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Ryman buys Grande Lakes Orlando Resort for $1.38B
The 409-acre property includes a 582-key Ritz-Carlton, a 1,010-key JW Marriott, and 320,000 square feet of meeting space.
Ryman Hospitality Properties, Inc. is set to acquire the Grande Lakes Orlando Resort, a 409-acre luxury complex anchored by a 582-key Ritz-Carlton and a 1,010-key JW Marriott, in a deal valued at $1.38 billion, ConnectCRE reports.
The seller, Trinity Investments, bought the resort in December 2018 for $870 million, with financial backing from Elliott Investment Management, and says the transaction is the largest non-gaming U.S. resort deal on record.
The property includes 320,000 square feet of indoor and outdoor meeting space, 14 food and beverage outlets, a 40,000-square-foot spa with 40 treatment rooms, and a Greg Norman-designed 18-hole championship golf course that hosts the PGA Tour’s PNC Championship.
ConnectCRE adds that Trinity completed a comprehensive renovation and repositioning of the resort before the sale, which follows Trinity’s recent divestments including EAST Miami and the JW Marriott Phoenix Desert Ridge Resort & Spa.