Also visit: mashmedia.net | c-mw.net | exhibitionnews.co.uk | exhibitionworld.co.uk
Search

Marriott takes over Gaylord Hotels management

Share
article:
Share on LinkedIn Email Print View
Signing contract

Global hotel brand, Marriott International, has acquired the management rights of the Gaylord brand and hotel management company for US$210m. The transaction will add four hotels and approximately 7,800 rooms to Marriott’s portfolio.
 
The hotel chain has entered into the agreement with Gaylord Entertainment Company and the transaction is conditioned on Gaylord Entertainment’s shareholders approving the company’s conversion into a real estate investment trust. The deal is expected to be complete by October.
 
Under the deal, Gaylord will continue to own the existing Gaylord hotels and Marriott will assume management of these properties under long-term agreements. Gaylord Hotels include Gaylord Opryland in Nashville, Tennessee; Gaylord Palms in Kissimmee, Florida; Gaylord Texan on Lake Grapevine near Dallas, Texas, and Gaylord National, on the Potomac in National Harbor, Maryland.
 
Gaylord Hotels are positioned in the group and family leisure segments with approximately 186,000sqm of meeting and event space.
 
“We have long been impressed with the hotels Gaylord has created, as well as their skill in hosting major meetings and events,” Marriott International President and CEO, Arne Sorenson, said. “Gaylord properties will benefit from Marriott’s economies of scale, including lower costs for central reservations, procurement and other services, plus strong sales, revenue management, marketing and distribution systems, while Marriott will be able to capture even a greater share of the major event market.”
 
He says Gaylord’s ‘everything-in-one-place’ properties are “attractive to group meeting planners”.
 
“According to a recent survey conducted on behalf of Gaylord in February, of over 400 high-quality meeting planners, Gaylord ranked first in all under one-roof offerings and amenities and Marriott ranked as the number one preferred group destination provider overall due to its service standards and wide distribution,” said Colin V. Reed, Chairman and Chief Executive Officer, Gaylord Entertainment Company.
 
Upon completion of the transaction, Marriott will operate the hotels under management agreements with an initial term of 35 years. Marriott International expects to earn an incentive fee in its first full year of management, based on improvement in Gaylord Hotels’ profitability, and further expects the transaction to be accretive to Marriott’s earnings per share by approximately two cents in 2013. 

Any conference-related news? Email sarah@mashmedia.net

1 June 12

David Buxton steps down as MD of Motivaction
David Buxton has stepped down as MD of Hertfordshire-based events management specialists Motivaction.... ...read more
CWT reports 2.7% increase in sales for first half of 2014
Business travel and event management agency, Carlson Wagonlit Travel (CWT) has reported sales of £8.67bn for the first half of 2014, a 2.7 per cent increase... ...read more
Trophies stolen in National Motorcycle Museum burglary
‘Priceless’ trophies have been stolen from the National Motorcycle Museum in Solihull during a burglary last... ...read more
Two more keynotes announced for Summer EVCOM
Summer EVCOM, which takes place at Olympia London on 17 September, has added two more keynote speakers to its conference... ...read more
BI Worldwide removes desk bins and reduces waste by 60%
Performance improvement and event agency BI Worldwide has reduced the waste it sends to landfill by 60 per cent after ditching 170 desk bins in April this... ...read more

News Archive
Partners & Associations
I.C.C.A
Conference Centres of Excellence
Meetings Industry Association
VENUEmasters
International Confex
Conference and Meetings World
Conference News - Online
Conference News Supplement - Online
Mash Media
Home | News | Features | Blogs | Events Diary | Directory | Subscribe | Print Magazines | Contact Us
© 2008 - 2014 Mash Media Group