Ryman Hospitality Buys JW Marriott Property For $800M
Portfolio Pulse from Lekha Gupta
Ryman Hospitality Properties (RHP) has agreed to acquire JW Marriott San Antonio Hill Country Resort & Spa for $800 million from Blackstone's subsidiary, BREIT. The acquisition is expected to be completed in Q2 or Q3 2023. RHP has commenced a public offering of 3.50 million shares to fund a portion of the purchase price.
June 06, 2023 | 10:23 am
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NEUTRAL IMPACT
Blackstone's subsidiary, BREIT, is selling the JW Marriott San Antonio Hill Country Resort & Spa to Ryman Hospitality (RHP) for $800 million.
While the sale of the JW Marriott property will generate cash for Blackstone's subsidiary, BREIT, the overall impact on Blackstone's stock price is expected to be neutral. The sale is a part of Blackstone's regular business operations, and the $800 million deal is not significant enough to have a major impact on the company's stock price.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Ryman Hospitality (RHP) is acquiring JW Marriott San Antonio Hill Country Resort & Spa for $800 million, with the deal expected to close in Q2 or Q3 2023. RHP is raising funds through a public offering of 3.50 million shares.
The acquisition of the JW Marriott property will strengthen Ryman Hospitality's portfolio and presence in the group-focused resort market. The public offering of shares to fund the acquisition may dilute existing shareholders' value in the short term, but the long-term benefits of the acquisition could outweigh the short-term impact, leading to a positive outlook for RHP's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100