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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.”