Ryman Hospitality Properties, owner of the Gaylord Hotels properties, has agreed to buy the JW Marriott San Antonio Hill Country Resort & Spa in San Antonio, Texas for $800 million from Blackstone REIT.
The sale will generate $275 million in profit over a five-year hold period for BREIT, according to Nadeem Meghji, head of Blackstone Real Estate Americas.
Located on approximately 640 acres in the Texas Hill Country, the JW Marriott Hill Country, which opened in 2010, has 1,002 rooms and 268,000 total square feet of indoor and outdoor meeting and event space. The resort also has several amenities including a 26,000-square-foot spa, a 9-acre water experience and two 18-hole golf courses.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
