USA – CEO of Gaylord Opryland, Colin Reed, announced that although recovery costs after the flooding will be high, they will not be anywhere near initial speculations.
According to Reed, damages could be anywhere from $50m to $100m. The company has a $50m flood insurance policy for the hotel.
While Reed hopes the hotel will reopen for business by the end of the year, it will not take reservations over the next two weeks at least for stays or conventions through the end of October.
The hotel had already booked 181,600 room nights over the next three months from group travellers alone. The resort accounts for almost 12 per cent of total hotel rooms in Nashville, and brings in around 25 per cent of the city’s total hotel tax revenue. To date, it has transferred more than 8,800 room nights to other hotels in downtown Nashville, and confirmed another 811 room nights for hotels in the neighbouring city of Franklin.
It is also trying to salvage the conventions planned for the city, which represent a further 49,000 room nights.
