BREIT sells San Antonio JW Marriott hotel for $800m
Ryman Hospitality Properties has purchased JW Marriott San Antonio Hill Country Resort & Spa in San Antonio for $800 million from Blackstone Real Estate Income Trust (BREIT).
“We identified the JW Marriott Hill Country as an ideal acquisition target quite some time ago. Located in an attractive and growing market with no emerging competitive supply, this beautiful resort is a natural complement to our existing Gaylord Hotels portfolio and offers significant opportunities to serve the group and leisure sides of our business. The acquisition price represents a Trailing Twelve Months (through March 31, 2023) Adjusted EBITDAre multiple of approximately 12.6x,” said Mark Fioravanti, president and CEO of Ryman Hospitality Properties.
Nadeem Meghji, head of Blackstone Real Estate Americas, said, “Where you invest matters, and Ryman’s unsolicited outreach demonstrates the strong investor demand for BREIT’s portfolio, which is concentrated in the highest-