Ryman Hospitality Expands Portfolio with New Resort Acquisition
Ryman Hospitality Properties Expands Its Portfolio
Ryman Hospitality Properties, Inc. (NYSE: RHP) has successfully finalized its acquisition of the luxurious JW Marriott Phoenix Desert Ridge Resort & Spa. This exciting development marks a significant step in Ryman's strategy to enhance its offerings in the competitive hospitality market.
Integration and Future Opportunities
Mark Fioravanti, the President and CEO of Ryman, expressed gratitude towards both the internal team and Trinity Investments, the sellers, stating, “Their collaboration made this successful closing possible.” Fioravanti further emphasized his enthusiasm about integrating the JW Marriott Desert Ridge into Ryman's unique portfolio, with hopes of uncovering attractive value creation strategies in the process.
A Premier Destination
Nestled within 402 acres of spectacular Arizona desert landscape, the JW Marriott Desert Ridge stands out as a premier resort in the greater Phoenix and Scottsdale regions. With a staggering 950 guest rooms, including 81 suites, it accommodates a vast range of visitors, from leisure travelers to corporate groups.
Amenities Designed for Guests
The resort boasts not only elegant accommodations but also approximately 243,000 square feet of flexible indoor and outdoor meeting spaces, catering to various events. Visitors can indulge in a lavish 28,000-square-foot REVIVE Spa, savor diverse culinary options at its seven dining outlets, and enjoy the AquaRidge water amenities featuring exhilarating water slides and a relaxing lazy river. Golf enthusiasts will delight in the two world-class golf courses—one designed by Nick Faldo and the other by golf legend Arnold Palmer.
Recent Investments Elevate Guest Experience
The JW Marriott Desert Ridge has seen substantial enhancements, with nearly $100 million invested in property improvements recently. This includes fully renovated guest rooms and suites, an upgraded lobby experience, enhanced water features, and modernized dining facilities, ensuring visitors have an unforgettable experience.
About Ryman Hospitality Properties
As a premier real estate investment trust (REIT) focused on upscale lodging and hospitality, Ryman Hospitality Properties manages a portfolio that includes several highly regarded convention resorts across the United States. Their properties are designed to cater to large-scale gatherings, with the Gaylord Opryland Resort & Convention Center, Gaylord Palms Resort & Convention Center, and others being prominent examples. The Ryman group also owns additional properties including the JW Marriott San Antonio Hill Country Resort & Spa, extending their reach in the hospitality sector.
Industry Position and Market Presence
The company’s extensive offerings encompass more than 12,000 rooms and over 3 million square feet of meeting space, making them a leader in group-focused hospitality. Furthermore, Ryman’s influence extends to entertainment through its considerable investment in Opry Entertainment Group, which features iconic venues and entertainment brands, bolstering Ryman's reputation in both hospitality and entertainment sectors.
Frequently Asked Questions
What is the significance of Ryman’s acquisition?
The acquisition of JW Marriott Desert Ridge allows Ryman to further diversify and enhance its offerings within the resort and hospitality market.
What amenities can guests expect at JW Marriott Desert Ridge?
Guests can enjoy luxurious accommodations, expansive meeting spaces, a state-of-the-art spa, various dining options, and recreational facilities including water slides and golf courses.
How much was invested in improvements at the resort?
Nearly $100 million has been invested in upgrades, including renovations to guest rooms and enhancements to the overall guest experience.
What is Ryman's overall strategy?
Ryman focuses on expanding its portfolio through strategic acquisitions while maintaining a strong emphasis on delivering exceptional hospitality experiences.
How does this acquisition affect Ryman's market presence?
This acquisition strengthens Ryman’s market position by adding a highly desirable property to its portfolio, increasing its appeal to both corporate and leisure travelers.
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