Executives at hotel- and resort-owner Gaylord say that funds from the sale will go toward the hotel end of the business to "further solidify its full potential," according to a company statement. Gaylord first purchased its minority interest in the retailer in 1993. Last year, Gaylord took in $12.3 million of equity income from its investment.
Springfield, MO-based Bass Pro, which is known for its super-sized stores, is on a growth spurt. Founded in 1972, the chain has 40 stores and another 21 either planned or in development. Its last two announced stores are in the works for Hanover County, VA and Wood County, OH.
Gaylord Entertainment is the owner of a namesake hotel chain, with locations in Florida, Maryland, Tennessee and Texas. It also owns the famous Grand Ole Opry entertainment venue in Nashville, and other entertainment venues and hotels across the country.
Both companies expect the deal to close in the second quarter. Bass Pro and Gaylord will retain marketing agreements they have at Gaylord properties, including the Grand Ole Opry.
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