The Gaylord Hotels is being sold to a multi-billion dollar private equity firm for $20.4 billion.
Gaylord, the largest gay hotel chain in the world, had been in the process of buying the property since 2013.
According to a press release, the sale will be finalized within the next 30 days.
The Gaylords purchase price tag will be $3.5 billion.
The deal will close at the close of business on Wednesday.
Gaylords CEO and Chairman Jeff Bowerman, said the deal is an important milestone in the Gaylord brand and the Gaylords legacy.
“We are proud to be part of a historic transaction that will help us continue to serve our guests and guests across the country for many more years to come,” Bowermen said.
The company has been struggling financially since 2015.
The sale will allow Gaylord to become a much more powerful brand, Bowermans company said.
“It is the largest Gaylord property sale in history and we’re extremely proud of our achievement and proud of the GayLords team,” Bowers said.
Gaylots parent company, Gaylord Worldwide, is an investment company owned by Gaylord Entertainment.
Bowerms company will retain ownership of the hotels and operate them as Gaylord Properties.
Gayllards headquarters is located in Los Angeles.
Gaylin’s owner, David Fincher, is expected to sell the company.
The Los Angeles Times reports that Finchers family plans to donate a portion of the proceeds from the sale to charities.
Gayltons CEO Jeff Bowers told the newspaper that the Gaylords team was a “unique asset” to the company and that the team was “in the best shape for the future.”
Gaylord’s headquarters were originally built in 1949 by Gaylons founder, William Gaylord.
The hotel chain has been profitable since 1998.
In 2015, Gaylands sales dropped 8% as the economy began to recover.
In 2019, GayLands sales dipped 17% as it was unable to attract enough new guests to stay afloat.
In 2020, Gayltains sales fell 6% as more customers opted to stay away.
In 2021, Gaylords sales dropped 13% as a result of a global recession that left many hotels unable to make money.
The last major downturn was the recession that began in the late 1980s and early 1990s.
The downturn has been blamed for a large number of deaths, including deaths from pneumonia and heart attacks.
Gay lots hotels have been struggling to make ends meet for years.
In 2018, Gaylorys profits fell 17% to $2.4bn.
Gaylords profits have been decreasing since 2007.