NASHVILLE, Tenn.--(BUSINESS WIRE)--Mar. 9, 2016--
Ryman Hospitality Properties, Inc. (NYSE:RHP) (“Ryman” or “the Company”)
announced today that it has acquired a 35 percent equity ownership stake
in the Gaylord Rockies Resort and Convention Center project in Aurora,
Colorado, with an expected aggregate investment of approximately $86
million. RIDA Development Corp. and Ares Management, L.P. are leading
the owner and development partnership and Marriott International, Inc.
(NASDAQ:MAR) will manage the hotel and convention center. The property
is currently under construction and is scheduled to open in late 2018.
Under the terms of our agreement, RIDA will continue in its role as
managing partner and developer. Today’s announcement represents a
minority stake by Ryman Hospitality Properties and has no effect on the
project’s previously announced scope, design, budget, timing,
development team or hotel management.
RIDA and Ares previously announced the closing of a $500 million
construction loan in December of 2015 to develop the 1,500 room resort
hotel with over 485,000 square feet of exhibition, meeting, pre-function
and outdoor space, eight food and beverage outlets, a $25 million
waterpark, and other high quality amenities. Located less than ten
minutes from the Denver International Airport, one of the most
well-traveled and accessible airports in the world, and 25 minutes from
downtown Denver, the resort will be ideally situated for both business
and leisure travelers.
Colin Reed, chairman and chief executive officer of Ryman Hospitality
Properties, said, “We have always been strong believers in the
development of a Gaylord Hotels branded property in Colorado, which we
consistently hear from meeting planners and customers is one of the most
desirable tourist and business travel destinations in the United States.
Further, we know the dynamics necessary for this type of hotel to
succeed better than anyone – and we are confident that a resort of this
caliber, in a highly strategic western location bearing the
distinguished Gaylord Hotels brand, will appeal to new customers as well
as existing group customers who rotate through the Gaylord network. We
are also encouraged by the lack of new competitive supply of hotels with
more than 1,000 rooms slated to open in the foreseeable future.”
Reed continued, “This investment provides us with the right vehicle by
which to make a strategic, long-term investment in a project that we are
confident will bring a strong return for our shareholders, without
having the full development cost on our company’s balance sheet. In
addition, we are partnering with a best-in-class group of hospitality
and development experts: RIDA, Ares and Marriott.”
RIDA Development Corp CEO Ira Mitzner said, “We are pleased to welcome
Ryman Hospitality into the project. Their synergistic expertise as
owners of the four existing Gaylord Hotels will greatly inure to the
benefit of the Gaylord Rockies.”
Mike Stengel, senior vice-president of Gaylord Hotels, added, “We are
pleased for Ryman Hospitality Properties to join the owner partnership
for Gaylord Rockies. They have been supportive partners since the
Gaylord Hotels brand joined the Marriott portfolio in October of 2012,
and this new collaboration will strengthen both the Rockies project as
well as our partnership going forward.”
Lee Neibart, chairman of the Ares Real Estate Group, said, "We are
pleased to welcome Ryman to this project, especially since it has
significant expertise in owning and operating Gaylord properties. We are
excited about the knowledge and resources that it will bring to the
Gaylord Rockies Resort & Convention Center.”
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a REIT for federal
income tax purposes, specializing in group-oriented, destination hotel
assets in urban and resort markets. The Company’s owned assets include a
network of four upscale, meetings-focused resorts totaling 7,795 rooms
that are managed by lodging operator Marriott International, Inc. under
the Gaylord Hotels brand. Other owned assets managed by Marriott
International, Inc. include Gaylord Springs Golf Links, the Wildhorse
Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room
overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC
at National Harbor, a 192-room hotel near Gaylord National. The Company
also owns and operates media and entertainment assets, including the
Grand Ole Opry (opry.com), the legendary weekly showcase of country
music’s finest performers for 90 years; the Ryman Auditorium, the
storied former home of the Grand Ole Opry located in downtown Nashville;
and 650 AM WSM, the Opry’s radio home. For additional information about
Ryman Hospitality Properties, visit www.rymanhp.com.
