Ryman Hospitality Properties has completed a $700 million private placement of senior notes due 2035, with the proceeds earmarked for its pending acquisition of the JW Marriott Orlando Grande Lakes Resort and The Ritz-Carlton Orlando, Grande Lakes.
The senior unsecured obligations, issued at an interest rate of 6.25%, generated approximately $689 million in net proceeds after accounting for initial purchaser discounts and estimated offering expenses. The notes were sold to qualified institutional buyers under Rule 144A and to certain non-U.S. persons outside the U.S. under Regulation S, and are not registered under the U.S. Securities Act of 1933.
Ryman Hospitality plans to use the proceeds to partially fund the $1.38 billion acquisition of the two Orlando resorts, including associated fees and expenses. The remaining balance will be covered by existing cash reserves and a public offering of 5.865 million common shares at $117.00 per share, which closed on August 12, 2026. If the acquisition is not completed, the notes will be redeemed at par plus accrued interest.
The company, a lodging and hospitality REIT specializing in group-oriented convention center resorts, operates five Gaylord Hotels properties managed by Marriott International. These include 12,364 rooms and over 3 million square feet of meeting space. Ryman Hospitality also owns approximately 70% of Opry Entertainment Group.
