Ares Real Estate Group Announces Sale of Stake in Gaylord Rockies Resort & Convention Center
14 September 2018 - 8:30PM
Business Wire
Ares Management, L.P. (NYSE: ARES) announced today that funds
managed by its Real Estate Group have agreed to the sale of its
investment in the Gaylord Rockies Resort & Convention Center, a
1,500-room hotel and convention center under construction in
Aurora, Colorado. As part of the transaction, Ryman Hospitality
Properties, Inc. (NYSE: RHP) and RIDA Development Corporation,
Ares’ other partners in the development’s joint venture, will pay a
combined total of approximately $270 million to acquire Ares’
investment. The transaction is subject to customary closing
conditions, including joint venture lender consent, and is expected
to close by the end of 2018.
Located less than 10 minutes from the Denver International
Airport and 25 minutes from downtown Denver, Gaylord Rockies Resort
& Convention Center is ideally situated for both business and
leisure travelers. Construction of the Gaylord Rockies began in
early 2016, and it is expected to be the largest combined hotel and
convention center in Colorado when the property begins operations
in the fourth quarter of 2018.
“We are proud to have been an early investor in this
transformative project, and to have had the opportunity to continue
our longstanding partnership with RIDA and to build a relationship
with Ryman,” said Andrew Holm, Partner in the Ares Real Estate
Group. “Our Gaylord Rockies investment continues Ares’ longstanding
track record of developing best-in-class convention and resort
properties across major markets in the United States and our
long-term strategy of being a meaningful investor in developments
that meet the needs of local communities.”
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global
alternative asset manager with approximately $121.4 billion of
assets under management as of June 30, 2018 and 18 offices in the
United States, Europe, Asia and Australia. Since its inception in
1997, Ares has adhered to a disciplined investment philosophy that
focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares believes each of its three distinct
but complementary investment groups in Credit, Private Equity and
Real Estate is a market leader based on assets under management and
investment performance. Ares was built upon the fundamental
principle that each group benefits from being part of the greater
whole. For more information, visit www.aresmgmt.com.
About RIDA Development Corporation
RIDA Development Corporation has achieved an international
reputation for creating innovative, high quality, and successful
real estate ventures. Headquartered in Houston, Texas and founded
in 1972 by David Mitzner, RIDA operates major divisions in Texas,
Florida, and Europe. RIDA is one of Poland's largest and most well
- known private investment groups. In the United States, RIDA is
one of the South’s most active development groups, and is currently
managing and developing projects worldwide in retail, office,
distribution, residential, hotel and mixed- use land developments
with a value in excess of $6 billion. As one of the country's most
active conference hotel developers, RIDA's major hotel development
projects have earned a reputation as among the industry’s most
creative developers and builders.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE:RHP) specializes in
group-oriented, destination hotel assets in urban and resort
markets. Ryman’s owned assets include a network of four upscale,
meetings-focused resorts totaling 8,114 rooms that are managed by
Marriott International, Inc. under the Gaylord Hotels brand. Other
owned assets managed by Marriott include Gaylord Springs Golf
Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn
at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland
and AC Hotel Washington, DC at National Harbor, a 192-room hotel
near Gaylord National. Ryman also owns and operates media and
entertainment assets, including the Grand Ole Opry (opry.com), the
legendary weekly showcase of country music’s finest performers for
over 90 years; the Ryman Auditorium, the storied former home of the
Grand Ole Opry located in downtown Nashville; 650 AM WSM, the
Opry’s radio home; Ole Red, a country lifestyle and entertainment
brand; and Opry City Stage, the Opry’s first home away from home,
in Times Square. For additional information about Ryman Hospitality
Properties, visit www.rymanhp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180914005079/en/
Media:Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestors:Ares
Management, L.P.Carl Drake,
800-340-6597cdrake@aresmgmt.comorPriscila Roney,
212-808-1185proney@aresmgmt.com
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