Entertainment mogul buys ResortQuest
SUMMIT COUNTY – Gaylord Entertainment Co., a Nashville, Tenn. company that manages the Grand Ole Opry, has purchased ResortQuest International, which manages numerous resort rental properties throughout the county.
The $177 million price includes Garylord taking on $71 million of ResortQuest debt and $3 million of the company’s restricted cash.
ResortQuest stockholders have the right to convert each share of their stock into .275 shares of Gaylord common stock.
Gaylord officials will issue about 5.31 million shares of common stock to former ResortQuest stockholders. As part of the acquisition, Gaylord has repaid ResortQuest’s outstanding debt.
ResortQuest International is the nation’s leading vacation rental property management company.
It manages more than 40 condominium complexes, homes and lodges in Breckenridge, 13 in Dillon and more than 25 in Keystone. It also manages property in Steamboat Springs, Snowmass, Aspen, Crested Butte and Telluride.
Other golf, mountain and beach properties are available in eight Western states and British Columbia, and eight on the East Coast.
Gaylord’s holdings include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Springhouse Golf Club, Wildhorse Saloon and WSA AM radio. Its portfolio includes a minority ownership interest in the Nashville Predators hockey team and a minority interest in Bass Pro Shops’ Outdoor World retail chain.
“The addition of ResortQuest International to our hospitality and entertainment portfolio is a significant milestone for our company,” said Colin Reed, president of Gaylord Entertainment.
“We’re delighted to have the brand alongside our Gaylord Hotels and Grand Ole Opry brands and plan to focus on cross-promoting these businesses.”
Jane Stebbins can be reached at (970) 668-3998, ext. 228, or
Support Local Journalism
Support Local Journalism
As a Summit Daily News reader, you make our work possible.
Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.
Your donation will be used exclusively to support quality, local journalism.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User