Ryman Pays $867K Per Key for Grande Lakes. That's a 12.5x Multiple on Unaudited Numbers.
Ryman's $1.38 billion Grande Lakes acquisition prices a 1,592-key luxury Orlando resort at 12.5x trailing EBITDAre based on seller-provided unaudited figures. The per-key math, the financing structure, and the seller's exit tell three different stories about what this deal actually is.