Monday, November 26, 2007
Gaylord Entertainment Co. will make the biggest hotel acquisition in its history under a deal announced Monday by the Nashville-based lodging company.
Gaylord will pay $252.5 million for the Westin La Cantera Resort, a suburban San Antonio hotel with 508 rooms, 39,000 square feet of meeting space, two golf courses and a 691-acre campus. The company also plans to pour $250 million into a three-year expansion effort that will nearly double the number of rooms and quadruple its meeting space.
“This is a premium property in that market place that fits very well with what we’re trying to do,” said David Kloeppel, Gaylord’s chief financial officer.
The deal, which could wrap up early next year, is the first step in Gaylord’s strategy to supplement its core, convention center hotels with smaller resorts.
Visit the Tennessean newspaper to read the entire story of this purchase.