SAN ANTONIO – Ryman Hospitality Properties Inc. has reached a definitive agreement to purchase the JW Marriott San Antonio Hill Country Resort & Spa from Blackstone Real Estate Trust Inc. for $800 million.
The deal comes as the U.S. hotel industry continues to manage some of the economic side effects caused by the pandemic, but officials with Nashville-based Ryman Hospitality (NYSE: RHP) clearly have an interest in the San Antonio market.
“We identified the JW Marriott Hill Country as an ideal acquisition target quite some time ago,” the company’s president and CEO, Mark Fioravanti, said. “Located in an attractive and growing market with no emerging competitive supply, this beautiful resort is a natural complement to our existing Gaylord Hotels portfolio and offers significant opportunities to serve the group and leisure sides of our business.”
RHP, a lodging and hospitality real estate investment trust, specializes in upscale convention center resorts and entertainment spaces. Its portfolio includes the Gaylord Opryland Resort & Convention Center in Nashville and the Gaylord Texan Resort & Convention Center in Grapevine, as well as multiple hotels managed by Marriott International.
Ryman also has a 70% controlling ownership interest in Opry Entertainment Group that counts among its properties the Grand Ole Opry and Ryman Auditorium, as well as ACL Live at Moody Theater in Austin.
The JW Marriott, spread across roughly 640 acres in the Texas Hill Country, has 1,002 rooms and 268,000 total square feet of indoor and outdoor meeting and event space. It’s also home to TPC San Antonio, which features two 18-hole golf courses.
Ryman plans to continue to operate the San Antonio resort under the JW Marriott brand.
Read the full story on the San Antonio Business Journal.
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.