Ryman Hospitality Properties (RHP) to offer 3.5 million common shares

Ryman Hospitality Properties, Inc. (NYSE: RHP) announced that it has commenced an underwritten registered public offering of 3,500,000 shares of its common stock, par value $0.01 per share. The Company expects to grant the underwriters a 30-day option to purchase up to 525,000 additional shares of common stock.

The Company expects to contribute the net proceeds of the Offering to RHP Hotel Properties, LP. The Operating Partnership intends to use all of the net proceeds of the Offering to fund a portion of the approximately $800 million purchase price for the previously announced pending acquisition of the JW Marriott San Antonio Hill Country Resort & Spa located in San Antonio, Texas from BREIT JWM San Antonio LP and BREIT JWM San Antonio TRS LLC (collectively, the “Hill Country Acquisition”) and to pay related fees and expenses of the Hill Country Acquisition. The balance of the purchase price of the Hill Country Acquisition will be funded with a combination of cash on hand and debt, which may include borrowings under the Company’s revolving credit facility and/or unsecured debt financing. The Hill Country Acquisition is not dependent on the Offering, and the Company expects to consummate the Offering whether or not it proceeds with the Hill Country Acquisition. If the Hill Country Acquisition is not consummated, the Company intends to use the net proceeds from the Offering for general corporate purposes.

BofA Securities and J.P. Morgan are acting as joint book-running managers for the Offering. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed or as to the final size or terms of the Offering.

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