Ryman Hospitality dips after $250 mln stock offering for JW Marriott asset acquisition

Ryman Hospitality Properties

20/05/2025 12:20

**  Shares of Ryman Hospitality Properties RHP.N down 1.9% premarket to $97.30 after acquisition-related follow-on priced

** Real estate investment trust late Mon announced 2.6 mln shares at $96.20 for gross raise of ~$250 mln

** Offering size boosted from 2.3 mln shares, priced at 3% discount to last sale

** Co plans to use net proceeds to partially fund $865 mln buy of the JW Marriott Phoenix Desert Ridge Resort & Spa, located in Arizona

** If acquisition is not consummated, Ryman says will use net proceeds for general corporate purposes

** Morgan Stanley, BofA, J.P. Morgan and Wells Fargo are active jt bookrunners for the offering

** Nashville, Tennessee-based Ryman has 60 mln shares outstanding for $6 bln market cap

** Through Mon, RHP shares down 5% YTD. Stock's 52-week high is $121.77 (Dec 3, 2024) and 52-week low is $76.27 (Apr 9, 2025)

** All 11 analysts are bullish on RHP, including 4 "strong buy" ratings and the median PT is $116, according to latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))