Gaylord Sells Mainland ResortQuest Business

. October 14, 2008

june 5, 2007. Gaylord Entertainment Co. (NYSE: GET) today announced it has sold its ResortQuest mainland business to a subsidiary of Leucadia National Corporation (NYSE: LUK) for $35 million, of which $8 million is in the form of a four-year promissory note from the purchaser. The transaction closed today.

Gaylord Entertainment also announced that it has completed the sale of the ResortQuest Hawaiian business to Interval Acquisition Corp. In April 2007 Gaylord Entertainment agreed to sell RQI Holdings, Ltd., owner of ResortQuest Hawaii, LLC to Interval Acquisition Corp., an affiliated company of Interval International (an operating business of IAC (Nasdaq: IACI)) for approximately $109 million in cash. Gaylord retained its 18.1 percent equity interest in the joint venture of the ResortQuest Kauai Beach at its Makaiwa property, as well as its 19.9 percent ownership stake in the ResortQuest Waikiki Beach Hotel.

ResortQuest is the largest brand name and online booking service in vacation rentals, property management, and resort real estate sales.

"We are quite pleased to come to the conclusion of the process; we can now focus our resources on the major initiatives to build and enhance our high-growth and profitable hotel business," said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment. "We believe these transactions are in the best interest of ResortQuest employees and property owners as Leucadia and Interval are two very strong, well-managed companies capable of positioning ResortQuest for future growth."

Related News

Choose a Social Network!

The social network you are looking for is not available.

Coming up in November 2018...

Architecture & Design: Expecting the Unexpected

There are more than 700,000 hotels and resorts worldwide and the hotel industry is continually looking for new ways to differentiate its properties. In some cases, hotels themselves have become travel destinations and guests have come to expect the unexpected - to experience the touches that make the property unlike any other place in the world. To achieve this, architects and designers are adopting a variety of strategies to meet the needs of every type of guest and to provide incomparable customer experiences. One such strategy is site-integration - the effort to skillfully marry a hotel to its immediate surroundings. The goal is to honor the cultural location of the property, and to integrate that into the hotel's design - both inside and out. Constructing low-impact structures that blend in with the environment and incorporating local natural elements into the design are essential to this endeavor. Similarly, there is an ongoing effort to blur the lines between interior and exterior spaces - to pull the outside in - to enable guests to connect with nature and enjoy beautiful, harmonious surroundings at all times. Another design trend is personalization - taking the opportunity to make every space within the hotel original and unique. The days of matching decor and furniture in every room are gone; instead, designers are utilizing unexpected textures, mix-and-match furniture, diverse wall treatments and tiles - all to create a more personalized and fresh experience for the guest. Finally, lobbies are continuing to evolve. They are being transformed from cold, impersonal, business-like spaces into warm, inviting, living room-like spaces, meant to provide comfort and to encourage social interaction. These are a few of the current trends in the fields of hotel architecture and design that will be examined in the November issue of the Hotel Business Review.