Ryman Hospitality Properties, Inc. Closes Acquisition of Block 21 in Austin, Texas From Stratus Properties Inc. and Provides Second Quarter and Full Year Operating Update
June 01 2022 - 8:30AM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the Company) has
closed its previously announced pending acquisition of Block 21
from Stratus Properties Inc. (NASDAQ: STRS). The mixed-use complex
is located in the heart of downtown Austin and is home to lodging,
retail, office and entertainment spaces, including the W Austin
Hotel and the ACL Live at Moody Theater. The purchase price for the
acquisition, subject to certain purchase price adjustments, totaled
approximately $260 million, which includes the assumption of
approximately $136 million of existing mortgage debt.
Colin Reed, Chairman and Chief Executive Officer
of Ryman Hospitality Properties, said, “I want to express my
gratitude to Beau Armstrong and the entire Stratus team for their
hard work and assistance during this closing process. We look
forward to leveraging our existing platforms and our proposed
strategic partnership with Atairos and NBCUniversal to carry
forward their good work as we position Block 21 and Austin as a
destination for music lovers across the globe. I would also like to
thank our Ryman Hospitality Properties team and our new team
members at ACL Live for their hard work throughout this transition
process. We are thrilled to have such a passionate group of people
on board as we join the Austin community, and we look forward to
working together to bring even more music-focused entertainment to
Block 21 in the coming years.”
The Company today is also providing a second
quarter and full year business update and supplemental information.
The supplement can be located on the Company’s website under
Investor Relations Home / News & Events / Presentations &
Transcripts
(http://ir.rymanhp.com/index.php/events-and-presentations/presentations).
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 StatementsThis 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 Company’s expectations for Block 21, as well as the proposed
investment by Atairos and NBCUniversal in Opry Entertainment Group
(OEG). 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 our ability to capitalize on existing
and new opportunities related to Block 21, the proposed investment
in OEG, the occurrence of any event, change or other circumstance
that could limit our ability to capitalize on existing and new
opportunities related to Block 21 or that could delay the closing
of the OEG investment or result in the termination of the agreement
for such investment, and adverse effects on the Company’s common
stock because of a failure to complete such investment. 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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