_en-US" xlink:label="lab_clny_RelatedPartyTransactionExpectedReimbursableIndirectCostsPercentOfCombinedGeneralAndAdministrativeCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percent of combined general and administrative costs</link:label>
    <link:label id="lab_clny_RelatedPartyTransactionExpectedReimbursableIndirectCostsPercentOfCombinedGeneralAndAdministrativeCosts_label_en-US" xlink:label="lab_clny_RelatedPartyTransactionExpectedReimbursableIndirectCostsPercentOfCombinedGeneralAndAdministrativeCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction, Expected Reimbursable Indirect Costs, Percent Of Combined General And Administrative Costs</link:label>
    <link:label id="lab_clny_RelatedPartyTransactionExpectedReimbursableIndirectCostsPercentOfCombinedGeneralAndAdministrativeCosts_documentation_en-US" xlink:label="lab_clny_RelatedPartyTransactionExpectedReimbursableIndirectCostsPercentOfCombinedGeneralAndAdministrativeCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction, Expected Reimbursable Indirect Costs, Percent Of Combined General And Administrative Costs</link:label>
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    <link:label id="lab_clny_ShareRepurchasePayable_d1a51a89-f6e5-4395-8da5-f956f9d99495_terseLabel_en-US" xlink:label="lab_clny_ShareRepurchasePayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share repurchase payable</link:label>
    <link:label id="lab_clny_ShareRepurchasePayable_label_en-US" xlink:label="lab_clny_ShareRepurchasePayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Repurchase Payable</link:label>
    <link:label id="lab_clny_ShareRepurchasePayable_documentation_en-US" xlink:label="lab_clny_ShareRepurchasePayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Repurchase Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ShareRepurchasePayable" xlink:href="clny-20201231.xsd#clny_ShareRepurchasePayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_ShareRepurchasePayable" xlink:to="lab_clny_ShareRepurchasePayable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseCost_960b35c0-4f02-46b2-89a7-6f8a6fcff511_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed lease expense</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseCost_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseCost" xlink:to="lab_us-gaap_OperatingLeaseCost" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_2ffeff16-925d-498f-b4ac-4ee69b50e6e9_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities assumed in business combinations (Note 3)</link:label>
    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesAbstract_ec14bcbd-4ee8-4850-8a98-c283306b618f_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Gross [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LineOfCreditFacilityLineItems_65720369-aa27-419e-84f7-ae58da0b7691_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit Facility [Line Items]</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityLineItems_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit Facility [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityLineItems" xlink:to="lab_us-gaap_LineOfCreditFacilityLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1_431da706-d5d9-4534-a802-641a47ef548a_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance lease, remaining term</link:label>
    <link:label id="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Lease, Weighted Average Remaining Lease Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="lab_us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherNoncashIncomeExpense_801da659-aeae-4c94-b368-29a6283519d6_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other loss (gain), net</link:label>
    <link:label id="lab_us-gaap_OtherNoncashIncomeExpense_label_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Noncash Income (Expense)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoncashIncomeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNoncashIncomeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncashIncomeExpense" xlink:to="lab_us-gaap_OtherNoncashIncomeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash_d5307f0d-8a73-4a8e-a7a4-f783a98c47b1_terseLabel_en-US" xlink:label="lab_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets consolidated in real estate acquisition and foreclosure, net of cash and restricted cash</link:label>
    <link:label id="lab_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash_label_en-US" xlink:label="lab_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets Consolidated In Real Estate Acquisition, Net of Cash And Restricted Cash</link:label>
    <link:label id="lab_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash_documentation_en-US" xlink:label="lab_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets Consolidated In Real Estate Acquisition, Net of Cash And Restricted Cash</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash" xlink:href="clny-20201231.xsd#clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash" xlink:to="lab_clny_AssetsConsolidatedInRealEstateAcquisitionNetOfCashAndRestrictedCash" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_LightindustrialMember_5f952b0d-f08e-490d-a775-1b41cfc1ab7a_terseLabel_en-US" xlink:label="lab_clny_LightindustrialMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Light industrial</link:label>
    <link:label id="lab_clny_LightindustrialMember_label_en-US" xlink:label="lab_clny_LightindustrialMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Light industrial [Member]</link:label>
    <link:label id="lab_clny_LightindustrialMember_documentation_en-US" xlink:label="lab_clny_LightindustrialMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Light industrial [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_LightindustrialMember" xlink:href="clny-20201231.xsd#clny_LightindustrialMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_LightindustrialMember" xlink:to="lab_clny_LightindustrialMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife_36389bf8-26c3-40ae-b3bc-6c5acd95dca4_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful life</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Asset, Useful Life</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetUsefulLife"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment_9ada9600-1cde-4384-be10-034d45848a4a_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of loans receivable</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment" xlink:to="lab_us-gaap_ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AssetAcquisitionIntangibleLeaseLiabilities_c1b43e66-cb54-4b37-8ae0-442d047d7008_negatedTerseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionIntangibleLeaseLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt</link:label>
    <link:label id="lab_clny_AssetAcquisitionIntangibleLeaseLiabilities_label_en-US" xlink:label="lab_clny_AssetAcquisitionIntangibleLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Intangible Lease Liabilities</link:label>
    <link:label id="lab_clny_AssetAcquisitionIntangibleLeaseLiabilities_documentation_en-US" xlink:label="lab_clny_AssetAcquisitionIntangibleLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Intangible Lease Liabilities</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetAcquisitionIntangibleLeaseLiabilities" xlink:to="lab_clny_AssetAcquisitionIntangibleLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_InvestmentVehiclesMember_9fd52bc8-509b-4dc3-b9bd-9de69996e1af_verboseLabel_en-US" xlink:label="lab_clny_InvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Vehicles</link:label>
    <link:label id="lab_clny_InvestmentVehiclesMember_label_en-US" xlink:label="lab_clny_InvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Vehicles [Member]</link:label>
    <link:label id="lab_clny_InvestmentVehiclesMember_documentation_en-US" xlink:label="lab_clny_InvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Vehicles</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_InvestmentVehiclesMember" xlink:href="clny-20201231.xsd#clny_InvestmentVehiclesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_InvestmentVehiclesMember" xlink:to="lab_clny_InvestmentVehiclesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_83b5dcbe-e760-4ddf-b50f-c923397eb90b_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Available-for-sale debt securities</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
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    <link:label id="lab_clny_FixedRateMember_4adea2fa-a97a-45c2-b106-e54d05c1647e_terseLabel_en-US" xlink:label="lab_clny_FixedRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed Rate</link:label>
    <link:label id="lab_clny_FixedRateMember_label_en-US" xlink:label="lab_clny_FixedRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed Rate [Member]</link:label>
    <link:label id="lab_clny_FixedRateMember_documentation_en-US" xlink:label="lab_clny_FixedRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FixedRateMember" xlink:href="clny-20201231.xsd#clny_FixedRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FixedRateMember" xlink:to="lab_clny_FixedRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_3dcc96ad-c9c4-4ffe-b798-a185ac8b49b5_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeLeaseDescriptionTable_cb1e646f-cae3-4fd4-8099-478e33f3539f_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Lease, Description [Table]</link:label>
    <link:label id="lab_us-gaap_LesseeLeaseDescriptionTable_label_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Lease, Description [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeaseDescriptionTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeLeaseDescriptionTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeaseDescriptionTable" xlink:to="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_178db06d-9332-45cb-868d-fb54e9c2ac31_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity-Based Compensation</link:label>
    <link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AssetsHeldForSaleIncludingDiscontinuedOperations_f81f1251-1900-4cce-ba61-6e01099e6b61_terseLabel_en-US" xlink:label="lab_clny_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets held for sale</link:label>
    <link:label id="lab_clny_AssetsHeldForSaleIncludingDiscontinuedOperations_label_en-US" xlink:label="lab_clny_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets-Held-For-Sale, Including Discontinued Operations</link:label>
    <link:label id="lab_clny_AssetsHeldForSaleIncludingDiscontinuedOperations_documentation_en-US" xlink:label="lab_clny_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets-Held-For-Sale, Including Discontinued Operations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:href="clny-20201231.xsd#clny_AssetsHeldForSaleIncludingDiscontinuedOperations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:to="lab_clny_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_a6fd16f7-d42c-403a-a12b-6dd390618d7f_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">LIBOR</link:label>
    <link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TradeNamesMember_550c7059-ecc7-4642-acc5-3c4313455c27_terseLabel_en-US" xlink:label="lab_us-gaap_TradeNamesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade name</link:label>
    <link:label id="lab_us-gaap_TradeNamesMember_label_en-US" xlink:label="lab_us-gaap_TradeNamesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trade Names [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradeNamesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradeNamesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradeNamesMember" xlink:to="lab_us-gaap_TradeNamesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets_8d031b24-3fed-4597-8a9c-9c44c890bc65_terseLabel_en-US" xlink:label="lab_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid taxes and deferred tax assets, net</link:label>
    <link:label id="lab_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets_label_en-US" xlink:label="lab_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Prepaid Taxes and Deferred Tax Assets</link:label>
    <link:label id="lab_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets_documentation_en-US" xlink:label="lab_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Prepaid Taxes and Deferred Tax Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets" xlink:href="clny-20201231.xsd#clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets" xlink:to="lab_clny_DeferredTaxAssetsPrepaidTaxesandDeferredTaxAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_bcc45f40-6178-401c-800b-43180352b018_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetInterestAccrual_2d287663-0f48-42d4-94f1-b4c920ac520e_terseLabel_en-US" xlink:label="lab_clny_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetInterestAccrual" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Change in accrued interest and capitalization of paid-in-kind interest</link:label>
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    <link:label id="lab_us-gaap_FinanceLeaseLiability_db6ca95e-1854-48bf-8964-d534a59954b6_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance lease liability</link:label>
    <link:label id="lab_us-gaap_FinanceLeaseLiability_efe02f17-8384-494a-8fd4-21d38884c46f_verboseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance / Operating lease liability (Note 9)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLeaseLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiability" xlink:to="lab_us-gaap_FinanceLeaseLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ProceedsFromIssuanceOfExchangeableNotes_0b14a63c-52ab-4ff8-a999-dc9a511651b1_terseLabel_en-US" xlink:label="lab_clny_ProceedsFromIssuanceOfExchangeableNotes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from issuance of exchangeable senior notes</link:label>
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    <link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive_2513cc87-85b6-4e91-9d88-2fcb3e9c00ec_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
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    <link:label id="lab_clny_SecuritizationVehiclesMember_5ed43d2e-19a3-44b3-ae7b-e521a9e9a8bf_terseLabel_en-US" xlink:label="lab_clny_SecuritizationVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitization Vehicles</link:label>
    <link:label id="lab_clny_SecuritizationVehiclesMember_label_en-US" xlink:label="lab_clny_SecuritizationVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitization Vehicles [Member]</link:label>
    <link:label id="lab_clny_SecuritizationVehiclesMember_documentation_en-US" xlink:label="lab_clny_SecuritizationVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitization Vehicles [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_SecuritizationVehiclesMember" xlink:href="clny-20201231.xsd#clny_SecuritizationVehiclesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_SecuritizationVehiclesMember" xlink:to="lab_clny_SecuritizationVehiclesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ConvertibleDebtMember_4d85a220-34b9-4976-874c-538b0c072535_terseLabel_en-US" xlink:label="lab_us-gaap_ConvertibleDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Convertible and exchangeable senior notes</link:label>
    <link:label id="lab_us-gaap_ConvertibleDebtMember_label_en-US" xlink:label="lab_us-gaap_ConvertibleDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Convertible Debt [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConvertibleDebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertibleDebtMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertibleDebtMember" xlink:to="lab_us-gaap_ConvertibleDebtMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_5e2f8aa5-8bc6-41b5-a57f-a39607a281ad_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_f28c8a5e-4cea-4f3b-8376-ae106053cf0f_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividend Rate Per Annum</link:label>
    <link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock, Dividend Rate, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendRatePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePercentage" xlink:to="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherCommitmentsDomain_cdd785d1-272b-479c-8eda-2c034a53d5c8_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Commitments [Domain]</link:label>
    <link:label id="lab_us-gaap_OtherCommitmentsDomain_label_en-US" xlink:label="lab_us-gaap_OtherCommitmentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Commitments [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitmentsDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitmentsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitmentsDomain" xlink:to="lab_us-gaap_OtherCommitmentsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DataCentersMember_0d131273-af13-4d8d-b1bd-bad8cae33c17_terseLabel_en-US" xlink:label="lab_clny_DataCentersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Data Centers</link:label>
    <link:label id="lab_clny_DataCentersMember_label_en-US" xlink:label="lab_clny_DataCentersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Data Centers [Member]</link:label>
    <link:label id="lab_clny_DataCentersMember_documentation_en-US" xlink:label="lab_clny_DataCentersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Data Centers [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DataCentersMember" xlink:href="clny-20201231.xsd#clny_DataCentersMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DataCentersMember" xlink:to="lab_clny_DataCentersMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_0bc12e7e-9933-40ff-8ba7-8175573d4b35_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Issuance of shares (in shares)</link:label>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_b8083e58-1d49-4278-8894-631d6ec859ff_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amount available to be drawn</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit Facility, Remaining Borrowing Capacity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DeferredTaxAssetsLeaseLiabilities_e69e1593-87b9-44bd-b0c6-72e1fe3474e2_terseLabel_en-US" xlink:label="lab_clny_DeferredTaxAssetsLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Lease Liabilities</link:label>
    <link:label id="lab_clny_DeferredTaxAssetsLeaseLiabilities_label_en-US" xlink:label="lab_clny_DeferredTaxAssetsLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Lease Liabilities</link:label>
    <link:label id="lab_clny_DeferredTaxAssetsLeaseLiabilities_documentation_en-US" xlink:label="lab_clny_DeferredTaxAssetsLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Lease Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DeferredTaxAssetsLeaseLiabilities" xlink:href="clny-20201231.xsd#clny_DeferredTaxAssetsLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DeferredTaxAssetsLeaseLiabilities" xlink:to="lab_clny_DeferredTaxAssetsLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent_5e39c3a4-d17e-4308-b042-b7febf500a31_terseLabel_en-US" xlink:label="lab_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shares issued, percent of PSU granted</link:label>
    <link:label id="lab_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent_label_en-US" xlink:label="lab_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-Based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Shares Issued, Percent</link:label>
    <link:label id="lab_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent_documentation_en-US" xlink:label="lab_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-Based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Shares Issued, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent" xlink:href="clny-20201231.xsd#clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent" xlink:to="lab_clny_ShareBasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsSharesIssuedPercent" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ForeignCurrencyRiskMember_2e3c8b70-4007-435d-847a-821d5dc5aaa3_terseLabel_en-US" xlink:label="lab_clny_ForeignCurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency risk</link:label>
    <link:label id="lab_clny_ForeignCurrencyRiskMember_label_en-US" xlink:label="lab_clny_ForeignCurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign Currency Risk [Member]</link:label>
    <link:label id="lab_clny_ForeignCurrencyRiskMember_documentation_en-US" xlink:label="lab_clny_ForeignCurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency risk.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ForeignCurrencyRiskMember" xlink:href="clny-20201231.xsd#clny_ForeignCurrencyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_ForeignCurrencyRiskMember" xlink:to="lab_clny_ForeignCurrencyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_b7324bc6-1c0f-4a05-94ba-4ee5853c9ec4_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred leasing and other intangible assets, carrying amount</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsGross_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsGross" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorLeaseDescriptionLineItems_099c32af-e700-450b-8340-9668fce6fdb6_terseLabel_en-US" xlink:label="lab_us-gaap_LessorLeaseDescriptionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Lease, Description [Line Items]</link:label>
    <link:label id="lab_us-gaap_LessorLeaseDescriptionLineItems_label_en-US" xlink:label="lab_us-gaap_LessorLeaseDescriptionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Lease, Description [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorLeaseDescriptionLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LessorLeaseDescriptionLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorLeaseDescriptionLineItems" xlink:to="lab_us-gaap_LessorLeaseDescriptionLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_MezzanineLoansMember_bd7d506b-113e-4423-afa1-e3ea4bebf077_terseLabel_en-US" xlink:label="lab_clny_MezzanineLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mezzanine loans</link:label>
    <link:label id="lab_clny_MezzanineLoansMember_label_en-US" xlink:label="lab_clny_MezzanineLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mezzanine Loans [Member]</link:label>
    <link:label id="lab_clny_MezzanineLoansMember_documentation_en-US" xlink:label="lab_clny_MezzanineLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents information pertaining to mezzanine loans.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_MezzanineLoansMember" xlink:href="clny-20201231.xsd#clny_MezzanineLoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_MezzanineLoansMember" xlink:to="lab_clny_MezzanineLoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember_a28831dc-8cec-47bb-8eb4-acdf76376bf4_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discontinued Operations, Held-for-sale</link:label>
    <link:label id="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discontinued Operations, Held-for-sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationsHeldforsaleMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationsHeldforsaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationsHeldforsaleMember" xlink:to="lab_us-gaap_DiscontinuedOperationsHeldforsaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_240a22dd-5e06-4df1-91d1-5977a2ba95f3_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs and Intangible Assets</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_309e8fbc-bbef-422d-b7ae-fada17b4f640_verboseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization expense</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets, Net [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNetAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_f8eb2cf6-9ef3-4eea-b618-eb3ab9ac9d05_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for doubtful accounts</link:label>
    <link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_bc99fd62-239e-4da3-8527-1dde1d9af232_netLabel_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for doubtful accounts</link:label>
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    <link:label id="lab_clny_RentReceivableForgivableAmount_documentation_en-US" xlink:label="lab_clny_RentReceivableForgivableAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Rent Receivable, Forgivable Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_RentReceivableForgivableAmount" xlink:href="clny-20201231.xsd#clny_RentReceivableForgivableAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_RentReceivableForgivableAmount" xlink:to="lab_clny_RentReceivableForgivableAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_OPUnitstoCommonStockConversionRatio_e4d1ffe3-81b6-4516-bcb5-7f386025eca2_terseLabel_en-US" xlink:label="lab_clny_OPUnitstoCommonStockConversionRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OP Units to common stock, conversion ratio</link:label>
    <link:label id="lab_clny_OPUnitstoCommonStockConversionRatio_label_en-US" xlink:label="lab_clny_OPUnitstoCommonStockConversionRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OP Units to Common Stock, Conversion Ratio</link:label>
    <link:label id="lab_clny_OPUnitstoCommonStockConversionRatio_documentation_en-US" xlink:label="lab_clny_OPUnitstoCommonStockConversionRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OP Units to Common Stock, Conversion Ratio</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_OPUnitstoCommonStockConversionRatio" xlink:href="clny-20201231.xsd#clny_OPUnitstoCommonStockConversionRatio"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_OPUnitstoCommonStockConversionRatio" xlink:to="lab_clny_OPUnitstoCommonStockConversionRatio" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_051ac19c-5c2d-4b48-906e-aab3c86db3dc_terseLabel_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease right-of-use assets and lease liabilities established</link:label>
    <link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right-of-Use Asset Obtained in Exchange for Operating Lease Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:to="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_89246d21-f0d5-4351-9c73-ea6d916a842b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_3772baa1-ea08-419b-b778-dbe57b4e58cf_negatedLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FairValueAssumptionDiscountRateForFutureFeeIncome_abef497d-b935-45d4-9722-5694339ccc6c_terseLabel_en-US" xlink:label="lab_clny_FairValueAssumptionDiscountRateForFutureFeeIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount rate for future fee income</link:label>
