NASHVILLE, Tenn - Aug. 12, 1998 - -Gaylord Entertainment
Company (NYSE:GET) has reached an agreement, subject to due diligence and
board approvals, to purchase a 2,000-acre site in the Carolinas near Charlotte,
NC, for the second hotel development of the Company's newly formed Opryland
Lodging Group, Company officials announced today.
The site, which contains a 500-room hotel that is currently nonoperational,
a studio, an outdoor performance venue, an 18-hole golf course, and residential
housing, was formerly called Heritage USA. The Company is conducting due
diligence on the property at this time, and has a complete "walk-away"
right if the Company determines the investment is not appropriate.
"We believe the Charlotte area is a very good market for our Opryland
Hotel concept, and it is a market that is ripe for an entertainment, convention-oriented
hotel," said Dave Jones, President and Chief Executive Officer of the Opryland
Lodging Group.
"But while we are extremely interested in coming to the Charlotte area
with our Opryland Hotel concept, there is still much work to be completed
before we can consider this a worthwhile investment for our Company and
our shareholders."
Jones said if the Company goes ahead with the Charlotte site after the
due diligence is completed, more details on the project will be given at
that time.
Gaylord Entertainment Company is a diversified entertainment company
operating in the hospitality, country music and family entertainment segments.
Its properties include WSM Radio and the Grand Ole Opry, the Opryland Hotel,
the Opryland Music Group, CMTInternational, Word Entertainment, KTVT-TV
in Dallas-Ft. Worth, Z Music Television, the Wildhorse Saloon and the Ryman
Auditorium. |