Ryman Hospitality Properties, Inc. has reached an agreement to acquire the Block 21 complex in Austin, Texas, from Stratus Properties, Inc. for $260 million.
The two companies had previously reached an agreement for Stratus to sell Block 21 to Nashville, Tenn.-based Ryman Hospitality Properties for $275 million in December 2019, though the agreement was terminated in May 2020 due to the COVID-19 pandemic. According to, Ryman Hospitality Properties forfeited $15 million in earnest money to Stratus due to the termination of the deal.
The $260 million price tag includes the assumption of nearly $138 million of existing mortgage debt. Ryman Hospitality Properties will alsoColin Reed, chairman and CEO of Ryman Hospitality Properties, said, “We are pleased to again have the opportunity to add this one-of-a-kind asset to our growing entertainment portfolio. Much like Nashville, Austin’s leisure and hospitality industry is recovering and is well-positioned for growth in the years ahead.
William H. Armstrong III, chairman of the board and CEO of Stratus, said, “I am proud of the Stratus team for continuing to
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