AUSTIN – (Realty News Report)
Nashville-based Ryman Hospitality Properties, the company that owns the Grand Ole Opry and the historic Ryman Auditorium, is acquiring a prominent mixed-use development in downtown Austin that includes the Austin City Limits theater. The deal expands Ryman’s portfolio of music-focused hospitality and entertainment properties into Austin, a city celebrated worldwide as the Live Music Capital of the World.
Transaction Details and Property
The purchase price is $275 million. The acquisition centers on Block 21, a 37-story development located two blocks north of Lady Bird Lake on a full block bounded by Second, Third, Lavaca and Guadalupe streets. The seller is Austin-based Stratus Properties Inc.
Block 21 houses the 251-room W Austin Hotel and Austin City Limits Live at the Moody Theater, a 2,750-seat venue where the long-running television music series Austin City Limits is filmed. The development also includes Class A office space, ground-floor retail and additional entertainment venues such as 3TEN ACL Live.
Strategic Fit and Local Context
Ryman Hospitality Properties is widely known for marrying live entertainment with hospitality. The company’s stewardship of the Grand Ole Opry and the Ryman Auditorium positions it to manage and enhance music-centered assets such as Block 21. Austin’s vibrant live-music scene and strong tourism market make the property a natural fit for Ryman’s brand and operating model.
Block 21 sits in the heart of a dynamic downtown Austin growth corridor. It’s adjacent to significant new high-rise residential and office developments, including a 35-story Google office tower under construction by Trammell Crow and other nearby projects. The area also features recently completed residential towers like the 58-story Independent, known locally as the “Jenga Tower.”
Comments from Leadership
William H. Armstrong III, Chairman, President and CEO of Stratus Properties, said Ryman is a strong steward for Block 21. He noted Ryman’s deep experience in hospitality and live entertainment, and highlighted the company’s role in preserving and operating iconic venues. Armstrong expressed confidence that Ryman will guide Block 21 and ACL Live into their next decade.
Colin Reed, CEO of Ryman Hospitality Properties, said the company believes Block 21 complements its existing portfolio of entertainment and hospitality assets. Reed praised the quality of tenants and entertainment offerings already in place, including the W Hotel brand and the ACL Live venue, and emphasized Ryman’s intention to build on that foundation.
Timing and Closing
The transaction was expected to close in the first quarter of 2020.
Local Landmarks and Amenities
Near Block 21 a large statue of legendary musician Willie Nelson stands as a public landmark, underscoring Austin’s deep roots in music culture. The development’s central location provides easy access to downtown amenities, lakeside trails, dining, nightlife and other performance venues, reinforcing its appeal to visitors, residents and local music fans alike.
About the Parties
Ryman Hospitality Properties operates a portfolio of live entertainment and hospitality assets with a focus on venues that celebrate American music traditions. Stratus Properties is a local Austin developer and owner known for urban mixed-use projects and for bringing national brands and entertainment venues to downtown Austin.
Copyright and Publication
Dec. 9, 2019 Realty News Report. Copyright 2019.
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