Ryman to Acquire Orlando Resort and Ritz-Carlton for $1.38B

Fit for the Upscale Lodging Playbook

Ryman Hospitality Properties, the Nashville-based REIT known for its sprawling convention and resort portfolio, is doubling down on luxury lodging. According to Bloomberg News, Ryman agreed to acquire Grande Lakes Orlando, a 409-acre Florida resort, for $1.38B. The property gives Ryman immediate scale in one of the nation’s prime travel and conference destinations.

High-end hotels have outperformed broader hospitality segments, fueled by steady demand from upscale leisure and group travelers. For Ryman, this move fits a playbook that already includes the JW Marriott San Antonio Hill Country and the Gaylord Palms Resort—the company’s Florida presence will now extend deeper into the Orlando hospitality corridor.

The Details

Per public filings and statements, Grande Lakes Orlando comprises two destination hotels: a 1,010-room JW Marriott and a 582-room Ritz-Carlton. The resort also features a Greg Norman-designed 18-hole course and an upgraded water park.

Trinity Investments and Elliott Investment Management bought the property in 2018, investing heavily in renovations, including the water park addition.

In 2023, Trinity completed a $750M CMBS refinancing. Ryman will fund the deal using proceeds from a 5.1M-share equity offering, with debt and available cash as needed. The acquisition comes as Ryman has also explored strategic options for its Opry Entertainment Group stake, potentially reshaping its capital allocation. Closing is targeted for Q3 2026. The transaction includes the entire Orlando complex but does not cover the sellers’ other Florida assets.

Luxury Resort Deals Gain Velocity

Investor activity continues to heat up for trophy resorts in top Sun Belt markets. The Ryman deal dwarfs recent comps—BDT & MSD Partners paid $750M for the Four Seasons Orlando, and Bass Pro Shops snapped up a historic Florida Keys fishing lodge for north of $300M. Strong post-pandemic travel demand and premium ADRs have shifted institutional capital toward luxury-branded properties. High barriers to new development in Orlando further reinforce the allure—and pricing power—of existing iconic assets like Grande Lakes.

Why It Matters

This acquisition signals institutional confidence in the long-term strength of luxury and group hospitality in Florida. Orlando logged more than 74M visitors in 2023, per Visit Orlando, making it the US’s top tourist market. Groups and conventions are filling meeting spaces, and room rates for luxury hotels have consistently outpaced other segments, according to STR data. Ryman’s disciplined Florida push—its only other in-state asset is the 1,700-room Gaylord Palms in Kissimmee—gives it deep exposure to a market where supply is tight and leisure demand remains resilient.

For Trinity and Elliott, the sale delivers a significant exit given their heavy capex and successful refinancing in 2023. On the buy side, Ryman’s share issue and diversified funding approach help manage balance sheet risk at a time when debt costs remain elevated. The high price tag—nearly double the Four Seasons Orlando trade—reflects both the value of two blue-chip brands and premium resort land in Orlando. More broadly, the deal further validates institutional appetite for large-scale, experience-driven hospitality assets with proven operating histories and event business resilience.

What’s Next

The acquisition is expected to close in the third quarter of 2026, pending regulatory approvals and final due diligence. Ryman’s focus will be on integrating the Orlando resort into its convention and group business platform, likely targeting operational synergies and potential guest overlap with Gaylord Palms.

The successful completion of the 5.1M-share offering and any associated debt raises will also be closely watched by public REIT investors, given market sensitivity to hospitality sector balance sheets. With Florida remaining a magnet for luxury hotel investment, other institutional buyers may look to scale up in the region if more trophy properties come to market.