Ryman Hospitality Properties to Acquire Grande Lakes Orlando from Trinity Investors, Elliott Investment Management for $1.38 Billion
Trinity Investors has entered into a definitive agreement to sell the Grande Lakes Orlando Resort to Ryman Hospitality Properties, Inc. (NYSE: RHP) for $1.38 billion, a transaction the firm characterizes as the largest non-gaming U.S. resort sale on record. Trinity originally acquired the 409-acre Orlando complex in December 2018 for $870 million, with financial backing from Elliott Investment Management. The deal is expected to close in the third quarter of 2026, subject to customary closing conditions.
A Record-Setting Resort Transaction
The $1.38 billion sale price implies roughly $510 million in gross appreciation over Trinity's hold, before transaction costs and capital spending. Based on the property's 1,592 total keys, the headline price works out to approximately $867,000 per key. At 409 acres, the deal values the land and improvements at roughly $3.37 million per acre.
The resort complex is anchored by two branded hotels: a 582-key Ritz-Carlton and a 1,010-key Marriott International. The property also features 320,000 square feet of indoor and outdoor meeting space, 14 food-and-beverage outlets, a 40,000-square-foot spa with 40 treatment rooms, and a Greg Norman-designed 18-hole championship golf course that serves as the venue for the PGA Tour's PNC Championship.
The combination of luxury lodging, large-scale convention space, golf, spa, and multiple dining venues gives the asset a diversified revenue profile that extends beyond transient hotel demand.
Trinity's Repositioning Strategy and Value Creation
Since acquiring the resort in 2018, Trinity says it completed a comprehensive renovation and repositioning of the property, significantly enhancing the guest experience while navigating the disruptions of the COVID-19 pandemic. The transformation drew recognition in 2024, when The Ritz-Carlton Orlando, Grande Lakes received a MICHELIN Key as part of the MICHELIN Guide's inaugural hotel rating program.
"This transaction is a testament to Trinity's ability to identify complex, large-scale opportunities and execute on a value-add plan that meaningfully repositions the asset," said Sean Hehir, Managing Partner, President and CEO of Trinity. "Grande Lakes Orlando joins a growing list of resorts where our team has driven significant operational improvement and created lasting value for our investors and partners. We're immensely proud of what our team has accomplished and excited to see the resort's next chapter."
Trinity describes itself as a hospitality-focused real estate investment platform with a 30-year track record and more than $10 billion deployed across the United States, Mexico, Europe, and Japan. The firm is headquartered in Miami, with additional offices in Los Angeles, London, and Honolulu.
Third Disposition in 15 Months for Trinity
The Grande Lakes Orlando sale marks Trinity's third disposition in 15 months. It follows the September 2025 sale of EAST Miami to Blackstone Real Estate and the June 2025 sale of the JW Marriott Phoenix Desert Ridge Resort & Spa to Ryman Hospitality Properties — a transaction that also carried financial backing from Elliott Investment Management. Trinity also recently acquired the JW Marriott Marco Island Beach Resort in May 2026, signaling continued deployment activity alongside its exit program.
The repeat pairing of Ryman Hospitality Properties as buyer and Elliott Investment Management as financial backer — across both the Phoenix Desert Ridge and now the Grande Lakes Orlando transactions — reflects a consistent institutional appetite for large-scale, branded resort assets with significant meetings and leisure infrastructure.
Market Context: Large Resort Trades in a Selective CRE Environment
The Grande Lakes Orlando deal arrives at a moment when commercial real estate transaction volume remains uneven across property types. Higher financing costs and elevated operating expenses — including insurance and construction costs — have slowed deal flow across many asset classes. Against that backdrop, trophy resort assets with strong brand affiliations and diversified demand drivers have continued to attract institutional capital.
Grande Lakes Orlando's 320,000 square feet of meeting space positions it within the category of group-oriented resort properties, where convention and meetings demand can support occupancy and rate alongside leisure travel.
Additional terms of the transaction were not disclosed. The deal remains subject to customary closing conditions ahead of its anticipated third-quarter 2026 close.
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