A popular Florida resort is under contract for a staggering $1.38 billion. Yes, that’s billion, with a b.
Ryman Hospitality Properties is a definitive agreement to purchase Grand Lakes Orlando Resort. The seller is Trinity Investments.
The 409-acre complex includes a JW Marriott, a Ritz-Carlton and a Greg Norman-designed 18-hole golf course.
“Grande Lakes is a terrific asset and one that fits all of our ownership criteria,” said Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties.
“The transaction strengthens our JW Marriott and Gaylord Hotels customer rotation strategies, expands our presence in the nation’s top meetings market and creates the opportunity for meaningful portfolio synergies. Building on the success of our growing JW Marriott platform, Grande Lakes establishes a nationwide rotational network for the JW Marriott brand within our hotel portfolio. Grande Lakes also introduces Ritz-Carlton as a new luxury brand within our portfolio, providing access to a high-value customer segment and unique customer insights that can further strengthen our platform and support long-term value creation across the portfolio.”
Trinty bought the resort in December 2018 for $870 million.
“This transaction is a testament to Trinity’s ability to identify complex, large-scale opportunities and execute on a value-add plan that meaningfully repositions the asset,” said Sean Hehir, Managing Partner, President and CEO of Trinity.
“Grande Lakes Orlando joins a growing list of resorts where our team has driven significant operational improvement and created lasting value for our investors and partners. We’re immensely proud of what our team has accomplished and excited to see the resort’s next chapter.”
What does the $1.38 billion sale mean for the JW Marriott, Ritz-Carlton?
Plans call for the property to continue being operated by Marriott International under the JW Marriott and Ritz-Carlton brands.
In addition to the 1,592, the campus also includes 320,000-square-feet of indoor and outdoor meeting and event space. There’s a 40,000-square-foot spa and fitness center, as well as 14 different dining options.
The property recently underwent a $150 million renovation that included guest rooms, meeting spaces and public areas.
When will the $1.38 billion deal be finalized?
The transaction should be complete in the third quarter of 2026.
ichelle Spitzer is a journalist for The USA TODAY NETWORK-FLORIDA. As the network’s Rapid Response reporter, she covers Florida’s breaking news. You can get all of Florida’s best content directly in your inbox each weekday day by signing up for the free newsletter, Florida TODAY, at https://floridatoday.com/newsletters.
This article originally appeared on Florida Today: Popular Florida resort under contract for whopping $1.38 billion
Reporting by Michelle Spitzer, USA TODAY NETWORK / Florida Today
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By Michelle Spitzer, USA TODAY NETWORK | USA TODAY Network
