Gaylord shareholders approve sale to Marriott
NASHVILLE, Tenn. (AP) - Gaylord Entertainment Company shareholders have approved a plan to reorganize as a real estate investment trust and turn over management of its four resort properties to Marriott International Inc.
The plan was approved by approximately 74 percent of the company's outstanding shares on Tuesday at a special shareholder meeting.
According to a news release from the company, the newly formed Ryman Hospitality Properties, Inc., will be publicly traded on the New York Stock Exchange under the ticker symbol RHP beginning Oct. 1.
At that time, Gaylord Entertainment Company will cease to exist and Marriott will assume management duties.
Ryman Hospitality will be taxed as a REIT for federal income tax purposes beginning on Jan. 1. It will be led by current Gaylord Chairman and CEO Colin Reed.