Ryman Hospitality Buys JW Marriott Property For $800M

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  • Ryman Hospitality Properties Inc RHP disclosed an agreement to buy JW Marriott San Antonio Hill Country Resort & Spa for $800 million
  • The company inked a deal with Blackstone Inc's BX subsidiary, Blackstone Real Estate Income Trust, Inc. (BREIT), for the same. 
  • The JW Marriott Hill Country 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 addition of the property to Ryman's portfolio boosts its ownership of two of the top group-focused assets in Texas.
  • RHP plans to operate the asset under the JW Marriott flag. Both companies expect to complete the acquisition in Q2 or Q3 2023, subject to customary closing conditions.
  • As of March 31, 2023, Ryman's cash and equivalents stood at ~$414 million.
  • Ryman has commenced a public offering of 3.50 million shares of its common stock. The net proceeds from the offering will be used to fund a portion of the approximately $800 million purchase price.
  • Price Action: RHP shares closed lower by 1.68% at $96.54 on Monday.
Posted In: EquitiesM&ANewsOfferingsSmall CapMarketsBriefs
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