Ryman Hospitality Pricing, Acquisition, and Funding Strategies

Ryman Hospitality Properties priced an underwritten public offering of 5.1 million common shares at $117.00 apiece, raising roughly $597 million gross, as one leg of the financing for its pending acquisition of the JW Marriott Orlando, Grande Lakes. RHP is paying $1.38 billion to buy the resort from Trinity Investments, a price that represents about 12.5x the property's trailing-twelve-month Adjusted EBITDAre through June 30, 2026.

The 409-acre Grande Lakes complex pairs a 1,010-room JW Marriott with a 582-room Ritz-Carlton and an 18-hole golf course, and would continue to be operated by Marriott International under both brands after the deal closes. For Ryman, whose portfolio is concentrated in large convention hotels, the purchase adds a leisure-oriented Orlando resort and could diversify revenue beyond group and convention demand.

To round out the funding, Ryman's operating partnership proposed a private placement of $700 million in senior notes due 2035, with net proceeds earmarked to cover the balance of the purchase price alongside the equity raise and cash on hand. The notes offering is not contingent on the acquisition closing: if the Grande Lakes deal falls through, the notes would be redeemed at 100% of the issue price plus accrued interest.

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Investors could watch how the added debt and share count affect leverage ratios and per-share metrics, and whether the resort's integration under Ryman's ownership sustains the EBITDAre multiple paid at signing.

Related Stocks

• RHP