Gaylord Entertainment Co. sold its
mainland ResortQuest business on June 1 to a subsidiary of Leucadia
National Corp. for $35 million, just weeks after it spun off the
Hawaii segment of the business for $109 million in cash to Interval
Acquisition Corp, a subsidiary of media mogul Barry Diller's
Interval International.
ResortQuest,
which joined Gaylord's portfolio in 2003, is the nation's largest
vacation rental property management company. Nashville-based
Gaylord retained its interest in two Hawaii properties, the
ResortQuest Kauai Beach in Makaiwa, Kauai, and in the ResortQuest
Waikiki Beach Hotel.
Gaylord CEO Colin
Reed said the sale of ResortQuest would enable Gaylord to "focus
our resources on the major initiatives to build and enhance our
high-growth and profitable hotel business."
According to
Gaylord's Web site, approximately 80% of its business comes from
large-group meetings and conventions, and most of its revenue is
derives from owning and operating its three Gaylord Hotels, the
company's meeting and convention resorts.
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to Margaret Myre at [email protected].