Fallout from the sale of Gaylord Entertainment to Marriott International continues. Shareholders approved the $210 million dollar deal on Tuesday (9-25-2012) despite one of the leading investors in the company wanting Gaylord to spin off its Grand Ole Opry assets. Now the deal has ruffled the feathers of a country music heavyweight: Dolly Parton.
Tuesday morning (9-25-12), Gaylord Entertainment shareholders approved a $210 million dollar deal to have Marriott International buy the company and take over management of certain Gaylord assets. As part of the SEC filing, Gaylord also revealed they plan to change the name of the company to Ryman Hospitality Properties, the “Ryman” being from The Ryman Auditorium.
The two top shareholders in Gaylord are unhappy with the Marriott deal, with the first one having to be bought out, and the second one Gabelli Funds LLC with a 15% percent stake in Gaylord, specifically asking Gaylord to spin off its Grand Ole Opry assets for the exact reasons Saving Country Music has asserted it should.
As first theorized here in late April, Gaylord Entertainment, the parent company of the iconic Grand Ole Opry and radio station WSM, has been sold to Marriott International for $210 million. According to a press release by Gaylord about the sale, the company will retain its Grand Ole Opry holdings for now, however will be reorganizing into an REIT, or Real Estate Investment Trust.