Nashville-based lodging REIT Ryman Hospitality Properties, Inc. announced plans Monday to buy the Grande Lakes Orlando Resort complex, which is home to two of Orlando’s most luxurious hotels, for $1.38 billion in the most expensive hotel sale in Orlando history.
Ryman is purchasing the property through its affiliate, RHP Property GLO LLC, while the seller is GLO Hotel Owner LLC, a joint venture led by Honolulu-based Trinity Investments and New York-based Elliott Investment Management, according to a news release.
Spread across lush Central Florida terrain, the expansive complex anchors 1,592 guest rooms split between the 1,010-room JW Marriott Orlando and the 582-room Ritz-Carlton Orlando. Beyond its accommodations, the property offers 320,000 square feet of meeting space, 14 dining options, a 40,000-square-foot spa and an 18-hole championship golf course designed by Greg Norman.
The $1.38 billion acquisition of the Grande Lakes Orlando Resort includes its 18-hole championship golf course designed by Greg Norman. (Grande Lakes Orlando)
Ryman deposited $50 million into escrow, according to a Form 8-K current report filed with the U.S. Securities and Exchange Commission on Aug. 10. The transaction is scheduled to close in the third quarter of 2026, pending standard closing conditions. The seller calls this “the largest non-gaming resort transaction on record in the United States.”
GLO Hotel Owner LLC previously purchased the 409-acre property in December 2018 from affiliates of Blackstone Real Estate Partners for $870 million. Since then, guest rooms, meeting facilities and public amenities have been renovated and upgraded. Trinity spent $118 million to overhaul guest rooms and suites across both hotels, redesigned lobby spaces, introduced new dining concepts including Michelin-recognized venues and reconfigured the pool area into an expanded waterpark complex with the new Headwaters Slide Tower, three waterslides, full-service cabanas and daybeds alongside its existing lazy river.
Recent upgrades to the property feature an enhanced pool and lazy river area as part of an expanded waterpark complex. (Patrick Connolly/Orlando Sentinel)
Ryman reported that the property generated $110.005 million in Adjusted EBITDAre for the 12-month period ended June 30, 2026. The $1.38 billion purchase price equals an approximate 12.5x multiple on those trailing 12-month earnings.
Marriott International will continue to manage both hotel properties under existing long-term management contracts. Ryman Chief Executive Officer Mark Fioravanti noted that the acquisition allows Ryman to expand its convention and group customer rotation network alongside its nearby Gaylord Palms Resort & Convention Center in Kissimmee.
According to a prospectus supplement filed with the SEC, Ryman plans to fund a portion of the purchase price through a public offering of 5.1 million shares of common stock. The company said in its regulatory filings that the remainder of the purchase price will be funded through cash on hand and borrowings under its revolving credit facility. BofA Securities and J.P. Morgan advised on the deal, and Bass, Berry & Sims PLC and Greenberg Traurig LLP were legal counsel.
The Grand Lakes deal is the latest in a string of blockbuster hotel sales following the $1.1 billion sale of the Four Seasons Resorts in Orlando and Jackson Hole, Wyoming, in February of this year.
In 2024, a JV composed of RIDA Development Group and Ares Management paid $1.07 billion for the Hyatt Regency Orlando at the Orange County Convention Center. That deal included a 45-acre development site where the partners plan to build a 2,500-room Grand Hyatt hotel.
Have a tip about Central Florida development? Contact me at SKinbar@GrowthSpotter.com or (407) 420-5246. Follow GrowthSpotter on Facebook and LinkedIn.