    <link:label id="lab_clny_FairValueAssumptionDiscountRateForFutureFeeIncome_label_en-US" xlink:label="lab_clny_FairValueAssumptionDiscountRateForFutureFeeIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Assumption, Discount Rate For Future Fee Income</link:label>
    <link:label id="lab_clny_FairValueAssumptionDiscountRateForFutureFeeIncome_documentation_en-US" xlink:label="lab_clny_FairValueAssumptionDiscountRateForFutureFeeIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Assumption, Discount Rate For Future Fee Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FairValueAssumptionDiscountRateForFutureFeeIncome" xlink:href="clny-20201231.xsd#clny_FairValueAssumptionDiscountRateForFutureFeeIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FairValueAssumptionDiscountRateForFutureFeeIncome" xlink:to="lab_clny_FairValueAssumptionDiscountRateForFutureFeeIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_b228f20b-cd97-4c75-b282-a7ec6bf8b8d6_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash, cash equivalents and restricted cash, beginning of period</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_3fee5292-f48e-4f69-ae3e-0549654c27d3_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash, cash equivalents and restricted cash, end of period</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_BusinessCombinationConsiderationTransferredDeferred_c5f53d84-30b9-453c-983c-bd12e7a44d45_terseLabel_en-US" xlink:label="lab_clny_BusinessCombinationConsiderationTransferredDeferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred consideration</link:label>
    <link:label id="lab_clny_BusinessCombinationConsiderationTransferredDeferred_ca0a02b5-2216-4953-a121-209face220c0_verboseLabel_en-US" xlink:label="lab_clny_BusinessCombinationConsiderationTransferredDeferred" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred cash consideration for acquisition of DBH (Note 3)</link:label>
    <link:label id="lab_clny_BusinessCombinationConsiderationTransferredDeferred_label_en-US" xlink:label="lab_clny_BusinessCombinationConsiderationTransferredDeferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combination, Consideration Transferred, Deferred</link:label>
    <link:label id="lab_clny_BusinessCombinationConsiderationTransferredDeferred_documentation_en-US" xlink:label="lab_clny_BusinessCombinationConsiderationTransferredDeferred" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combination, Consideration Transferred, Deferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_BusinessCombinationConsiderationTransferredDeferred" xlink:href="clny-20201231.xsd#clny_BusinessCombinationConsiderationTransferredDeferred"/>
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_85da283a-7dcf-4a48-8cab-abc1c08925ee_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed Assets</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTable_567a9b2a-7185-4322-ab52-2917d8f15e75_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale [Table]</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTable_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateCostOfMortgagesSold_73f54aa4-70fc-4672-befc-534c15fcc878_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCostOfMortgagesSold" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying value of loans sold</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateCostOfMortgagesSold_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCostOfMortgagesSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Cost of Mortgage Sold</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCostOfMortgagesSold" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCostOfMortgagesSold"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateCostOfMortgagesSold" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateCostOfMortgagesSold" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FairValueAssumptionDiscountRateForFutureManagementFees_97f7a2f2-bbeb-49a0-bdb0-61c4d23574d7_terseLabel_en-US" xlink:label="lab_clny_FairValueAssumptionDiscountRateForFutureManagementFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount rate used for calculating future fee income</link:label>
    <link:label id="lab_clny_FairValueAssumptionDiscountRateForFutureManagementFees_label_en-US" xlink:label="lab_clny_FairValueAssumptionDiscountRateForFutureManagementFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Assumption, Discount Rate For Future Management Fees</link:label>
    <link:label id="lab_clny_FairValueAssumptionDiscountRateForFutureManagementFees_documentation_en-US" xlink:label="lab_clny_FairValueAssumptionDiscountRateForFutureManagementFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Assumption, Discount Rate For Future Management Fees</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FairValueAssumptionDiscountRateForFutureManagementFees" xlink:href="clny-20201231.xsd#clny_FairValueAssumptionDiscountRateForFutureManagementFees"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FairValueAssumptionDiscountRateForFutureManagementFees" xlink:to="lab_clny_FairValueAssumptionDiscountRateForFutureManagementFees" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_TypeOfLeaseDomain_dd2ada2a-194e-493a-96de-329fa2144103_terseLabel_en-US" xlink:label="lab_clny_TypeOfLeaseDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type Of Lease [Domain]</link:label>
    <link:label id="lab_clny_TypeOfLeaseDomain_label_en-US" xlink:label="lab_clny_TypeOfLeaseDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Type Of Lease [Domain]</link:label>
    <link:label id="lab_clny_TypeOfLeaseDomain_documentation_en-US" xlink:label="lab_clny_TypeOfLeaseDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Domain] for Type Of Lease [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_TypeOfLeaseDomain" xlink:href="clny-20201231.xsd#clny_TypeOfLeaseDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_TypeOfLeaseDomain" xlink:to="lab_clny_TypeOfLeaseDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsToAcquireBusinessesGross_3b93e1e5-c0e0-466b-9e61-2798b2d2fabc_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireBusinessesGross_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments to Acquire Businesses, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireBusinessesGross" xlink:to="lab_us-gaap_PaymentsToAcquireBusinessesGross" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation_be97ded1-c43e-4a16-a020-5bce91690e4f_negatedTerseLabel_en-US" xlink:label="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of loans receivable in securitization trusts</link:label>
    <link:label id="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation_label_en-US" xlink:label="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment In Mortgage Loans On Real Estate, Deconsolidation</link:label>
    <link:label id="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation_documentation_en-US" xlink:label="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment In Mortgage Loans On Real Estate, Deconsolidation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation" xlink:href="clny-20201231.xsd#clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation" xlink:to="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateDeconsolidation" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_088a5438-f4d7-44b0-b36b-0e236f51ed92_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Effect, Period of Adoption [Domain]</link:label>
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    <link:label id="lab_us-gaap_OtherLiabilitiesFairValueDisclosure_d940398a-98b3-41bd-bca9-cceded5d3403_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrued and other liabilities, at fair value</link:label>
    <link:label id="lab_us-gaap_OtherLiabilitiesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Liabilities, Fair Value Disclosure</link:label>
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    <link:label id="lab_clny_ProceedsFromLoanRepaymentsAndAssetSalesHeldInEscrowAndRestrictedCash_be5faecf-aff6-48e3-bdb3-544b45f0c570_terseLabel_en-US" xlink:label="lab_clny_ProceedsFromLoanRepaymentsAndAssetSalesHeldInEscrowAndRestrictedCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from loan repayments and asset sales held in escrow</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis"/>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_fd86d90b-069c-4100-a80c-0e1f1c2fba81_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net cash (used in) provided by investing activities</link:label>
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    <link:label id="lab_clny_AssetManagementFeesMember_cef235b4-0566-4894-bfa6-5bd4e230d46e_terseLabel_en-US" xlink:label="lab_clny_AssetManagementFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset management fees</link:label>
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    <link:label id="lab_us-gaap_OtherCommitment_42ec8159-6450-4fdd-8a4a-42caf909df0e_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other commitments</link:label>
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    <link:label id="lab_clny_AmortizationofAboveandBelowMarketLeasesYearTwo_15eeeb2e-273d-4a96-8a46-f8650be2bc59_terseLabel_en-US" xlink:label="lab_clny_AmortizationofAboveandBelowMarketLeasesYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
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    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_a24f7989-1206-493b-b555-61b719dfc3d4_negatedLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Less: Accumulated depreciation</link:label>
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    <link:label id="lab_clny_HealthcareAndOtherEquityAndDebtMember_8ad7e94c-aa76-423e-b77b-16b2f2974ecb_terseLabel_en-US" xlink:label="lab_clny_HealthcareAndOtherEquityAndDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Healthcare And Other Equity And Debt</link:label>
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    <link:label id="lab_clny_InvestmentinStrategicPartnershipCashConsideration_15b244cc-75f6-4644-ae13-d4eee6c0b56e_terseLabel_en-US" xlink:label="lab_clny_InvestmentinStrategicPartnershipCashConsideration" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash consideration</link:label>
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    <link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
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    <link:label id="lab_us-gaap_FinanceLeaseRightOfUseAssetAmortization_dc7c0979-3e0e-4285-a647-aae1480e91dc_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseRightOfUseAssetAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of ROU lease asset</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseRightOfUseAssetAmortization" xlink:to="lab_us-gaap_FinanceLeaseRightOfUseAssetAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LaborAndRelatedExpense_bbe5e98c-2f7c-4f82-9653-52a14994a385_terseLabel_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Compensation expense&#8212;cash and equity-based</link:label>
    <link:label id="lab_us-gaap_LaborAndRelatedExpense_label_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Labor and Related Expense</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LaborAndRelatedExpense" xlink:to="lab_us-gaap_LaborAndRelatedExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockMember_3fb33252-4b12-4da7-87f4-d1a864d8f5c0_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock</link:label>
    <link:label id="lab_us-gaap_PreferredStockMember_914fba9f-feab-44b6-844d-ed3db3f989c2_verboseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock</link:label>
    <link:label id="lab_us-gaap_PreferredStockMember_label_en-US" xlink:label="lab_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockMember"/>
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    <link:label id="lab_dei_SecurityExchangeName_7e4d4e21-8300-4425-88a5-31cd91868db5_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
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    <link:label id="lab_clny_DigitalIMBusinessMember_8f17d124-9770-4b5b-b378-1b7bf4538d68_terseLabel_en-US" xlink:label="lab_clny_DigitalIMBusinessMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Digital IM Business</link:label>
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    <link:label id="lab_us-gaap_TradeAndOtherAccountsReceivablePolicy_f0177e07-a8ef-4509-813b-3375636c40a1_terseLabel_en-US" xlink:label="lab_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts Receivable and Related Allowance</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:to="lab_us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:type="arc" order="1"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PerformanceSharesMember" xlink:to="lab_us-gaap_PerformanceSharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_PrivateFundsMember_89941aef-2599-44a7-82bb-e74c72b36e50_terseLabel_en-US" xlink:label="lab_clny_PrivateFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Private funds</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_PrivateFundsMember" xlink:href="clny-20201231.xsd#clny_PrivateFundsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PrivateFundsMember" xlink:to="lab_clny_PrivateFundsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_TerminationFeeMember_0346dd07-7ab4-4ce8-a3df-e32250ef3585_terseLabel_en-US" xlink:label="lab_clny_TerminationFeeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Incentive and termination fees&#8212;from affiliates ($35, $64,555, and $5,445 from affiliates, respectively)</link:label>
    <link:label id="lab_clny_TerminationFeeMember_label_en-US" xlink:label="lab_clny_TerminationFeeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Termination Fee [Member]</link:label>
    <link:label id="lab_clny_TerminationFeeMember_documentation_en-US" xlink:label="lab_clny_TerminationFeeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Termination Fee</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_TerminationFeeMember" xlink:href="clny-20201231.xsd#clny_TerminationFeeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_TerminationFeeMember" xlink:to="lab_clny_TerminationFeeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_a154c84b-b740-46fe-afe4-0aa155730be5_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:to="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue_13ecc17a-7c04-4f4e-9d93-a9b718765edd_totalLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total lease payments</link:label>
    <link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Lease, Liability, Payment, Due</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:to="lab_us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_a483f8ca-8da3-41da-8ef3-248b473006d0_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_label_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ForwardContractsAndPerformanceSwapsMember_edc07320-eb1e-4c8f-90b0-f7be1ca1bb1f_terseLabel_en-US" xlink:label="lab_clny_ForwardContractsAndPerformanceSwapsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Forward Contracts and Performance Swaps</link:label>
    <link:label id="lab_clny_ForwardContractsAndPerformanceSwapsMember_label_en-US" xlink:label="lab_clny_ForwardContractsAndPerformanceSwapsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Forward Contracts And Performance Swaps [Member]</link:label>
    <link:label id="lab_clny_ForwardContractsAndPerformanceSwapsMember_documentation_en-US" xlink:label="lab_clny_ForwardContractsAndPerformanceSwapsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Forward Contracts And Performance Swaps [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ForwardContractsAndPerformanceSwapsMember" xlink:href="clny-20201231.xsd#clny_ForwardContractsAndPerformanceSwapsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_ForwardContractsAndPerformanceSwapsMember" xlink:to="lab_clny_ForwardContractsAndPerformanceSwapsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeasePayments_d034f9ba-75b0-4473-ae2c-58c0fa36daea_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash paid for operating lease liabilities</link:label>
    <link:label id="lab_us-gaap_OperatingLeasePayments_label_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasePayments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasePayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasePayments" xlink:to="lab_us-gaap_OperatingLeasePayments" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember_b774b703-b5f7-4b3a-8c39-52808c7b4ed1_terseLabel_en-US" xlink:label="lab_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, Fixtures, Equipment and Capitalized Software</link:label>
    <link:label id="lab_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember_label_en-US" xlink:label="lab_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, Fixtures, Equipment and Capitalized Software [Member]</link:label>
    <link:label id="lab_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember_documentation_en-US" xlink:label="lab_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, Fixtures, Equipment and Capitalized Software [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember" xlink:href="clny-20201231.xsd#clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember" xlink:to="lab_clny_FurnitureFixturesEquipmentandCapitalizedSoftwareMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_3c66854d-12c7-49a9-afa0-73baeb55c668_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2023</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-Term Debt, Maturity, Year Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_BuildingFeeInterestMember_6f7c5a9f-efc1-4779-93de-b38cc708503d_terseLabel_en-US" xlink:label="lab_clny_BuildingFeeInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Building (fee interest)</link:label>
    <link:label id="lab_clny_BuildingFeeInterestMember_label_en-US" xlink:label="lab_clny_BuildingFeeInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Building, Fee Interest [Member]</link:label>
    <link:label id="lab_clny_BuildingFeeInterestMember_documentation_en-US" xlink:label="lab_clny_BuildingFeeInterestMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Building, Fee Interest [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_BuildingFeeInterestMember" xlink:href="clny-20201231.xsd#clny_BuildingFeeInterestMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_BuildingFeeInterestMember" xlink:to="lab_clny_BuildingFeeInterestMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_47812a30-e0ee-4214-a745-c23cc2117eb1_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency translation</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ManagementServiceBaseMember_d3fb6f31-5952-45bc-9e6a-a587ee55665c_terseLabel_en-US" xlink:label="lab_us-gaap_ManagementServiceBaseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Base management fees ($169,518, $151,452 and $130,384 from affiliates, respectively)</link:label>
    <link:label id="lab_us-gaap_ManagementServiceBaseMember_f25fa62d-a7ce-4322-bffc-c7eee1a72b0b_verboseLabel_en-US" xlink:label="lab_us-gaap_ManagementServiceBaseMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Base Management Fees</link:label>
    <link:label id="lab_us-gaap_ManagementServiceBaseMember_label_en-US" xlink:label="lab_us-gaap_ManagementServiceBaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Service, Base [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ManagementServiceBaseMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ManagementServiceBaseMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ManagementServiceBaseMember" xlink:to="lab_us-gaap_ManagementServiceBaseMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentUnusedBorrowingCapacityFee_6c554e43-5184-4ad0-bec9-d8218fd116e3_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnusedBorrowingCapacityFee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commitment fee on unused portion of facility</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentUnusedBorrowingCapacityFee_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnusedBorrowingCapacityFee" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Unused Borrowing Capacity, Fee</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnusedBorrowingCapacityFee" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentUnusedBorrowingCapacityFee"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentUnusedBorrowingCapacityFee" xlink:to="lab_us-gaap_DebtInstrumentUnusedBorrowingCapacityFee" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_b4034670-f945-4c33-9d34-5883472aa5fb_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AdjustableRateCommercialMortgageMember_5b04f480-1148-4da4-be7b-acf3ab1d2bf3_terseLabel_en-US" xlink:label="lab_clny_AdjustableRateCommercialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable rate</link:label>
    <link:label id="lab_clny_AdjustableRateCommercialMortgageMember_label_en-US" xlink:label="lab_clny_AdjustableRateCommercialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustable Rate Commercial Mortgage [Member]</link:label>
    <link:label id="lab_clny_AdjustableRateCommercialMortgageMember_documentation_en-US" xlink:label="lab_clny_AdjustableRateCommercialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustable Rate Commercial Mortgage [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AdjustableRateCommercialMortgageMember" xlink:href="clny-20201231.xsd#clny_AdjustableRateCommercialMortgageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AdjustableRateCommercialMortgageMember" xlink:to="lab_clny_AdjustableRateCommercialMortgageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_01dfe7e1-6665-424a-a1a5-4bead1bd60cc_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis</link:label>
    <link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FixedLeaseRevenueMember_3457090f-5e65-4356-ba3a-fc9f48c5dd1e_terseLabel_en-US" xlink:label="lab_clny_FixedLeaseRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed lease income</link:label>
    <link:label id="lab_clny_FixedLeaseRevenueMember_label_en-US" xlink:label="lab_clny_FixedLeaseRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed Lease Revenue [Member]</link:label>
    <link:label id="lab_clny_FixedLeaseRevenueMember_documentation_en-US" xlink:label="lab_clny_FixedLeaseRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixed Lease Revenue [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FixedLeaseRevenueMember" xlink:href="clny-20201231.xsd#clny_FixedLeaseRevenueMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FixedLeaseRevenueMember" xlink:to="lab_clny_FixedLeaseRevenueMember" xlink:type="arc" order="1"/>
    <link:label id="lab_country_CA_558cbc53-aa6f-463e-8cf7-4846ee8e3fdf_terseLabel_en-US" xlink:label="lab_country_CA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CANADA</link:label>
    <link:label id="lab_country_CA_label_en-US" xlink:label="lab_country_CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CANADA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_CA" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_CA"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CA" xlink:to="lab_country_CA" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_SkilledNursingFacilitiesMember_0c5904e3-3e64-4b3b-bbd7-96409ff73b44_terseLabel_en-US" xlink:label="lab_clny_SkilledNursingFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Skilled Nursing Facilities</link:label>
    <link:label id="lab_clny_SkilledNursingFacilitiesMember_label_en-US" xlink:label="lab_clny_SkilledNursingFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Skilled Nursing Facilities [Member]</link:label>
    <link:label id="lab_clny_SkilledNursingFacilitiesMember_documentation_en-US" xlink:label="lab_clny_SkilledNursingFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Skilled Nursing Facilities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_SkilledNursingFacilitiesMember" xlink:href="clny-20201231.xsd#clny_SkilledNursingFacilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_SkilledNursingFacilitiesMember" xlink:to="lab_clny_SkilledNursingFacilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_83e20a3d-c7db-4907-ac9e-01c01fc11257_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">State and local</link:label>
    <link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current State and Local Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_6372635c-bb36-48b0-86f1-8a77fbb023f8_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity method investments</link:label>
    <link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure" xlink:to="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_355e1170-5ec9-48d1-a011-2b0f02788ba0_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss from continuing operations (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income (Loss) from Continuing Operations, Per Diluted Share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_RecourseDebtMember_e05c8fde-0ad7-4817-9cb3-9ee9c7065658_verboseLabel_en-US" xlink:label="lab_clny_RecourseDebtMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Recourse</link:label>
    <link:label id="lab_clny_RecourseDebtMember_04a20b84-0714-4b89-b0cc-09a6fb87b415_terseLabel_en-US" xlink:label="lab_clny_RecourseDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Recourse Debt</link:label>
    <link:label id="lab_clny_RecourseDebtMember_label_en-US" xlink:label="lab_clny_RecourseDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Recourse Debt [Member]</link:label>
    <link:label id="lab_clny_RecourseDebtMember_documentation_en-US" xlink:label="lab_clny_RecourseDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Recourse Debt [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_RecourseDebtMember" xlink:href="clny-20201231.xsd#clny_RecourseDebtMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_RecourseDebtMember" xlink:to="lab_clny_RecourseDebtMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TangibleAssetImpairmentCharges_a6dbd0a3-1a85-40e5-9f83-7782fc9b0f1c_terseLabel_en-US" xlink:label="lab_us-gaap_TangibleAssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment on corporate aircraft</link:label>
    <link:label id="lab_us-gaap_TangibleAssetImpairmentCharges_label_en-US" xlink:label="lab_us-gaap_TangibleAssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tangible Asset Impairment Charges</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TangibleAssetImpairmentCharges" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TangibleAssetImpairmentCharges"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TangibleAssetImpairmentCharges" xlink:to="lab_us-gaap_TangibleAssetImpairmentCharges" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit_c406502a-96a8-445b-81b4-fe2ce6fdf81a_terseLabel_en-US" xlink:label="lab_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Less Unpaid Principal Balance, Past due</link:label>
