– Gaylord will continue to own and operate Grand Ole Opry and Ryman
Auditorium –
NASHVILLE, Tenn.--(BUSINESS WIRE)--Sep. 14, 2012--
Gaylord Entertainment Co. (NYSE: GET) today announced that it plans to
transfer the management of several of its attractions assets to Marriott
International, Inc. (NYSE: MAR). This transaction follows Gaylord’s
previous announcement that it is selling the Gaylord Hotels brand and
the rights to manage its four Gaylord hotels to Marriott, and to
reorganize as a real estate investment trust (REIT) effective January 1,
2013. The specific terms of the attractions management arrangements will
be finalized by October 1, 2012.
The General Jackson Showboat, Gaylord Springs Golf Links, and Wildhorse
Saloon are scheduled to convert to Marriott’s management effective
October 1, 2012. The Radisson Hotel Opryland is scheduled to transition
on December 1, 2012 and will be renamed the “Inn at Opryland, a Gaylord
Hotel.” Gaylord will continue to own these assets under the terms of the
management agreements with Marriott.
The Grand Ole Opry, Ryman Auditorium and WSM-AM radio station will
continue to be both owned and managed by Gaylord as taxable REIT
subsidiaries.
Colin V. Reed, Chairman and Chief Executive Officer for Gaylord
Entertainment stated, “These attractions are important elements of the
Nashville tourism experience, and embraced by the tens of thousands of
visitors who come to Nashville each year. We are confident that under
Marriott’s management they will continue to be positive economic drivers
for both the Nashville region and for our business.”
David Grissen, President, The Americas for Marriott International, said,
“We are excited to begin managing these attractions as well at the Inn
at Opryland. Historically these assets have performed well as part of
the Gaylord portfolio and we believe that they will continue to offer
our group and leisure customers unique entertainment options.”
Reed continued, “The Grand Ole Opry and the Ryman are incredibly
important to the Nashville community. Nothing will change at these
iconic assets, and we look forward to continuing to offer the same level
of world-class entertainment that has made them such prominent music
institutions.”
Gaylord’s proposed transactions with Marriott are subject to Gaylord’s
completion of its hotel management transfer, which is subject to certain
closing conditions, including the approval by Gaylord’s shareholders of
certain proposals that will facilitate becoming a REIT, lender consent
to amendments to Gaylord’s credit facility, and other customary
conditions and regulatory approvals. Gaylord will hold a special meeting
of stockholders on September 25, 2012 for the purpose of voting on
proposals that will facilitate becoming a REIT, including amendments to
its Certificate of Incorporation.
About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality and
entertainment company based in Nashville, Tenn., owns and operates
Gaylord Hotels (www.gaylordhotels.com),
its network of upscale, meetings-focused resorts, and the Grand Ole Opry
(www.opry.com),
the weekly showcase of country music’s finest performers for more than
85 consecutive years. Gaylord's entertainment brands and properties
include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson
Showboat, Gaylord Springs Golf Links, Wildhorse Saloon, and WSM-AM. For
more information about Gaylord, visit www.GaylordEntertainment.com.
This press release contains “forward-looking statements” concerning
Gaylord’s goals, beliefs, expectations, strategies, objectives, plans,
future operating results and underlying assumptions, and other
statements that are not necessarily based on historical facts. Examples
of these statements include, but are not limited to, statements
regarding our expectation to contact management functions to Marriott,
our expectation to elect REIT status and the timing and effect of that
election. Actual results may differ materially from those indicated in
our forward-looking statements as a result of various important factors,
including: conditions to closing the hotel management transfer may not
be satisfied or waived; and we may fail to qualify as a REIT by January
1, 2013 or at all, and, if we do qualify as a REIT, we may be unable to
maintain that qualification.
About Marriott International
Marriott International, Inc. (NYSE: MAR) is a leading lodging company
based in Bethesda, Maryland, USA with more than 3,700 properties in 73
countries and territories and reported revenues of over $12 billion in
fiscal year 2011. Marriott operates and franchises hotels and licenses
vacation ownership resorts under 17 brands, including Marriott Hotels &
Resorts, The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance,
Autograph Collection, AC Hotels by Marriott, Courtyard, Fairfield Inn &
Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Marriott
Executive Apartments, Marriott Vacation Club, Grand Residences by
Marriott, and The Ritz-Carlton Destination Club. There are approximately
300,000 employees at headquarters, managed and franchised properties.
Marriott is consistently recognized as a top employer and for its
superior business operations, which it conducts based on five core
values: put people first, pursue excellence, embrace change, act with
integrity, and serve our world. For more information or reservations,
please visit our website at www.marriott.com,
and for the latest company news, visit www.marriottnewscenter.com.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the
solicitation of an offer to buy securities or a solicitation of any vote
or approval. Granite Hotel Properties, Inc. (“Granite”) and Gaylord have
filed with the SEC a registration statement on Form S-4 containing a
proxy statement/prospectus which describes Gaylord’s plans to qualify as
a REIT for federal income tax purposes following the consummation of the
sale of the Gaylord Hotels brand and rights to manage Gaylord’s four
Gaylord Hotels to Marriott and the contemplated merger of Gaylord with
and into Granite to facilitate the REIT election. Notice of a special
meeting and a definitive proxy statement/prospectus were mailed to
Gaylord stockholders who held shares of Gaylord’s common stock as of
August 8, 2012 on August 22, 2012. INVESTORS ARE URGED TO READ THE FORM
S-4 AND PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS
THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED WITH THE SEC
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER AND REIT CONVERSION. You may obtain copies of all documents filed
with the SEC concerning the proposed transaction, free of charge, at the
SEC’s website at www.sec.gov
or Gaylord’s website at www.gaylordentertainment.com.
In addition, stockholders may obtain free copies of the documents by
sending a written request to Gaylord’s Secretary at Gaylord
Entertainment Company, One Gaylord Drive, Nashville, Tennessee 37214, or
by calling the Secretary at (615) 316-6000.
Interests of Participants
Gaylord and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from Gaylord’s stockholders
in connection with the proposed merger and REIT conversion. Information
regarding Gaylord’s directors and executive officers is set forth in
Gaylord’s proxy statement for its 2012 annual meeting of stockholders
and its Annual Report on Form 10-K for the fiscal year ended
December 31, 2011, which were filed with the SEC on April 3, 2012 and
February 24, 2012, respectively. Additional information regarding
persons who may be deemed to be participants in the solicitation of
proxies in respect of the proposed merger and REIT conversion is
contained in the proxy statement/prospectus filed with the SEC.
Source: Gaylord Entertainment Co.
For Gaylord:
Investor Relations:
Mark
Fioravanti, Executive Vice President and Chief Financial Officer
Gaylord
Entertainment
615-316-6588
mfioravanti@gaylordentertainment.com
~or~
Patrick
Chaffin, Vice President of Strategic Planning and Investor Relations
Gaylord
Entertainment
615-316-6282
pchaffin@gaylordentertainment.com
or
Media:
Brian
Abrahamson, Vice President of Corporate Communications
Gaylord
Entertainment
(615) 316-6302
babrahamson@gaylordentertainment.com
~or~
Dan
Zacchei
Sloane & Company
(212) 446-1892 or (212) 446-1882
jhochberg@sloanepr.com
dzacchei@sloanepr.com
or
For
Marriott:
Tom Marder, (301) 380-2553
thomas.marder@marriott.com