Ryman Hospitality Properties, Inc. Closes Acquisition of JW Marriott San Antonio Hill Country Resort & Spa from Blackstone Real Estate Income Trust, Inc.
June 30 2023 - 4:10PM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (“Ryman”) announced
today it has closed the previously announced acquisition of the JW
Marriott San Antonio Hill Country Resort & Spa (“JW Hill
Country”) in San Antonio, Texas from Blackstone Real Estate Income
Trust, Inc.
Mark Fioravanti, President and Chief Executive
Officer of Ryman Hospitality Properties, said, “I want to thank our
Ryman team and the Blackstone team for facilitating a smooth
closing process. We are excited to begin integrating this beautiful
resort into our one-of-a-kind portfolio of group hotels and look
forward to pursuing additional value creation opportunities at this
property and throughout our portfolio.”
Located amid approximately 640 acres in the
Texas Hill Country, the JW Marriott Hill Country, which opened in
2010, is a premier group-oriented resort with 1,002 rooms and
268,000 total square feet of indoor and outdoor meeting and event
space. The resort’s amenities include the 26,000-square-foot
Lantana Spa; eight food and beverage outlets; the 9-acre River
Bluff water experience; and TPC San Antonio featuring two 18-hole
golf courses, the Greg Norman-designed Oaks Course and the Pete
Dye-designed Canyons course. The purchase price for the
acquisition, subject to certain purchase price adjustments, totaled
approximately $800 million.
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
entertainment experiences. RHP’s holdings include 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, five of the top ten largest
non-gaming convention center hotels in the United States based on
total indoor meeting space. The Company also owns the JW Marriott
San Antonio Hill Country Resort & Spa and two ancillary hotels
adjacent to our Gaylord Hotels properties. The Company’s hotel
portfolio is managed by Marriott International and includes a
combined total of 11,414 rooms as well as more than 3 million
square feet of total indoor and outdoor meeting space in top
convention and leisure destinations across the country. RHP also
owns a 70% controlling ownership interest in Opry Entertainment
Group (OEG), which is composed of entities owning 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 OEG owns in a joint
venture with Gray Television, Nashville-area attractions, and Block
21, a mixed-use entertainment, lodging, office and retail complex,
including the W Austin Hotel and the ACL Live at Moody Theater,
located in downtown Austin, Texas. RHP operates OEG as its
Entertainment segment in a taxable REIT subsidiary, and its results
are consolidated in the Company’s financial results. Visit
RymanHP.com for more information.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements as to
Ryman’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 Ryman’s integration of
the JW Marriott Hill Country and Ryman’s pursuit of additional
value creation opportunities at the JW Marriott Hill Country. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. These include risks and uncertainties associated
with Ryman’s integration of the JW Marriott Hill Country, Ryman’s
ability to identify and capitalize on additional value creation
opportunities at the JW Marriott Hill Country and the occurrence of
any event, change or other circumstance that could limit Ryman’s
ability to capitalize on any additional value creation
opportunities it identifies at the JW Marriott Hill Country. Other
factors that could cause results to differ materially are described
in the filings made from time to time by Ryman with the U.S.
Securities and Exchange Commission and include the risk factors and
other risks and uncertainties described in Ryman’s Annual Reports
on Form 10-K for the fiscal year ended December 31, 2022, and its
Quarterly Reports on Form 10-Q and subsequent filings. Except as
required by law, Ryman does not undertake any obligation to release
publicly any revisions to forward-looking statements made to
reflect events or circumstances occurring after the date hereof or
the occurrence of unanticipated events.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Executive 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~ |
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 |
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From May 2024 to Jun 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Jun 2023 to Jun 2024