    <link:label id="lab_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit_label_en-US" xlink:label="lab_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Receivable, Fair Value Less Unpaid Principal Balance, Past Due, Excess (Deficit)</link:label>
    <link:label id="lab_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit_documentation_en-US" xlink:label="lab_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Receivable, Fair Value Less Unpaid Principal Balance, Past Due, Excess (Deficit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit" xlink:href="clny-20201231.xsd#clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit" xlink:to="lab_clny_FinanceReceivableFairValueLessUnpaidPrincipalBalancePastDueExcessDeficit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_361766ab-6342-48c1-8557-a31a88fa356d_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, par value (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MarketableSecurities_8e0e1f01-dc2b-41ad-a1d0-10ef58e5da94_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Marketable equity securities</link:label>
    <link:label id="lab_us-gaap_MarketableSecurities_label_en-US" xlink:label="lab_us-gaap_MarketableSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Marketable Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketableSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecurities" xlink:to="lab_us-gaap_MarketableSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_RealEstateLiabilitiesHeldforsale_aee16ff0-b5a2-4f69-988e-c10923b7e8e7_terseLabel_en-US" xlink:label="lab_clny_RealEstateLiabilitiesHeldforsale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities related to assets held for disposition</link:label>
    <link:label id="lab_clny_RealEstateLiabilitiesHeldforsale_label_en-US" xlink:label="lab_clny_RealEstateLiabilitiesHeldforsale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Liabilities Held-for-sale</link:label>
    <link:label id="lab_clny_RealEstateLiabilitiesHeldforsale_documentation_en-US" xlink:label="lab_clny_RealEstateLiabilitiesHeldforsale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Liabilities Held-for-sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_RealEstateLiabilitiesHeldforsale" xlink:href="clny-20201231.xsd#clny_RealEstateLiabilitiesHeldforsale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_RealEstateLiabilitiesHeldforsale" xlink:to="lab_clny_RealEstateLiabilitiesHeldforsale" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_BorrowerEscrowDepositsMember_f103441a-3926-469e-b716-2cd659f493ff_terseLabel_en-US" xlink:label="lab_clny_BorrowerEscrowDepositsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrower escrow deposits</link:label>
    <link:label id="lab_clny_BorrowerEscrowDepositsMember_label_en-US" xlink:label="lab_clny_BorrowerEscrowDepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrower Escrow Deposits [Member]</link:label>
    <link:label id="lab_clny_BorrowerEscrowDepositsMember_documentation_en-US" xlink:label="lab_clny_BorrowerEscrowDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrower Escrow Deposits [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_BorrowerEscrowDepositsMember" xlink:href="clny-20201231.xsd#clny_BorrowerEscrowDepositsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_BorrowerEscrowDepositsMember" xlink:to="lab_clny_BorrowerEscrowDepositsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FiniteLivedIntangibleLiabilitiesNetAbstract_815559d2-41c2-432c-9fb0-52f59037b479_terseLabel_en-US" xlink:label="lab_clny_FiniteLivedIntangibleLiabilitiesNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Liabilities</link:label>
    <link:label id="lab_clny_FiniteLivedIntangibleLiabilitiesNetAbstract_label_en-US" xlink:label="lab_clny_FiniteLivedIntangibleLiabilitiesNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Liabilities, Net [Abstract]</link:label>
    <link:label id="lab_clny_FiniteLivedIntangibleLiabilitiesNetAbstract_documentation_en-US" xlink:label="lab_clny_FiniteLivedIntangibleLiabilitiesNetAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Liabilities, Net [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FiniteLivedIntangibleLiabilitiesNetAbstract" xlink:href="clny-20201231.xsd#clny_FiniteLivedIntangibleLiabilitiesNetAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FiniteLivedIntangibleLiabilitiesNetAbstract" xlink:to="lab_clny_FiniteLivedIntangibleLiabilitiesNetAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_a449dd8c-0ed1-4b72-abbd-adc7859cbc7d_terseLabel_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effect of exchange rates on cash, cash equivalents and restricted cash</link:label>
    <link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AssetAcquisitionRealEstateLiabilitiesAssumed_fc8fbee7-6579-42a3-bd59-2da655e177a7_terseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionRealEstateLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities assumed in real estate acquisition and foreclosure</link:label>
    <link:label id="lab_clny_AssetAcquisitionRealEstateLiabilitiesAssumed_label_en-US" xlink:label="lab_clny_AssetAcquisitionRealEstateLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Real Estate, Liabilities Assumed</link:label>
    <link:label id="lab_clny_AssetAcquisitionRealEstateLiabilitiesAssumed_documentation_en-US" xlink:label="lab_clny_AssetAcquisitionRealEstateLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Real Estate, Liabilities Assumed</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionRealEstateLiabilitiesAssumed" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionRealEstateLiabilitiesAssumed"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetAcquisitionRealEstateLiabilitiesAssumed" xlink:to="lab_clny_AssetAcquisitionRealEstateLiabilitiesAssumed" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_NREAndColonyCreditMember_f51f3a6c-83db-4215-8fd5-9af625389b97_terseLabel_en-US" xlink:label="lab_clny_NREAndColonyCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Public companies (CLNC, NRE)</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentCurrent_511e29be-fe1f-4d5c-b30b-565c8fbc9db1_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current or less than 30 days past due</link:label>
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    <link:label id="lab_us-gaap_ClassOfStockDomain_0304ee11-33e2-4217-855c-33259ee08a36_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Stock [Domain]</link:label>
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    <link:label id="lab_clny_AccruedLiabilitiesAccruedCarriedInterestAndContractualIncentiveFeeCompensation_603c5094-95d2-44e6-babe-a4bb3078faf8_terseLabel_en-US" xlink:label="lab_clny_AccruedLiabilitiesAccruedCarriedInterestAndContractualIncentiveFeeCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrued carried interest and incentive fee compensation</link:label>
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    <link:label id="lab_clny_RelatedPartyTransactionCarriedInterestPaymentsReceivedPercent_9058ec4f-04b3-4da3-8b58-76c53aebbd4b_terseLabel_en-US" xlink:label="lab_clny_RelatedPartyTransactionCarriedInterestPaymentsReceivedPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percent of carried interest payments</link:label>
    <link:label id="lab_clny_RelatedPartyTransactionCarriedInterestPaymentsReceivedPercent_label_en-US" xlink:label="lab_clny_RelatedPartyTransactionCarriedInterestPaymentsReceivedPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction, Carried Interest Payments Received, Percent</link:label>
    <link:label id="lab_clny_RelatedPartyTransactionCarriedInterestPaymentsReceivedPercent_documentation_en-US" xlink:label="lab_clny_RelatedPartyTransactionCarriedInterestPaymentsReceivedPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction, Carried Interest Payments Received, Percent</link:label>
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    <link:label id="lab_us-gaap_MeasurementInputTypeDomain_2d8758dc-4557-4dca-bd2a-1f721396d373_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Measurement Input Type [Domain]</link:label>
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    <link:label id="lab_clny_IrelandThreeMember_587b3575-b9c6-4c4f-970b-23eea26debdb_terseLabel_en-US" xlink:label="lab_clny_IrelandThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ireland Three</link:label>
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    <link:label id="lab_clny_IrelandThreeMember_documentation_en-US" xlink:label="lab_clny_IrelandThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ireland Three</link:label>
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    <link:label id="lab_srt_RangeAxis_d7049f9a-1e60-49ca-98b4-ae18ce02b10f_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
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    <link:label id="lab_country_IE_4c506221-6236-4c91-8522-c5fbcd1d263b_terseLabel_en-US" xlink:label="lab_country_IE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">IRELAND</link:label>
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    <link:label id="lab_clny_HotelDisposalGroupMember_bd7b304c-2439-40e1-9b40-af4b93d5bc83_terseLabel_en-US" xlink:label="lab_clny_HotelDisposalGroupMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel</link:label>
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    <link:label id="lab_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_79752f5a-6a65-4b9f-a6e7-0f42d004b89a_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Strike price (in dollars per share)</link:label>
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    <link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_0bf082a1-dc57-49e0-b1cc-0c8869afccf7_totalLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenues from discontinued operations</link:label>
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    <link:label id="lab_clny_AssetBasedApproachMember_0d3b8ce4-f7ef-4ccc-882e-081d3f846061_terseLabel_en-US" xlink:label="lab_clny_AssetBasedApproachMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Based Approach</link:label>
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    <link:label id="lab_clny_AssetBasedApproachMember_documentation_en-US" xlink:label="lab_clny_AssetBasedApproachMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Based Approach [Member]</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTable_a981d719-ba3c-4e52-a502-87a21fef6020_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restrictions on Cash and Cash Equivalents [Table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTable"/>
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    <link:label id="lab_clny_ThirdPartyInvestorsMember_57d21296-2a63-4b4f-86a3-3925ffb48d56_terseLabel_en-US" xlink:label="lab_clny_ThirdPartyInvestorsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Third-party investor</link:label>
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    <link:label id="lab_dei_AmendmentFlag_f9ffc6ba-612d-4a06-bc62-91dd680abbea_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
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    <link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_88d62f41-88dd-4101-a15e-142203ccdd0b_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average number of shares</link:label>
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    <link:label id="lab_us-gaap_CorporateNonSegmentMember_34bcea22-6594-4157-a08a-74b4396eed37_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateNonSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate, Non-Segment</link:label>
    <link:label id="lab_us-gaap_CorporateNonSegmentMember_8bd07286-dab6-49da-9aa8-40640b651f76_verboseLabel_en-US" xlink:label="lab_us-gaap_CorporateNonSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amounts Not Allocated to Segments</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateNonSegmentMember" xlink:to="lab_us-gaap_CorporateNonSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationRestrictedCash_b7946ba8-65ca-4d46-a99b-35849c56da4f_verboseLabel_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationRestrictedCash" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted cash</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_DisposalGroupIncludingDiscontinuedOperationRestrictedCash" xlink:href="clny-20201231.xsd#clny_DisposalGroupIncludingDiscontinuedOperationRestrictedCash"/>
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    <link:label id="lab_country_ES_50a33012-0d05-4950-b783-202c531bbf9a_terseLabel_en-US" xlink:label="lab_country_ES" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SPAIN</link:label>
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    <link:label id="lab_exch_XNYS_54aa12da-2c63-4e6c-80fc-993cfd1a3c98_terseLabel_en-US" xlink:label="lab_exch_XNYS" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">New York Stock Exchange</link:label>
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    <link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additional Paid-in Capital [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherAssets_99c10bee-5708-46b1-ac25-09d9b1fee968_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other assets ($99 and $21,382 at fair value, respectively)</link:label>
    <link:label id="lab_us-gaap_OtherAssets_e39379eb-c5d8-4a1a-9376-162d9033a7c9_totalLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other assets</link:label>
    <link:label id="lab_us-gaap_OtherAssets_label_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssets" xlink:to="lab_us-gaap_OtherAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MinorityInterestInOperatingPartnerships_ff241750-feeb-4bff-90fd-0680811415c0_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestInOperatingPartnerships" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling interests in Operating Company</link:label>
    <link:label id="lab_us-gaap_MinorityInterestInOperatingPartnerships_label_en-US" xlink:label="lab_us-gaap_MinorityInterestInOperatingPartnerships" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest in Operating Partnerships</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestInOperatingPartnerships" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestInOperatingPartnerships"/>
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    <link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_903f3f99-afb9-48f1-8e4e-10c5e557ae8d_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss from continuing operations (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income (Loss) from Continuing Operations, Per Basic Share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare"/>
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    <link:label id="lab_us-gaap_FinanceLeaseInterestExpense_374fd1a7-3647-475b-9912-6d9d536f9548_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseInterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_us-gaap_FinanceLeaseInterestExpense_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseInterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Lease, Interest Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseInterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLeaseInterestExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseInterestExpense" xlink:to="lab_us-gaap_FinanceLeaseInterestExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_1d51c393-eae1-4a13-a466-8d7107a77f87_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_a97b2a2b-10d3-4df2-9f79-032acefd3744_periodStartLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_925b4384-aef2-4983-b9c4-55cb3c8d3878_periodEndLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Stock, Shares, Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_0490c0aa-c2b7-4a77-a119-50709102f5b2_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Disclosure [Abstract]</link:label>
    <link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RevolvingCreditFacilityMember_f7eaa6fb-3143-4820-b218-57e3b85b4a23_terseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revolving Credit Facility</link:label>
    <link:label id="lab_us-gaap_RevolvingCreditFacilityMember_label_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revolving Credit Facility [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevolvingCreditFacilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevolvingCreditFacilityMember" xlink:to="lab_us-gaap_RevolvingCreditFacilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfGoodwillTable_e9065286-8a89-4ff3-8549-4bc47a27cca6_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Goodwill [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfGoodwillTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Goodwill [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGoodwillTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfGoodwillTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGoodwillTable" xlink:to="lab_us-gaap_ScheduleOfGoodwillTable" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate_e8fb164d-0b88-4c5f-ad57-c343e1550a81_terseLabel_en-US" xlink:label="lab_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capitalization rate</link:label>
    <link:label id="lab_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate_label_en-US" xlink:label="lab_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Assumptions, Real Estate Investments, Capitalization Rate</link:label>
    <link:label id="lab_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate_documentation_en-US" xlink:label="lab_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Assumptions, Real Estate Investments, Capitalization Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate" xlink:href="clny-20201231.xsd#clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate" xlink:to="lab_clny_FairValueAssumptionsRealEstateInvestmentsCapitalizationRate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_be81e262-aa45-427e-91f0-b57d97f74ff1_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan acquisitions and originations</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, New Mortgage Loan</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNewMortgageLoans"/>
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    <link:label id="lab_clny_FeeIncomeTextBlock_3284b808-2e70-42a2-94ea-7765f03c9b13_terseLabel_en-US" xlink:label="lab_clny_FeeIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fee Income</link:label>
    <link:label id="lab_clny_FeeIncomeTextBlock_label_en-US" xlink:label="lab_clny_FeeIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fee Income [Text Block]</link:label>
    <link:label id="lab_clny_FeeIncomeTextBlock_documentation_en-US" xlink:label="lab_clny_FeeIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fee Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FeeIncomeTextBlock" xlink:href="clny-20201231.xsd#clny_FeeIncomeTextBlock"/>
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    <link:label id="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_cd8cbd12-17c3-4497-ad18-29f279320530_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisition, net of cash acquired</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments to Acquire Businesses, Net of Cash Acquired</link:label>
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    <link:label id="lab_clny_PreTaxIncomeFromPassThroughSubsidiaries_4e85c7b9-3737-4407-b1de-afab46dc5e1b_terseLabel_en-US" xlink:label="lab_clny_PreTaxIncomeFromPassThroughSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">(Income) loss from continuing operations before income taxes attributable to pass-through subsidiaries</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_PreTaxIncomeFromPassThroughSubsidiaries" xlink:href="clny-20201231.xsd#clny_PreTaxIncomeFromPassThroughSubsidiaries"/>
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    <link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_8a386559-ebfa-4cf6-b5d1-d337f802f1a7_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Federal</link:label>
    <link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Federal Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
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    <link:label id="lab_clny_HospitalsMember_2aa34fc3-e158-44d0-87fb-491acb8f3bcc_terseLabel_en-US" xlink:label="lab_clny_HospitalsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitals</link:label>
    <link:label id="lab_clny_HospitalsMember_label_en-US" xlink:label="lab_clny_HospitalsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitals [Member]</link:label>
    <link:label id="lab_clny_HospitalsMember_documentation_en-US" xlink:label="lab_clny_HospitalsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitals [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_HospitalsMember" xlink:href="clny-20201231.xsd#clny_HospitalsMember"/>
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    <link:label id="lab_clny_OfficeLeasesMember_2fe145f9-6351-4783-a0e6-a27f80a94f4d_terseLabel_en-US" xlink:label="lab_clny_OfficeLeasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Offices</link:label>
    <link:label id="lab_clny_OfficeLeasesMember_08f275eb-f95b-4a51-9a61-c201130ec478_verboseLabel_en-US" xlink:label="lab_clny_OfficeLeasesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Offices</link:label>
    <link:label id="lab_clny_OfficeLeasesMember_label_en-US" xlink:label="lab_clny_OfficeLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office Leases [Member]</link:label>
    <link:label id="lab_clny_OfficeLeasesMember_documentation_en-US" xlink:label="lab_clny_OfficeLeasesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office Leases [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_OfficeLeasesMember" xlink:to="lab_clny_OfficeLeasesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DBHMember_7871720c-6413-4957-91a3-ccb03b98194b_terseLabel_en-US" xlink:label="lab_clny_DBHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">DBH</link:label>
    <link:label id="lab_clny_DBHMember_label_en-US" xlink:label="lab_clny_DBHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">DBH [Member]</link:label>
    <link:label id="lab_clny_DBHMember_documentation_en-US" xlink:label="lab_clny_DBHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">DBH [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DBHMember" xlink:href="clny-20201231.xsd#clny_DBHMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DBHMember" xlink:to="lab_clny_DBHMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_17448e18-0538-4f41-9b72-0ce6e4fb21e5_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ManagementFeeIncomeTable_c8bb7e7a-ff37-44c2-b5e3-3bf995456be7_terseLabel_en-US" xlink:label="lab_clny_ManagementFeeIncomeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee Income [Table]</link:label>
    <link:label id="lab_clny_ManagementFeeIncomeTable_label_en-US" xlink:label="lab_clny_ManagementFeeIncomeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee Income [Table]</link:label>
    <link:label id="lab_clny_ManagementFeeIncomeTable_documentation_en-US" xlink:label="lab_clny_ManagementFeeIncomeTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee Income [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ManagementFeeIncomeTable" xlink:href="clny-20201231.xsd#clny_ManagementFeeIncomeTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_ManagementFeeIncomeTable" xlink:to="lab_clny_ManagementFeeIncomeTable" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_VariableRateMember_ee2b04ab-247d-4d4b-b98c-c85ba5512a59_verboseLabel_en-US" xlink:label="lab_clny_VariableRateMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate</link:label>
    <link:label id="lab_clny_VariableRateMember_label_en-US" xlink:label="lab_clny_VariableRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate [Member]</link:label>
    <link:label id="lab_clny_VariableRateMember_documentation_en-US" xlink:label="lab_clny_VariableRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_VariableRateMember" xlink:href="clny-20201231.xsd#clny_VariableRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_VariableRateMember" xlink:to="lab_clny_VariableRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue_ea1edef9-5b62-4142-a8d8-4247b3d1cec5_terseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value of equity interest in Digital Colony Manager</link:label>
    <link:label id="lab_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue_label_en-US" xlink:label="lab_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Step Acquisition, Equity Interest in Acquiree, Fair Value</link:label>
    <link:label id="lab_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue_documentation_en-US" xlink:label="lab_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Step Acquisition, Equity Interest in Acquiree, Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue" xlink:to="lab_clny_AssetAcquisitionStepAcquisitionEquityInterestInAcquireeFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDebtLeaseAndOtherLiabilities_18b02ff0-e34d-4079-acb7-fba2c9e95696_terseLabel_en-US" xlink:label="lab_clny_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDebtLeaseAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other liabilities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDebtLeaseAndOtherLiabilities" xlink:href="clny-20201231.xsd#clny_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDebtLeaseAndOtherLiabilities"/>
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    <link:label id="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_0bd4b67d-5e8d-470e-a4e2-ca2de3493fbf_terseLabel_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net cash provided by (used in) operating activities of discontinued operations</link:label>
    <link:label id="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_label_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Provided by (Used in) Operating Activities, Discontinued Operations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations"/>
