Blackstone To Sell JW Marriott San Antonio Hill Country Resort & Spa for $800 Million

Nashville, Tennessee-based lodging and real estate investment trust Ryman Hospitality Properties entered into a definitive agreement to purchase the JW Marriott San Antonio Hill Country Resort & Spa from Blackstone Real Estate Income Trust for $800 million.

Ryman Hospitality Properties President and CEO Mark Fioravanti said in a news release that his company identified the JW Marriott San Antonio 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," he added.

“Where you invest matters, and Ryman’s unsolicited outreach demonstrates the strong investor demand for BREIT’s portfolio, which is concentrated in the highest growth sectors and geographies. This sale, which generates approximately $275 million in profit over a five-year hold period through COVID, represents a terrific outcome for BREIT shareholders," Nadeem Meghji, head of Blackstone Real Estate Americas, said in the release.

The resort opened in 2010 and features 1,002 rooms and 268,000 total square feet of indoor and outdoor meeting space as well as a 26,000-square-foot Lantana spa, eight food and beverage venues, a 9-acre water experience and two 18-hole golf courses.

Ryman plans for the resort to remain under the JW Marriott flag. Ryman and Blackstone intend to close on the transaction during the second or third quarter of 2023.

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