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Economy Briefs: Grand Ole Opry owner sells brand to Marriott
NASHVILLE — Grand Ole Opry owner Gaylord Entertainment has agreed to sell its hotel brand and the rights to manage its four hotels to Marriott for $210 million in cash.
The deal announced Thursday follows six months of reviewing options for its business. It will still own the four hotels it’s letting Marriott manage. By handing over day-to-day control of the hotels to Marriott, Gaylord expects to save between $33 million and $40 million a year.
Nashville, Tenn.-based Gaylord then plans to reorganize as a real estate investment trust Jan. 1, in a move aimed at significantly lowering its tax bill. It will continue to own and operate the Grand Ole Opry, Ryman Auditorium (formerly the Grand Ole Opry House) and other attractions as taxable real estate investment trust subsidiaries.
The hotels Marriott will take over are the Gaylord National Resort and Convention Center in National Harbor, Md., Gaylord Opryland in Nashville, Gaylord Palms in Orlando, Fla., and Gaylord Texan in Grapevine, Texas.
Marriott said the deal is part of its plan to expand its group travel and meetings business.
Marriott International Inc., based in Bethesda, has more than 3,700 properties in 73 countries and territories under 17 brands, including Marriott Hotels & Resorts, the Ritz-Carlton, Courtyard, Fairfield Inn & Suites and Residence Inn.
The deal is subject to certain conditions, including shareholders’ approval of Gaylord becoming a real estate investment trust.
Gaylord shares climbed 6 percent on the news, adding $2.06 to reach $36.54 in morning trading after rising as high as $38.76 earlier in the day. Shares of Marriott lost 61 cents, or 1.6 percent.
SunTrust Mortgage settles fed complaint
SunTrust Mortgage Inc. has agreed to pay $21 million to settle a federal lawsuit alleging racial discrimination in its lending practices.
The consent order was filed Thursday in U.S. District Court in Richmond, where the company has its headquarters. SunTrust Mortgage is a subsidiary of the nation’s 11th-largest commercial bank.
The order says SunTrust Mortgage denies wrongdoing but agreed to the settlement to avoid costly litigation.
The U.S. Justice Department’s complaint alleged that black and Hispanic borrowers were charged more for loans. The department says it reviewed more than 850,000 residential mortgage loans originated by the company from 2005 to 2009.
By Tom Fitton
New photos confirm the attack's coordination and its cover-up
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Independent voices from the The Washington Times Communities
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The Constitution: Every issue, every time. No exceptions, no excuses. And how to get from here to there.
Crystal Wright is a black conservative woman living in Washington, D.C.
White House pets gone wild!
Let it snow