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Ryman Hospitality Properties, Inc. Announces Plans to Acquire Block 21 in Austin, Texas, From Stratus Properties Inc. for $260 Million

Premier Mixed-Use Entertainment, Lodging and Retail Complex is Home to Austin’s Iconic ACL Live at the Moody Theater

NASHVILLE, Tenn., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the Company) announced today it reached an agreement with Stratus Properties Inc. (NASDAQ: STRS) to acquire Block 21, a mixed-use entertainment, lodging, office, and retail complex located in downtown Austin, Texas, for a total purchase price of $260 million, which includes the assumption of approximately $138 million of existing mortgage debt. In addition, Ryman will receive approximately $11 million of existing cash reserves attributable to the assets. Additional information regarding this acquisition is posted to Ryman’s investor relations website. Visit http://ir.rymanhp.com and click Presentations and Transcripts.

The Company also amended its credit agreement with its lenders to allow for the acquisition and the use of borrowings under its revolving credit line to fund the acquisition, so long as after such borrowings the balance of the revolving credit line is at or below $400 million.

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “We are pleased to again have the opportunity to add this one-of-a-kind asset to our growing entertainment portfolio. Much like Nashville, Austin’s leisure and hospitality industry is recovering and is well-positioned for growth in the years ahead. This acquisition allows us to have a meaningful presence in two of the most dynamic music cities in this country and presents many opportunities to showcase the unique music cultures in each city to millions of fans through our Circle TV network.”

William H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, said, “We have gotten to know the Ryman Hospitality Properties team very well and continue to believe they are the ideal stewards for Block 21 and ACL Live in the future.”

Completed in 2010 and located on an entire city block in Austin’s 2ND Street District, Block 21 is home to the iconic ACL Live at the Moody Theater (ACL Live), a 2,750-seat, state-of-the-art entertainment venue that serves as the filming location for the famed Austin City Limits television series. The Block 21 complex also includes the 251-room W Austin hotel, the 3TEN at ACL Live club and approximately 53,000 square feet of other Class A commercial space.

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27.10.2021, 00:00  |  101   |   |   

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Ryman Hospitality Properties, Inc. Announces Plans to Acquire Block 21 in Austin, Texas, From Stratus Properties Inc. for $260 Million Premier Mixed-Use Entertainment, Lodging and Retail Complex is Home to Austin’s Iconic ACL Live at the Moody TheaterNASHVILLE, Tenn., Oct. 26, 2021 (GLOBE NEWSWIRE) - Ryman Hospitality Properties, Inc. (NYSE: RHP) (the Company) announced today it …

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