Ryman Hospitality buys Blackstone resort in Texas for $800 mln, issues stock

Ryman Hospitality Properties Inc.
RHP,
-1.65%
is down 1.6% in premarket trades Tuesday after it agreed to pay $800 million for a resort in Texas from a Blackstone Inc.
BX,
+4.07%
fund, and said it would issue 3.5 million shares of stock. Ryman and Blackstone Real Estate Income Trust agreed that Ryman would purchase the JW Marriott San Antonio Hill Country Resort & Spa in San Antonio, Texas, according to a statement issued late Monday. Ryman’s stock offering will raise about $332 million based on a price of $95 a share on Tuesday morning. Blackstone stock is down 0.8% in premarket trades on Tuesday.