July 23, 2012
Gaylord Entertainment Company today issued a statement in response to the so-called "open letter" to the stockholders of Gaylord Entertainment Company from TRT Holdings, Inc. ("TRT"). Gaylord continues to believe that the sale of rights to manage its hotels to Marriott International, Inc. and the Company's subsequent conversion to a real estate investment trust (REIT) are in the best interest of its stockholders. The Company would also note that the proposed transaction was unanimously approved by the Gaylord Board of Directors, including the two Gaylord Board members designated by TRT - one of whom is the former Chief Financial Officer of TRT and the other is the Chief Executive Officer of a large hotel management company.
As Gaylord has described previously, the Company engaged in an extended process to consider alternatives to increase long-term value for stockholders. Among the alternatives considered were the current proposed transaction (which solicited interest in acquiring our management contracts from four hotel operators including TRT) as well as indications of interest to acquire the entire Company. TRT had the opportunity to participate in each leg of that process and ultimately failed to present a proposal with respect to either one, despite being granted every conceivable due diligence information request and extended periods of time to develop any proposal. More
Gaylord Entertainment Company. (July 19, 2012) Gaylord Entertainment Company Addresses TRT Letter. Retrieved July 23, 2012 from http://www.marketwatch.com/story/gaylord-entertainment-company-addresses-trt-letter-2012-07-19