About Marriott International, Inc.
Marriott International, Inc. (NASDAQ:MAR) is a global leading lodging
company based in Bethesda, Maryland, USA, with more than 4,400
properties in 87 countries and territories. Marriott International
reported revenues of more than $14 billion in fiscal year 2015. The
company operates and franchises hotels and licenses vacation ownership
resorts under 19 brands. For more information or reservations, please
visit our website at www.marriott.com,
and for the latest company news, visit www.marriottnewscenter.com.
About Gaylord Hotels
Gaylord Hotels®, part of the Marriott portfolio of brands, offers
extraordinary environments with “everything in one place”— diverse
dining options, a full-service spa, pools, top-notch entertainment,
shopping and more. Current locations include Gaylord Opryland in
Nashville, Tennessee; Gaylord Palms in Kissimmee, Florida; Gaylord Texan
in Grapevine, Texas; Gaylord National on the Potomac in National Harbor,
Maryland; and The Inn at Opryland in Nashville. For more information,
visit www.GaylordHotels.com.
About RIDA Development
RIDA
Development Corporation has achieved an international reputation for
creating innovative, high quality, and successful real estate ventures.
Headquartered in Houston, Texas and founded in 1972 by David Mitzner,
RIDA operates major divisions in Texas, Florida, and Europe. RIDA is
among one of Poland’s largest and most well - known private investment
groups, and its Polish portfolio alone is valued at more than $2
Billion. In the United States RIDA has become one of the South’s most
active development groups and is currently managing and developing
projects worldwide of retail, office, distribution, residential, hotel
and mixed- use land developments with a value in excess of $5 billion.
As one of the most active conference hotel developers in the last
decade, RIDA’s major hotel development projects have earned it a
reputation as one of the industry’s most creative development teams.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $94 billion of assets under management
as of December 31, 2015 and more than 15 offices in the United States,
Europe and Asia. Since its inception in 1997, Ares has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares believes
each of its distinct but complementary investment groups in Credit,
Private Equity and Real Estate is a market leader based on assets under
management and investment performance. Ares was built upon the
fundamental principle that each group benefits from being part of the
greater whole.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are generally identifiable by use of
forward-looking terminology such as “will,” “expects,” “intends” or
other similar words or expressions. These statements are based on the
Company’s current expectations and beliefs and are subject to risks and
uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. The Company can give
no assurance that its expectations will be attained. Factors that can
cause actual results to differ materially from the Company’s
expectations include, but are not limited to: delays in construction and
development of the Gaylord Rockies Resort and Convention Center;
financing requirements; risks associated with being a non-managing
member of a joint venture; construction cost overruns; volatility in
equity or debt markets; rising interest rates; rising insurance
premiums; a substantial deterioration in economic conditions; and risks
related to natural disasters. Additional information concerning risks
and uncertainties that could cause differences between actual results
and forward-looking statements are described in the filings made from
time to time by the Company with the SEC, including the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2015. All
forward-looking statements in this press release are based upon
information available to the Company on the date of this press release,
and, except as may be required by law, the Company does not undertake
any obligation to release publicly any revisions to forward-looking
statements made by it to reflect events or circumstances occurring after
the date hereof or the occurrence of unanticipated events.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160309005401/en/
Source: Ryman Hospitality Properties, Inc.
Investor Relations:
Ryman Hospitality Properties, Inc.
Mark
Fioravanti, (615) 316-6588
President & Chief Financial Officer
mfioravanti@rymanhp.com
or
Todd
Siefert, (615) 316-6344
Vice President of Corporate Finance &
Treasurer
tsiefert@rymanhp.com
or
Media
Contacts:
Brian Abrahamson, (615) 316-6302
Vice
President of Corporate Communications
babrahamson@rymanhp.com
or
Sloane
& Company
Josh Hochberg, (212) 446-1892
jhochberg@sloanepr.com
or
Dan
Zacchei, (212) 446-1882
dzacchei@sloanepr.com