Ryman Hospitality Properties Inc. is looking to expand the Gaylord Palms Resort & Convention Center in Kissimmee, Fla., with a $150 million investment.
Under the plans, the center's total convention, meeting and pre-function space will grow to about 490,000 square feet. The project will also include the addition of 303 guest rooms to the 1,416-room resort and 90,000 square feet of carpeted meeting and pre-function space.
In addition to an expansion of the resort pool, the hotel real estate investment trust plans to add a 30,000-square-foot ballroom, 30,000 square feet of breakout space, around 30,000 square feet of carpeted pre-function space and a multilevel parking structure, the construction of which is expected to start in the third quarter.
Construction on the remaining elements will follow the expected completion of the parking structure in spring 2019. The project is slated for completion in spring 2021.
The REIT plans to fund the expansion using cash on hand and borrowings under its revolving credit facility.
Osceola County has agreed to extend and amend the terms of the restated marketing agreement from October 2003 that relates to the project. Osceola will reimburse part of the project cost with proceeds of a 1% hotel tax special assessment, commencing in July and continuing for a 30-year term, according to a release.
