Ryman Hospitality Properties, Inc. Announces Extension of Closing Date for Acquisition of Block 21 in Austin, Texas
January 18 2022 - 4:15PM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
announced today that the closing date for its acquisition of Block
21, a mixed-use entertainment, lodging, office, and retail complex
located in downtown Austin, Texas, from Stratus Properties Inc.
(NASDAQ: STRS) has been extended, as the parties continue the
process of obtaining consent to the assumption of the property’s
existing mortgage loan by an affiliate of the Company from the
applicable loan servicers. The acquisition is now expected to close
sometime in the first quarter of 2022, subject to the timely
satisfaction or waiver of various closing conditions, including the
consent of the loan servicer to the assumption of the existing
mortgage loan, the consent of the hotel operator, an affiliate of
Marriott, to the assumption of the hotel operating agreement by an
affiliate of the Company, the absence of a material adverse effect,
and other customary closing conditions.
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 2.7 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. 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 transaction. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from the statements made. These
include the risks and uncertainties associated with the pending
Block 21 acquisition, including, but not limited to, 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 acquisition. Other factors that could cause results to differ
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, 2020 and its Quarterly Reports on Form 10-Q 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 & Chief Financial Officer |
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~ |
Todd Siefert, Senior Vice President Corporate Finance &
Treasurer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com |
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