Ryman Hospitality Properties, Inc. to Acquire JW Marriott Phoenix Desert Ridge Resort & Spa for $865 Million
Ryman Hospitality Properties (NYSE: RHP) has announced a definitive agreement to acquire the JW Marriott Phoenix Desert Ridge Resort & Spa for $865 million. The property will continue to operate under Marriott International's JW Marriott flag. The purchase price represents a 12.7x Adjusted EBITDAre multiple on the property's 2024 results.
The resort, situated on 402 acres in Arizona's Sonoran Desert, features 950 guest rooms and 243,000 square feet of meeting space. Recent upgrades include nearly $100 million in capital investments, covering room renovations, lobby enhancement, and water amenity upgrades. The property boasts the 28,000-square-foot Revive Spa, seven dining outlets, the AquaRidge water amenity, and two golf courses.
The transaction is expected to close in Q2 or Q3 2025 and become accretive to adjusted FFO per share by 2026. The acquisition expands RHP's Western U.S. presence in Phoenix, a top 10 North American meetings market.
Ryman Hospitality Properties (NYSE: RHP) ha annunciato un accordo definitivo per acquisire il JW Marriott Phoenix Desert Ridge Resort & Spa per 865 milioni di dollari. La struttura continuerà a operare sotto il marchio JW Marriott di Marriott International. Il prezzo di acquisto rappresenta un multiplo di 12,7 volte l’EBITDA rettificato (Adjusted EBITDAre) sui risultati previsti per il 2024.
Il resort, situato su 402 acri nel deserto di Sonora in Arizona, dispone di 950 camere e 243.000 piedi quadrati di spazi per meeting. Gli interventi recenti includono quasi 100 milioni di dollari in investimenti di capitale, comprendenti ristrutturazioni delle camere, miglioramenti della hall e aggiornamenti delle aree acquatiche. La struttura offre la spa Revive di 28.000 piedi quadrati, sette punti di ristorazione, l’area acquatica AquaRidge e due campi da golf.
La transazione dovrebbe concludersi nel secondo o terzo trimestre del 2025 e contribuire positivamente all’FFO rettificato per azione entro il 2026. L’acquisizione amplia la presenza di RHP nell’ovest degli Stati Uniti, in particolare a Phoenix, uno dei primi 10 mercati nordamericani per meeting.
Ryman Hospitality Properties (NYSE: RHP) ha anunciado un acuerdo definitivo para adquirir el JW Marriott Phoenix Desert Ridge Resort & Spa por 865 millones de dólares. La propiedad seguirá operando bajo la marca JW Marriott de Marriott International. El precio de compra representa un múltiplo de 12,7 veces el EBITDA ajustado (Adjusted EBITDAre) basado en los resultados proyectados para 2024.
El resort, ubicado en 402 acres en el desierto de Sonora en Arizona, cuenta con 950 habitaciones y 243,000 pies cuadrados de espacio para reuniones. Las mejoras recientes incluyen casi 100 millones de dólares en inversiones de capital, que abarcan renovaciones de habitaciones, mejoras en el vestíbulo y actualizaciones en las áreas acuáticas. La propiedad cuenta con el spa Revive de 28,000 pies cuadrados, siete opciones gastronómicas, la zona acuática AquaRidge y dos campos de golf.
Se espera que la transacción se cierre en el segundo o tercer trimestre de 2025 y que aporte un crecimiento al FFO ajustado por acción para 2026. La adquisición amplía la presencia de RHP en el oeste de EE. UU., específicamente en Phoenix, uno de los 10 principales mercados de reuniones en Norteamérica.
Ryman Hospitality Properties (NYSE: RHP)는 JW Marriott Phoenix Desert Ridge Resort & Spa를 8억 6,500만 달러에 인수하는 확정 계약을 발표했습니다. 해당 숙박 시설은 앞으로도 Marriott International의 JW Marriott 브랜드로 운영될 예정입니다. 매입 가격은 2024년 예상 실적 기준 조정 EBITDA(Adjusted EBITDAre)의 12.7배에 해당합니다.
애리조나 소노란 사막에 위치한 이 리조트는 402에이커 부지에 950개의 객실과 243,000평방피트 규모의 회의 공간을 갖추고 있습니다. 최근 약 1억 달러에 달하는 자본 투자로 객실 리노베이션, 로비 개선, 수상 시설 업그레이드가 이루어졌습니다. 이 리조트에는 28,000평방피트 규모의 Revive 스파, 7개의 식음료 매장, AquaRidge 수상 시설, 그리고 두 개의 골프 코스가 있습니다.
