Gaylord to Transfer Management of Attractions to Marriott
By Theresa Norton Masek
September 14, 2012 11:05 AM
Gaylord Entertainment Co. plans to transfer the management of several attractions to Marriott International Inc. Gaylord previously announced that it is selling the Gaylord Hotels brand and management of four hotels to Marriott for $210 million, and to reorganize as a real estate investment trust (REIT) effective Jan. 1. The management arrangement is expected to be finalized by Oct. 1.
The General Jackson Showboat, Gaylord Springs Golf Links, and Wildhorse Saloon are scheduled to convert to Marriott’s management effective Oct. 1. The Radisson Hotel Opryland is scheduled to transition on Dec. 1 and will be renamed the Inn at Opryland, a Gaylord Hotel. Gaylord will continue to own these hotels.
The Grand Ole Opry, Ryman Auditorium and WSM-AM radio station in Nashville will continue to be both owned and managed by Gaylord as taxable REIT subsidiaries.
“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,” said Colin V. Reed, chairman and CEO for Gaylord Entertainment. “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.”
The transactions are subject to Gaylord’s completion of its hotel management transfer, which requires the approval of Gaylord’s shareholders. Gaylord will hold a special meeting of stockholders on Sept. 25 for the purpose of voting on proposals that will facilitate becoming a REIT, including amendments to its certificate of incorporation.