Ryman Hospitality Properties has inked a $1.38 billion deal to acquire Grande Lakes Orlando Resort from Trinity Investments.
Spread across 409 acres, the 1,592 resort comprises two luxury hotels, namely the 1,010-room JW Marriott Orlando, Grande Lakes and 582-room Ritz-Carlton Orlando, Grande Lakes, alongside a Greg Norman-designed 18-hole championship golf course.
Guests staying here will definitely not be short of things to do. In addition to the golf course, Grande Lakes Orlando boasts 14 food and beverage outlets, a 40,000-square-foot Ritz-Carlton spa and fitness center, the Grande Lakes Waterpark and The Ritz-Carlton Golf & Tennis Club, home to the PNC Championship. For those mixing business with pleasure, there is also around 320,000 square feet of indoor and outdoor meeting and event space.
Beyond giving Ryman another seriously sizeable resort, the acquisition is an important luxury play for the company.
“Grande Lakes is a terrific asset and one that fits all of our ownership criteria,” said Ryman president & CEO Mark Fioravanti, adding that that bringing Ritz-Carlton into the portfolio provides access to “a high-value customer segment” while the wider deal strengthens the company’s JW Marriott and Gaylord Hotels customer rotation strategy.
Trinity bought the resort for $870 million in 2018 and has since invested around $150 million in renovations and repositioning, now selling in a deal which is the largest non-gaming US resort transaction on record.
This coup by Ryman comes as Orlando continues to enjoy huge leisure demand, an enviable meetings business, and an airport that’s one of the in the US by passenger volume.
Marriott International will continue to operate both hotels under their existing brands.
Related Stories
Alaska Airlines Reveals New Flights to Paris and Athens
MSC Cruises Expands Presence Across Florida and the Caribbean
What Travel Insurance Coverage Credit Cards Do and Don’t Provide
Source link
