Westin La Cantera deal is dead

[Arizonaguy]

April 16, 2008
Gaylord won't buy Westin La Cantera


http://blogs.mysanantonio.com/weblogs/clockingin/lacanteraresort.jpg (http://www.westinlacantera.com/) Gaylord Entertainment (http://ir.gaylordentertainment.com/phoenix.zhtml?c=72635&p=irol-newsArticle&ID=1130873&highlight=) has terminated its agreement to buy the Westin La Cantera Resort (http://www.westinlacantera.com/) here in San Antonio. Gaylord Chairman and CEO Colin V. Reed said the current state of the capital markets made the deal too hard to pull off. The company will take a $12 million charge in the first quarter of 2008 for walking away from the deal.
In January the company amended its purchase agreement on the property, extending the deadline from Jan. 30 to April 30 in hopes of finding a partner for the deal. That partner never materialized so it pulled the plug on the contract.

[Stacy]

Ooohhhh.... that's disappointing. Wow.

In the business I'm in though, we see this happen many times over... but I was rooting for this one.

Well, perhaps it's not permanently 'over'... who knows, once the markets turn around a bit someone will step forward to do the deal with them. It may be a number of years down the road, but hope springs eternal.

[masterblaster]

Its unfortunate, but it's not like Westin is some dead-beat landlord. It's still a four-star resort.