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    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome_053eaef9-dd94-4ed5-92bc-5355b1c8d071_terseLabel_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property operating income</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome_label_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Property Operating Income</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome_documentation_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Property Operating Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome" xlink:href="clny-20201231.xsd#clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome" xlink:to="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AmortizationOfAboveAndBelowMarketLeases_a9016894-a15d-45fe-bf3b-a26b15440325_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfAboveAndBelowMarketLeases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of above- and below-market lease values, net</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfAboveAndBelowMarketLeases" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfAboveAndBelowMarketLeases"/>
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    <link:label id="lab_us-gaap_UseOfEstimates_88e60a29-67e5-4c40-82a4-cabcc32e70fb_terseLabel_en-US" xlink:label="lab_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Use of Estimates</link:label>
    <link:label id="lab_us-gaap_UseOfEstimates_label_en-US" xlink:label="lab_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UseOfEstimates" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UseOfEstimates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates" xlink:to="lab_us-gaap_UseOfEstimates" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_NetInvestmentHedgeGainLossReclassifiedtoEarningsNet_69e945a7-dc51-4995-b824-a2f40bf93d66_terseLabel_en-US" xlink:label="lab_clny_NetInvestmentHedgeGainLossReclassifiedtoEarningsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized gain transferred from AOCI to earnings</link:label>
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    <link:label id="lab_clny_NetInvestmentHedgeGainLossReclassifiedtoEarningsNet_documentation_en-US" xlink:label="lab_clny_NetInvestmentHedgeGainLossReclassifiedtoEarningsNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Investment Hedge Gain (Loss) Reclassified to Earnings, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_NetInvestmentHedgeGainLossReclassifiedtoEarningsNet" xlink:href="clny-20201231.xsd#clny_NetInvestmentHedgeGainLossReclassifiedtoEarningsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_NetInvestmentHedgeGainLossReclassifiedtoEarningsNet" xlink:to="lab_clny_NetInvestmentHedgeGainLossReclassifiedtoEarningsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_RedemptionOfPartnershipUnitsForCommonStock_a17a5a4d-6257-473d-a051-12b0fff85c55_terseLabel_en-US" xlink:label="lab_clny_RedemptionOfPartnershipUnitsForCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Redemption of OP Units for common stock</link:label>
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    <link:label id="lab_clny_RedemptionOfPartnershipUnitsForCommonStock_documentation_en-US" xlink:label="lab_clny_RedemptionOfPartnershipUnitsForCommonStock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Redemption Of Partnership Units For Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_RedemptionOfPartnershipUnitsForCommonStock" xlink:href="clny-20201231.xsd#clny_RedemptionOfPartnershipUnitsForCommonStock"/>
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    <link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityCreditLossExpenseReversal_2402c37c-1bf1-40aa-b9f1-10f6a19faee7_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityCreditLossExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for credit loss recorded</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesHeldToMaturityCreditLossExpenseReversal_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesHeldToMaturityCreditLossExpenseReversal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Held-to-maturity, Credit Loss Expense (Reversal)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesHeldToMaturityCreditLossExpenseReversal" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesHeldToMaturityCreditLossExpenseReversal"/>
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    <link:label id="lab_us-gaap_ProceedsFromPartnershipContribution_bec04701-2cc2-4c91-9b4a-3db43d9b14e5_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPartnershipContribution" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contribution from Wafra (Note 15)</link:label>
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    <link:label id="lab_clny_MedicalOfficeBuildingsMember_b90c8e31-5c5a-4975-9cd8-af554e497c1b_terseLabel_en-US" xlink:label="lab_clny_MedicalOfficeBuildingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Medical Office Buildings</link:label>
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    <link:label id="lab_clny_MedicalOfficeBuildingsMember_documentation_en-US" xlink:label="lab_clny_MedicalOfficeBuildingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Medical Office Buildings [Member]</link:label>
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    <link:label id="lab_srt_ConsolidatedEntitiesAxis_b1013012-ea17-44cb-8143-be48d332eabe_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesAxis"/>
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    <link:label id="lab_us-gaap_RealEstateImprovements_8175c944-a7dd-4cd8-b3b5-e73bbeaa7dc3_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Improvements and capitalized costs</link:label>
    <link:label id="lab_us-gaap_RealEstateImprovements_label_en-US" xlink:label="lab_us-gaap_RealEstateImprovements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Improvements</link:label>
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    <link:label id="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsPolicy_09be42b4-0820-483b-9287-7a695f7f006f_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transfers of Financial Assets</link:label>
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    <link:label id="lab_clny_ConversionOfUnitsConversionRatio_a743f1a2-4657-4296-a3fa-3ba74b7db947_verboseLabel_en-US" xlink:label="lab_clny_ConversionOfUnitsConversionRatio" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Conversion ratio</link:label>
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    <link:label id="lab_clny_ConversionOfUnitsConversionRatio_documentation_en-US" xlink:label="lab_clny_ConversionOfUnitsConversionRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Conversion Of Units, Conversion Ratio</link:label>
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    <link:label id="lab_clny_MixedOtherEquityandDebtMember_0a3f64e9-b193-47d8-bbb7-73906a4a29d3_terseLabel_en-US" xlink:label="lab_clny_MixedOtherEquityandDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed - Other Equity and Debt</link:label>
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    <link:label id="lab_clny_MixedOtherEquityandDebtMember_documentation_en-US" xlink:label="lab_clny_MixedOtherEquityandDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed - Other Equity and Debt [Member]</link:label>
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    <link:label id="lab_clny_CorporatePropertyMember_68442c7c-2954-48fd-8535-74f45dc0737e_terseLabel_en-US" xlink:label="lab_clny_CorporatePropertyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate</link:label>
    <link:label id="lab_clny_CorporatePropertyMember_label_en-US" xlink:label="lab_clny_CorporatePropertyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Property [Member]</link:label>
    <link:label id="lab_clny_CorporatePropertyMember_documentation_en-US" xlink:label="lab_clny_CorporatePropertyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Property [Member]</link:label>
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    <link:label id="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember_6b40d5ed-e4b0-454b-9220-559c06d4d321_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign Currency Translation Gain (Loss)</link:label>
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    <link:label id="lab_clny_GainsLossesOnSalesOfRealEstateAssetsNet_69cf7d11-906f-4014-bcd0-d4d0fec9be71_negatedTerseLabel_en-US" xlink:label="lab_clny_GainsLossesOnSalesOfRealEstateAssetsNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain on sales of real estate, net</link:label>
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    <link:label id="lab_clny_GainsLossesOnSalesOfRealEstateAssetsNet_documentation_en-US" xlink:label="lab_clny_GainsLossesOnSalesOfRealEstateAssetsNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (Losses) On Sales Of Real Estate Assets, Net</link:label>
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    <link:label id="lab_us-gaap_InterestRateCapMember_10abaefb-4a03-4ec0-a7d1-3f0bdb40166b_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateCapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest rate caps</link:label>
    <link:label id="lab_us-gaap_InterestRateCapMember_label_en-US" xlink:label="lab_us-gaap_InterestRateCapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Rate Cap [Member]</link:label>
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    <link:label id="lab_clny_FairValueExpectedVolatility_257afda7-acc5-47e7-999f-f0e08976d53f_terseLabel_en-US" xlink:label="lab_clny_FairValueExpectedVolatility" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected volatility (percent)</link:label>
    <link:label id="lab_clny_FairValueExpectedVolatility_label_en-US" xlink:label="lab_clny_FairValueExpectedVolatility" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Expected Volatility</link:label>
    <link:label id="lab_clny_FairValueExpectedVolatility_documentation_en-US" xlink:label="lab_clny_FairValueExpectedVolatility" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Expected Volatility</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FairValueExpectedVolatility" xlink:href="clny-20201231.xsd#clny_FairValueExpectedVolatility"/>
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    <link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_aa770b0e-0f52-4629-ab15-489daef6e9e3_terseLabel_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Counterparty Name [Domain]</link:label>
    <link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_label_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Counterparty Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RepurchaseAgreementCounterpartyNameDomain"/>
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    <link:label id="lab_srt_ConsolidationItemsDomain_fab5ec85-cb67-4e66-ae53-08c6d2aff750_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidation Items [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsDomain" xlink:to="lab_srt_ConsolidationItemsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BusinessCombinationContingentConsiderationLiability_5999597b-f850-4e3b-8347-99c1b531d420_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other liabilities&#8212;contingent consideration for THL Hotel Portfolio</link:label>
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    <link:label id="lab_us-gaap_BusinessCombinationContingentConsiderationLiability_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combination, Contingent Consideration, Liability</link:label>
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    <link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_6196e611-2ec2-4fa9-bcc5-ac97f4ad88a5_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goodwill, Deferred Leasing Costs and Other Intangibles</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_TenantImprovements_57b7aa45-45fa-4ef0-b7dd-4d0a5b5e24c5_terseLabel_en-US" xlink:label="lab_us-gaap_TenantImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tenant improvements</link:label>
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    <link:label id="lab_clny_ShareActivitiesOfPreferredAndCommonStockRollForward_43f322b5-56fd-4425-9c99-eb3e5f8362cd_terseLabel_en-US" xlink:label="lab_clny_ShareActivitiesOfPreferredAndCommonStockRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Activities Of Preferred And Common Stock [Roll Forward]</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentPastDue_b1c73143-841a-4181-928e-43867525922d_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentPastDue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan receivable past due</link:label>
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    <link:label id="lab_us-gaap_LandMember_d2d79a1a-6a74-45dd-8577-452ab9c1f254_terseLabel_en-US" xlink:label="lab_us-gaap_LandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionDomain" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionDomain"/>
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    <link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_label_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts, Notes, Loans and Financing Receivable [Line Items]</link:label>
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    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_661ddf90-4e82-4fb1-89b1-21f5b6ed7a67_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative effect of adoption of new accounting pronouncement</link:label>
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    <link:label id="lab_us-gaap_AssetImpairmentCharges_39e00812-1533-459b-8975-be1073e710d6_terseLabel_en-US" xlink:label="lab_us-gaap_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment loss</link:label>
    <link:label id="lab_us-gaap_AssetImpairmentCharges_4528369b-a3cd-4ab5-9d44-a69e7e6b1b28_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment of real estate and related asset group</link:label>
    <link:label id="lab_us-gaap_AssetImpairmentCharges_label_en-US" xlink:label="lab_us-gaap_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Impairment Charges</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetImpairmentCharges" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetImpairmentCharges"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetImpairmentCharges" xlink:to="lab_us-gaap_AssetImpairmentCharges" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_WafraInc.Member_a9d1075d-b654-4b99-8bfd-ac661d836640_terseLabel_en-US" xlink:label="lab_clny_WafraInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wafra, Inc.</link:label>
    <link:label id="lab_clny_WafraInc.Member_label_en-US" xlink:label="lab_clny_WafraInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wafra, Inc. [Member]</link:label>
    <link:label id="lab_clny_WafraInc.Member_documentation_en-US" xlink:label="lab_clny_WafraInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Wafra, Inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_WafraInc.Member" xlink:href="clny-20201231.xsd#clny_WafraInc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_WafraInc.Member" xlink:to="lab_clny_WafraInc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_PreferredStockRedemptionPayable_2a8a16cf-3def-49a2-9ef5-87ed0fbb9d76_terseLabel_en-US" xlink:label="lab_clny_PreferredStockRedemptionPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred stock redemptions payable</link:label>
    <link:label id="lab_clny_PreferredStockRedemptionPayable_label_en-US" xlink:label="lab_clny_PreferredStockRedemptionPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock Redemption Payable</link:label>
    <link:label id="lab_clny_PreferredStockRedemptionPayable_documentation_en-US" xlink:label="lab_clny_PreferredStockRedemptionPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock Redemption Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_PreferredStockRedemptionPayable" xlink:href="clny-20201231.xsd#clny_PreferredStockRedemptionPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PreferredStockRedemptionPayable" xlink:to="lab_clny_PreferredStockRedemptionPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredFinanceCostsNet_e9fae364-b946-4162-bbf3-3fb9d2afa1ce_negatedLabel_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred financing costs</link:label>
    <link:label id="lab_us-gaap_DeferredFinanceCostsNet_label_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Issuance Costs, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFinanceCostsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet" xlink:to="lab_us-gaap_DeferredFinanceCostsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest_89ec5dd4-cfec-4a1a-b6f6-b730153d8801_terseLabel_en-US" xlink:label="lab_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity method earnings (losses)&#8212;carried interest</link:label>
    <link:label id="lab_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest_label_en-US" xlink:label="lab_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income (Loss) From Equity Method Investee, Carried Interest</link:label>
    <link:label id="lab_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest_documentation_en-US" xlink:label="lab_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income (Loss) From Equity Method Investee, Carried Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest" xlink:href="clny-20201231.xsd#clny_IncomeLossFromEquityMethodInvesteeCarriedInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest" xlink:to="lab_clny_IncomeLossFromEquityMethodInvesteeCarriedInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_NorthStarIAndNorthStarIIMember_a9fc7205-2307-4ef1-af3e-556636f1e3ee_terseLabel_en-US" xlink:label="lab_clny_NorthStarIAndNorthStarIIMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStarI and NorthStar II</link:label>
    <link:label id="lab_clny_NorthStarIAndNorthStarIIMember_label_en-US" xlink:label="lab_clny_NorthStarIAndNorthStarIIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStarI and NorthStar II [Member]</link:label>
    <link:label id="lab_clny_NorthStarIAndNorthStarIIMember_documentation_en-US" xlink:label="lab_clny_NorthStarIAndNorthStarIIMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStarI and NorthStar II</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_NorthStarIAndNorthStarIIMember" xlink:href="clny-20201231.xsd#clny_NorthStarIAndNorthStarIIMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_NorthStarIAndNorthStarIIMember" xlink:to="lab_clny_NorthStarIAndNorthStarIIMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights_9bd31367-f79d-44d5-b315-f87185bf64de_terseLabel_en-US" xlink:label="lab_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum period of dividend defaults providing preferred stockholders to voting rights</link:label>
    <link:label id="lab_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights_label_en-US" xlink:label="lab_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum Period Of Dividend Defaults Providing Preferred Stockholders To Voting Rights</link:label>
    <link:label id="lab_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights_documentation_en-US" xlink:label="lab_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum period of dividend defaults providing preferred stockholders to voting rights.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights" xlink:href="clny-20201231.xsd#clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights" xlink:to="lab_clny_MinimumPeriodOfDividendDefaultsProvidingPreferredStockholdersToVotingRights" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount_014dd725-b2c2-41ed-a945-c1753b6ff572_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Present value discount</link:label>
    <link:label id="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Lease, Liability, Undiscounted Excess Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_FinanceLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender_1c9684f7-44ed-4355-a644-a974c61e7db3_terseLabel_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Properties conveyed to lender</link:label>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender_label_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Debt Default, Properties Conveyed To Lender</link:label>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender_documentation_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Debt Default, Properties Conveyed To Lender</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender" xlink:href="clny-20201231.xsd#clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender" xlink:to="lab_clny_DebtInstrumentDebtDefaultPropertiesConveyedToLender" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_8db28827-b99a-45a9-aad9-7c602137fe8b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends paid to common stockholders</link:label>
    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments of Ordinary Dividends, Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EquitySecuritiesMember_956a7d47-ad87-4966-99c2-7af309c297a5_verboseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Marketable equity securities</link:label>
    <link:label id="lab_us-gaap_EquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquitySecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesMember" xlink:to="lab_us-gaap_EquitySecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_ce546a9e-ecc6-4efc-8cab-2fa2092e1e04_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember_86292c36-8457-4a9b-bfb6-498d5d7143f3_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Held-for-sale, Not Discontinued Operations</link:label>
    <link:label id="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember_label_en-US" xlink:label="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Held-for-sale, Not Discontinued Operations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:to="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_5168625b-e9d3-46e7-91c0-91dde3e50814_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred stock dividends</link:label>
    <link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_78925f00-18a5-43f6-a126-0df496aa5312_negatedLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred dividends</link:label>
    <link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock Dividends, Income Statement Impact</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:to="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_OtherRealEstateAssetAcquisitionMember_328967f3-eef3-4384-b0ef-32c42d0e1f7b_terseLabel_en-US" xlink:label="lab_clny_OtherRealEstateAssetAcquisitionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate Asset Acquisition</link:label>
    <link:label id="lab_clny_OtherRealEstateAssetAcquisitionMember_label_en-US" xlink:label="lab_clny_OtherRealEstateAssetAcquisitionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate Asset Acquisition [Member]</link:label>
    <link:label id="lab_clny_OtherRealEstateAssetAcquisitionMember_documentation_en-US" xlink:label="lab_clny_OtherRealEstateAssetAcquisitionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate Asset Acquisition</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_OtherRealEstateAssetAcquisitionMember" xlink:href="clny-20201231.xsd#clny_OtherRealEstateAssetAcquisitionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_OtherRealEstateAssetAcquisitionMember" xlink:to="lab_clny_OtherRealEstateAssetAcquisitionMember" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_02bb54a3-e625-457c-89d2-495d7805b791_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets [Line Items]</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract_6b14c175-10e5-4774-b4a8-0875368a5c76_terseLabel_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]</link:label>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract_label_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract"/>
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    <link:label id="lab_clny_SeniorNotes5.375PercentDueJune2033Member_3cf7f446-bb3c-417b-8eec-820f4a73c0fa_terseLabel_en-US" xlink:label="lab_clny_SeniorNotes5.375PercentDueJune2033Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">5.375% Exchangeable Senior Notes</link:label>
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    <link:label id="lab_clny_SeniorNotes5.375PercentDueJune2033Member_documentation_en-US" xlink:label="lab_clny_SeniorNotes5.375PercentDueJune2033Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents information pertaining to the 5.375 percent Notes, due in June 2033.</link:label>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_952ee4ce-61a5-48d7-bed7-8c290539c8b3_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Asset, Expected Amortization, Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount_98798578-c996-4e72-8d6d-01c62ecaf66c_negatedTerseLabel_en-US" xlink:label="lab_clny_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impact of Tax Cuts and Jobs Act</link:label>
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    <link:label id="lab_clny_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount_documentation_en-US" xlink:label="lab_clny_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Tax Cuts And Jobs Act, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount" xlink:href="clny-20201231.xsd#clny_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount" xlink:to="lab_clny_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ManagementOperationFeesMember_c0e6a320-cc3c-4311-baec-e0d0b2d538c5_terseLabel_en-US" xlink:label="lab_clny_ManagementOperationFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Operation Fees</link:label>
    <link:label id="lab_clny_ManagementOperationFeesMember_label_en-US" xlink:label="lab_clny_ManagementOperationFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Operation Fees [Member]</link:label>
    <link:label id="lab_clny_ManagementOperationFeesMember_documentation_en-US" xlink:label="lab_clny_ManagementOperationFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Operation Fees</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ManagementOperationFeesMember" xlink:href="clny-20201231.xsd#clny_ManagementOperationFeesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_ManagementOperationFeesMember" xlink:to="lab_clny_ManagementOperationFeesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ValuationAndQualifyingAccountsAbstract_5d114e5f-0f84-47e4-988c-86c4ca8d3ab2_terseLabel_en-US" xlink:label="lab_srt_ValuationAndQualifyingAccountsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]</link:label>
