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The deal is expected to close towards the end of the fourth quarter of this year. Opry Entertainment, a division of Ryman Hospitality Properties, includes Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red and Circle, a country lifestyle media network owned through a joint venture with Gray Television.
The $ 260 million price includes the assumption of nearly $ 138 million in existing mortgage debt. Ryman Hospitality Properties will also receive approximately $ 11 million in existing cash reserves.
Colin Reed, Chairman and CEO 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. “
Reed added, “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. “
William H. Armstrong III, Chairman and CEO of Stratus, said, “I am proud of the Stratus team that we are continuing
Positioning this iconic property for success from early development plans to permits, construction, rental and management. I am also grateful for the continued support from the community, our partners and our patrons, especially during the
the pandemic. We were very happy to reach an agreement with Ryman in 2019 and this year as well. We remain confident that their entertainment and hospitality property experience will make Ryman the right partner for Austin and Block 21. “
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