Foley & Lardner LLP today announced it represented Ryman Hospitality Properties, Inc., a Nashville-based hotel, resort, entertainment and media company, in the acquisition of Block 21 in downtown Austin, Texas. The company acquired the property from Stratus Properties Inc., an Austin-based diversified real estate company, for approximately $260 million.
The acquisition makes Ryman Hospitality Properties the new owner of this mixed-use complex in the center of Austin, which is home to lodging, retail, office, and entertainment spaces, including the ACL Live at Moody Theater and the W Austin Hotel.
Ryman Hospitality Properties plans to use Block 21 to leverage existing platforms and carry forward its proposed strategic partnership with Atairos and NBCUniversal, with the ultimate goal to turn the property into a leading global destination for music and entertainment.
The Foley team representing Ryman Hospitality Properties was led by Partner and Co-Chair of the Hospitality & Leisure Industry Team Cliff Risman and included Partners Robert Sarfatis, Daniel Bachrach, Randall Jones, Stephen Gilles, Stephen Good, and Associate Katherine Dunne. The multi-office and multidisciplinary team assisted the client on real estate, corporate, hospitality, mixed-use development, tax, and employee benefits issues pertaining to the transaction.
