December 13, 2019
Ryman Hospitality Properties Inc. agreed to acquire Block 21, a mixed-use project located in Austin’s 2nd Street District. Stratus Properties Inc. will sell the asset for $275 million, and closing is scheduled for Q2 2020. Savills is representing the seller in the transaction.
The Austin-based Stratus Properties developed the property near downtown Austin. The 37-story building offers retail space, the 2,750-seat Moody Theater (home to Austin City Limits Live), Class A office space and the 3TEN ACL Live entertainment venue and business. Also on site is the 251-key W Austin Hotel.
Ryman will assume approximately $142 million in existing mortgage debt as part of the deal. According to Stratus’ William H. Armstrong III, Savills managed more than 20 property tours and fielded multiple bids. “Ultimately, based on Savills’ advice, we decided Ryman was the best fit,” he said. “Their expertise in hospitality and live entertainment make them the ideal company to usher Block 21 and ACL Live into the next decade.”
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