Ryman Hospitality to buy Texas-based resort from Blackstone for $800 mln (updated)

Ryman Hospitality Properties

05/06/2023 22:05

(Adds background on leisure travel demand)
       June 5 (Reuters) - 
    Blackstone Real Estate Income Trust Inc (BREIT) has agreed
to sell a Texas-based resort to Ryman Hospitality Properties Inc
 RHP.N  for $800 million, as the asset management giant looks to
cash in on resurgent demand for leisure travel and retreat.
  
        The deal for Texas-based JW Marriott San Antonio Hill
Country Resort & Spa is expected to close in the second or third
quarter of the year, the companies said on Monday.
  
        A real estate investment trust focused on resorts, Ryman
is betting on the "attractive and growing market with no
emerging competitive supply" the resort is located in.
  
    The company is also looking to benefit from the recovery of
leisure travel and the persistence of remote working, which has
allowed employees to work from their chosen retreats instead of
their offices. 
        Earlier this month, Blackstone said redemption requests
related to BREIT 
    had come down in May
    .
  

 (Reporting by Niket Nishant in Bengaluru; Editing by Pooja
Desai)
 ((Niket.Nishant@thomsonreuters.com;))