Ryman Hospitality Properties Raises $275 Million in Upsized Equity Offering

$RHP
Ryman Hospitality Properties, Inc. (NYSE: RHP) announced the successful closing of its upsized underwritten public offering, generating approximately $275 million in net proceeds. The company issued 2,990,000 shares of its common stock at $96.20 per share, including 390,000 shares sold through the full exercise of the underwriters’ option to purchase additional shares.
The offering closed on May 21, 2025, with all shares delivered upon completion. After deducting underwriting discounts, commissions, and estimated expenses, the net proceeds are expected to bolster the company’s balance sheet and support future growth initiatives. The transaction was managed by a consortium of financial institutions, including Morgan Stanley, BofA Securities, J.P. Morgan and Wells Fargo Securities, with additional support from Deutsche Bank Securities, BTIG, Credit Agricole CIB, Scotiabank, SMBC Nikko and Raymond James.
The proceeds from this offering are earmarked for a strategic acquisition that underscores Ryman Hospitality’s commitment to expanding its upscale convention center resorts portfolio. Specifically, the funds will partially finance the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa, a deal valued at approximately $865 million. The balance of the acquisition cost will be covered through a combination of cash on hand and the proceeds from a private placement of senior notes due in 2033, which was also upsized to $625 million.
This acquisition is poised to enhance Ryman Hospitality’s market presence in Phoenix, Arizona, a key region for tourism and business conventions. The JW Marriott Phoenix Desert Ridge Resort & Spa is expected to complement the company’s existing portfolio of large-scale convention center hotels, which includes properties like the Gaylord Opryland and Gaylord Rockies, among others. Ryman Hospitality’s strategic focus extends beyond property acquisitions.
Ryman Hospitality Properties, Inc.’s recent financial maneuvers, including the successful stock offering and the strategic acquisition of a major resort, are indicative of its growth strategy and commitment to enhancing shareholder value through strategic investments and expansions. These developments not only reinforce the company’s footprint in the upscale hospitality market but also promise to enrich the experiences offered to guests, thereby supporting long-term growth and profitability.
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