DENVER — Ares Management, L.P. (NYSE: ARES) — a publicly traded, leading global alternative asset manager— has sold its investment stake in the Gaylord Rockies Resort & Convention Center in Aurora for $270 million.
Located less than 10 minutes from the DIA and 25 minutes from downtown Denver, the 1,500-room hotel and convention center is ideally situated for both business and leisure travelers. Construction of the Gaylord Rockies began in early 2016, and it is expected to be the largest combined hotel and convention center in Colorado when the property begins operations in the fourth quarter of 2018.
As part of the transaction, Ryman Hospitality Properties, Inc. (NYSE: RHP) and RIDA Development Corporation, Ares’ other partners in the development’s joint venture, will pay a combined total of approximately $270 million to acquire Ares’ investment. The transaction is subject to customary closing conditions, including joint venture lender consent, and is expected to close by the end of 2018.
“We are proud to have been an early investor in this transformative project, and to have had the opportunity to continue our longstanding partnership with RIDA and to build a relationship with Ryman,” said Andrew Holm, partner in the Ares Real Estate Group. “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.”
Photo courtesy of Gaylord Rockies
