Business
Stratus Properties Inc. Announces Agreement to Sell Block 21 for $260 Million to Ryman Hospitality Properties, Inc.
AUSTIN, Texas--(BUSINESS WIRE)-- Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) announced today that it has agreed to sell Block 21, a
About this update from Stratus Properties Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nStratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) announced today that it has agreed to sell Block 21, a mixed-use entertainment, lodging, office and retail complex located in downtown Austin, Texas, to Ryman Hospitality Properties, Inc. (“Ryman”) for $260 million.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211026006302/en/Block 21 (Photo: Business Wire).\nStratus previously announced an agreement to sell Block 21 to Ryman for $275 million in December 2019, which was terminated in May 2020 by Ryman due to the intervening COVID-19 pandemic. As a result of the termination, Ryman forfeited $15 million of earnest money to Stratus.\n\nBlock 21 is Stratus’ wholly owned mixed-use real estate development and entertainment business comprising the 251-room W Austin Hotel and 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, which has a capacity of approximately 350 people. Stratus completed the development of Block 21 in 2010.\n\nWilliam H. Armstrong III, Chairman of the Board and Chief Executive Officer of Stratus, said, “I am proud of the Stratus team for continuing to position this iconic property for success from early development plans through permitting, construction, leasing and management. I am also grateful for the community’s, our partners’, and our patrons’ continuous support, particularly during the pandemic. We were pleased to reach an agreement with Ryman in 2019 and again this year. We remain confident that their experience with entertainment and hospitality properties makes Ryman the right partner for Austin and Block 21.”\n\nMr. Armstrong continued, “The Block 21 team’s knowledge of the Austin market has yielded significant value for shareholders over the years, and this transaction is no exception. This sale will provide Stratus with significant financial flexibility to drive additional shareholder returns. The Board will carefully consider several compelling opportunities for use of the proceeds, including reinvesting in our robust...