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Ryman Hospitality to buy Grande Lakes Orlando resort for nearly $1.4B
The deal is expected to close by the end of September and would be the largest recorded non-gaming U.S. resort transaction.
Ryman Hospitality Properties has agreed to pay nearly $1.4 billion to acquire the Grande Lakes Orlando resort in Florida from a joint venture of Trinity Investments and Elliott Investment Management, according to a Securities and Exchange Commission filing.
The property covers 409 acres and includes a JW Marriott hotel with 1,010 keys, a Ritz-Carlton with 582 keys, about 320,000 square feet of meeting and event space, and an 18-hole golf course designed by Greg Norman, the company said.
Ryman said the transaction is expected to close by the end of September, and it would be the largest transaction on record for a non-gaming U.S. resort. The company plans to keep operating the hotels under their existing brands.
Trinity and Elliott acquired the resort in 2018 for $870 million after Blackstone sold the property, with the joint venture investing roughly $150 million, focused on the hotels’ meeting spaces, public areas, and rooms. Bisnow reported Ryman previously bought other Marriott-branded assets, including the JW Marriott Phoenix Desert Ridge Resort & Spa for $865 million last year.