Executives at Ryman Hospitality Properties have committed to spending $86.1 million to buy a 35 percent stake in the Gaylord Rockies Resort and Convention Center, a development they envisioned building five years ago when they were running Gaylord Entertainment Co.

A joint venture of RIDA Development and Ares Management late last year broke ground outside Denver on Gaylord Rockies, which will feature 1,500 rooms, 485,000 square feet of meeting space and a water park, among other things. The project is expected to be complete in late 2018 and will be managed by Marriott International, which a few years ago bought the Gaylord Hotels brand as part of a real estate investment trust conversion plan that turned the old Gaylord Entertainment into Ryman Hospitality.