Ryman Hospitality Buys JW Marriott Desert Ridge for $865M

By Ahmed Jameison • Tuesday, May 20 06:07 • Permanent Link

Ryman Hospitality Properties, Inc. has announced its acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa for $865 million. The purchase price represents a 12.7x adjusted EBITDARE multiple on JW Marriott Desert Ridge’s 2024 results. The property’s 2025 results are expected to be impacted by construction disruption related to the meeting space renovation currently underway and ongoing through the third quarter of 2025.

The company expects the acquisition to be accretive to adjusted funds from operations (“adjusted FFO”) per fully diluted share for 2026. The JW Marriott Desert Ridge is situated on approximately 402 acres of Arizona's Sonoran Desert and features 950 guest rooms, including 81 suites, and approximately 243,000 square feet of versatile indoor and outdoor meeting and event space. The property has recently benefitted from nearly $100 million in capital investments, including a complete renovation of rooms and suites, an enhanced lobby and arrival experience, upgraded water amenities, and reimagined food and beverage outlets.

Phoenix, the nation’s fifth most populous city, and the largest in Arizona, is a top 10 meetings market in North America with strong leisure demand drivers. The company expects to close the JW Marriott Desert Ridge transaction in the second or third quarter of 2025, subject to customary closing conditions.

Ryman Hospitality Properties, Inc. ("RHP") is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space.

RHP also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to its Gaylord hotels properties. The company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG).

Following these announcements, the company's shares moved 0.13%, and are now trading at a price of $99.14. For the full picture, make sure to review Ryman Hospitality Properties's 8-K report.

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