Stratus Properties Inc. and Ryman Hospitality Properties, Inc. Provide Update on Anticipated Closing Date for Sale of Block 21
March 28 2022 - 4:15PM
Stratus Properties Inc. (NASDAQ: STRS) (“Stratus”) and Ryman
Hospitality Properties, Inc. (NYSE: RHP) (“Ryman”) announced today
that the anticipated closing date for the previously announced sale
of Block 21 by Stratus to Ryman has been extended, as the parties
complete the process of obtaining the remaining required approvals
of the assumption of the property’s existing mortgage loan by the
purchaser.
The acquisition is now expected to close sometime prior to June
1, 2022, subject to the timely satisfaction or waiver of various
closing conditions, including the final consent of the loan
servicers to the assumption of the existing loan by the purchaser,
the consent of the hotel operator, an affiliate of Marriott, to the
assumption of the hotel operating agreement by the purchaser, the
absence of a material adverse effect, and other customary closing
conditions.
Block 21 is Stratus’ wholly owned mixed-use development in
downtown Austin, Texas, that contains the W Austin Hotel and
office, retail and entertainment space, including the ACL Live at
Moody Theater concert venue.
About Ryman Hospitality Properties,
Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading
lodging and hospitality real estate investment trust that
specializes in upscale convention center resorts and country music
entertainment experiences. The Company’s core
holdings, Gaylord Opryland Resort & Convention
Center; Gaylord Palms Resort & Convention
Center; Gaylord Texan Resort & Convention
Center; Gaylord National Resort & Convention Center;
and Gaylord Rockies Resort & Convention Center, are five
of the top 10 largest non-gaming convention center hotels
in the United States based on total indoor meeting space.
These convention center resorts operate under the Gaylord Hotels
brand and are managed by Marriott International. The Company also
owns two adjacent ancillary hotels and a small number of
attractions managed by Marriott International for a combined total
of 10,412 rooms and more than 2.8 million square feet of total
indoor and outdoor meeting space in top convention and leisure
destinations across the country. The Company’s Entertainment
segment includes a growing collection of iconic and emerging
country music brands, including the Grand Ole Opry; Ryman
Auditorium, WSM 650 AM; Ole Red and Circle, a country
lifestyle media network the Company owns in a joint venture with
Gray Television, and Nashville-area attractions managed by
Marriott. The Company operates its Entertainment segment as part of
a taxable REIT subsidiary. Visit RymanHP.com for more
information.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains statements as to the Company’s
beliefs and expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Examples of these statements include, but are not limited
to, statements regarding the pending acquisition of Block 21, and
the Company’s expectations for Block 21 upon the closing of the
acquisition. These forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from the statements made, including, but not limited to,
risks and uncertainties associated with the pending Block 21
acquisition such as the occurrence of any event, change or other
circumstance that could delay the closing of the Block 21
acquisition, or result in the termination of the agreement for the
Block 21 acquisition; adverse effects on the Company’s common stock
because of the failure to complete the Block 21 acquisition; and
the Company’s ability to borrow funds pursuant to its credit
agreement or otherwise obtain cash to fund the Block 21
acquisition. Other factors that could cause actual results to
differ from the Company’s beliefs and expectations as to the
outcome of future events are described in the filings made from
time to time by the Company with the U.S. Securities and
Exchange Commission and include the risk factors and other
risks and uncertainties described in the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31,
2021, and subsequent filings. Except as required by law, the
Company does not undertake any obligation to release publicly any
revisions to forward-looking statements made by it to reflect
events or circumstances occurring after the date hereof or the
occurrence of unanticipated events.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President |
Shannon Sullivan, Vice President Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Jennifer Hutcheson, Chief Financial Officer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6320 |
(929) 266-6315 |
jhutcheson@rymanhp.com |
robert.winters@alpha-ir.com |
~or~ |
|
Todd Siefert, SVP Finance & Treasurer |
|
Ryman Hospitality Properties, Inc. |
|
(615) 316-6344 |
|
tsiefert@rymanhp.com |
|
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