Blackstone REIT Sells San Antonio Luxury Resort for $800M
The buyer is Ryman Hospitality Properties.
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.
As the nation’s seventh most populous city and the second most populous city in Texas, San Antonio is one of the top meeting and leisure markets in the U.S., according to the companies.
Ryman plans for the resort to continue to operate under the JW Marriott flag.
Ryman and BREIT expect to close the JW Marriott Hill Country acquisition during the second or third quarter of 2023, subject to customary closing conditions.