May 26, 2020
Citing the economic environment resulting from the COVID-19 pandemic, Ryman Hospitality Properties walked away from its $275-million agreement to acquire Block 21, a mixed-use development and entertainment business in Austin’s 2nd District, from developer Stratus Properties. The deal was first announced last December and was slated to close in the second quarter.
“We commend Stratus on their successful development of the Block 21 complex, and we know that it will have continued success when its businesses are able to return to full strength at the end of this global pandemic,” said Colin Reed, CEO of Nashville-based Ryman.
At Austin-based Stratus, CEO William H. Armstrong III said, “We are disappointed that the sale of Block 21 to Ryman will not be completed; however, we understand Ryman’s termination given the intervening COVID-19 pandemic.”
Ryman will forfeit its $15-million earnest money deposit as a result of the termination of the agreement.
For comments, questions or concerns, please contact Paul Bubny