Wow-this just in from the major news wires. Just as the InterContinental sign has been replaced in Baltimore with Royal Sonesta today, MARRIOTT INTERNATIONAL announces its expansion of its GROUP AND MEETINGS PORTFOLIO WITH ACQUISITION OF GAYLORD HOTELS BRAND AND HOTEL MANAGEMENT COMPANY FOR $210 MILLION
Marriott International, Inc. (NYSE: MAR) announced today that it has entered into an agreement with Gaylord Entertainment Company (NYSE: GET) to acquire the Gaylord brand and hotel management company for $210 million. The transaction is conditioned on Gaylord Entertainment’s shareholders approving the company’s conversion into a real estate investment trust. If approved, Gaylord will continue to own the existing Gaylord hotels and Marriott will assume management of these properties under long-term agreements. The transaction will add 4 hotels and approximately 7,800 rooms to Marriott’s portfolio.
Gaylord Hotels include Gaylord Opryland® in Nashville, Tennessee; Gaylord Palms® in Kissimmee, Florida near Orlando; Gaylord Texan® on Lake Grapevine near Dallas, Texas, and Gaylord National® on the Potomac in National Harbor, Maryland, near Washington, D.C. 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 the partnership with DreamWorks ™.
The transaction is expected to close by October.
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