Ryman Hospitality is planning to add a legendary Austin property to its music portfolio
On Thursday, Nashville-based Ryman closed a public stock offering that raised money for its planned $275 million acquisition of Block 21, a mixed-use property that includes the 2,500-seat Austin City Limits Live at the Moody Theater, the home of the long-running live music television show.
The offering netted Ryman $283 million for three million shares at $85 per share, after underwriting discounts and related expenses. Ryman plans to use $134 million of the net proceeds for the cash portion of the purchase price, according to a press release. Block 21’s current owner, Stratus Properties, revealed that the purchase price includes roughly $142 million of existing mortgage debt that Ryman will assume. The deal is expected to close in the first quarter of 2010.
Ryman shares dropped 5.1% on Nov. 11 as investors considered the diluting effect of an additional three million shares on the market. Even with a slight dip, Ryman’s shares are up 30.6% year to date through Friday . Country music is a small part of Ryman’s business. Ryman is a real estate investment trust that generated about 88% of its revenue from its Gaylord hotels and resorts . Ryman owns the Grand Ole Opry and the Opryhouse venue; legendary country radio station WSM AM; two venues in downtown Nashville, the iconic Ryman Auditorium and Wildhorse Saloon; and Ole Red, a venue/bar/restaurant created with country singer.
The deal strikes a humorous note as Nashville and Austin are often at odds with one another. Nashville is the buttoned-up home of country music, but a number of country artists, from
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Why fashion groups are starting pop-up film fests. In L.A., it's 'Spaceballs + Matzo Balls'Two Los Angeles movie screening series show how companies are raising brand awareness and sales through limited events
Consulte Mais informação »
‘Back up the truck and buy, buy buy,’ because there is no risk, says MUFG economist“All over the world, markets are falling love. Buy it. Buy it all,” Chris Rupkey, chief financial economist at MUFG tells clients.
Consulte Mais informação »
Giveaway: Enter to Win Vinyl Me, Please's December Records of the Month!We're giving away limited-edition LPs from Aretha Franklin, B.B. King and Run-D.M.C.
Consulte Mais informação »
Chanel Opens an Exclusive Boutique in Aspen, Colorado | V Magazine🏂 CHANEL Opens An Exclusive Boutique In Aspen, Colorado ❄️ | V:
Consulte Mais informação »
Boss surprises employees with $10 million bonus at holiday partyEmployees at a Baltimore-based commercial real estate firm had the holiday office party that dreams are made of.
Consulte Mais informação »