Ryman Hospitality to acquire JW Marriott San Antonio Hill Country Resort for $800M from Blackstone

Ryman Hospitality Properties, Inc.

Purchase price of $800M, representing ~12.6x trailing twelve months adjusted EBITDA re as of March 31, 2023.
Acquisition expected to close in Q2 or Q3 2023, subject to customary conditions; $35M deposit paid.
Resort has 1,002 rooms, 268,000 sq ft meeting/event space, golf courses, and will remain under JW Marriott flag.
Deal is accretive to Ryman's adjusted funds from operations per share in first full year of ownership.
Seller BREIT expects ~$275M profit over its five-year hold, including through COVID.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ryman Hospitality Properties, Inc. entered into a asset purchase with Blackstone Real Estate Income Trust, Inc. valued at $800 million (effective 2023-06-05).

Action: entry
Agreement: asset purchase
Counterparty: Blackstone Real Estate Income Trust, Inc.
Value: $800 million
Effective: 2023-06-05

Exact text from the filing

today announced a definitive agreement under which Ryman will purchase the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”) in San Antonio, Texas for $800 million from BREIT.

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Ryman Hospitality Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-028377

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