On May 31, 2012, Standard&Poor's Ratings Services said its rating on Bethesda, Md.-based Marriott International Inc. (BBB/Stable/A-2) is not affected by the company's announcement that it is purchasing the Gaylord Hotel brand and management rights from Gaylord Entertainment Co. for $210 million. The transaction is anticipated to close in the fourth quarter of 2012 and is subject to Gaylord shareholder approval and Gaylord's reorganization into a real estate investment trust (REIT). Gaylord will continue to own the four existing Gaylord hotels and Marriott will assume management of these properties under a management agreement with an initial 35 year term. Gaylord will pay Marriott a base management fee equal to 2% of revenue and an incentive fee based upon