    <link:label id="lab_srt_ValuationAndQualifyingAccountsAbstract_label_en-US" xlink:label="lab_srt_ValuationAndQualifyingAccountsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ValuationAndQualifyingAccountsAbstract" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ValuationAndQualifyingAccountsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ValuationAndQualifyingAccountsAbstract" xlink:to="lab_srt_ValuationAndQualifyingAccountsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments_bc2950fa-43cd-446c-9a0f-427a299922fa_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sale of equity investments</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Sale of Equity Method Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfEquityMethodInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:to="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationExpenses_f7ce8207-e587-4d10-8289-7958a70fa76e_totalLabel_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expenses from discontinued operations</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationExpenses_label_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Expenses</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationExpenses_documentation_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DisposalGroupIncludingDiscontinuedOperationExpenses" xlink:href="clny-20201231.xsd#clny_DisposalGroupIncludingDiscontinuedOperationExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DisposalGroupIncludingDiscontinuedOperationExpenses" xlink:to="lab_clny_DisposalGroupIncludingDiscontinuedOperationExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue_e14f7d3c-1e2d-4a7d-92d3-141fa5ff7a19_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Redemption of preferred stock (Note 14)</link:label>
    <link:label id="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue_label_en-US" xlink:label="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock Redeemed or Called During Period, Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="lab_us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense_1627f35d-7c45-4c0a-be79-025ee7d58639_terseLabel_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity-based compensation</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense_label_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Equity Based Compensation Expense</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense_documentation_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Equity Based Compensation Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense" xlink:href="clny-20201231.xsd#clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense" xlink:to="lab_clny_DisposalGroupIncludingDiscontinuedOperationEquityBasedCompensationExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable_b49635c4-35ff-4a00-a332-7a534418950c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Operating Leased Assets [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Operating Leased Assets [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfOperatingLeasedAssetsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:to="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_aa242d9c-5035-4a77-a832-8b9e7aa92e4c_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseLiability_0f51c0b7-0ebb-42ec-99c7-67e2029aede2_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease liability</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLiability_c7782f32-258f-4c7f-9c9d-2117b4667e45_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance / Operating lease liability (Note 9)</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiability" xlink:to="lab_us-gaap_OperatingLeaseLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxLiabilities_7cb62056-f781-42c9-9e42-fd8801969bda_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net deferred tax liability</link:label>
    <link:label id="lab_us-gaap_DeferredTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilities" xlink:to="lab_us-gaap_DeferredTaxLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SegmentReportingAbstract_2239b79b-702b-4244-95ba-a00d762e4278_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segment Reporting [Abstract]</link:label>
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    <link:label id="lab_clny_PortfolioDomain_documentation_en-US" xlink:label="lab_clny_PortfolioDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Domain] for Portfolio [Axis]</link:label>
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    <link:label id="lab_us-gaap_PreferredStockRedemptionPremium_e4753700-1037-49e3-8216-667fa254136f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockRedemptionPremium" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred stock redemption (Note 14)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockRedemptionPremium" xlink:to="lab_us-gaap_PreferredStockRedemptionPremium" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_LiabilitiesOfInvestmentEntitiesDeconsolidated_ad9c1255-51e1-4230-8f11-e21b7a6a8602_terseLabel_en-US" xlink:label="lab_clny_LiabilitiesOfInvestmentEntitiesDeconsolidated" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities of investment entities deconsolidated (1)</link:label>
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    <link:label id="lab_clny_LiabilitiesOfInvestmentEntitiesDeconsolidated_documentation_en-US" xlink:label="lab_clny_LiabilitiesOfInvestmentEntitiesDeconsolidated" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities Of Investment Entities Deconsolidated</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_e6aff8fc-b239-4387-b9fe-3cf068e537fa_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Valuation allowance</link:label>
    <link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_fbe30cd6-d70c-4eb9-81f8-02afc8b2095b_negatedLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Valuation allowance</link:label>
    <link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Valuation Allowance</link:label>
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    <link:label id="lab_clny_DigitalOperatingMember_26f89819-5dba-4424-a49a-320fb1f8ca18_terseLabel_en-US" xlink:label="lab_clny_DigitalOperatingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Digital Operating</link:label>
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    <link:label id="lab_clny_DigitalOperatingMember_documentation_en-US" xlink:label="lab_clny_DigitalOperatingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Digital Operating</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DigitalOperatingMember" xlink:to="lab_clny_DigitalOperatingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_ec6a78f6-5c33-4e91-a42b-df2db45f6f32_totalLabel_en-US" xlink:label="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total assets held for disposition</link:label>
    <link:label id="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_434cd8ac-daa1-42e2-99c4-43ae9077192d_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets held for sale</link:label>
    <link:label id="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_label_en-US" xlink:label="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:to="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:type="arc" order="1"/>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Asset, Expected Amortization, Year Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:type="arc" order="1"/>
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    <link:label id="lab_clny_AmortizationofAboveandBelowMarketLeasesYearFour_documentation_en-US" xlink:label="lab_clny_AmortizationofAboveandBelowMarketLeasesYearFour" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of Above and Below Market Leases, Year Four</link:label>
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    <link:label id="lab_clny_LeaseIntangiblesMember_9e632557-3d34-49d4-8432-cba90bf10acf_terseLabel_en-US" xlink:label="lab_clny_LeaseIntangiblesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lease Intangibles</link:label>
    <link:label id="lab_clny_LeaseIntangiblesMember_label_en-US" xlink:label="lab_clny_LeaseIntangiblesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lease Intangibles [Member]</link:label>
    <link:label id="lab_clny_LeaseIntangiblesMember_documentation_en-US" xlink:label="lab_clny_LeaseIntangiblesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lease Intangibles</link:label>
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    <link:label id="lab_srt_EquityMethodInvesteeNameDomain_78afa4cb-a6e4-4aac-9f03-0bd9aca69ffa_terseLabel_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment, Name [Domain]</link:label>
    <link:label id="lab_srt_EquityMethodInvesteeNameDomain_label_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment, Name [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_EquityMethodInvesteeNameDomain" xlink:to="lab_srt_EquityMethodInvesteeNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_b5885173-e782-481f-b322-8117edc73463_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_e64cac24-7b6d-473a-8685-99496f559ff7_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:to="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainLossOnSaleOfBusiness_892a8fb6-fead-4dd9-9dde-9cb969fbc477_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfBusiness" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net loss of sale of portfolio</link:label>
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    <link:label id="lab_clny_NonDigitalOperatingMember_6b766b7f-fe18-41f2-a96f-b699a66382ec_terseLabel_en-US" xlink:label="lab_clny_NonDigitalOperatingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-Digital Operating</link:label>
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    <link:label id="lab_us-gaap_NotesReceivableGross_13b69445-66f1-4dc5-997a-9fbf59769dd6_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and leases receivable, gross</link:label>
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    <link:label id="lab_clny_OPUnitsMember_796f86c3-648c-4040-81bc-48bd771ef8b5_verboseLabel_en-US" xlink:label="lab_clny_OPUnitsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OP Units</link:label>
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    <link:label id="lab_us-gaap_CommonClassAMember_09ff1afd-be48-4199-b5f8-9ce9a50eb7fe_terseLabel_en-US" xlink:label="lab_us-gaap_CommonClassAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class A Common Stock</link:label>
    <link:label id="lab_us-gaap_CommonClassAMember_label_en-US" xlink:label="lab_us-gaap_CommonClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Class A [Member]</link:label>
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    <link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_a03d33a9-34f5-40bc-8ecc-43e6ed9bc739_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss per share&#8212;diluted</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_c3f8a407-c44f-4831-a2d1-7282a75a17ed_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income (loss) per share&#8212;diluted</link:label>
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    <link:label id="lab_clny_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldDeconsolidation_312510e2-7875-4fe6-aab7-431d88ec11c7_negatedTerseLabel_en-US" xlink:label="lab_clny_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldDeconsolidation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation</link:label>
    <link:label id="lab_clny_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldDeconsolidation_label_en-US" xlink:label="lab_clny_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Deconsolidation</link:label>
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    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_d9fa7585-4fb7-4fe8-a736-eff617476fad_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net (decrease) increase in cash, cash equivalents and restricted cash</link:label>
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    <link:label id="lab_us-gaap_BusinessCombinationDisclosureTextBlock_94b0dcb2-6359-434e-b85d-89d9058122eb_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions</link:label>
    <link:label id="lab_us-gaap_BusinessCombinationDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combination Disclosure [Text Block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:to="lab_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_NorthStarHealthcareMember_5b4a609f-390e-4bd2-8ea2-c95a55ce6dce_terseLabel_en-US" xlink:label="lab_clny_NorthStarHealthcareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStar Healthcare</link:label>
    <link:label id="lab_clny_NorthStarHealthcareMember_label_en-US" xlink:label="lab_clny_NorthStarHealthcareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStar Healthcare [Member]</link:label>
    <link:label id="lab_clny_NorthStarHealthcareMember_documentation_en-US" xlink:label="lab_clny_NorthStarHealthcareMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStar Healthcare [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_NorthStarHealthcareMember" xlink:href="clny-20201231.xsd#clny_NorthStarHealthcareMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_NorthStarHealthcareMember" xlink:to="lab_clny_NorthStarHealthcareMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_35237d5a-b0f6-4206-8d48-00f098e430be_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">State and local</link:label>
    <link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred State and Local Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_OwnershipDomain_3b3dbf28-618a-48f5-b1b1-338bf0427374_terseLabel_en-US" xlink:label="lab_srt_OwnershipDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership [Domain]</link:label>
    <link:label id="lab_srt_OwnershipDomain_label_en-US" xlink:label="lab_srt_OwnershipDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_OwnershipDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_OwnershipDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OwnershipDomain" xlink:to="lab_srt_OwnershipDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_GainLossOnSettlement_12e6b753-af7b-4b4a-87c4-404efbbba5c0_terseLabel_en-US" xlink:label="lab_clny_GainLossOnSettlement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized settlement loss</link:label>
    <link:label id="lab_clny_GainLossOnSettlement_label_en-US" xlink:label="lab_clny_GainLossOnSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (Loss) On Settlement</link:label>
    <link:label id="lab_clny_GainLossOnSettlement_documentation_en-US" xlink:label="lab_clny_GainLossOnSettlement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (Loss) On Settlement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_GainLossOnSettlement" xlink:href="clny-20201231.xsd#clny_GainLossOnSettlement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_GainLossOnSettlement" xlink:to="lab_clny_GainLossOnSettlement" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestPaidNet_a9818154-ea4c-4fe7-91cd-22a189aa16c3_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash paid for interest, net of amounts capitalized of $852, $3,192, and $5,554</link:label>
    <link:label id="lab_us-gaap_InterestPaidNet_label_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Paid, Excluding Capitalized Interest, Operating Activities</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaidNet" xlink:to="lab_us-gaap_InterestPaidNet" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup_c687c41f-ed87-4b3f-9087-1a130d1619c3_terseLabel_en-US" xlink:label="lab_clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted cash included in assets held for disposition</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup" xlink:href="clny-20201231.xsd#clny_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroup"/>
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    <link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_09dfb05d-ea0e-48c1-ba83-e45f151780a8_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total equity</link:label>
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    <link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_59c206c1-f424-47e4-a804-aa97bff42c1e_verboseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative effect of adoption of new accounting pronouncements (Note 2)</link:label>
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    <link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_d273b16f-efdd-4d9f-9c2e-b259648b11d8_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stockholders' equity</link:label>
    <link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
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    <link:label id="lab_clny_LineofCreditFacilityExtensionCommitmentFee_362df862-785a-4caa-9eff-d46dcdd3848a_terseLabel_en-US" xlink:label="lab_clny_LineofCreditFacilityExtensionCommitmentFee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Extension commitment fee (percentage)</link:label>
    <link:label id="lab_clny_LineofCreditFacilityExtensionCommitmentFee_label_en-US" xlink:label="lab_clny_LineofCreditFacilityExtensionCommitmentFee" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit Facility, Extension Commitment Fee</link:label>
    <link:label id="lab_clny_LineofCreditFacilityExtensionCommitmentFee_documentation_en-US" xlink:label="lab_clny_LineofCreditFacilityExtensionCommitmentFee" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit Facility, Extension Commitment Fee</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_LineofCreditFacilityExtensionCommitmentFee" xlink:href="clny-20201231.xsd#clny_LineofCreditFacilityExtensionCommitmentFee"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_LineofCreditFacilityExtensionCommitmentFee" xlink:to="lab_clny_LineofCreditFacilityExtensionCommitmentFee" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture_23ff612b-0efb-43a9-b980-b5f3b8752523_terseLabel_en-US" xlink:label="lab_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in unconsolidated ventures, net</link:label>
    <link:label id="lab_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture_label_en-US" xlink:label="lab_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity In Other Comprehensive Loss Income Of Unconsolidated Joint Venture</link:label>
    <link:label id="lab_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture_documentation_en-US" xlink:label="lab_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity in other comprehensive (loss) income of unconsolidated joint venture.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture" xlink:href="clny-20201231.xsd#clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture" xlink:to="lab_clny_EquityInOtherComprehensiveLossIncomeOfUnconsolidatedJointVenture" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax_3db2dc28-c27b-4285-ab10-42a72ca38482_terseLabel_en-US" xlink:label="lab_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of N-Star CDO</link:label>
    <link:label id="lab_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax_label_en-US" xlink:label="lab_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Comprehensive Income (Loss), Deconsolidation, Net Of Tax</link:label>
    <link:label id="lab_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax_documentation_en-US" xlink:label="lab_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Comprehensive Income (Loss), Deconsolidation, Net Of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax" xlink:href="clny-20201231.xsd#clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax" xlink:to="lab_clny_OtherComprehensiveIncomeLossDeconsolidationNetOfTax" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_SC_5e7b6743-600c-4c4a-98fb-639e87c4290a_terseLabel_en-US" xlink:label="lab_stpr_SC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SOUTH CAROLINA</link:label>
    <link:label id="lab_stpr_SC_label_en-US" xlink:label="lab_stpr_SC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SOUTH CAROLINA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_stpr_SC" xlink:href="https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd#stpr_SC"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_SC" xlink:to="lab_stpr_SC" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment_84d534db-0eb6-435d-880c-ce29d43f2a1b_terseLabel_en-US" xlink:label="lab_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisition and disposition fees</link:label>
    <link:label id="lab_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment_label_en-US" xlink:label="lab_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee Revenues, Percent of Contractual Sales Price For Disposition of Investment</link:label>
    <link:label id="lab_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment_documentation_en-US" xlink:label="lab_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee Revenues, Percent of Contractual Sales Price For Disposition of Investment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment" xlink:href="clny-20201231.xsd#clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment" xlink:to="lab_clny_ManagementFeeRevenuesPercentOfContractualSalesPriceForDispositionOfInvestment" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateAcquisitionsThroughForeclosures_61cc6e34-5738-4928-8433-f17218518093_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAcquisitionsThroughForeclosures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreclosures and exchanges of loans receivable for real estate</link:label>
    <link:label id="lab_us-gaap_RealEstateAcquisitionsThroughForeclosures_label_en-US" xlink:label="lab_us-gaap_RealEstateAcquisitionsThroughForeclosures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Acquisition Through Foreclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAcquisitionsThroughForeclosures" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateAcquisitionsThroughForeclosures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAcquisitionsThroughForeclosures" xlink:to="lab_us-gaap_RealEstateAcquisitionsThroughForeclosures" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_PaymentsOnCashCollateralOnDerivative_1c2d6aad-3d77-4830-bb33-6b97d8c8ec97_negatedTerseLabel_en-US" xlink:label="lab_clny_PaymentsOnCashCollateralOnDerivative" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Settlement of forward starting interest rate swap</link:label>
    <link:label id="lab_clny_PaymentsOnCashCollateralOnDerivative_label_en-US" xlink:label="lab_clny_PaymentsOnCashCollateralOnDerivative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments On Cash Collateral On Derivative</link:label>
    <link:label id="lab_clny_PaymentsOnCashCollateralOnDerivative_documentation_en-US" xlink:label="lab_clny_PaymentsOnCashCollateralOnDerivative" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments On Cash Collateral On Derivative</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_PaymentsOnCashCollateralOnDerivative" xlink:href="clny-20201231.xsd#clny_PaymentsOnCashCollateralOnDerivative"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PaymentsOnCashCollateralOnDerivative" xlink:to="lab_clny_PaymentsOnCashCollateralOnDerivative" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueInputsLevel3Member_20dc9ea1-2dd7-48e9-bc86-5cae435e7bea_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Level 3</link:label>
    <link:label id="lab_us-gaap_FairValueInputsLevel3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel3Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel3Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_PerformanceStockUnitsMember_570eb660-5881-4138-818d-58876f43c57e_terseLabel_en-US" xlink:label="lab_clny_PerformanceStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">PSUs</link:label>
    <link:label id="lab_clny_PerformanceStockUnitsMember_597abf4b-2f78-45bf-8a4b-105a16a0ef22_verboseLabel_en-US" xlink:label="lab_clny_PerformanceStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2018 PSU Grant</link:label>
    <link:label id="lab_clny_PerformanceStockUnitsMember_label_en-US" xlink:label="lab_clny_PerformanceStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Performance Stock Units [Member]</link:label>
    <link:label id="lab_clny_PerformanceStockUnitsMember_documentation_en-US" xlink:label="lab_clny_PerformanceStockUnitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Performance Stock Units [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_PerformanceStockUnitsMember" xlink:href="clny-20201231.xsd#clny_PerformanceStockUnitsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PerformanceStockUnitsMember" xlink:to="lab_clny_PerformanceStockUnitsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_InvestmentCommitmentsMember_afcf2ab0-1768-49c7-b2e0-aa7c36fa83d8_terseLabel_en-US" xlink:label="lab_clny_InvestmentCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Commitments</link:label>
    <link:label id="lab_clny_InvestmentCommitmentsMember_label_en-US" xlink:label="lab_clny_InvestmentCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Commitments [Member]</link:label>
    <link:label id="lab_clny_InvestmentCommitmentsMember_documentation_en-US" xlink:label="lab_clny_InvestmentCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Commitments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_InvestmentCommitmentsMember" xlink:href="clny-20201231.xsd#clny_InvestmentCommitmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_InvestmentCommitmentsMember" xlink:to="lab_clny_InvestmentCommitmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LineOfCreditMember_0e4d2566-a8dc-47a8-a04d-3f448f8b80a2_verboseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate credit facility</link:label>
    <link:label id="lab_us-gaap_LineOfCreditMember_eff9e96e-3912-470a-ab16-6b8808c57c4e_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Corporate Credit Facility</link:label>
    <link:label id="lab_us-gaap_LineOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember" xlink:to="lab_us-gaap_LineOfCreditMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AssetAcquisitionBuilding_be4ed8d1-8665-41e9-befb-6ba92a76c31d_terseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionBuilding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buildings and Improvements</link:label>
    <link:label id="lab_clny_AssetAcquisitionBuilding_label_en-US" xlink:label="lab_clny_AssetAcquisitionBuilding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Building</link:label>
