Ryman Hospitality Buys JW Marriott Property For $800M

Ryman Hospitality Properties Inc RHP disclosed an agreement to buy JW Marriott San Antonio Hill Country Resort & Spa for $800 million.
The company inked a deal with Blackstone Inc's BX subsidiary, Blackstone Real Estate Income Trust, Inc. (BREIT), for the same.
The JW Marriott Hill Country is a premier group-oriented resort with 1,002 rooms and 268,000 total square feet of indoor and outdoor meeting and event space.
The addition of the property to Ryman's portfolio boosts its ownership of two of the top group-focused assets in Texas.
RHP plans to operate the asset under the JW Marriott flag. Both companies expect to complete the acquisition in Q2 or Q3 2023, subject to customary closing conditions.
As of March 31, 2023, Ryman's cash and equivalents stood at ~$414 million.
Ryman has commenced a public offering of 3.50 million shares of its common stock. The net proceeds from the offering will be used to fund a portion of the approximately $800 million purchase price.
Price Action: RHP shares closed lower by 1.68% at $96.54 on Monday.