Ryman Hospitality Properties Closes Acquisition of Block 21 in Austin, Texas from Stratus Properties for $260m
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 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).
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