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Ares Sells Stake in Colorado Resort for $270M
Ryman Hospitality Properties, Inc. and RIDA Development Corporation paid funds managed by Ares Management, L.P. $270 million to acquire Ares’ stake in the Gaylord Rockies Resort & Convention Center in Aurora, CO. The 1,500-room hotel and convention center is under construction. The transaction is expected to close by the end of 2018.
Construction commenced in 2016 on the property located less than 10 minutes from the Denver International Airport and 25 minutes from downtown Denver. It is expected to be the largest combined hotel and convention center in Colorado when the property begins operations in Q4 2018.
Ares Real Estate Group’s Andrew Holm says, “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.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition