Ryman Hospitality Properties, Inc. Announces Plans to

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NASHVILLE, Tennessee, October 26, 2021 (GLOBE NEWSWIRE) – Ryman Hospitality Properties, Inc. (NYSE: RHP) (the company) announced today that it has entered into an agreement with Stratus Properties Inc. (NASDAQ: STRS) to acquire Block. 21, a mixed-use entertainment, lodging, office and retail complex in downtown Austin, Texas for a total purchase price of $ 260 million, including the assumption of approximately $ 138 million in existing mortgage debt. In addition, Ryman will receive approximately $ 11 million in existing cash reserves attributable to the assets. More information about this acquisition will be published on Ryman’s Investor Relations website. Visit http://ir.rymanhp.com and click on Presentations and Transcripts.

The company has also modified its loan agreement with its lenders to allow the acquisition and use of loans under its revolving line of credit to fund the acquisition as long as the balance of the revolving line of credit after such borrowing is $ 400 million or less.

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “We are delighted to have another opportunity to add this unique asset to our growing entertainment portfolio. Much like Nashville, Austin’s leisure and hospitality industries are recovering and well positioned to grow in the years to come. This acquisition gives us a significant presence in two of the most dynamic music cities in this country and offers many opportunities to bring the unique musical cultures in each city to millions of fans through our Circle TV network. “

William H. Armstrong III, Chairman and Chief Executive Officer of Stratus, said, “We have gotten to know the Ryman Hospitality Properties team very well and we continue to believe that they are the ideal stewards for Block 21 and ACL Live in the future.” “

Block 21 was completed in 2010 and is located in an entire city block in Austin’s 2ND Street District. This is where the legendary ACL Live at the Moody Theater (ACL Live) is located, a state-of-the-art, 2,750-seat venue that was used as the filming location for the famous 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 continued, “We are excited about 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 have 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 acquisition is expected to close towards the end of the fourth quarter of 2021, subject to customary closing conditions including, but not limited to, the Company’s approval of the loan servicer’s acquisition of the existing mortgage loan and the consent of the Property Manager, an affiliate of Marriott, to the Assignment and takeover of the existing management contract by the company. The Company will be able to fund the Transaction under its Revolving Credit Facility and will be able to use cash, including from sales under its Equity ATM program, and will determine sources of funding prior to the closing of the Transaction.

A note to the shareholders of Ryman Hospitality Properties, Inc .: For more information on this acquisition, please visit http://ir.rymanhp.com and click on Presentations and Transcripts. Please note that our website is provided as an inactive text reference and the information on our website is not incorporated by reference into this press release.

About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading real estate investment trust specializing in upscale convention centers 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 by total indoor meeting space. These convention center resorts are operated under the Gaylord Hotels brand and managed by Marriott International. The company also owns two neighboring side hotels and a small number of attractions managed by Marriott International, with a total of 10,412 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations nationwide 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 it owns in a joint venture with Gray Television. 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 regarding the company’s beliefs and expectations regarding the outcome of future events that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can recognize these statements by the fact that they do not strictly relate to historical or current facts. Examples of these statements include, but are not limited to, statements about the pending acquisition of Block 21 and the Company’s expectations for Block 21 upon completion of the Transaction. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. This includes the risks and uncertainties associated with the upcoming Takeover of Unit 21, including, but not limited to, the occurrence of events, changes or other circumstances that could delay the completion of the Takeover of Unit 21 or lead to the termination of the Agreement for the Acquisition of block 21; adverse impact on the Company’s common stock due to the failure to complete the Block 21 acquisition; and the Company’s ability to borrow or otherwise obtain cash to fund the acquisition under its loan agreement. Other factors that could cause results to differ are described in the Company’s filings from time to time with the Securities and Exchange Commission and include the risk factors and other risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the fiscal year as of December 31, 2020 and its quarterly reports on Form 10-Q and subsequent filings. Except as required by law, the company undertakes no obligation to publicly publish changes to its forward-looking statements to reflect events or circumstances that occur after the date of this agreement or unexpected events occur after the date of this agreement.

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