The parent company of the Gaylord Texan hotel and convention center is acquiring another signature Texas property — the JW Marriott San Antonio Hill Country Resort and Spa.
The $800 million deal gives Ryman Hospitality Properties Inc. a resort with 1,002 rooms and 268,000 square feet of indoor and outdoor meeting and event space. The resort also includes the 26,000-square-foot Lantana Spa; eight food and beverage outlets; a 9-acre River Bluff water park; and TPC San Antonio featuring two 18-hole golf courses, the Greg Norman-designed Oaks Course and the Pete Dye-designed Canyons course.
“We identified the JW Marriott Hill Country as an ideal acquisition target quite some time ago,” Ryman CEO and president Mark Fioravanti said in a statement. “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.”
The resort had been owned by Blackstone Real Estate Income Trust Inc.
Nadeem Meghji, head of Blackstone Real Estate Americas, said Ryman’s purchase was unsolicited.
“Where you invest matters,” he said. “This sale, which generates approximately $275 million in profit over a five-year hold period, through COVID, represents a terrific outcome for [Blackstone] shareholders.”
Nashville-based Ryman plans to continue operating the 640-acre resort under the JW Marriott flag.
The company’s holdings include five Gaylord Hotels with 9,917 rooms that are managed by Marriott. Besides Gaylord Texan in Grapevine, the other hotels are Gaylord Opryland in Nashville, Gaylord Palms near Orlando, Gaylord National near Washington, D.C., and Gaylord Rockies near Denver.
Last year, Ryman bought the Block 21 mixed-use entertainment, lodging, office and retail complex in Austin. Block 21 is home to the Austin City Limits music venue and the Austin W Hotel & Residences.