Gaylord Entertainment Company to Transfer Management of Radisson Hotel Opryland, General Jackson Showboat, Gaylord Springs Golf Links, and Wildhorse Saloon to Marriott International (United States)
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Gaylord Entertainment Company to Transfer Management of Radisson Hotel Opryland, General Jackson Showboat, Gaylord Springs Golf Links, and Wildhorse Saloon to Marriott International (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2012-09-17
Gaylord will continue to own and operate Grand Ole Opry and Ryman Auditorium
Gaylord Entertainment Co. (NYSE: GET) today announced that it plans to transfer the management of several of its attractions assets to Marriott International, Inc. (NYSE: MAR). This transaction follows Gaylord’s previous announcement that it is selling the Gaylord Hotels brand and the rights to manage its four Gaylord hotels to Marriott, and to reorganize as a real estate investment trust (REIT) effective January 1, 2013. The specific terms of the attractions management arrangements will be finalized by October 1, 2012.
The General Jackson Showboat, Gaylord Springs Golf Links, and Wildhorse Saloon are scheduled to convert to Marriott’s management effective October 1, 2012. The Radisson Hotel Opryland is scheduled to transition on December 1, 2012 and will be renamed the “Inn at Opryland, a Gaylord Hotel.” Gaylord will continue to own these assets under the terms of the management agreements with Marriott.
The Grand Ole Opry, Ryman Auditorium and WSM-AM radio station will continue to be both owned and managed by Gaylord as taxable REIT subsidiaries.
Colin V. Reed, Chairman and Chief Executive Officer for Gaylord Entertainment stated, “These attractions are important elements of the Nashville tourism experience, and embraced by the tens of thousands of visitors who come to Nashville each year. We are confident that under Marriott’s management they will continue to be positive economic drivers for both the Nashville region and for our business.”
David Grissen, President, The Americas for Marriott International, said, “We are excited to begin managing these attractions as well at the Inn at Opryland. Historically these assets have performed well as part of the Gaylord portfolio and we believe that they will continue to offer our group and leisure customers unique entertainment options.”
Reed continued, “The Grand Ole Opry and the Ryman are incredibly important to the Nashville community. Nothing will change at these iconic assets, and we look forward to continuing to offer the same level of world-class entertainment that has made them such prominent music institutions.”
Gaylord’s proposed transactions with Marriott are subject to Gaylord’s completion of its hotel management transfer, which is subject to certain closing conditions, including the approval by Gaylord’s shareholders of certain proposals that will facilitate becoming a REIT, lender consent to amendments to Gaylord’s credit facility, and other customary conditions and regulatory approvals. Gaylord will hold a special meeting of stockholders on September 25, 2012 for the purpose of voting on proposals that will facilitate becoming a REIT, including amendments to its Certificate of Incorporation.
About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts, and the Grand Ole Opry (www.opry.com), the weekly showcase of country music’s finest performers for more than 85 consecutive years. Gaylord's entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Gaylord Springs Golf Links, Wildhorse Saloon, and WSM-AM.
About Marriott International
Marriott International, Inc. (NYSE: MAR) is a leading lodging company based in Bethesda, Maryland, USA with more than 3,700 properties in 73 countries and territories and reported revenues of over $12 billion in fiscal year 2011. Marriott operates and franchises hotels and licenses vacation ownership resorts under 17 brands, including Marriott Hotels & Resorts, The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance, Autograph Collection, AC Hotels by Marriott, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Marriott Executive Apartments, Marriott Vacation Club, Grand Residences by Marriott, and The Ritz-Carlton Destination Club. There are approximately 300,000 employees at headquarters, managed and franchised properties. Marriott is consistently recognized as a top employer and for its superior business operations, which it conducts based on five core values: put people first, pursue excellence, embrace change, act with integrity, and serve our world.
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