Marriott Agrees to Purchase Gaylord Hotels Brand

While European investors were busy wildly speculating about merger prospects for Marriott International, the hotel company was putting the finishing touches on an actual acquisition—and it’s a big one for the meetings industry. On Thursday, Marriott announced a $210 million deal to purchase Gaylord Entertainment Co.’s hotel brand, making Gaylord Hotel’s four huge resorts and all their meeting business part of Marriott’s management portfolio. Pending approval from Gaylord’s shareholders, Marriott would gain control of Gaylord Opryland in Nashville; Gaylord Palms in Kissimmee, Fla.; Gaylord Texan in Grapevine, Texas; and Gaylord National in National Harbor, Md. Together they would add 7,800 guest rooms and 2 million sq. ft. of convention space to Marriott’s system. Gaylord, which also owns Nashville’s famed Grand Ole Opry and Ryman Auditorium, will reorganize as a real esate investment trust so it can continue to own the buildings. Marriott will maintain the Gaylord brand, operate the hotels under that name and keep the same employees to run them. Gaylord Entertainment CEO Colin Reed says customers shouldn’t notice a difference—other than the fact that they’ll be able to earn and use Marriott Rewards points at the hotels. The transaction is expected to be completed in October. usatoday.com

The deal has also put the breaks on an $824 million, 1,500-room hotel and convention center that Gaylord had proposed in Aurora, Colo. The company said it will re-examine the project, but the development will not proceed in its current form. thestreet.com