    <link:label id="lab_clny_AssetAcquisitionBuilding_documentation_en-US" xlink:label="lab_clny_AssetAcquisitionBuilding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Building</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionBuilding" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionBuilding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetAcquisitionBuilding" xlink:to="lab_clny_AssetAcquisitionBuilding" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_099c8567-452e-4456-8de5-0f519ebb980d_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, after Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet_9d17dd3c-66c3-4ad0-a791-a687fe6eefe6_negatedTerseLabel_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other gain (loss), net</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet_label_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operations, Other Loss, Net</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet_documentation_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operations, Other Loss, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet" xlink:href="clny-20201231.xsd#clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet" xlink:to="lab_clny_DisposalGroupIncludingDiscontinuedOperationsOtherLossNet" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAssumedThroughBusinessCombinations_7c3439bd-c264-4669-9e4e-ba977cb89995_terseLabel_en-US" xlink:label="lab_clny_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAssumedThroughBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset acquisitions and business combinations</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromConvertibleDebt_a312305d-b8a5-47e0-b5f9-e1ccc454fe51_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromConvertibleDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Convertible Debt</link:label>
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    <link:label id="lab_clny_EquityAndDebtInvestments_f71dfcfa-5d0c-4627-9c1a-11b1cbfd36ae_verboseLabel_en-US" xlink:label="lab_clny_EquityAndDebtInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity and debt investments ($465,036 and $457,693 at fair value, respectively)</link:label>
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    <link:label id="lab_clny_VariableLeaseRevenueMember_8ad2063b-66d3-4e0b-96e0-9b143d09a844_terseLabel_en-US" xlink:label="lab_clny_VariableLeaseRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable lease income</link:label>
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    <link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnCash_2edb9676-cdb0-42e3-b9fb-1975496ad05f_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash Collateral Pledged</link:label>
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    <link:label id="lab_clny_AssetAcquisitionDebt_label_en-US" xlink:label="lab_clny_AssetAcquisitionDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Debt</link:label>
    <link:label id="lab_clny_AssetAcquisitionDebt_documentation_en-US" xlink:label="lab_clny_AssetAcquisitionDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionDebt" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetAcquisitionDebt" xlink:to="lab_clny_AssetAcquisitionDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MinorityInterestDisclosureTextBlock_538d4c5b-51f7-4351-b620-aa42ef95a778_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interests</link:label>
    <link:label id="lab_us-gaap_MinorityInterestDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_MinorityInterestDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestDisclosureTextBlock"/>
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    <link:label id="lab_clny_RealEstateEscrowReservesMember_2e650dda-694e-4a9b-b67a-080ccf0b389a_terseLabel_en-US" xlink:label="lab_clny_RealEstateEscrowReservesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate escrow reserves</link:label>
    <link:label id="lab_clny_RealEstateEscrowReservesMember_label_en-US" xlink:label="lab_clny_RealEstateEscrowReservesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Escrow Reserves [Member]</link:label>
    <link:label id="lab_clny_RealEstateEscrowReservesMember_documentation_en-US" xlink:label="lab_clny_RealEstateEscrowReservesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Escrow Reserves [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_RealEstateEscrowReservesMember" xlink:href="clny-20201231.xsd#clny_RealEstateEscrowReservesMember"/>
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    <link:label id="lab_clny_AssetAcquisitionsTaxLiabilities_a8e40ccb-7405-4ec2-96c7-837defcfc349_negatedTerseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionsTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax liabilities</link:label>
    <link:label id="lab_clny_AssetAcquisitionsTaxLiabilities_label_en-US" xlink:label="lab_clny_AssetAcquisitionsTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisitions, Tax Liabilities</link:label>
    <link:label id="lab_clny_AssetAcquisitionsTaxLiabilities_documentation_en-US" xlink:label="lab_clny_AssetAcquisitionsTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisitions, Tax Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionsTaxLiabilities" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionsTaxLiabilities"/>
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    <link:label id="lab_us-gaap_DerivativeGainOnDerivative_073990cd-755f-49f9-b898-014deca0bee2_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeGainOnDerivative" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain on derivative</link:label>
    <link:label id="lab_us-gaap_DerivativeGainOnDerivative_label_en-US" xlink:label="lab_us-gaap_DerivativeGainOnDerivative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative, Gain on Derivative</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainOnDerivative" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeGainOnDerivative"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeGainOnDerivative" xlink:to="lab_us-gaap_DerivativeGainOnDerivative" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_SeriesIPreferredStockMember_3d3b9bcf-2a1d-480a-afb1-a9370882698d_terseLabel_en-US" xlink:label="lab_clny_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series I</link:label>
    <link:label id="lab_clny_SeriesIPreferredStockMember_label_en-US" xlink:label="lab_clny_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series I Preferred Stock [Member]</link:label>
    <link:label id="lab_clny_SeriesIPreferredStockMember_documentation_en-US" xlink:label="lab_clny_SeriesIPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series I Preferred Stock</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_8657aded-1093-41ff-bc7d-b72cfa87882c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Business Acquisitions, by Acquisition [Table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainsLossesOnRestructuringOfDebt_41d46e83-e158-44a6-b271-7d203a6711ba_terseLabel_en-US" xlink:label="lab_us-gaap_GainsLossesOnRestructuringOfDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain from restructuring</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainsLossesOnRestructuringOfDebt" xlink:to="lab_us-gaap_GainsLossesOnRestructuringOfDebt" xlink:type="arc" order="1"/>
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    <link:label id="lab_clny_CompanySponsoredPrivateFundsMember_807bb660-7ee1-4306-87cf-e1b6dc17e93c_terseLabel_en-US" xlink:label="lab_clny_CompanySponsoredPrivateFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company-Sponsored Private Funds</link:label>
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    <link:label id="lab_clny_CompanySponsoredPrivateFundsMember_documentation_en-US" xlink:label="lab_clny_CompanySponsoredPrivateFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company-Sponsored Private Funds</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_CompanySponsoredPrivateFundsMember" xlink:href="clny-20201231.xsd#clny_CompanySponsoredPrivateFundsMember"/>
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    <link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_ac1dbf54-2284-4e68-bb7d-894938216a57_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Federal tax benefit at statutory tax rate (at 21%)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AcquiredFiniteLivedIntangibleAssetsLineItems" xlink:to="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FiniteLivedIntangibleAssetMeasurementInput_bea2a4cd-2566-4a8a-bbc8-1e0218fc18e0_terseLabel_en-US" xlink:label="lab_clny_FiniteLivedIntangibleAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Level 3 fair value, discount rate</link:label>
    <link:label id="lab_clny_FiniteLivedIntangibleAssetMeasurementInput_label_en-US" xlink:label="lab_clny_FiniteLivedIntangibleAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite Lived Intangible Asset Measurement Input</link:label>
    <link:label id="lab_clny_FiniteLivedIntangibleAssetMeasurementInput_documentation_en-US" xlink:label="lab_clny_FiniteLivedIntangibleAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite Lived Intangible Asset Measurement Input</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FiniteLivedIntangibleAssetMeasurementInput" xlink:href="clny-20201231.xsd#clny_FiniteLivedIntangibleAssetMeasurementInput"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FiniteLivedIntangibleAssetMeasurementInput" xlink:to="lab_clny_FiniteLivedIntangibleAssetMeasurementInput" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_CompanySponsoredFundsMember_9d181ce7-8f69-476e-95bf-29d150a05103_terseLabel_en-US" xlink:label="lab_clny_CompanySponsoredFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company sponsored funds</link:label>
    <link:label id="lab_clny_CompanySponsoredFundsMember_label_en-US" xlink:label="lab_clny_CompanySponsoredFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company Sponsored Funds [Member]</link:label>
    <link:label id="lab_clny_CompanySponsoredFundsMember_documentation_en-US" xlink:label="lab_clny_CompanySponsoredFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company Sponsored Funds [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_CompanySponsoredFundsMember" xlink:href="clny-20201231.xsd#clny_CompanySponsoredFundsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_CompanySponsoredFundsMember" xlink:to="lab_clny_CompanySponsoredFundsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPrincipalAmount_588705dc-e9ab-40e7-a083-9779aaeb1a92_terseLabel_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal amount of defaulted debt</link:label>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPrincipalAmount_label_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Debt Default, Principal Amount</link:label>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPrincipalAmount_documentation_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Debt Default, Principal Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DebtInstrumentDebtDefaultPrincipalAmount" xlink:href="clny-20201231.xsd#clny_DebtInstrumentDebtDefaultPrincipalAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DebtInstrumentDebtDefaultPrincipalAmount" xlink:to="lab_clny_DebtInstrumentDebtDefaultPrincipalAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_f658aa36-de4e-4fab-b7f2-8d6f46c88ecf_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-Term Debt, Maturity, after Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SharePrice_1ce96e2e-6d1c-4998-b587-6f05b5defa72_terseLabel_en-US" xlink:label="lab_us-gaap_SharePrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share price (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_SharePrice_label_en-US" xlink:label="lab_us-gaap_SharePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share Price</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharePrice" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharePrice"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharePrice" xlink:to="lab_us-gaap_SharePrice" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_064ae896-db30-4c6d-9832-a77df6f5c9a6_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchases, drawdowns, contributions and accretion</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_1f05a89a-0514-4960-8787-156ba855398b_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful life used for depreciation</link:label>
    <link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1" xlink:to="lab_us-gaap_RealEstateAndAccumulatedDepreciationLifeUsedForDepreciation1" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_WA_290ee80c-08bf-4a4a-98c7-54f15c38c177_terseLabel_en-US" xlink:label="lab_stpr_WA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">WASHINGTON</link:label>
    <link:label id="lab_stpr_WA_label_en-US" xlink:label="lab_stpr_WA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">WASHINGTON</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_stpr_WA" xlink:href="https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd#stpr_WA"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_WA" xlink:to="lab_stpr_WA" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_UnrealizedGainLossOnInvestments_55296b7f-3f1e-48c0-9851-5e15613d57f9_terseLabel_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized gain (loss) on marketable equity securities held at period end</link:label>
    <link:label id="lab_us-gaap_UnrealizedGainLossOnInvestments_label_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized Gain (Loss) on Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrealizedGainLossOnInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrealizedGainLossOnInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrealizedGainLossOnInvestments" xlink:to="lab_us-gaap_UnrealizedGainLossOnInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue_36f49b9d-8175-4c0a-afab-80fc01a6ef60_terseLabel_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying value of property conveyed to lender</link:label>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue_label_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Debt Default, Property Conveyed To Lender, Carrying Value</link:label>
    <link:label id="lab_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue_documentation_en-US" xlink:label="lab_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Debt Default, Property Conveyed To Lender, Carrying Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue" xlink:href="clny-20201231.xsd#clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue" xlink:to="lab_clny_DebtInstrumentDebtDefaultPropertyConveyedToLenderCarryingValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ConvertibleDebtSecuritiesMember_580082fa-92c8-4901-99f1-5762637bd8ad_terseLabel_en-US" xlink:label="lab_us-gaap_ConvertibleDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Convertible Debt Securities</link:label>
    <link:label id="lab_us-gaap_ConvertibleDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ConvertibleDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Convertible Debt Securities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConvertibleDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertibleDebtSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertibleDebtSecuritiesMember" xlink:to="lab_us-gaap_ConvertibleDebtSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CreditFacilityAxis_83b0fb31-55c9-4682-8431-ab3d795b68f9_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Facility [Axis]</link:label>
    <link:label id="lab_us-gaap_CreditFacilityAxis_label_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Facility [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditFacilityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityAxis" xlink:to="lab_us-gaap_CreditFacilityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentFairValue_b43c4452-7659-4432-82b6-1044b8e674c0_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Secured and unsecured debt</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentFairValue_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFairValue" xlink:to="lab_us-gaap_DebtInstrumentFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_PropertiesHeldforsaleMember_15e0ea98-6616-4f2e-ba80-134d7f4d3628_verboseLabel_en-US" xlink:label="lab_clny_PropertiesHeldforsaleMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Held for disposition</link:label>
    <link:label id="lab_clny_PropertiesHeldforsaleMember_label_en-US" xlink:label="lab_clny_PropertiesHeldforsaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Properties Held-for-sale [Member]</link:label>
    <link:label id="lab_clny_PropertiesHeldforsaleMember_documentation_en-US" xlink:label="lab_clny_PropertiesHeldforsaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Properties Held-for-sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_PropertiesHeldforsaleMember" xlink:href="clny-20201231.xsd#clny_PropertiesHeldforsaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PropertiesHeldforsaleMember" xlink:to="lab_clny_PropertiesHeldforsaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FeeIncomePolicyTextBlock_7f90dcaa-7042-423e-ab61-c31c6217ecda_terseLabel_en-US" xlink:label="lab_clny_FeeIncomePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fee Income</link:label>
    <link:label id="lab_clny_FeeIncomePolicyTextBlock_label_en-US" xlink:label="lab_clny_FeeIncomePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fee Income [Policy Text Block]</link:label>
    <link:label id="lab_clny_FeeIncomePolicyTextBlock_documentation_en-US" xlink:label="lab_clny_FeeIncomePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fee Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FeeIncomePolicyTextBlock" xlink:href="clny-20201231.xsd#clny_FeeIncomePolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FeeIncomePolicyTextBlock" xlink:to="lab_clny_FeeIncomePolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_Land_07eff13d-2a6f-41c1-857d-c790d6364f9e_terseLabel_en-US" xlink:label="lab_us-gaap_Land" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land</link:label>
    <link:label id="lab_us-gaap_Land_label_en-US" xlink:label="lab_us-gaap_Land" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Land" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Land"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Land" xlink:to="lab_us-gaap_Land" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_VA_9e090dfe-5726-4b65-9604-08160fef604e_terseLabel_en-US" xlink:label="lab_stpr_VA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">VIRGINIA</link:label>
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    <link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_4a458d4a-62ae-444c-951f-61dcd62980c1_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_RateDomain" xlink:to="lab_clny_RateDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_UT_f3759a4d-dc35-4001-9bfa-faff74e2fe5e_terseLabel_en-US" xlink:label="lab_stpr_UT" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">UTAH</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionLineItems_e6b1ad0f-ab6a-4073-bec4-a66ec1e791d1_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction [Line Items]</link:label>
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    <link:label id="lab_clny_NoncontrollingInterestsinInvestmentEntitiesMember_79863987-f989-4fbd-922a-fae0a9fc4746_verboseLabel_en-US" xlink:label="lab_clny_NoncontrollingInterestsinInvestmentEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment entities</link:label>
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    <link:label id="lab_us-gaap_InterestCostsCapitalized_a1be8c76-672d-4bf6-bb91-f2ff91d9fc70_terseLabel_en-US" xlink:label="lab_us-gaap_InterestCostsCapitalized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest capitalized</link:label>
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    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_b15ee23f-2237-4b08-adde-5216ff69e4f3_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
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    <link:label id="lab_clny_OfficeOtherEquityandDebtMember_ccc1fc7a-06ea-4b35-ac6d-01d73b96f192_terseLabel_en-US" xlink:label="lab_clny_OfficeOtherEquityandDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office - Other Equity and Debt</link:label>
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    <link:label id="lab_us-gaap_AccumulatedOtherThanTemporaryImpairmentMember_4768ea0c-4267-4a57-86aa-cebd906d2c8d_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherThanTemporaryImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other-than-temporary impairment</link:label>
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    <link:label id="lab_us-gaap_LineOfCreditFacilityTable_cef3c42a-3355-46fc-896d-a9caf46ea8a5_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit Facility [Table]</link:label>
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    <link:label id="lab_us-gaap_OtherLiabilities_558d08f8-bda4-49db-a58d-990f239d03a4_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other liabilities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilities" xlink:to="lab_us-gaap_OtherLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseNet_f6e34e35-b9ba-4afb-a5f4-240c8c08f6fe_totalLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible liabilities, gross</link:label>
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    <link:label id="lab_clny_PropertyPlantAndEquipmentUsefulLifeAcquired_8c045962-7dff-46d3-896f-d6175ea71286_terseLabel_en-US" xlink:label="lab_clny_PropertyPlantAndEquipmentUsefulLifeAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Plant, property and equipment acquired, useful life</link:label>
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_32181470-1995-4f59-8fe7-cfd66a25af0e_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock Issued During Period, Value, New Issues</link:label>
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    <link:label id="lab_us-gaap_DisposalGroupClassificationAxis_7a35c42c-0a78-4618-b175-1c3c85952122_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group Classification [Axis]</link:label>
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    <link:label id="lab_clny_DebtInstrumentInterestPaymentDeferralNumberOfConsecutiveQuarters_96884a8a-63d4-460b-aefc-635fc0776274_terseLabel_en-US" xlink:label="lab_clny_DebtInstrumentInterestPaymentDeferralNumberOfConsecutiveQuarters" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest payment deferral, number of consecutive quarters</link:label>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_17919d0a-0dfb-4005-9d72-f5919ca8b544_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying value</link:label>
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    <link:label id="lab_stpr_IL_22090b44-1bcb-48c9-8d08-5a06cb908bda_terseLabel_en-US" xlink:label="lab_stpr_IL" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ILLINOIS</link:label>
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    <link:label id="lab_clny_FurnitureFixturesandEquipmentMember_b48431c8-bea3-456b-947d-418060ba867b_terseLabel_en-US" xlink:label="lab_clny_FurnitureFixturesandEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, fixtures and equipment</link:label>
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    <link:label id="lab_clny_AssetAcquisitionBalanceSheetInvestmentInterestPercent_96789af4-a078-4624-81ac-c9debe8888f4_terseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionBalanceSheetInvestmentInterestPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets acquisition, balance sheet investment, equity interest percentage</link:label>
    <link:label id="lab_clny_AssetAcquisitionBalanceSheetInvestmentInterestPercent_label_en-US" xlink:label="lab_clny_AssetAcquisitionBalanceSheetInvestmentInterestPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Balance Sheet Investment, Interest, Percent</link:label>
    <link:label id="lab_clny_AssetAcquisitionBalanceSheetInvestmentInterestPercent_documentation_en-US" xlink:label="lab_clny_AssetAcquisitionBalanceSheetInvestmentInterestPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Balance Sheet Investment, Interest, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionBalanceSheetInvestmentInterestPercent" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionBalanceSheetInvestmentInterestPercent"/>
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    <link:label id="lab_stpr_IN_2ce774fc-93d2-4dd2-bca8-164ad1da5a23_terseLabel_en-US" xlink:label="lab_stpr_IN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">INDIANA</link:label>
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    <link:label id="lab_us-gaap_OtherAssetsFairValueDisclosure_51918e5a-f9df-405b-8910-15fe3fc71e52_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other assets, fair value</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsFairValueDisclosure" xlink:to="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ChiefExecutiveOfficerMember_57230b66-b8b1-40ad-a2f6-4041caaa8514_terseLabel_en-US" xlink:label="lab_srt_ChiefExecutiveOfficerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Chief Executive Officer</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ChiefExecutiveOfficerMember" xlink:to="lab_srt_ChiefExecutiveOfficerMember" xlink:type="arc" order="1"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpense"/>
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    <link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_d3e22304-b661-4410-afcd-1a9889a2f3a4_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest payable</link:label>
    <link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent"/>
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    <link:label id="lab_clny_AssetsHeldForDispositionIncludingDiscontinuedOperations_baa390fd-ea8d-47ab-8c28-90603af8a4ef_terseLabel_en-US" xlink:label="lab_clny_AssetsHeldForDispositionIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets held for disposition ($3,332,276 and $4,679,169 held for sale, respectively)</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_de595178-5491-4063-9e9f-cb3c2e5bed96_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Components of Income Tax Expense (Benefit)</link:label>
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    <link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_d3b4efa2-0764-4ad9-b877-bb565d9285dc_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership percentage by co-investment partner</link:label>
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    <link:label id="lab_stpr_ID_c6ff00de-cdc4-4248-8772-4502f82b4928_terseLabel_en-US" xlink:label="lab_stpr_ID" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">IDAHO</link:label>
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    <link:label id="lab_clny_AssetHeldForSaleContributedToEquityMethodInvestment_74aa6cbe-1943-42fb-ac7b-621af4d98cfe_terseLabel_en-US" xlink:label="lab_clny_AssetHeldForSaleContributedToEquityMethodInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets held for sale contributed to equity method investee</link:label>
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    <link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_1aaf1408-d420-4fab-8695-4e678afcf25d_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025</link:label>
