The Gaylord Texan Resort and Convention Center in Grapevine will get a $120 million expansion, the owners of the property announced today.
Nashville-based Ryman Hospitality Properties Inc. (NYSE:RHP), a lodging real estate investment trust (REIT) that owns the property said the expansion will add 300 guest rooms to the resort’s current 1,511 room inventory and will add 86,000 square feet of carpeted meeting space, bringing the total meeting space to approximately 490,000 square feet.
Once the expansion is complete, Gaylord Texan will become the second largest non-gaming convention center hotel in the United States as measured by total self-contained exhibit and meeting space, behind Gaylord Opryland Resort and Convention Center and ahead of Gaylord National Resort and Convention Center, according to a company news release.
The meeting space addition includes a new 30,000-square-foot ballroom, 30,000 square feet of breakout space and approximately 26,000 square feet of carpeted pre-function space. Construction is expected to begin in the fourth quarter and be completed during the second quarter of 2018. The project also includes a $5 million expansion of the property’s resort pool complex, which is expected to be ready for the 2016 summer season.
This investment at Gaylord Texan is also a continued investment in Grapevine and its citizens. We look forward to its completion and the additional visitors we will welcome to our great city as a result,” said William D. Tate, mayor of Grapevine, in a news release.
In 2007, Ryman announced plans to expand Gaylord Texan; however, these plans were put on hold due to the economic downturn that occurred in 2008. However, those plans were different from the current planned expansion, and as a result, the company expects that it will recognize in fourth quarter 2015 non-cash expense of approximately $16.3 million associated with the write-off of accrued development costs with respect to the previously planned expansion.
The company also announced that its gross bookings for full year 2015 increased nearly 3 percent to 2.3 million compared to full year 2014, wh6ich is the best production year in company history.
Fortworthbusiness.com
