Ryman Hospitality Properties has entered an agreement with Stratus Properties to acquire Block 21, a 37-story, mix-use complex in Austin, Texas that is home to ACL Live at the Moody Theater, the filming location for Austin City Limits. Block 21, a shopping and cultural center of Austin’s 2nd Street District, is also home to the W Austin Hotel, 3TEN at ACL Live, and nearly 53,000 square feet of other Class A commercial space. Ryman Hospitality will purchase Block 21 for $275 million, including assuming nearly $141 million in existing mortgage debt. The acquisition is expected to close in the first quarter of 2020.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “Block 21 is a one-of-a-kind asset anchored by a world-class theater in one of the most vibrant and culturally significant music destinations in the country. We believe ACL Live, along with the entire Block 21 complex, is a natural complement to our portfolio of iconic entertainment and media assets. Through this acquisition, we have the opportunity to build a relationship with the millions of music lovers who visit Austin each year that will allow us to cross-promote our brands to a new, but related customer. We also believe there are significant opportunities to create content that will position Austin and Block 21 as a must-visit destination for country lifestyle consumers through our new TV platform, Circle, which is set to launch in early 2020.”
William H. Armstrong III, chairman of the board, president and chief executive officer of Stratus, said, “Ryman Hospitality Properties is a great company that understands and respects the strong connection that exists between Austin and its music scene. We think Ryman Hospitality Properties’ expertise in both hospitality and live entertainment, plus their demonstrated stewardship of the iconic Ryman Auditorium and Grand Ole Opry makes them the ideal company to usher Block 21 and ACL Live into their next decade.”
Reed continued, “The Stratus Properties team has done a remarkable job supporting their vision for Block 21 with high-quality brands and relationships, like Marriott and Austin City Limits. We look forward to building upon the tremendous momentum they have created with Block 21 and to continuing the close relationship between Austin City Limits and ACL Live at the Moody Theater for many years to come. With our team’s expertise in hospitality, media and entertainment, we believe we are in a unique position to, over time, cement the entire Block 21 complex as a music-centric entertainment and lodging hub with ACL Live at its center.”
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