Gaylord Entertainment Company up 10% After Selling Gaylord Hotels
Gaylord Entertainment Company (NYSE: GET) trading higher on the session after its announcement to sell Gaylord Hotels Brand and Management Company to Marriott for $210 million. The company plans to continue its operations as a REIT.
Colin V. Reed, Chairman and Chief Executive Officer stated: “The REIT structure allows us to benefit from a more efficient tax structure, and establish a platform to grow our distinct asset base through organic growth of our existing portfolio and, in time, through strategic acquisitions. Moreover, we believe that by working with Marriott International, our shareholders will benefit from significant property efficiencies and corporate overhead reductions, as well as revenue synergies which include Marriott's ability to attract and market to large group customers."
Gaylord Entertainment Company is currently trading at $37.96, a gain of $3.48 or 10.09%.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.