Ryman Hospitality Buys Grande Lakes Orlando for $1.38B

Ryman Hospitality Properties has agreed to buy the Grande Lakes Orlando Resort from Trinity Investments for $1.38 billion, according to an 8-K the public REIT filed with the SEC on August 10. The deal covers the fee simple interest in the 409-acre property, home to a 1,010-room JW Marriott and a 582-room Ritz-Carlton, both of which Marriott International will continue operating post-close. Ryman has already put down a $50 million escrow deposit, and expects to close in the third quarter of 2026.

Why it matters

This is the largest single-asset hospitality trade in the current window, and it comes with a rare public paper trail. Most resort sales close through private funds with no disclosed pricing. Because Ryman is a public REIT, the SEC filing forces the multiple, the financing mix and the seller’s return into the open, giving every developer chasing large-format resort or mixed-use hospitality deals an actual benchmark for what institutional capital will pay for trophy Sun Belt assets right now. Track the broader debt and equity picture at our capital markets hub.

The numbers

The purchase price equals 12.5 times trailing-twelve-month Adjusted EBITDAre of $110.0 million through June 30, 2026. The resort carries 320,000 square feet of meeting space, a 40,000-square-foot spa, 14 dining outlets and a Greg Norman-designed 18-hole golf course. Trinity Investments and partner Elliott Investment Management bought the property in December 2018 for $870 million, meaning the sale marks roughly a 59% gain over less than eight years. Ryman CEO Mark Fioravanti called it “a terrific asset and one that fits all of our ownership criteria.”

What’s next

Ryman plans to fund the deal with a 5.1 million-share common stock offering, a $700 million senior notes offering due 2035, and the remainder from cash on hand and its revolving credit facility. The company expects the acquisition to be accretive to adjusted funds from operations per diluted share starting in 2027. Watch the closing conditions through Q3 and whether other REITs follow Ryman’s move into large convention-hotel campuses at similar multiples.