이번 거래는 2025년 2분기 또는 3분기에 완료될 예정이며, 2026년까지 조정 FFO 주당 순이익 증가에 기여할 것으로 예상됩니다. 이번 인수로 RHP는 북미 상위 10대 회의 시장 중 하나인 피닉스 지역에서 서부 미국 내 입지를 확장하게 됩니다.
Ryman Hospitality Properties (NYSE : RHP) a annoncé un accord définitif pour acquérir le JW Marriott Phoenix Desert Ridge Resort & Spa pour 865 millions de dollars. La propriété continuera d’opérer sous la marque JW Marriott de Marriott International. Le prix d’achat représente un multiple de 12,7 fois l’EBITDA ajusté (Adjusted EBITDAre) sur les résultats prévus pour 2024.
Situé sur 402 acres dans le désert de Sonora en Arizona, le complexe comprend 950 chambres et 243 000 pieds carrés d’espaces de réunion. Les récentes améliorations incluent près de 100 millions de dollars d’investissements en capital, couvrant la rénovation des chambres, l’amélioration du hall et la modernisation des installations aquatiques. La propriété dispose d’un spa Revive de 28 000 pieds carrés, de sept restaurants, de l’espace aquatique AquaRidge et de deux parcours de golf.
La transaction devrait être finalisée au deuxième ou troisième trimestre 2025 et contribuer positivement au FFO ajusté par action d’ici 2026. Cette acquisition renforce la présence de RHP dans l’Ouest américain, notamment à Phoenix, l’un des dix premiers marchés nord-américains pour les réunions.
Ryman Hospitality Properties (NYSE: RHP) hat eine endgültige Vereinbarung zum Erwerb des JW Marriott Phoenix Desert Ridge Resort & Spa für 865 Millionen US-Dollar bekannt gegeben. Die Immobilie wird weiterhin unter der Marke JW Marriott von Marriott International betrieben. Der Kaufpreis entspricht einem 12,7-fachen Adjusted EBITDAre-Multiplikator basierend auf den Ergebnissen für 2024.
Das Resort liegt auf 402 Acres in der Sonora-Wüste in Arizona und verfügt über 950 Gästezimmer sowie 243.000 Quadratfuß Veranstaltungsfläche. Kürzliche Modernisierungen umfassen fast 100 Millionen US-Dollar an Investitionen, darunter Renovierungen der Zimmer, Verbesserungen der Lobby und Aufwertungen der Wasseranlagen. Zur Anlage gehören das 28.000 Quadratfuß große Revive Spa, sieben gastronomische Einrichtungen, die AquaRidge Wasseranlage und zwei Golfplätze.
Die Transaktion soll im zweiten oder dritten Quartal 2025 abgeschlossen werden und ab 2026 das bereinigte FFO je Aktie positiv beeinflussen. Die Übernahme erweitert RHPs Präsenz im Westen der USA, insbesondere in Phoenix, einem der Top-10-Tagungsmärkte Nordamerikas.
- Strategic acquisition in a top 10 North American meetings market with no new competitive supply under development
- Property recently received $100 million in capital investments and renovations
- Expected to be accretive to adjusted FFO per share by 2026
- Creates operating synergies with existing portfolio through Marriott alignment
- Expands Western U.S. presence for both Gaylord Hotels and JW Marriott customers
- 2025 results expected to be impacted by construction disruption from ongoing meeting space renovation
- Significant capital investment of $865 million required for acquisition
Insights
RHP's $865M acquisition of JW Marriott Desert Ridge strengthens its group-focused portfolio with a premier Phoenix property, expected to boost FFO by 2026.
This $865 million acquisition represents a significant strategic expansion for Ryman Hospitality Properties into the western U.S. hospitality market. The transaction values JW Marriott Desert Ridge at a 12.7x multiple on its 2024 Adjusted EBITDAre, which is a reasonable valuation considering the property's positioning in a top-10 North American meetings market with strong barriers to new competitive supply.
The Desert Ridge property perfectly aligns with RHP's core strategy of owning large-format, group-oriented destination hotels. At 950 rooms and 243,000 square feet of meeting space, this acquisition maintains the company's focus on properties with substantial conference facilities that can accommodate large corporate events and conventions—a model that typically generates more resilient cash flows through economic cycles compared to traditional hotels.
What makes this particularly compelling is the 402-acre land parcel, which provides significant optionality for future development and value creation. The recent $100 million in capital improvements means the property is already in excellent condition, reducing immediate capital expenditure requirements while allowing RHP to focus on operational integration and revenue optimization.
From an operational perspective, maintaining Marriott International as the operator ensures continuity for existing customers while creating cross-selling opportunities across RHP's portfolio. This should drive better revenue management through coordinated group booking strategies across properties, particularly with rotational customers who book events at multiple properties on a recurring basis.
