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Ryman Cancels $275M Deal for Block 21 in Austin

Citing the economic environment resulting from the COVID-19 pandemic, Ryman Hospitality Properties walked away from its $275-million agreement to acquire Block 21, a mixed-use development and entertainment business in Austin’s 2nd District, from developer Stratus Properties. The deal was first announced last December and was slated to close in the second quarter.

“We commend Stratus on their successful development of the Block 21 complex, and we know that it will have continued success when its businesses are able to return to full strength at the end of this global pandemic,” said Colin Reed, CEO of Nashville-based Ryman.

At Austin-based Stratus, CEO William H. Armstrong III said, “We are disappointed that the sale of Block 21 to Ryman will not be completed; however, we understand Ryman’s termination given the intervening COVID-19 pandemic.”

Ryman will forfeit its $15-million earnest money deposit as a result of the termination of the agreement.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).