Foley & Lardner LLP represented Ryman Hospitality Properties, Inc. (NYSE:RHP) in its agreement to acquire Block 21, a mixed-used entertainment, lodging, office and retail complex in downtown Austin, Texas. The $275 million acquisition from Stratus Properties Inc. (NASDAQ:STRS) includes the assumption of approximately $141 of mortgage debt.
Block 21 is home to the iconic ACL Live at the Moody Theater, a 2750-seat state-of-the-art entertainment venue where “Austin City Limits” has been filmed. It also includes the W Austin Hotel, the 350-seat ACL Live club and over 53,000 square feet of class A commercial space.
The acquisition is expected to close in the first quarter of 2020, subject to customary closing conditions and those unique to this deal.
Foley Hospitality Industry Team partner Cliff Risman lead the Foley team, which also included Robert Sarfatis (corporate), Randy Jones (real estate), Steve Good (tax), Dan Bachrach (mixed-use and condominiums), Patricia Lane (finance), Steve Gillis (benefits) and Jenna Alame (real estate).