Ryman Hospitality Properties, Inc. announced its agreement with Stratus Properties Inc. to acquire Block 21, a mixed-use entertainment, lodging, office, and retail complex located in downtown Austin, Texas.
The Nashville lodging and hospitality real estate investment group owns many convention center resorts that operate under the Gaylord Hotels brand, including Gaylord Opryland Resort & Convention Center in Nashville. The company’s entertainment segment includes several 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.
Colin Reed, chairman and CEO of Ryman Hospitality Properties, says, “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.”
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.
Reed adds, “We are thrilled for the long-term opportunities to grow our customer base and create quality entertainment experiences for local music lovers and the millions of tourists who visit Austin each year. We love what Beau and the entire Stratus team created with Block 21 and share their vision for the enormous potential it has to become a world-renowned, music-centric hub in the heart of this great city.”
The total purchase price of the Austin property is $260 million and 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. The acquisition is expected to close near the end of the fourth quarter of 2021.
William H. Armstrong III, chairman of the board and CEO of Stratus, shares, “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.”
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