The Gaylord Palms Resort and Convention Center in Kissimmee, Florida, which opened on 2 February, pre-sold over one million room nights before the opening night. The center's 'signature' is three glass-enclosed atriums spanning a six-acre site.

'We are excited by the performance of the Gaylord Palms which opened to rave reviews, and we expect that it will be a consistently strong performer for Gaylord in the future,' said Colin Reed, chief executive officer.

Looking ahead, Reed said: 'We are operating in a very difficult market environment, however we are encouraged to see that the recession and events of 11 September have not affected us to the same degree as our competitors.

Revenues were up by 1.1 per cent and operating losses from continuing operations during the fourth quarter of 2001 were $13.7m compared to operating losses of $97.0m in the same period of 2001.

'In 2002 we will actively market and promote our two existing convention hotel properties. In addition we will continue the development of our Grapevine, Texas, Opryland Resort and Convention Center on a pace to be completed in summer 2004.