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Stratus Properties Inc. Announces Ryman’s Termination of Agreement to Purchase Block 21
AUSTIN, Texas--(BUSINESS WIRE)-- Stratus Properties Inc. (NASDAQ: STRS) announced today that Ryman Hospitality Properties, Inc. (“Ryman”) terminated its
About this update from Stratus Properties Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nStratus Properties Inc. (NASDAQ: STRS) announced today that Ryman Hospitality Properties, Inc. (“Ryman”) terminated its agreement with Stratus to purchase Block 21, Stratus’ wholly owned mixed-use real estate development and entertainment business in downtown Austin, Texas. As a result of the termination of the transaction, Ryman has forfeited to Stratus Ryman’s $15 million of earnest money deposited in escrow in connection with the execution of the purchase agreement in December 2019.\n\n\nWilliam H. Armstrong III, Chairman of the Board, President and Chief Executive Officer of Stratus, 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’s experience and depth in both the hospitality and music industries would have been a meaningful addition to the Austin community. We have tremendous respect for Ryman’s entire team and operations, and wish them well. We believe Block 21 is a great asset and we remain focused on its continued success in Austin.”\n\n\nAbout Stratus Properties Inc.\n\n\nStratus is a diversified real estate company engaged primarily in the acquisition, entitlement, development, management, operation and sale of commercial and multi-family and single-family residential real estate properties, and the operation of hotel and entertainment businesses located in the Austin, Texas area and other select, fast-growing markets in Texas.\n\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS. This press release contains forward-looking statements in which Stratus discusses factors it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical facts, such as, the potential continuing impacts of the COVID-19 pandemic. The words “anticipates,” “may,” “can,” “plans,” “believes,” “potential,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be” and any similar expressions are intended to identify those assertions as forward-looking statements.\n\n\nStratus cautions readers that forward-looking statements are not guarantees of future performance, and its actual results may differ materially from those anticipated, expected, projected or assumed in the forward-lo...