Marriott International Acquires Gaylord Hotels
Marriott International, Inc. has entered into an agreement with Gaylord Entertainment Company to acquire the Gaylord brand and hotel management company for $210 million.If Gaylord Entertainment’s shareholders approve the company’s conversion into a real estate investment trust (REIT), which is expected in August, Gaylord will continue to own the existing Gaylord hotels and Marriott will assume management of these properties under long-term agreements. The agreement is also subject to lender consent to amendments to Gaylord’s credit facility and other customary closing conditions and regulatory approvals.