The anticipated 2026 accretion to Adjusted FFO suggests management expects operational synergies to offset any short-term dilution from the acquisition financing, with 2025 performance temporarily impacted by ongoing renovation disruption. This phased approach to value realization demonstrates disciplined capital allocation while providing a clear path to improved shareholder returns.
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
Mark Fioravanti, President and Chief Executive Officer of the Company, said, “The JW Marriott Desert Ridge has been one of our top acquisition targets for many years. Given the limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire this resort. Considering the strength of our forward bookings, the durable nature of our group business model and our early success with the 2023 acquisition of the JW Marriott Hill Country, we believe this is the right transaction for creating long-term customer and shareholder value.
Located in a thriving, highly-rated meetings market with no new competitive supply under development, this ‘all under one roof’ resort expands our hotel distribution in the Western U.S. for both our Gaylord Hotels and JW Marriott rotational customers. Working with Marriott to align the resources of this complementary property with those already dedicated to our existing portfolio, creates opportunities to drive operating synergies at the property and portfolio level. Furthermore, consistent with previous investments, we look forward to pursuing both near and long-term value creation opportunities at this property, which over time we believe will further improve the customer value proposition and enhance shareholder returns.”
Situated on approximately 402 acres of Arizona's Sonoran Desert, the JW Marriott Desert Ridge is one of largest hotels in the greater Phoenix/Scottsdale area and features 950 guest rooms, including 81 suites, and approximately 243,000 square feet of versatile indoor and outdoor meeting and event space. Guests enjoy an array of world-class amenities, including the 28,000-square-foot Revive Spa; seven food and beverage outlets; the 140,000-square-foot AquaRidge water amenity featuring water slides, a lazy river, and an adult-only island; and two renowned golf courses at Wildfire Golf Club—the Nick Faldo-designed Championship Course and the Arnold Palmer-designed Signature Course. The property has recently benefitted from nearly
Phoenix, the nation’s fifth most populous city, and the largest in Arizona, is a top 10 meetings market in North America with strong leisure demand drivers. Phoenix-Sky Harbor Airport is the 14th busiest in the U.S. by total enplanements and deplanements with plans for further long-term expansion.
The Company expects to close the JW Marriott Desert Ridge transaction in the second or third quarter of 2025, subject to customary closing conditions.
1 Adjusted EBITDAre is a non-GAAP financial measure. Refer to “JW Marriott Desert Ridge Adjusted EBITDAre” later in this press release for an explanation of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.
Note to Ryman Hospitality Properties Shareholders: The Company has provided a presentation containing supplemental information related to this transaction. The presentation is located on the Company’s website under Investor Relations/News & Events/Events & Presentations.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the pending JW Marriott Desert Ridge transaction and the Company’s expectations for the JW Marriott Desert Ridge upon the closing of the transaction. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include the risks and uncertainties associated with the pending JW Marriott Desert Ridge transaction, including, but not limited to, the occurrence of any event, change or other circumstance that could delay the closing of the JW Marriott Desert Ridge transaction, or result in the termination of the agreement for JW Marriott Desert Ridge transaction; adverse effects on Company’s common stock because of the failure to complete the JW Marriott Desert Ridge transaction, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, and changes in interest rates. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
JW Marriott Desert Ridge Adjusted EBITDAre
Adjusted EBITDAre is calculated and presented by the Company based on unaudited information provided to the Company from the seller or an affiliate of the seller. Adjusted EBITDAre, a non-GAAP financial measure, is calculated as Net Income calculated in accordance with GAAP plus interest expense, depreciation and amortization and non-cash lease expense and other. Below is a reconciliation of Adjusted EBITDAre to Net Income, the most directly comparable GAAP figure for Adjusted EBITDAre. The Company used Adjusted EBITDAre to evaluate the operating performance of the property and to price the JW Marriott Desert Ridge acquisition.
| 12 Months Ended | |||
| December 31, | |||
| (in thousands) | 2024 | ||
| Net income | $ | 23,479 | |
| Interest | 14,513 | ||
| Depreciation and Amortization | 29,368 | ||
| Non-Cash Lease Expense and Other | 896 | ||
| Adjusted EBITDAre | $ | 68,256 | |
| Investor Relations Contacts: Mark Fioravanti, President and Chief Executive Officer (615) 316-6588 mfioravanti@rymanhp.com Jennifer Hutcheson, Chief Financial Officer (615) 316-6320 jhutcheson@rymanhp.com Sarah Martin, Vice President, Investor Relations (615) 316-6011 sarah.martin@rymanhp.com | Media Contact: Shannon Sullivan, Vice President, Corporate and Brand Communications (615) 316-6725 ssullivan@rymanhp.com |
FAQ
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