NASHVILLE, Tenn. (AP) — Hotel and Grand Ole Opry owner Gaylord Entertainment Co. said on Monday that a secondary offering could bring in as much as $259.6 million for the selling shareholder, TRT Holdings Inc.
TRT is selling off more than 5.6 million shares at $40 each. In addition, the underwriter, Deutsche Bank, can buy another 846,469 shares at $40 if demand is strong enough.
The money goes to TRT, not to Gaylord Entertainment.
On May 31, Gaylord said it had agreed to sell its hotel brand and the rights to manage its four hotels to Marriott for $210 million in cash. Marriott is taking over the Gaylord National Resort and Convention Center in Maryland, Gaylord Opryland in Nashville, Gaylord Palms in Orlando, Fla., and Gaylord Texan in Grapevine, Texas.
Gaylord Entertainment shares fell 41 cents to $40 in morning trading.