Ryman Hospitality Properties, Inc. to Acquire JW Marriott Phoenix Desert Ridge Resort & Spa for $865 Million

NASHVILLE, Tenn., May 19, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today announced a definitive agreement under which the Company will purchase the JW Marriott Phoenix Desert Ridge Resort & Spa (“JW Marriott Desert Ridge”) in Phoenix, Arizona, for $865 million. The Company plans for the resort to continue to be operated by Marriott International under the JW Marriott flag. The purchase price represents a 12.7x Adjusted EBITDAre multiple on JW Marriott Desert Ridge’s 2024 results.¹ 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 of the JW Marriott Desert Ridge to be accretive to adjusted funds from operations (“Adjusted FFO”) per fully diluted share for 2026.