Gaylord Sells Mainland ResortQuest Business
june 5, 2007. Gaylord Entertainment Co. (NYSE: GET) today announced it has sold its ResortQuest mainland business to a subsidiary of Leucadia National Corporation (NYSE: LUK) for $35 million, of which $8 million is in the form of a four-year promissory note from the purchaser. The transaction closed today.
Gaylord Entertainment also announced that it has completed the sale of the ResortQuest Hawaiian business to Interval Acquisition Corp. In April 2007 Gaylord Entertainment agreed to sell RQI Holdings, Ltd., owner of ResortQuest Hawaii, LLC to Interval Acquisition Corp., an affiliated company of Interval International (an operating business of IAC (Nasdaq: IACI)) for approximately $109 million in cash. Gaylord retained its 18.1 percent equity interest in the joint venture of the ResortQuest Kauai Beach at its Makaiwa property, as well as its 19.9 percent ownership stake in the ResortQuest Waikiki Beach Hotel.
ResortQuest is the largest brand name and online booking service in vacation rentals, property management, and resort real estate sales.
"We are quite pleased to come to the conclusion of the process; we can now focus our resources on the major initiatives to build and enhance our high-growth and profitable hotel business," said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment. "We believe these transactions are in the best interest of ResortQuest employees and property owners as Leucadia and Interval are two very strong, well-managed companies capable of positioning ResortQuest for future growth."
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