Marriott to manage Gaylord Hotels
In an agreement expected to become official in October, Marriott International will acquire the rights to manage Gaylord National’s four properties, located in Nashville, Tenn.; Kissimmee, Fla.; Grapevine, Texas; and National Harbor, Md. The acquisition will add 7,800 rooms to Marriott’s portfolio.
The agreement, which will cost Marriott $210 million, gives the company a stronger presence in the meetings and conventions market. “We have long been impressed with the hotels Gaylord has created, as well as their skill in hosting major meetings and events and attracting the family leisure market,” says Arne Sorenson, Marriott president and CEO. Gaylord will benefit from the large number of travelers and meeting planners who recognize the brand and are able to earn honors points while staying at the properties. Marriott can now reach out to Gaylord’s meeting planners, who have long enjoyed Gaylord’s everything-in-one-place format, says Sorenson.
The move by Marriott is another example of how, during the down economy, large hotel brands are taking advantage of a buyer’s market and snatching up hotels in an effort to expand their portfolios.