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Ryman Hospitality closes $235M stake buy in Colo. resort project

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Ryman Hospitality closes $235M stake buy in Colo. resort project

Ryman Hospitality Properties Inc. on Dec. 31, 2018, closed its roughly $235 million purchase of an additional stake in a joint venture that owns the Gaylord Rockies Resort & Convention Center project in Aurora, Colo.

The stake was acquired from Aurora Convention Center Hotel Partners LLC, AREG Aurora CCH LLC and RIDA Aurora LLC, the hotel real estate investment trust said in a filing.

Ryman and RIDA Development Corp. signed a deal in September 2018 to buy the additional stake in the development joint venture from funds managed by asset manager Ares Management LP's real estate group.

Ryman financed the deal using funds from its revolving credit facility and cash, according to a release.

Following the deal's completion, Ryman owns a roughly 61.2% interest in the partnership, while RIDA Development and other affiliates of the seller collectively hold a roughly 38.8% stake.

Additionally, Ryman amended the purchase agreement to add a second closing date in July 2019 for the acquisition of an additional 0.9% stake in the Gaylord Rockies development, which will feature a 1,500-room hotel and a convention center.