LOS ANGELES--(BUSINESS WIRE)--
Ares Management, L.P. (NYSE: ARES) announced today that funds managed by
its Real Estate Group have agreed to the sale of its investment in the
Gaylord Rockies Resort & Convention Center, a 1,500-room hotel and
convention center under construction in Aurora, Colorado. As part of the
transaction, Ryman Hospitality Properties, Inc. (NYSE: RHP) and RIDA
Development Corporation, Ares’ other partners in the development’s joint
venture, will pay a combined total of approximately $270 million to
acquire Ares’ investment. The transaction is subject to customary
closing conditions, including joint venture lender consent, and is
expected to close by the end of 2018.
Located less than 10 minutes from the Denver International Airport and
25 minutes from downtown Denver, Gaylord Rockies Resort & Convention
Center is ideally situated for both business and leisure travelers.
Construction of the Gaylord Rockies began in early 2016, and it is
expected to be the largest combined hotel and convention center in
Colorado when the property begins operations in the fourth quarter of
2018.
“We are proud to have been an early investor in this transformative
project, and to have had the opportunity to continue our longstanding
partnership with RIDA and to build a relationship with Ryman,” said
Andrew Holm, Partner in the Ares Real Estate Group. “Our Gaylord Rockies
investment continues Ares’ longstanding track record of developing
best-in-class convention and resort properties across major markets in
the United States and our long-term strategy of being a meaningful
investor in developments that meet the needs of local communities.”
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $121.4 billion of assets under
management as of June 30, 2018 and 18 offices in the United States,
Europe, Asia and Australia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.
About RIDA Development Corporation
RIDA Development Corporation has achieved an international reputation
for creating innovative, high quality, and successful real estate
ventures. Headquartered in Houston, Texas and founded in 1972 by David
Mitzner, RIDA operates major divisions in Texas, Florida, and Europe.
RIDA is one of Poland's largest and most well - known private investment
groups. In the United States, RIDA is one of the South’s most active
development groups, and is currently managing and developing projects
worldwide in retail, office, distribution, residential, hotel and mixed-
use land developments with a value in excess of $6 billion. As one of
the country's most active conference hotel developers, RIDA's major
hotel development projects have earned a reputation as among the
industry’s most creative developers and builders.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE:RHP) specializes in
group-oriented, destination hotel assets in urban and resort markets.
Ryman’s owned assets include a network of four upscale, meetings-focused
resorts totaling 8,114 rooms that are managed by Marriott International,
Inc. under the Gaylord Hotels brand. Other owned assets managed by
Marriott include Gaylord Springs Golf Links, the Wildhorse Saloon, the
General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel
adjacent to Gaylord Opryland and AC Hotel Washington, DC at National
Harbor, a 192-room hotel near Gaylord National. Ryman also owns and
operates media and entertainment assets, including the Grand Ole Opry
(opry.com), the legendary weekly showcase of country music’s finest
performers for over 90 years; the Ryman Auditorium, the storied former
home of the Grand Ole Opry located in downtown Nashville; 650 AM WSM,
the Opry’s radio home; Ole Red, a country lifestyle and entertainment
brand; and Opry City Stage, the Opry’s first home away from home, in
Times Square. For additional information about Ryman Hospitality
Properties, visit www.rymanhp.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180914005079/en/
Media:
Mendel Communications
Bill Mendel, 212-397-1030
[email protected]
or
Investors:
Ares
Management, L.P.
Carl Drake, 800-340-6597
[email protected]
or
Priscila
Roney, 212-808-1185
[email protected]
Source: Ares Management, L.P.
