Image: Gaylord Palms is one of the four hotels

Gaylord Entertainment shareholders are to have the opportunity to vote on the proposed sale of the brand name and management rights to four hotels to Marriott International.

According to a US Securities and Exchange Commission filing, the vote will take place next month (19 September) at the Gaylord Opryland Resort and Convention Center, Tennessee.

Under the proposed US$210m (EUR170m, £134m) deal, Gaylord is to be transformed into a real estate investment trust and will retain ownership of the four properties.

Marriott will operate the hotels under management contracts with an initial 35 year term and a 2 per cent base management fee. Gaylord Hotels will join the Marriott portfolio of brands.

However, TRT Holdings - a shareholder in Gaylord - has voiced concerns about the sale to Marriott and raised a number of points detailing its opposition in an open letter.

Among others, TRT claimed the deal will stop Gaylord from selling any hotels to operators with at least 10 sites without the consent of Marriott - something which Gaylord denied.

Gaylord chair and CEO Colin V Reed said: "We believe TRT's actions represent an attempt to derail a process that is in the best interests of all of our stockholders."

The four hotels to be sold include Gaylord Opryland; Gaylord Palms in Florida; Gaylord Texan near Dallas, Texas; and Gaylord National in National Harbor, Maryland.

Click here for more information about the proposed sale and click here for Gaylord's response to TRT's open letter in opposition.

For the US Securities and Exchange Commission filing, click here.

Image: Hoverflyz