SAN ANTONIO – Ryman Hospitality will buy the JW Marriott Hill Country Resort and Spa from Blackstone Real Estate Income Trust for $800 million.
The 1,002-key resort opened in 2010 and spans 640 acres. Group travel accounts for a little over half of nightly bookings, and the resort has 268,000 sf of meeting and event space, a 26,000-sf spa, five restaurants, and two golf courses.
Ryman will continue to operate the hotel under the JW Marriott branding.
The deal, which works out to $798,000 per key, will be funded in part by Ryman’s recent offering of 3.5 million shares of common stock.
Blackstone held the property for five years and will profit roughly $275 million. According to an investor presentation by Ryman, the deal has a 6.6 percent cap rate.