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Blackstone’s (NYSE:BX) private real estate investment trust known as BREIT has agreed to sell San Antonia, Texas-based JW Marriott San Antonio Hill Country Resort & Spa to lodging REIT Ryman Hospitality Properties (NYSE:RHP) for $800M, the companies said Monday.
The deal, which is expected to be closed during Q2 or Q3, represents a trailing-twelve-months (through March 31, 2023) adjusted EBITDAre multiple of around 12.6 times, Mark Fioravanti, president and CEO of Ryman Hospitality (RHP), said in a statement.
From BREIT’s point of view, the sale generates about $275M in profit over a five-year hold period through Covid, “a terrific outcome for BREIT shareholders,” said Nadeem Meghji, head of Blackstone Real Estate Americas.
Earlier, BREIT received redemption requests for $4.4B in May, down from $4.5B in April and 18% from its peak in January.
