Marriott acquires Gaylord hotels for $210 m in cash
Friday, 01. June 2012, 18:28
In a deal some insiders called "shocking," and others portrayed as the "deal of the year," Gaylord Entertainment announced its selling its brand and the management of its four huge hotels to Marriott International for $210 million in cash.
In some ways, it"s less of a surprise, however. The
deal will allow Gaylord to save on taxes because it will operate as a REIT.
In addition, Marriott will be in a better position to
attract large groups, hotel observers said.
Colin Reed, Gaylord"s ceo, said a months-long review
revealed this arrangement was the "best pathway to realize the long-term
value of our business and to position the Gaylord brand for continued
"Gaylord adds something distinct, a brand that caters
to very large groups with all-in-one service offerings that makes it very
simple to be a meeting planner," said Arne Sorenson, Marriott"s CEO.
"We like the group business and groups tend to be
profitable for hotels year in and year out since group demand tends to hold up
well in periods of economic weakness."
He also said the move would help with groups as well as
small business meetings, partly because Marriott Reward has 38 million members.
"I can"t think of another company as good of a cultural fit as
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