Marriott International, Inc. has entered into an agreement with Gaylord Entertainment Company 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 four hotels and approximately 7,800 rooms to Marriott’s portfolio.
Arne Sorenson, Marriott International president and chief executive officer, said, “We are excited to add Gaylord Hotels to our brand portfolio and are thrilled Gaylord Entertainment selected us to manage their properties. We have long been impressed with the hotels Gaylord has created, as well as their skill in hosting major meetings and events and attracting the family leisure market. This is a tremendous opportunity to advance growth and opportunity for both Marriott International and the Gaylord hotel brand.”
Gaylord Hotels include Gaylord Opryland in Nashville, Tenn.; Gaylord Palms in Kissimmee, Fla., near Orlando; Gaylord Texan on Lake Grapevine near Dallas, Texas; and Gaylord National on the Potomac River in National Harbor, Maryland, near Washington, D.C. www.gaylordhotels.com; www.marriott.com
