The Gaylord Texan will undergo a $120 million expansion.[/caption]
Ryman Hospitality Properties Inc., a lodging real estate investment trust, announced Jan. 20 plans for a $120 million expansion of Gaylord Texan Resort and Convention Center in Grapevine.
“For the past 12 months, we have talked about the strength in our business and the large group segment as a whole, where we are seeing increased demand for rooms and meeting space across our portfolio," Collin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said in a press release. "At the same time that we are seeing this increased demand, we are also seeing almost no new competitive supply of this scale under construction for the foreseeable future, outside of the Gaylord Hotels brand. We view this expansion as a perfect opportunity to cement our unique position in the large group meetings market with a very efficient use of the company’s capital.”
The expansion will add 300 guest rooms to the resort’s current 1,511 room inventory and will add 86,000 square feet of carpeted meeting space, bringing the total meeting space to approximately 490,000 square feet. Once the expansion is complete, Gaylord Texan will become the second largest convention center hotel not attached to a casino in the United States as measured by total self-contained exhibit and meeting space.
The meeting space addition includes a new 30,000-square-foot ballroom, 30,000 square feet of breakout space and approximately 26,000 square feet of carpeted pre-function space. Construction is expected to begin in the fourth quarter of this year and be completed during the second quarter of 2018. The project also includes a $5 million expansion of the property’s resort pool complex, which is expected to be complete for the 2016 summer season.
The project’s 300 hotel rooms and accompanying 286 square feet of carpeted meeting space per key has a preliminary total cost per key of $383,000 and will be funded with cash on hand and borrowings under the Company’s revolving credit facility. In addition, the City of Grapevine has agreed to rebate $1 million of the hotel’s rooms tax annually for a ten-year period upon the completion of the expansion, for a total of $10 million in city incentives.
“This investment at Gaylord Texan is also a continued investment in Grapevine and its citizens," Grapevine Mayor William D. Tate said. "We look forward to its completion and the additional visitors we will welcome to our great city as a result.”
The Gaylord Texan will undergo a $120 million expansion.[/caption]
Ryman Hospitality Properties Inc., a lodging real estate investment trust, announced Jan. 20 plans for a $120 million expansion of Gaylord Texan Resort and Convention Center in Grapevine.
“For the past 12 months, we have talked about the strength in our business and the large group segment as a whole, where we are seeing increased demand for rooms and meeting space across our portfolio," Collin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said in a press release. "At the same time that we are seeing this increased demand, we are also seeing almost no new competitive supply of this scale under construction for the foreseeable future, outside of the Gaylord Hotels brand. We view this expansion as a perfect opportunity to cement our unique position in the large group meetings market with a very efficient use of the company’s capital.”
The expansion will add 300 guest rooms to the resort’s current 1,511 room inventory and will add 86,000 square feet of carpeted meeting space, bringing the total meeting space to approximately 490,000 square feet. Once the expansion is complete, Gaylord Texan will become the second largest convention center hotel not attached to a casino in the United States as measured by total self-contained exhibit and meeting space.
The meeting space addition includes a new 30,000-square-foot ballroom, 30,000 square feet of breakout space and approximately 26,000 square feet of carpeted pre-function space. Construction is expected to begin in the fourth quarter of this year and be completed during the second quarter of 2018. The project also includes a $5 million expansion of the property’s resort pool complex, which is expected to be complete for the 2016 summer season.
The project’s 300 hotel rooms and accompanying 286 square feet of carpeted meeting space per key has a preliminary total cost per key of $383,000 and will be funded with cash on hand and borrowings under the Company’s revolving credit facility. In addition, the City of Grapevine has agreed to rebate $1 million of the hotel’s rooms tax annually for a ten-year period upon the completion of the expansion, for a total of $10 million in city incentives.
“This investment at Gaylord Texan is also a continued investment in Grapevine and its citizens," Grapevine Mayor William D. Tate said. "We look forward to its completion and the additional visitors we will welcome to our great city as a result.”
