Ryman Properties Expects to Declare Special Dividend in November

Gaylord Entertainment Company today completed the sale of the Gaylord Hotels brand and the rights to manage its four hotels to Marriott International, Inc. MAR for $210 million. In addition to assuming the management responsibilities for Gaylord's four hotels, Marriott also assumed the management responsibilities for local Nashville attractions such as the General Jackson Showboat, Gaylord Springs Golf Links and Wildhorse Saloon today. Marriott is expected to assume management duties for the Radisson Hotel (to be renamed the Inn at Opryland) on December 1, 2012. As a restructuring step in its proposed conversion to a REIT, Gaylord also merged with and into its wholly-owned subsidiary, Ryman Hospitality Properties, Inc. Ryman Properties, the successor to Gaylord's business, is trading today on the NYSE under the ticker symbol RHP. As a result of the merger, the outstanding shares of Gaylord common stock converted into the right to receive the same number of shares of Ryman Properties common stock. Ryman Properties intends to elect to be taxed as a REIT for federal income tax purposes effective as of January 1, 2013.