Marriott 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 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. [member]
Gaylord Hotels are uniquely positioned in the group and family leisure segments with approximately 2 million square feet of meeting and event space. They offer multiple opportunities for recreation, shopping, and dining, as well as entertainment, such as their partnership with DreamWorks™.
Arne Sorenson, Marriott International president and chief executive officer, said, “Our partnership with the Gaylord organization has been exceptional. Both the Gaylord and Marriott transition teams have worked closely together with much skill and dedication to be ready for this exciting day. Gaylord’s proven success in the meetings and family leisure markets, and their “all-in-one-place” properties will greatly enhance our portfolio and will provide new opportunities both for Gaylord associates, called STARs, and Marriott associates. We are delighted to welcome our new Gaylord portfolio and look forward to a long and mutually beneficial relationship with Ryman Hospitality Properties.”
“We are thrilled that this transaction is now complete and to be part of Marriott’s industry leading network of hotels,” said Colin V. Reed, Ryman Properties chairman and chief executive officer. “We chose to work with Marriott because they share our commitment to building a strong employee culture and delivering a superior customer experience.”
The Gaylord brand and properties will benefit from Marriott’s economies of scale, including reservations and procurement, sales, revenue management, and distribution systems, as well as Marriott’s 40 million-member Marriott Rewards guest loyalty program.
Marriott Rewards points can be earned and redeemed at the Gaylord Texan on Lake Grapevine near Dallas, Texas; the Gaylord Palms® in Kissimmee, Florida near Orlando; and the Gaylord National® on the Potomac in National Harbor, Maryland, near Washington, D.C., beginning in late October, and at the Gaylord Opryland Hotel, in Nashville, Tennessee, beginning in February 2013. Marriott Rewards can also be earned and redeemed at the Inn at Opryland, a Gaylord Hotel, beginning December 1. [/member]