Stratus Properties has agreed to sell Block 21 to Ryman Hospitality Properties for $275 million, which includes the purchaser’s assumption of approximately $142 million of existing mortgage debt. The remainder of the purchase price will be paid in cash.
Block 21 is Stratus’ wholly owned mixed-use real estate development and entertainment business in downtown Austin, Texas that contains the 251-room W Austin Hotel and is home to Austin City Limits Live at the Moody Theater, a 2,750-seat entertainment venue that serves as the location for the filming of Austin City Limits, the longest-running music series in American television history. Block 21 also includes class A office space, retail space and the 3TEN ACL Live entertainment venue and business.
The transaction is expected to close in first quarter 2020.
