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Gaylord Entertainment Company Concludes Strategic Review; Agrees to Sell Gaylord Hotels Brand and Management Company to Marriott International; Will Reorganize as a Real Estate Investment Trust

NASHVILLE, Tenn.--(BUSINESS WIRE)--Gaylord Entertainment Co. (NYSE: GET) today announced that it has agreed to sell the Gaylord Hotels brand and the rights to manage its four hotels to Marriott International, Inc. (NYSE: MAR) for $210 million in cash. Following consummation of the sale, Gaylord will continue to own its hotel properties and other businesses and will reorganize and elect to be treated as a real estate investment trust (REIT) effective January 1, 2013. The Company will be the only lodging REIT focused primarily on group-oriented destination hotels in urban and resort markets.