U.S. Ryman to buy stake in Gaylord Rockies Resort JV for $242 mln

U.S. real estate investment trust Ryman Hospitality Properties has announced that it has agreed to a transaction that will increase its ownership stake in the joint venture (JV) that owns Gaylord Rockies Resort and Convention Center, a 1,500-room hotel and convention center development under construction in Aurora, Colorado.

The company will pay funds managed by affiliates of U.S. asset manager Ares Management and its affiliates approximately $242 million in cash in exchange for an approximately 27.3 percent interest in the joint venture entity.

The investment strengths Ryman’s group-centric hotel model and provides an efficient means to increase its share of the group market as it introduces the Gaylord Hotels brand to new association and corporate customers from the important region of the country.

The transaction is subject to certain closing conditions, including joint venture lender consent, and is expected to close by the end of 2018.