market folly

Steve Cohen's hedge fund firm SAC Capital recently filed a 13G with the SEC regarding a stake in Gaylord Entertainment (GET).  Per the filing, SAC has disclosed a 5.1% position in GET with 2,508,358 shares.

This is a brand new position for the hedge fund and the disclosure was made due to trading activity on May 31st.

The catalyst for this play comes via an announcement that Marriott will acquire the Gaylord Hotels brand for around $210 million and then Gaylord will convert into a REIT, continuing to own the Grand Ole Opry property.

Cohen was named one of the top 25 highest earning hedge fund managers of 2011.

Per Google Finance, Gaylord Entertainment is "a hospitality company. The Company’s operations are organized into three segments: Hospitality, which includes its hotel operations; Opry and Attractions, which includes its Grand Ole Opry assets, WSM-AM and its Nashville attractions, and Corporate and Other, which includes corporate expenses."

For more of Steve Cohen's latest activity, head to 10 stocks SAC Capital has been buying.