Music City in the Live Music Capital

Stratus Properties of Austin has agreed to sell the downtown parcel known as Block 21 – which is home to ACL Live, the W Hotel and other retail and hospitality businesses – to Nashville-based Ryman Hospitality Properties. The $275 million sale includes payment of $142 million in existing debt on the development, with the balance paid in cash in a deal that is expected to close early next year. Stratus has intermittently tried to sell Block 21 since at least 2013, and CEO Beau Armstrong told the Austin American-Statesman that the sale to Ryman and its portfolio of hotels, entertainment venues including the Grand Ole Opry and other assets created synergies with the concerts and events at ACL Live. Ryman also has the option to rebrand the W Hotel, though the company has not announced plans to do so. Prior to the sale announcement Stratus stock (NASDAQ: STRS) closed the day down 35 cents to $27.50 per share.