    <link:label id="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Lease, Liability, to be Paid, Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive"/>
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    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_37f8a360-69d2-4125-a0c9-bb18db340fe5_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average period of expected cost</link:label>
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    <link:label id="lab_us-gaap_SupplementalCashFlowElementsAbstract_fa9a25c3-2900-4059-a084-5bc5797fa0af_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowElementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Supplemental Cash Flow Elements [Abstract]</link:label>
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    <link:label id="lab_us-gaap_ValuationTechniqueAxis_d24e1087-cb9e-4c71-9534-5eb99794a0c4_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Valuation Approach and Technique [Axis]</link:label>
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    <link:label id="lab_stpr_HI_2d10010c-db26-4292-95c1-adc6099ab148_terseLabel_en-US" xlink:label="lab_stpr_HI" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">HAWAII</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLocationDomain_08e385ac-410d-460f-b3fe-21c893341350_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Comprehensive Income Location [Domain]</link:label>
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    <link:label id="lab_clny_EquityMethodInvestmentPotentialFutureProfitShareAllocationPercentage_ebe4b239-2b56-4aed-bf7e-42012313dc12_terseLabel_en-US" xlink:label="lab_clny_EquityMethodInvestmentPotentialFutureProfitShareAllocationPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Potential future profit share allocation</link:label>
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    <link:label id="lab_us-gaap_OperatingLeaseExpense_59e7f20b-cbe1-4acb-9253-0de094f45314_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease expense</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseExpense"/>
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    <link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare_cd6da50f-eedd-4f94-b300-59fdeead8eac_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss from discontinued operations (in dollars per share)</link:label>
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    <link:label id="lab_us-gaap_ContractBasedIntangibleAssetsMember_68f2ae0f-2922-4586-bcb8-24678eab6e50_terseLabel_en-US" xlink:label="lab_us-gaap_ContractBasedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment management intangibles</link:label>
    <link:label id="lab_us-gaap_ContractBasedIntangibleAssetsMember_label_en-US" xlink:label="lab_us-gaap_ContractBasedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Contract-Based Intangible Assets [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractBasedIntangibleAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractBasedIntangibleAssetsMember"/>
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    <link:label id="lab_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesTextBlock_478410e4-9344-46f1-8f60-bc7715ebfac4_terseLabel_en-US" xlink:label="lab_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Cash, Other Assets and Other Liabilities</link:label>
    <link:label id="lab_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesTextBlock_label_en-US" xlink:label="lab_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Cash, Other Assets And Other Liabilities [Text Block]</link:label>
    <link:label id="lab_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesTextBlock_documentation_en-US" xlink:label="lab_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Cash, Other Assets and Other Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_RestrictedCashOtherAssetsAndOtherLiabilitiesTextBlock" xlink:href="clny-20201231.xsd#clny_RestrictedCashOtherAssetsAndOtherLiabilitiesTextBlock"/>
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    <link:label id="lab_us-gaap_RealEstateCostOfRealEstateSold_e25eab59-389f-475f-8268-9e629db5c8a6_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateCostOfRealEstateSold" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dispositions</link:label>
    <link:label id="lab_us-gaap_RealEstateCostOfRealEstateSold_label_en-US" xlink:label="lab_us-gaap_RealEstateCostOfRealEstateSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateCostOfRealEstateSold" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateCostOfRealEstateSold"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateCostOfRealEstateSold" xlink:to="lab_us-gaap_RealEstateCostOfRealEstateSold" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentAxis_96f1d525-2838-4fa7-826c-d7899a938cde_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument [Axis]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis" xlink:to="lab_us-gaap_DebtInstrumentAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SeriesGPreferredStockMember_b9a3f133-83cb-4ad3-aa83-6cd3da5319a1_terseLabel_en-US" xlink:label="lab_us-gaap_SeriesGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series G</link:label>
    <link:label id="lab_us-gaap_SeriesGPreferredStockMember_label_en-US" xlink:label="lab_us-gaap_SeriesGPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Series G Preferred Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeriesGPreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeriesGPreferredStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeriesGPreferredStockMember" xlink:to="lab_us-gaap_SeriesGPreferredStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateLoanCategoryDomain_d55eef59-ae0e-4eea-97f2-35647953aa2d_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Loan Category [Domain]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateLoanCategoryDomain_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Loan Category [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateLoanCategoryDomain"/>
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    <link:label id="lab_us-gaap_AntidilutiveSecuritiesNameDomain_b58a25da-47c7-4226-ba53-958f62d0d505_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Antidilutive Securities, Name [Domain]</link:label>
    <link:label id="lab_us-gaap_AntidilutiveSecuritiesNameDomain_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Antidilutive Securities, Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AntidilutiveSecuritiesNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:to="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingSegmentsMember_4e2e0664-63b7-4a75-b616-ebf99b78cc85_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Segments</link:label>
    <link:label id="lab_us-gaap_OperatingSegmentsMember_label_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Segments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingSegmentsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingSegmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingSegmentsMember" xlink:to="lab_us-gaap_OperatingSegmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ClassOfStockLineItems_34f0c0af-2ce2-4a57-bd0b-144c0c1bec24_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Stock [Line Items]</link:label>
    <link:label id="lab_us-gaap_ClassOfStockLineItems_label_en-US" xlink:label="lab_us-gaap_ClassOfStockLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Stock [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockLineItems" xlink:to="lab_us-gaap_ClassOfStockLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeLiabilities_83cf2342-4455-4cc7-9d29-7490b48ba7c8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative liabilities (Note 11)</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_92715d77-b623-47ea-8eb3-532d05bf4f3c_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other liabilities&#8212;derivative liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_129f0998-14bd-4149-8310-7beae83148fb_terseLabel_en-US" xlink:label="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain on sale of real estate</link:label>
    <link:label id="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_label_en-US" xlink:label="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (Losses) on Sales of Investment Real Estate</link:label>
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    <link:label id="lab_clny_TroubledDebtRestructuringAllowanceForLoanLoss_6f5ab891-4acb-40e9-9dc5-af9170a4d512_terseLabel_en-US" xlink:label="lab_clny_TroubledDebtRestructuringAllowanceForLoanLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Troubled debt restructuring, allowance for loan loss</link:label>
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    <link:label id="lab_clny_DataCentersHyperscaleMember_8bf61f60-8319-4656-b63a-e1bd339179dc_terseLabel_en-US" xlink:label="lab_clny_DataCentersHyperscaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Data Centers - Hyperscale</link:label>
    <link:label id="lab_clny_DataCentersHyperscaleMember_label_en-US" xlink:label="lab_clny_DataCentersHyperscaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Data Centers - Hyperscale [Member]</link:label>
    <link:label id="lab_clny_DataCentersHyperscaleMember_documentation_en-US" xlink:label="lab_clny_DataCentersHyperscaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Data Centers - Hyperscale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DataCentersHyperscaleMember" xlink:href="clny-20201231.xsd#clny_DataCentersHyperscaleMember"/>
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    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingExpenses_7160efcd-fcd4-4c0f-8389-549c60d10ddd_terseLabel_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property operating expense</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingExpenses_label_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Property Operating Expenses</link:label>
    <link:label id="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingExpenses_documentation_en-US" xlink:label="lab_clny_DisposalGroupIncludingDiscontinuedOperationPropertyOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Property Operating Expenses</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1_33407bfc-6f13-4831-9661-9aa41bac3b06_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aggregate cost basis of loans for federal income tax purposes</link:label>
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    <link:label id="lab_clny_CommitmentstoDCPandDigitalCreditFundMember_9a899cfb-7258-4977-87ca-e2b547aa6156_terseLabel_en-US" xlink:label="lab_clny_CommitmentstoDCPandDigitalCreditFundMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commitments to DCP and Digital Credit Fund</link:label>
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    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt_9af023b8-452b-4486-a35a-2cbe6daad9fa_negatedLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_OH_bc5051b2-f1bc-4f80-a70c-5771e1119052_terseLabel_en-US" xlink:label="lab_stpr_OH" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OHIO</link:label>
    <link:label id="lab_stpr_OH_label_en-US" xlink:label="lab_stpr_OH" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OHIO</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_stpr_OH" xlink:href="https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd#stpr_OH"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_OH" xlink:to="lab_stpr_OH" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_OK_6dbb7da1-d54d-44e7-a8d4-5ef6e5cc0817_terseLabel_en-US" xlink:label="lab_stpr_OK" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OKLAHOMA</link:label>
    <link:label id="lab_stpr_OK_label_en-US" xlink:label="lab_stpr_OK" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OKLAHOMA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_stpr_OK" xlink:href="https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd#stpr_OK"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_OK" xlink:to="lab_stpr_OK" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DeferredTaxAssetsReclassifiedToCurrentIncomeTaxCARESAct_896411d6-fa10-4c86-bdbe-ff170d737ce4_terseLabel_en-US" xlink:label="lab_clny_DeferredTaxAssetsReclassifiedToCurrentIncomeTaxCARESAct" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred tax assets, CARES Act</link:label>
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    <link:label id="lab_stpr_NY_2a37e4b9-ef06-4db8-8e3b-cfbcd9fc970c_terseLabel_en-US" xlink:label="lab_stpr_NY" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NEW YORK</link:label>
    <link:label id="lab_stpr_NY_label_en-US" xlink:label="lab_stpr_NY" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NEW YORK</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_NY" xlink:to="lab_stpr_NY" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_NV_922fa94e-6e88-4fd6-b5db-e0cbd8046efe_terseLabel_en-US" xlink:label="lab_stpr_NV" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NEVADA</link:label>
    <link:label id="lab_stpr_NV_label_en-US" xlink:label="lab_stpr_NV" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NEVADA</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_NV" xlink:to="lab_stpr_NV" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_c359820d-836c-4a0e-b156-ad0384277819_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land</link:label>
    <link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_label_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand"/>
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    <link:label id="lab_stpr_NC_566422f0-5616-4cf0-b47b-6be0fdc7cb47_terseLabel_en-US" xlink:label="lab_stpr_NC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NORTH CAROLINA</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_stpr_NC" xlink:href="https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd#stpr_NC"/>
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    <link:label id="lab_clny_OtherRealEstateIntangiblesMember_86f22b0e-a3ae-45cd-877f-bfd1af6912a0_terseLabel_en-US" xlink:label="lab_clny_OtherRealEstateIntangiblesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate related intangibles</link:label>
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    <link:label id="lab_clny_EquityAwardsNREAndColonyCreditMember_59792de9-b2c7-4a0b-b711-2e9dd65baf43_terseLabel_en-US" xlink:label="lab_clny_EquityAwardsNREAndColonyCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity awards of CLNC and NRE (Note 19)</link:label>
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    <link:label id="lab_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeFairValue1_e3cf7fa9-c363-4fea-a62f-b7d20ee3ded9_verboseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeFairValue1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value of equity interest in Digital Colony Manager</link:label>
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    <link:label id="lab_us-gaap_PreferredStockRedemptionPricePerShare_6b695ca0-d737-454c-ac7c-4b63fd77db95_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockRedemptionPricePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Redemption amount per share (in dollars per share)</link:label>
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    <link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_3b1b55a7-4639-43b0-a7d6-5184eb7abe5c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amounts reclassified from AOCI</link:label>
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    <link:label id="lab_us-gaap_EmploymentContractsMember_3d4335e7-e9d4-4d1a-856f-2a4a29eff4ed_terseLabel_en-US" xlink:label="lab_us-gaap_EmploymentContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Employment Contracts</link:label>
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    <link:label id="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_324776c3-87e6-4d85-9ded-2559d3462edc_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income (loss) from discontinued operations attributable to Colony Capital, Inc.</link:label>
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    <link:label id="lab_stpr_AZ_9023d954-4568-425b-a755-7a27edf75985_terseLabel_en-US" xlink:label="lab_stpr_AZ" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ARIZONA</link:label>
    <link:label id="lab_stpr_AZ_label_en-US" xlink:label="lab_stpr_AZ" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ARIZONA</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock_6555d72b-0a1d-4839-813e-1f4e5da34292_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Restricted Cash</link:label>
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    <link:label id="lab_us-gaap_RevenuesAbstract_9e5242ce-d5d3-4e28-9fa3-8d6235e61a52_verboseLabel_en-US" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenues [Abstract]</link:label>
    <link:label id="lab_us-gaap_RevenuesAbstract_label_en-US" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenues [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenuesAbstract"/>
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    <link:label id="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_4769b101-d3aa-4226-808a-f841c20fa8fa_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from paydown and maturity of debt securities</link:label>
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    <link:label id="lab_stpr_AL_cdb91500-308d-4dab-aea7-551055605ce8_terseLabel_en-US" xlink:label="lab_stpr_AL" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ALABAMA</link:label>
    <link:label id="lab_stpr_AL_label_en-US" xlink:label="lab_stpr_AL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">ALABAMA</link:label>
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    <link:label id="lab_us-gaap_ClassOfWarrantOrRightDomain_e7006ca8-3f85-4735-869e-e192484acee4_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfWarrantOrRightDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Warrant or Right [Domain]</link:label>
    <link:label id="lab_us-gaap_ClassOfWarrantOrRightDomain_label_en-US" xlink:label="lab_us-gaap_ClassOfWarrantOrRightDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Warrant or Right [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfWarrantOrRightDomain" xlink:to="lab_us-gaap_ClassOfWarrantOrRightDomain" xlink:type="arc" order="1"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>
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    <link:label id="lab_clny_ConsolidatedRealEstateDebtInvestmentsMember_0f6b8272-100d-4d01-8e11-9ae5bb12bc70_terseLabel_en-US" xlink:label="lab_clny_ConsolidatedRealEstateDebtInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Real Estate Debt Investments</link:label>
    <link:label id="lab_clny_ConsolidatedRealEstateDebtInvestmentsMember_label_en-US" xlink:label="lab_clny_ConsolidatedRealEstateDebtInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Real Estate Debt Investments [Member]</link:label>
    <link:label id="lab_clny_ConsolidatedRealEstateDebtInvestmentsMember_documentation_en-US" xlink:label="lab_clny_ConsolidatedRealEstateDebtInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Real Estate Debt Investments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_ConsolidatedRealEstateDebtInvestmentsMember" xlink:href="clny-20201231.xsd#clny_ConsolidatedRealEstateDebtInvestmentsMember"/>
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    <link:label id="lab_us-gaap_ManagementFeeExpense_ed8299e2-0220-4086-b47c-649e787c2f89_terseLabel_en-US" xlink:label="lab_us-gaap_ManagementFeeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee Expense</link:label>
    <link:label id="lab_us-gaap_ManagementFeeExpense_label_en-US" xlink:label="lab_us-gaap_ManagementFeeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee Expense</link:label>
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    <link:label id="lab_clny_OperatingPartnershipUnitMember_263d1cd4-63dc-4365-bb54-52f925ae7a58_terseLabel_en-US" xlink:label="lab_clny_OperatingPartnershipUnitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OP Units</link:label>
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    <link:label id="lab_clny_OperatingPartnershipUnitMember_documentation_en-US" xlink:label="lab_clny_OperatingPartnershipUnitMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Partnership Unit [Member]</link:label>
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    <link:label id="lab_clny_DiscontinuedOperationsDisposalHotelPropertiesSold_7a0296b1-680f-4276-899d-5af899ff175a_terseLabel_en-US" xlink:label="lab_clny_DiscontinuedOperationsDisposalHotelPropertiesSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of hotel properties sold</link:label>
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    <link:label id="lab_us-gaap_NumberOfReportableSegments_87822729-4d76-45eb-8b72-682fb4d90d41_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfReportableSegments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of reportable segments</link:label>
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    <link:label id="lab_us-gaap_OtherNonoperatingIncomeExpenseAbstract_91890b47-a390-4cfa-bf4f-001030f753c5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other income (loss)</link:label>
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    <link:label id="lab_srt_OfficeBuildingMember_a7179cc2-74eb-46ea-8226-22659384658a_terseLabel_en-US" xlink:label="lab_srt_OfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office</link:label>
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    <link:label id="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateLoansReceivableContributed_066c9c1f-37e4-4d8d-be4e-059012e2394b_negatedTerseLabel_en-US" xlink:label="lab_clny_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateLoansReceivableContributed" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans receivable contributed to Colony Credit (Note 4)</link:label>
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    <link:label id="lab_clny_AircraftMember_83e3debb-5145-4316-a27e-b62bac2a4c9b_terseLabel_en-US" xlink:label="lab_clny_AircraftMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aircraft</link:label>
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    <link:label id="lab_stpr_FL_6865a6b3-5bf3-4fb0-9690-72091c80c264_terseLabel_en-US" xlink:label="lab_stpr_FL" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">FLORIDA</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_555efcf8-139d-445a-8146-3c20e387b310_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sales of real estate</link:label>
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    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_c3675f00-adc0-472d-b8e9-42510f1c3079_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2024</link:label>
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    <link:label id="lab_clny_BusinessCombinationSecondaryOwnershipInterestAcquiredPercentage_ee496443-efdd-43a7-8fc8-f8d92eeac6bd_verboseLabel_en-US" xlink:label="lab_clny_BusinessCombinationSecondaryOwnershipInterestAcquiredPercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Outstanding ownership percentage before acquisition</link:label>
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    <link:label id="lab_clny_SECScheduleIIIRealEstateGrossHeldforSaleNet_5dec899c-68fa-42fd-90ef-b20730967493_negatedTerseLabel_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateGrossHeldforSaleNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classified as held for sale, net</link:label>
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    <link:label id="lab_clny_JointVenture1Member_a9712bf6-5184-4523-ba98-a891ab5863ba_terseLabel_en-US" xlink:label="lab_clny_JointVenture1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint Venture 1</link:label>
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    <link:label id="lab_clny_JointVenture1Member_documentation_en-US" xlink:label="lab_clny_JointVenture1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint Venture 1</link:label>
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    <link:label id="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionPeriodThreshold_7300308b-339d-4d10-9daa-b9afa8b613d8_terseLabel_en-US" xlink:label="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionPeriodThreshold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected life of investment, extension period threshold</link:label>
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    <link:label id="lab_clny_MortgageLoansonRealEstateLoanRepayments_a52b638e-e77f-400a-ae3e-5ded431902d9_negatedTerseLabel_en-US" xlink:label="lab_clny_MortgageLoansonRealEstateLoanRepayments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan repayments</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentTable_6ac5b985-0c61-4684-8f2f-5a3c8166fe3d_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table]</link:label>
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    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_d85a8c3d-7ad7-43ef-8fd7-1923a145777d_negatedLabel_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment</link:label>
    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_1f4bebf7-4f6b-47ea-9476-78aed292c4f1_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment (Note 4)</link:label>
    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_label_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount</link:label>
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    <link:label id="lab_us-gaap_InterestExpenseMember_983866a7-a361-4cd6-bc64-773f8d4154f6_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_us-gaap_InterestExpenseMember_label_en-US" xlink:label="lab_us-gaap_InterestExpenseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Expense [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseMember"/>
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    <link:label id="lab_clny_JointVenture2Member_documentation_en-US" xlink:label="lab_clny_JointVenture2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint Venture 2</link:label>
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    <link:label id="lab_clny_ManagementFeePercentOfNetAssetValueInExcessOfFixedFeeAmount_documentation_en-US" xlink:label="lab_clny_ManagementFeePercentOfNetAssetValueInExcessOfFixedFeeAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee, Percent Of Net Asset Value In Excess Of Fixed Fee Amount</link:label>
