NEW YORK (CelebrityAccess) — Nashville-based Ryman Hospitality Properties revealed they are teaming up with a New York-based developer to launch a new country music-themed restaurant in Times Square.
Ryman Hospitality Properties is the real estate investment trust behind entertainment properties such as the The Grand Ole Opry and Nashville's historic Ryman Auditorium.
Ryman CEO Colin Reed announced the news Thursday in a presentation to analysts and investors at the Citi 2016 Global Property CEO Conference in Nyew York. Ryman CFO Mark Fioravanti told investors that the company plans to invest $4 million on th eporoject, giving them a 50% stake, according to the Nashville Post.
The Times Square venue, which has yet to be officially named, will feature a street-level store, two restaurant/bar areas and a performance space for ticketed events, according to the Post.
Reed characterized the expansion to New York as a significant step for the company.
“There’s no doubt that Nashville and the Grand Ole Opry are the homes of country music, but the genre’s incredible growth and mainstream appeal means that there are now lovers of country music all over the world," Reed told investors. "This venue will bring to Times Square and its nearly 40 million annual global visitors a rich country music heritage and an opportunity to experience the unique country music lifestyle.” – Staff Writers