Gaylord Entertainment Co. is selling its stake in Bass Pro Group, owner of Bass Pro Shops, back to Bass Pro for $222 million. The deal is expected to close during the second quarter.
The companies will continue their relationship through joint marketing agreements. Bass Pro will become a sponsor of Gaylord's Grand Ole Opry under a five-year agreement.
“We have been quite pleased with our investment in what has become the premier brand in outdoor sporting goods,” said Colin Reed, chairman and CEO of Gaylord through a release. “We have said before that we would consider selling our stake in this business and doing so at this time is consistent with our strategy to direct Gaylord's full resources to our robust and growing hotel business.”
Net proceeds from the sale will be directed to the company's hotel business.
Based in Missouri, Bass Pro operates a chain of 35 retail stores in the United States and Canada, including one at Opry Mills in Nashville, selling equipment and apparel for outdoor enthusiasts.
In addition to Gaylord Hotels and resort properties, the company's holdings include vacation rental property management company ResortQuest, the Ryman Auditorium and Wildhorse Saloon in Nashville as well as WSM-AM.
Based in Missouri, Bass Pro operates a chain of 35 retail stores in the United States and Canada, including one at Opry Mills in Nashville, selling equipment and apparel for outdoor enthusiasts.
