Gaylord Entertainment has been pitted against its largest shareholder over the pending $210 million sale of the management rights for four hotels to Marriott International, according to The Washington Post
Irving, Tex.-based TRT Holdings, which owns Omni Hotels and holds a 22 percent stake in Gaylord, sent a letter to shareholders last week urging them to vote against the Marriott deal and Gaylord’s plan to convert into a real estate investment trust, according to a regulatory filing.
As a REIT, Gaylord would retain ownership of the Gaylord National Resort & Convention Center, just outside of Washington, D.C., and it also would own Gaylord Opryland in Nashville, Gaylord Palms in Kissimmee, Fla. and the Gaylord Texan in Grapevine, Tex.
“The proposed transaction does not appear to be in the best long-term interests of Gaylord and its stockholders,” TRT said in a letter to shareholders. “The agreement is biased in favor of Marriott and appears to have been poorly negotiated by Gaylord.”