In what is being called the largest non-gaming U.S. resort transaction on record, Trinity Investments has entered into a definitive agreement to sell the Grande Lakes Orlando Resort, a 409-acre luxury complex anchored by a 582-key Ritz-Carlton and a 1,010-key JW Marriott, for $1.38 billion to Ryman Hospitality Properties.
Trinity acquired the resort in December 2018 for $870 million, with financial backing from Elliott Investment Management. Miami-based Trinity Investments is a private real estate investment firm that solely invests in upper-upscale and luxury hotels, typically in resort or urban markets.In May, a JV between it and Sculptor Real Estate Income Strategy announced the acquisition of the JW Marriott Marco Island Beach Resort from MassMutual. Also that month, it officially converted the Diplomat Beach Resort to the Signia by Hilton Diplomat Beach Resort. Trinity acquired the hotel in 2023 from Brookfield.
Ryman is a lodging and hospitality real estate investment trust that specializes in upscale convention center resorts. Most of its hotels fall under the Gaylord Hotels brand, a brand Marriott International acquired in 2012. All of Ryman’s properties are managed by Marriott.
“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.”
The asset 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 hosts the PGA Tour’s PNC Championship. Since acquisition, Trinity has completed a renovation and repositioning of the resort. In 2024, The Ritz-Carlton Orlando, Grande Lakes was awarded a MICHELIN Key as part of the MICHELIN Guide’s inaugural hotel rating program.
Upon closing, the transaction will mark Trinity’s third disposition in 15 months, following 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. It also follows Trinity’s May 2026 acquisition of the JW Marriott Marco Island Beach Resort.
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Additional terms were not disclosed.