Gaylord Entertainment Company to Convert to a REIT

Skadden is advising Gaylord Entertainment Company, a Nashville-based owner of upscale, meetings-focused hotels, in connection with its conversion to a REIT, announced on June 1. As part of the conversion, Gaylord has agreed to sell the right to manage its hotels and the Gaylord brand to Marriott International, Inc. for $210 million, Marriott will operate the hotels under the Gaylord name for an initial term of 35 years, and Gaylord will distribute to its shareholders a one-time special cash and stock dividend.