Gaylord Investors OK REIT Conversion, Marriott Transfer

Law360, New York (September 25, 2012, 10:04 PM EDT) -- Despite earlier protests, nearly three-quarters of Gaylord Entertainment Co.'s shareholders voted Tuesday to turn the Nashville, Tenn.-based hospitality company into a real estate investment trust and sell its hotel brand and management rights to Marriott International Inc.

Under the arrangement, which approximately 74 percent of Gaylord's shareholders endorsed at a special meeting on Tuesday, Gaylord will slim down into a publicly traded REIT called Ryman Hospitality Properties Inc. Beginning next week, Marriott will assume management responsibilities at Gaylord's four Nashville resorts, area attractions and the Gaylord-run...
To view the full article, register now.