Marriott Completes Acquisition of Gaylord Hotels Brand and Hotel Management Company
October 1, 2012Marriott International, Inc. (NYSE: MAR) said today that it has completed the transaction announced on May 31 with Gaylord Entertainment Company, now Ryman Hospitality Properties, Inc. (NYSE: RHP), to acquire the Gaylord brand and hotel management company for $210 million.
Gaylord Opryland Hotel
Gaylord Entertainment’s shareholders approved that company’s transition to a real estate investment trust on September 25, and Gaylord Entertainment merged with Ryman Hospitality Properties and assumed that name today. Ryman will continue to own the existing four Gaylord hotels and Marriott will manage the properties under long-term agreements.
In addition, Marriott will also manage three Nashville attractions, effective today: the General Jackson Showboat, Gaylord Springs Golf Links, and Wildhorse Saloon. On December 1, Marriott will assume management of the Radisson Hotel Opryland, which will then be renamed The Inn at Opryland, a Gaylord Hotel. Ryman will also continue to own these properties. The transaction adds five hotels and approximately 8,100 rooms to the Marriott International portfolio.
