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Gaylord backs out of San Antonio

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Gaylord Entertainment Company terminated its agreement to purchase the Westin La Cantera Resort in San Antonio, paying a one-time penalty of $12 million in lieu of the $252.2 million it offered in November 2007. Originally, Gaylord planned to expand the resort and reopen it as a Gaylord in 2010.

“Over the past several months, we held fruitful discussions with a variety of potential partners,” said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment. “However, in the current capital markets and economic environment, we determined that it is not in the best interest of our shareholders to focus our resources and capital on this project at this time.”