Ryman Hospitality Properties Inc. priced its offering of 3.0 million common shares at $85.60 apiece, for approximately $246 million in net proceeds.

The hotel real estate investment trust also granted the underwriters a 30-day option to buy up to 450,000 additional shares.

The REIT intends to funnel a portion of the net proceeds toward the roughly $134 million cash portion of its planned $275 million acquisition of the Block 21 mixed-use complex in downtown Austin, Texas, and related acquisition costs, with any remaining proceeds going toward general corporate purposes.

BofA Securities, J.P Morgan, Wells Fargo Securities, Deutsche Bank Securities and Raymond James are the joint book-running managers for the offering, slated to close on or about Dec. 12. BTIG, Credit Agricole CIB, Scotiabank, Capital One Securities, Citigroup, SMBC and TD Securities are the co-managers.