PHOENIX, AZ (CelebrityAccess) — Ryman Hospitality Properties, Inc., the real estate investment trust behind companies such as Gaylord Entertainment, announced plans to acquire the JW Marriott Phoenix Desert Ridge Resort & Spa in Phoenix, Arizona, for $865 million.
Following the acquisition, the resort will continue to be operated by Marriott International under the JW Marriott flag, the companies said.
Situated on 400 acres of Arizona’s Sonoran Desert, the JW Marriott Desert Ridge is one of largest hotel and resort facility in the greater Phoenix area. The property includes 81 suites, and approximately 243,000 square feet of indoor/outdoor event spaces.
“The JW Marriott Desert Ridge has been one of our top acquisition targets for many years. Given the limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire this resort. Considering the strength of our forward bookings, the durable nature of our group business model and our early success with the 2023 acquisition of the JW Marriott Hill Country, we believe this is the right transaction for creating long-term customer and shareholder value,” stated Mark Fioravanti, President and Chief Executive Officer for Ryman Hospitality Properties.
“Located in a thriving, highly-rated meetings market with no new competitive supply under development, this ‘all under one roof’ resort expands our hotel distribution in the Western U.S. for both our Gaylord Hotels and JW Marriott rotational customers. Working with Marriott to align the resources of this complementary property with those already dedicated to our existing portfolio, creates opportunities to drive operating synergies at the property and portfolio level. Furthermore, consistent with previous investments, we look forward to pursuing both near and long-term value creation opportunities at this property, which over time we believe will further improve the customer value proposition and enhance shareholder returns,” he added.
RHP expects the deal to close in the second or third quarter of 2025, subject to customary closing conditions.
