Ryman Hospitality Properties' Purchase Of Austin's W Hotel and 'Austin City Limits' Venue Back On

RYMAN HOSPITALITY PROPERTIES’ (RHP) planned acquisition of the W AUSTIN HOTEL, which includes the ACL LIVE AT MOODY THEATER, is back on, according to THE NASHVILLE BUSINESS JOURNAL. The original $275 million deal was called off last year due to the pandemic (NET NEWS 5/26/20), but has recently gained traction again.

RHP Chairman and CEO COLIN REED told the BUSINESS JOURNAL, “The previous deal was terminated as COVID-19 became rampant across the country and our businesses were forced to shut down. Our love for AUSTIN and for BLOCK 21 has never changed, and we are excited to have the opportunity to move forward with the purchase of this one-of-a-kind property now that our businesses have reopened and live entertainment has returned.”   BLOCK 21 is a mixed use entertainment, retail, office and lodging complex that includes the 2,750-seat MOODY THEATER, the filming location of the city’s iconic “AUSTIN CITY LIMITS” television series, as well as the 350-seat 3TEN at ACL LIVE club and approximately 53,000 square feet of other commercial space.

Seller AUSTIN-based STRATUS PROPERTIES confirmed the deal was back on, with a new expected sale price of $260 million. (RYMAN reportedly lost $15 in escrow when the previous deal was called off.) The sale would be the biggest in commercial real estate in the AUSTIN area since before the pandemic. STRATUS and RHP hope to close on the deal by the end of 2021, with RHP paying $5 million up front in earnest money.

The 251-room W AUSTIN HOTEL was built in 2010.

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