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    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_5770b3c3-5d2d-43d2-8396-96dec974af4c_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total liabilities, redeemable noncontrolling interests and equity</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities and Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_EquityandDebtInvestmentsFairValueDisclosure_a2a681ee-8613-4aa4-ba1e-67c0270b5a55_terseLabel_en-US" xlink:label="lab_clny_EquityandDebtInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity and debt investments, fair value disclosure</link:label>
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    <link:label id="lab_clny_EquityandDebtInvestmentsFairValueDisclosure_documentation_en-US" xlink:label="lab_clny_EquityandDebtInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity and Debt Investments, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_EquityandDebtInvestmentsFairValueDisclosure" xlink:href="clny-20201231.xsd#clny_EquityandDebtInvestmentsFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_EquityandDebtInvestmentsFairValueDisclosure" xlink:to="lab_clny_EquityandDebtInvestmentsFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_0b05c251-c00d-4af4-94f8-a595ddb94941_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portion at Fair Value Measurement</link:label>
    <link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portion at Fair Value Measurement [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
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    <link:label id="lab_clny_DebtInstrumentCovenantTermsMinimumTangibleNetWorth_b813e07f-7489-44d5-a392-260c6fd12a8b_terseLabel_en-US" xlink:label="lab_clny_DebtInstrumentCovenantTermsMinimumTangibleNetWorth" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum tangible net worth</link:label>
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    <link:label id="lab_clny_DebtInstrumentCovenantTermsMinimumTangibleNetWorth_documentation_en-US" xlink:label="lab_clny_DebtInstrumentCovenantTermsMinimumTangibleNetWorth" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument, Covenant Terms, Minimum Tangible Net Worth</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DebtInstrumentCovenantTermsMinimumTangibleNetWorth" xlink:href="clny-20201231.xsd#clny_DebtInstrumentCovenantTermsMinimumTangibleNetWorth"/>
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    <link:label id="lab_us-gaap_AssetManagement1Member_0a4a54c1-0c04-49d6-a4b9-d3f6feddab53_terseLabel_en-US" xlink:label="lab_us-gaap_AssetManagement1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset management fees ($2,430, $2,371 and $2,078 from affiliates, respectively)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetManagement1Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetManagement1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetManagement1Member" xlink:to="lab_us-gaap_AssetManagement1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancingReceivableCoveredAndNotCoveredAfterAllowanceForCreditLossFeePremiumAndDiscount_3b355929-45c5-47e0-8829-a810575d6e3e_totalLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableCoveredAndNotCoveredAfterAllowanceForCreditLossFeePremiumAndDiscount" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortized Cost</link:label>
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    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_d273e8df-f1ac-4e1d-b37e-0d21bd10a659_totalLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Identifiable assets acquired and liabilities assumed, including goodwill</link:label>
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    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_532ef526-e4f5-4ce6-a3b0-d7cfadd3b64a_verboseLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Administrative expenses</link:label>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_label_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">General and Administrative Expense</link:label>
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    <link:label id="lab_us-gaap_NotesReceivableNet_9a1f8e30-9c98-4497-9438-caccee5c5712_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans receivable (at fair value at December&#160;31, 2020)</link:label>
    <link:label id="lab_us-gaap_NotesReceivableNet_d4ecc442-704e-4732-b6b3-d7ddcc7bb491_verboseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans receivable</link:label>
    <link:label id="lab_us-gaap_NotesReceivableNet_label_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, after Allowance for Credit Loss</link:label>
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    <link:label id="lab_clny_AccretionOfDiscountsAndAmortizationOfNetOriginationFees_label_en-US" xlink:label="lab_clny_AccretionOfDiscountsAndAmortizationOfNetOriginationFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accretion Of Discounts And Amortization Of Net Origination Fees</link:label>
    <link:label id="lab_clny_AccretionOfDiscountsAndAmortizationOfNetOriginationFees_documentation_en-US" xlink:label="lab_clny_AccretionOfDiscountsAndAmortizationOfNetOriginationFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The sum of the periodic adjustments of the differences between loans face values and purchase prices that are included in interest income. This is called accretion when the loan was purchased at a discount. Also included in interest income are deferred loan origination fees less deferred loan origination costs using the effective interest method over the term of the debt arrangement to which they pertain taking into account the effect of prepayments. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AccretionOfDiscountsAndAmortizationOfNetOriginationFees" xlink:href="clny-20201231.xsd#clny_AccretionOfDiscountsAndAmortizationOfNetOriginationFees"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AccretionOfDiscountsAndAmortizationOfNetOriginationFees" xlink:to="lab_clny_AccretionOfDiscountsAndAmortizationOfNetOriginationFees" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_PaymentsOfCashAndRestrictedCashToSubsidiary_3c6c3748-bf30-4e3f-bf60-37644ebb360b_negatedTerseLabel_en-US" xlink:label="lab_clny_PaymentsOfCashAndRestrictedCashToSubsidiary" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and restricted cash contributed to CLNC (Note 6)</link:label>
    <link:label id="lab_clny_PaymentsOfCashAndRestrictedCashToSubsidiary_label_en-US" xlink:label="lab_clny_PaymentsOfCashAndRestrictedCashToSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments of Cash and Restricted Cash To Subsidiary</link:label>
    <link:label id="lab_clny_PaymentsOfCashAndRestrictedCashToSubsidiary_documentation_en-US" xlink:label="lab_clny_PaymentsOfCashAndRestrictedCashToSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments of Cash and Restricted Cash To Subsidiary</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_PaymentsOfCashAndRestrictedCashToSubsidiary" xlink:href="clny-20201231.xsd#clny_PaymentsOfCashAndRestrictedCashToSubsidiary"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PaymentsOfCashAndRestrictedCashToSubsidiary" xlink:to="lab_clny_PaymentsOfCashAndRestrictedCashToSubsidiary" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow_7432660e-5796-4478-a197-119fb2d40ebd_terseLabel_en-US" xlink:label="lab_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount rate for projected net cash flow</link:label>
    <link:label id="lab_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow_label_en-US" xlink:label="lab_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurement, Discount Rate For Projected Net Cash Flow</link:label>
    <link:label id="lab_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow_documentation_en-US" xlink:label="lab_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurement, Discount Rate For Projected Net Cash Flow</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow" xlink:href="clny-20201231.xsd#clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow" xlink:to="lab_clny_FairValueMeasurementDiscountRateForProjectedNetCashFlow" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_AssetAcquisitionConsiderationTransferred_0cf4aa44-c42f-4b6e-8f1d-f31deaf53827_verboseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset acquisition, purchase price</link:label>
    <link:label id="lab_clny_AssetAcquisitionConsiderationTransferred_7d252aaf-de00-4942-9a2b-41b15cd0746f_terseLabel_en-US" xlink:label="lab_clny_AssetAcquisitionConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchase Price</link:label>
    <link:label id="lab_clny_AssetAcquisitionConsiderationTransferred_label_en-US" xlink:label="lab_clny_AssetAcquisitionConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Consideration Transferred</link:label>
    <link:label id="lab_clny_AssetAcquisitionConsiderationTransferred_documentation_en-US" xlink:label="lab_clny_AssetAcquisitionConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Acquisition, Consideration Transferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_AssetAcquisitionConsiderationTransferred" xlink:href="clny-20201231.xsd#clny_AssetAcquisitionConsiderationTransferred"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_AssetAcquisitionConsiderationTransferred" xlink:to="lab_clny_AssetAcquisitionConsiderationTransferred" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_IndustrialMember_7343ec7c-7d97-42c2-9698-2b797fc9a40d_terseLabel_en-US" xlink:label="lab_clny_IndustrialMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial</link:label>
    <link:label id="lab_clny_IndustrialMember_f597639d-8563-44a1-82db-9861934f4a55_verboseLabel_en-US" xlink:label="lab_clny_IndustrialMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial</link:label>
    <link:label id="lab_clny_IndustrialMember_label_en-US" xlink:label="lab_clny_IndustrialMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial [Member]</link:label>
    <link:label id="lab_clny_IndustrialMember_documentation_en-US" xlink:label="lab_clny_IndustrialMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_IndustrialMember" xlink:href="clny-20201231.xsd#clny_IndustrialMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_IndustrialMember" xlink:to="lab_clny_IndustrialMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity_48a00543-fa42-47d2-9ab1-f77a924b053a_negatedTerseLabel_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of real estate held by investment entity upon closing of Combination</link:label>
    <link:label id="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity_label_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation, Deconsolidation By Investment Entity</link:label>
    <link:label id="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity_documentation_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation, Deconsolidation By Investment Entity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity" xlink:href="clny-20201231.xsd#clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity" xlink:to="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationDeconsolidationByInvestmentEntity" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet_efd29927-4430-44f4-81d8-55dd9a394bea_negatedLabel_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classified as held for sale, net</link:label>
    <link:label id="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet_label_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Held for Sale, Net</link:label>
    <link:label id="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet_documentation_en-US" xlink:label="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Held for Sale, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet" xlink:href="clny-20201231.xsd#clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet" xlink:to="lab_clny_SECScheduleIIIRealEstateAccumulatedDepreciationRealEstateHeldforSaleNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract_75f52d95-b5a0-41e5-b557-41de851d88b1_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities</link:label>
    <link:label id="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Liabilities [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:to="lab_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_a7501e1e-d2aa-4d5a-a237-dd82aa9b1991_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Supplemental Disclosure of Cash Flow Information</link:label>
    <link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_label_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_7272ad0b-8bdc-4c23-9461-6248ba88b878_terseLabel_en-US" xlink:label="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">General partner ownership percent</link:label>
    <link:label id="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest_label_en-US" xlink:label="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest" xlink:to="lab_us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DigitalOtherMember_031b22d2-9c4c-414e-99ed-e82dc481c423_terseLabel_en-US" xlink:label="lab_clny_DigitalOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Digital Other</link:label>
    <link:label id="lab_clny_DigitalOtherMember_label_en-US" xlink:label="lab_clny_DigitalOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Digital Other [Member]</link:label>
    <link:label id="lab_clny_DigitalOtherMember_documentation_en-US" xlink:label="lab_clny_DigitalOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Digital Other</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DigitalOtherMember" xlink:href="clny-20201231.xsd#clny_DigitalOtherMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DigitalOtherMember" xlink:to="lab_clny_DigitalOtherMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_23eb3b53-045e-44da-a6af-edd2688bb82a_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Acquisition, Acquiree [Domain]</link:label>
    <link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Acquisition, Acquiree [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_LendingCommitmentsAmount_5a84e25e-3214-41b3-b324-d30227b6d450_terseLabel_en-US" xlink:label="lab_clny_LendingCommitmentsAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lending commitments</link:label>
    <link:label id="lab_clny_LendingCommitmentsAmount_label_en-US" xlink:label="lab_clny_LendingCommitmentsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lending Commitments, Amount</link:label>
    <link:label id="lab_clny_LendingCommitmentsAmount_documentation_en-US" xlink:label="lab_clny_LendingCommitmentsAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lending Commitments, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_LendingCommitmentsAmount" xlink:href="clny-20201231.xsd#clny_LendingCommitmentsAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_LendingCommitmentsAmount" xlink:to="lab_clny_LendingCommitmentsAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_1ce5dc5c-8775-4bed-9aea-769363fff4f3_verboseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss)</link:label>
    <link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Income (Loss) Attributable to Redeemable Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_DisbursementsOnOriginatedLoan_e578455e-43f9-42e9-927e-5a3760c852e3_negatedTerseLabel_en-US" xlink:label="lab_clny_DisbursementsOnOriginatedLoan" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net disbursements on originated loans</link:label>
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    <link:label id="lab_clny_DisbursementsOnOriginatedLoan_documentation_en-US" xlink:label="lab_clny_DisbursementsOnOriginatedLoan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">The cash outflow associated with originating loans held for investment purposes during the period.</link:label>
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    <link:label id="lab_us-gaap_CustomerContractsMember_abc3d2be-2387-4ecf-8f92-dfb3b0cff12d_terseLabel_en-US" xlink:label="lab_us-gaap_CustomerContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Customer Contracts</link:label>
    <link:label id="lab_us-gaap_CustomerContractsMember_label_en-US" xlink:label="lab_us-gaap_CustomerContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Customer Contracts [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CustomerContractsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CustomerContractsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CustomerContractsMember" xlink:to="lab_us-gaap_CustomerContractsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_JuniorSubordinatedDebtMember_9ecf75dc-ca68-4640-9c30-e7c75a313137_verboseLabel_en-US" xlink:label="lab_us-gaap_JuniorSubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Junior Subordinated Notes</link:label>
    <link:label id="lab_us-gaap_JuniorSubordinatedDebtMember_5ef3b559-3b15-4653-96b0-94b647fdd523_terseLabel_en-US" xlink:label="lab_us-gaap_JuniorSubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Junior subordinated debt</link:label>
    <link:label id="lab_us-gaap_JuniorSubordinatedDebtMember_label_en-US" xlink:label="lab_us-gaap_JuniorSubordinatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Junior Subordinated Debt [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_JuniorSubordinatedDebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JuniorSubordinatedDebtMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JuniorSubordinatedDebtMember" xlink:to="lab_us-gaap_JuniorSubordinatedDebtMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_IntangibleLiabilitiesNet_2c99e145-5cfa-4b57-b465-4e9ba814de34_terseLabel_en-US" xlink:label="lab_clny_IntangibleLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible liabilities, net</link:label>
    <link:label id="lab_clny_IntangibleLiabilitiesNet_label_en-US" xlink:label="lab_clny_IntangibleLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Liabilities, Net</link:label>
    <link:label id="lab_clny_IntangibleLiabilitiesNet_documentation_en-US" xlink:label="lab_clny_IntangibleLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Liabilities, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_IntangibleLiabilitiesNet" xlink:href="clny-20201231.xsd#clny_IntangibleLiabilitiesNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_IntangibleLiabilitiesNet" xlink:to="lab_clny_IntangibleLiabilitiesNet" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionIncrementPeriod_efea4e1f-ac24-44a1-988e-1ef337570992_terseLabel_en-US" xlink:label="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionIncrementPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected life of investment, extension increment period</link:label>
    <link:label id="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionIncrementPeriod_label_en-US" xlink:label="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionIncrementPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Expected Life Of Investment, Extension Increment Period</link:label>
    <link:label id="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionIncrementPeriod_documentation_en-US" xlink:label="lab_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionIncrementPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Expected Life Of Investment, Extension Increment Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionIncrementPeriod" xlink:href="clny-20201231.xsd#clny_FairValueInvestmentsEntitiesthatCalculateNetAssetValuePerShareExpectedLifeOfInvestmentExtensionIncrementPeriod"/>
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    <link:label id="lab_clny_DeferralOfFullOrPartialRentPaymentsTerm_3d690ef3-859b-41e3-b6ac-1e9ae48c3952_terseLabel_en-US" xlink:label="lab_clny_DeferralOfFullOrPartialRentPaymentsTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Term for deferred rent</link:label>
    <link:label id="lab_clny_DeferralOfFullOrPartialRentPaymentsTerm_label_en-US" xlink:label="lab_clny_DeferralOfFullOrPartialRentPaymentsTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferral Of Full Or Partial Rent Payments, Term</link:label>
    <link:label id="lab_clny_DeferralOfFullOrPartialRentPaymentsTerm_documentation_en-US" xlink:label="lab_clny_DeferralOfFullOrPartialRentPaymentsTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferral Of Full Or Partial Rent Payments, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_DeferralOfFullOrPartialRentPaymentsTerm" xlink:href="clny-20201231.xsd#clny_DeferralOfFullOrPartialRentPaymentsTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_DeferralOfFullOrPartialRentPaymentsTerm" xlink:to="lab_clny_DeferralOfFullOrPartialRentPaymentsTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_7ecc3195-a2fc-4d91-bab2-6a79cb25342f_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible liabilities, accumulated amortization</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below Market Lease, Accumulated Amortization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BelowMarketLeaseAccumulatedAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:to="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_0bdc225d-2d52-4176-8999-c6a32c97fff4_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reclassification out of Accumulated Other Comprehensive Income [Table]</link:label>
    <link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reclassification out of Accumulated Other Comprehensive Income [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome_adbf61a2-aabd-4670-b78f-1ae18362fee2_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest and other income</link:label>
    <link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Other Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_PreTaxIncomeFromTaxableSubsidiaries_15ec0f0b-f321-427a-9736-c422ceab4015_totalLabel_en-US" xlink:label="lab_clny_PreTaxIncomeFromTaxableSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loss from continuing operations before income taxes attributable to taxable subsidiaries</link:label>
    <link:label id="lab_clny_PreTaxIncomeFromTaxableSubsidiaries_label_en-US" xlink:label="lab_clny_PreTaxIncomeFromTaxableSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-Tax Income From Taxable Subsidiaries</link:label>
    <link:label id="lab_clny_PreTaxIncomeFromTaxableSubsidiaries_documentation_en-US" xlink:label="lab_clny_PreTaxIncomeFromTaxableSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Pre-Tax Income From Taxable Subsidiaries</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_PreTaxIncomeFromTaxableSubsidiaries" xlink:href="clny-20201231.xsd#clny_PreTaxIncomeFromTaxableSubsidiaries"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_PreTaxIncomeFromTaxableSubsidiaries" xlink:to="lab_clny_PreTaxIncomeFromTaxableSubsidiaries" xlink:type="arc" order="1"/>
    <link:label id="lab_clny_SecuritizedLoansReceivableMember_67f5775b-2e6b-4a58-aae6-2cfc79ba536e_terseLabel_en-US" xlink:label="lab_clny_SecuritizedLoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitized Loans Receivable</link:label>
    <link:label id="lab_clny_SecuritizedLoansReceivableMember_label_en-US" xlink:label="lab_clny_SecuritizedLoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitized Loans Receivable [Member]</link:label>
    <link:label id="lab_clny_SecuritizedLoansReceivableMember_documentation_en-US" xlink:label="lab_clny_SecuritizedLoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitized Loans Receivable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clny_SecuritizedLoansReceivableMember" xlink:href="clny-20201231.xsd#clny_SecuritizedLoansReceivableMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clny_SecuritizedLoansReceivableMember" xlink:to="lab_clny_SecuritizedLoansReceivableMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockValueOutstanding_d60674ac-7611-4dfc-83a6-7b6c76a7da16_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockValueOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Par Value</link:label>
    <link:label id="lab_us-gaap_PreferredStockValueOutstanding_label_en-US" xlink:label="lab_us-gaap_PreferredStockValueOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock, Value, Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValueOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockValueOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockValueOutstanding" xlink:to="lab_us-gaap_PreferredStockValueOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_2f8fa1ac-1e4c-440f-b9ed-bfe6d26bf7fb_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:to="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RepaymentsOfConvertibleDebt_eb98621e-74d8-4246-8791-7773957e170a_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfConvertibleDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of convertible debt</link:label>
    <link:label id="lab_us-gaap_RepaymentsOfConvertibleDebt_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfConvertibleDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of Convertible Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfConvertibleDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfConvertibleDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfConvertibleDebt" xlink:to="lab_us-gaap_RepaymentsOfConvertibleDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_HedgingRelationshipDomain_420f378d-fc97-4196-ac8e-f35fd2eb20dd_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hedging Relationship [Domain]</link:label>
    <link:label id="lab_us-gaap_HedgingRelationshipDomain_label_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hedging Relationship [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingRelationshipDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingRelationshipDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingRelationshipDomain" xlink:to="lab_us-gaap_HedgingRelationshipDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinanceLeaseRightOfUseAsset_2da48481-a149-4d5b-8235-9954c2752c7d_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance lease right-of-use asset, net</link:label>
    <link:label id="lab_us-gaap_FinanceLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finance Lease, Right-of-Use Asset, after Accumulated Amortization</link:label>
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    <link:label id="lab_clny_DebtIssuedToBuyerInSaleOfRealEstate_111af7c5-8763-42c4-af74-eba122899724_terseLabel_en-US" xlink:label="lab_clny_DebtIssuedToBuyerInSaleOfRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt assumed by buyer in sale of real estate</link:label>
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    <link:label id="lab_us-gaap_RealEstateOtherMember_463d3d89-32c8-44f3-b42a-dd16a5967b25_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other income</link:label>
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