News for the Hospitality Executive |
Gaylord Entertainment Company Acquiring the Westin La
Cantera Resort
in San Antonio, Texas for $252.5 million
.
Planning Three-year, $250 million
Expansion
NASHVILLE, Tenn. November 26, 2007 - Gaylord Entertainment
Company (NYSE: GET) today announced that it has entered into a definitive
agreement to purchase the Westin La Cantera Resort in San Antonio, Texas
for $252.5 million. The deal is expected to close in the first quarter
of 2008 pending satisfactory completion of due diligence and other customary
closing conditions. The acquisition will be financed using the Company�s
existing line of credit.
La Cantera Resort is one of the region�s most in-demand hotels for meetings and conventions. It has won numerous hospitality awards including the 2007 AAA Four Diamond Award, Conde Nast Traveler�s 2007 Gold List of �The Worlds Best Places to Stay� and the 2007 AAA Four Diamond Award Restaurant for Francesca�s at Sunset. Additionally, San Antonio is one the nation�s most popular tourist destinations, with nearly 21 million people visiting the city each year. The resort property includes approximately 508 rooms, 39,000 square feet of meeting space, two championship golf courses and is situated on 691 acres. Gaylord has also purchased approximately 90 acres of undeveloped land adjacent to the resort property. In addition to the purchase of the asset, Gaylord is planning an estimated three-year, $250 million expansion that will bring the resort to approximately 1,000 rooms and approximately 160,000 square feet of meeting space. Gaylord plans to complete the expansion in 2011, pending regulatory and board approvals. �The purchase of La Cantera marks an important step in our strategy
to increase distribution through acquisitions,� said Colin V. Reed, chairman
and chief executive officer of Gaylord Entertainment. �La Cantera is already
a premier attraction for both leisure tourists and convention customers
and will be a wonderful addition to our strong network of hotels. Further,
the hotel has tremendous potential for growth as the substantial amount
of land surrounding the hotel will afford us the opportunity to enhance
the resort through additional long-term development.�
Reed continued, �San Antonio is a top 10 convention destination and we will be entering the area with the premier property in the market, which will serve as an important component of our successful rotational strategy where our loyal customers book meetings at multiple properties over several years.� About Gaylord Entertainment
This press release contains statements as to the Company�s
beliefs and expectations of the outcome of future events that are forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the statements
made. These include the risks and uncertainties associated with economic
conditions affecting the hospitality business generally, the timing of
the opening of new hotel facilities, increased costs and other risks associated
with building and developing new hotel facilities, the geographic concentration
of our hotel properties, business levels at the Company�s hotels, our ability
to successfully operate our hotels, our ability to obtain financing for
new developments, and the possibility that our contemplated acquisition
of the Westin La Cantera Resort as described herein will not be consummated.
Other factors that could cause operating and financial results to differ
are described in the filings made from time to time by the Company with
the Securities and Exchange Commission and include the risk factors described
in our Annual Report on Form 10-K for the fiscal year ended December 31,
2006. The Company does not undertake any obligation to release publicly
any revisions to forward-looking statements made by it to reflect events
or circumstances occurring after the date hereof or the occurrence of unanticipated
events.
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Contact:
Gaylord Entertainment Brian Abrahamson, 615-316-6302 Executive Director of Communications [email protected] |
Also See: | Richard Roy Appointed Resort Manager for the The Westin La Cantera Resort, San Antonio / February 2007 |
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