Gaylord Entertainment executives have fired back at the company's largest investor, who this week heavily criticized the company's plans to sell the Gaylord Hotels brand and management rights to Marriott International.
In their response, Gaylord officials say TRT Holdings' letter to shareholders includes a number of inaccuracies, including the ideas that Gaylord would relinquish its rights to sell its properties or that Marriott could turn easily turn over the management of the four hotels to a third party. The company also points out that TRT's two representatives voted for the Marriott deal and that the investor — who owns 22 percent of Gaylord — had every chance to make a better bid for the company.
"TRT’s actions represent an attempt to derail a process that is in the best interests of all of our stockholders," said Chairman and CEO Colin Reed. "The Board of Directors and the Company remain committed to producing the best value for stockholders and believe that the proposed transaction does so. We will continue to guard against the efforts of any third party to seize control of our Company without paying a full and fair price to all stockholders."
Gaylord's comments also includes quotes defending the deal's structure from both Marriott's CEO and the lead attorney from Hogan Lovells. Read the full Gaylord statement here.