The Osceola County Commission today approved a financing package that will allow the company to move forward to develop the 1,400-room hotel and convention center, which is to be called Opryland Hotel-Florida. Located on a 60-acre site near the main gate of Disney World on International Drive, it will be the only facility in the area to combine convention and entertainment venues under one roof. The site is part of Xentury City, a 400-acre, $1 billion project located at the confluence of U.S. 192, International Drive South and Osceola Parkway.

Xentury City is being developed by Xentury City Development, which contemplates a high-end regional mall, along with additional hotel, retail and office properties in the eventual build-out of the site.

"We formed the Opryland Lodging Group to take our special brand of quality service and entertainment to other markets," said Terry E. London, President and Chief Executive Officer, Gaylord Entertainment. "I'm excited to see that first step taken in the thriving tourism and convention market of Central Florida. Opryland Hotel-Florida will be unlike any other hotel and convention facility in the state of Florida.

"With this vote today by the Osceola County Commission, we will now move forward with design work, site preparation and financing in anticipation of opening the Opryland Hotel-Florida in the first quarter of 2002."

Preliminary estimates call for a project in excess of $300 million. Several companies have expressed interest in becoming a financial partner with Gaylord Entertainment in the Florida project, said London.

"We are focused on creating 1,000-plus room hotels with attached convention centers allowing conventions to rotate among Opryland properties in key markets across the U.S.," said Jack Vaughn, Chairman, Opryland Lodging Group. "Our guests at our other Opryland Hotel sites will be able to receive the same high quality and service they've grown accustomed to at the Opryland Hotel in Nashville."

"We said when we created the Opryland Lodging Group that we would create five to seven Opryland Hotel developments over the next 10 years and that we would seek financial partners for each of the projects," said London. "Opryland Hotel-Florida is a very strong first project, but we also see great opportunities for other hotels in several key markets in the U.S. The Opryland Lodging Group is off to a magnificent start."

Opryland Hotel-Florida will include a 200,000-square-foot exhibition hall, as well as another 150,000 square feet of meeting room and ballroom space. Almost half of the 1,400 rooms will include balconies overlooking a spectacular Grand Atrium of four acres under glass, featuring flowing water, tropical birds, retail shops, restaurants and venues to accommodate special events and performances. The atrium will have areas featuring some of Florida's well-known environments -- the cobblestone streets of St. Augustine, a seafood wharf with a feeling of Key West and the cypress groves and wild orchids of the Everglades.

Visitors and guests will be greeted at the main entrance by the Opryland Hotel's icon, the Opryland Mandolin, featuring artful landscaping and spectacular fountains. Projected laser images of music entertainment greats will be reflected through the water's mist, bringing the hotel's symbol to life.

In keeping with the focus on entertainment, Opryland Hotel-Florida will include an enclosed entertainment venue that will feature a multi-tiered area with seating for 1,000 people. The stage will also open to a terraced, landscaped embankment area outside the hotel that will accommodate approximately 800 people. Therefore, the stage may be used indoors, outdoors or both. A children's pool area will feature supervised child care and Pirates Cove, a seagoing adventure for children of all ages. Opryland Hotel-Florida will also offer a white sand beach area and an adult pool.

"One of the most important aspects our guests will notice is our attention to detail," said David B. Jones, President of the Opryland Lodging Group. "Opryland Hotel has become world famous because of its facilities, its quality of service, its entertainment and paying attention to the little things. That will be a major part of every facility that carries the Opryland name."

That attention to detail at Opryland Hotel-Florida will include what is sure to become a landmark of the facility, a giant banyan tree. Guests will move through the hotel and convention areas under covered walkways, leading them into and through this enormous tree. Fireflies will bring the tree to life at night, with lighting effects turning the landmark into a featured attraction for hotel and convention guests.

Gaylord Entertainment Company is a diversified entertainment company operating in the hospitality, country music and family entertainment segments. Its properties include WSM Radio and the Grand Ole Opry, the Opryland Hotel, the Opryland Music Group, CMT International, Word Entertainment, KTVT-TV in Dallas-Ft. Worth, Z-Music Television, the Wildhorse Saloon and the Ryman Auditorium.