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The owner of Nashville’s Grand Ole Opry is again planning to purchase the downtown Austin complex where Austin City Limits are recorded.
Nashville-based Ryman Hospitality Properties, whose portfolio includes the Grand Old Opry, announced on October 26 that it would purchase the Block 21 mixed-use project for $ 260 million. Austin-based real estate company Stratus Properties owns the property, highlighted by the 2,750-seat ACL Live at the Moody Theater – home of the longtime Austin City Limits TV show on PBS – and the 251-room W Austin Hotel.
The deal is expected to close this year.
“We remain confident that their experience in entertainment and hospitality real estate makes Ryman the right partner for Austin and Block 21, Chairman and CEO of Stratus,” said in a press release.
This marks the second time Ryman’s planned purchase of Block 21, an entertainment, hotel, retail and office project in the Second Street District that Stratus completed in 2010.
In December 2019, Ryman announced that it would buy Block 21 for $ 275 million. But five months later, amid the economic uncertainty sparked by the COVID-19 pandemic, Ryman pulled out of the deal. As a result, Ryman paid Stratus a $ 15 million cancellation fee.
“We are excited to have another opportunity to add this unique asset to our growing entertainment portfolio,” said Colin Reed, Chairman and CEO of Ryman, in a press release.
“Much like Nashville, Austin’s leisure and hospitality industries are recovering and well positioned to grow in the years to come,” added Reed. “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.”
Under the agreement, a Marriott subsidiary will continue to manage W Austin.
Ryman’s portfolio includes the historic Ryman Auditorium in Nashville, the legendary Nashville radio station WSM 650 AM, the Blake Shelton-inspired Ole Red chain of bars and restaurants and the lifestyle media network Circle.
The company also owns:
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Gaylord Opryland Resort & Convention Center in Nashville. This project includes the legendary Grand Ole Opry venue.
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Gaylord Texan Resort & Convention Center in Grapevine.
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Gaylord Palms Resort & Convention Center, near Orlando, Florida.
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Gaylord National Resort & Convention Center, near Washington, DC
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Gaylord Rockies Resort & Convention Center, near Denver.
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