Stratus Properties Inc. and Ryman Hospitality Properties, Inc. Provide Update on Anticipated Closing Date for Sale of Block 21
The closing of Ryman Hospitality Properties' acquisition of Block 21 from Stratus Properties has been postponed to before June 1, 2022, due to pending approvals related to the property's existing mortgage loan. This mixed-use development in Austin includes the W Austin Hotel and entertainment space, and the sale is contingent upon several conditions, including consent from the loan servicers and hotel operators, and the absence of material adverse effects. The acquisition remains significant for Ryman's portfolio in upscale hospitality.
- The acquisition of Block 21 will enhance Ryman's portfolio, reinforcing its presence in the upscale hospitality sector.
- Block 21's location in downtown Austin positions Ryman favorably in a growing market.
- Delays in the acquisition process may impact Ryman's strategic timeline and financial planning.
- The need for multiple approvals could introduce uncertainty, posing potential risks to the completion of the acquisition.
NASHVILLE, Tenn., March 28, 2022 (GLOBE NEWSWIRE) -- Stratus Properties Inc. (NASDAQ: STRS) (“Stratus”) and Ryman Hospitality Properties, Inc. (NYSE: RHP) (“Ryman”) announced today that the anticipated closing date for the previously announced sale of Block 21 by Stratus to Ryman has been extended, as the parties complete the process of obtaining the remaining required approvals of the assumption of the property’s existing mortgage loan by the purchaser.
The acquisition is now expected to close sometime prior to June 1, 2022, subject to the timely satisfaction or waiver of various closing conditions, including the final consent of the loan servicers to the assumption of the existing loan by the purchaser, the consent of the hotel operator, an affiliate of Marriott, to the assumption of the hotel operating agreement by the purchaser, the absence of a material adverse effect, and other customary closing conditions.
Block 21 is Stratus’ wholly owned mixed-use development in downtown Austin, Texas, that contains the W Austin Hotel and office, retail and entertainment space, including the ACL Live at Moody Theater concert venue.
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 Statements
This 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 pending acquisition of Block 21, and the Company’s expectations for Block 21 upon the closing of the acquisition. 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 the pending Block 21 acquisition such as the occurrence of any event, change or other circumstance that could delay the closing of the Block 21 acquisition, or result in the termination of the agreement for the Block 21 acquisition; adverse effects on the Company’s common stock because of the failure to complete the Block 21 acquisition; and the Company’s ability to borrow funds pursuant to its credit agreement or otherwise obtain cash to fund the Block 21 acquisition. 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 | ||
FAQ
What is the status of Ryman Hospitality Properties' acquisition of Block 21?
What factors are delaying the acquisition of Block 21 by Ryman Hospitality Properties?
What is Block 21, which Ryman is acquiring?
When is Ryman Hospitality Properties expected to close the Block 21 acquisition?
What are the potential impacts of the Block 21 acquisition on Ryman Hospitality Properties?
