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Ryman Hospitality Terminates Agreement to Purchase Block 21 Mixed-Use Development in Austin

Block-21_Austin

Block 21 in downtown Austin houses the W Austin Hotel & Residences and Austin City Limits Live at the Moody Theater, a 2,750-seat venue that hosts America’s longest running music series, Austin City Limits. (Photo courtesy of Stratus Properties Inc.)

AUSTIN, TEXAS — Nashville-based REIT Ryman Hospitality Properties Inc. (NYSE: RHP) has terminated its agreement to purchase Block 21, a mixed-use development that occupies a full city block in downtown Austin. Ryman initially agreed in December to purchase the property from Stratus Properties Inc. (NASDAQ: STRS) for $275 million, including a debt assumption of $142 million. As a result of the termination of the transaction, Ryman will forfeit its nonrefundable deposit of $15 million provided to Stratus in connection with the execution of the purchase agreement in December 2019. Originally developed in 2010, Block 21 houses the 2,750-seat Moody Theater, The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants space.

 

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