Stratus Properties Inc. and Ryman Hospitality Properties, Inc. Extend Scheduled Closing Date for Block 21 Sale
AUSTIN, Texas–(BUSINESS WIRE)–Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) today announced that the expected closing date for its previously announced sale of Block 21 to Ryman Hospitality Properties, Inc. has been extended as both parties continue the process of obtaining consent for the purchaser to take over the existing mortgage from the relevant loan servicers. The transaction is now expected to close in the first quarter of 2022, subject to the timely satisfaction or waiver of various closing conditions, including the loan servicers’ consent to the buyer’s assumption of the existing mortgage loan, the consent of the hotel operator, an affiliate of Marriott, to the purchaser’s assumption of the hotel operating agreement, no material adverse effect and other customary closing conditions .
Block 21 is a 100% Stratus-owned mixed-use development in downtown Austin, Texas that contains the W Austin Hotel and office, retail and entertainment space.
About Stratus Properties Inc.
Stratus is a diversified real estate company primarily engaged in the acquisition, allocation, development, management and sale of commercial, multi-family and single-family real estate properties, real estate leasing and operation of hospitality and entertainment businesses located in the Austin, TX area and other select fast-growing markets in Texas.
This press release contains forward-looking statements in which Stratus discusses factors that it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical fact, including statements regarding if and when the sale of Block 21 will be completed. The words “anticipate”, “may”, “may”, “could”, “plan”, “believe”, “potential”, “possible”, “estimate”, “expect”, “project”, ” target”, “intends”, “likely”, “will”, “should”, “be”, and similar expressions are intended to identify such statements as forward-looking statements. Stratus cautions readers that forward-looking statements are not guarantees of future performance and that its actual results may differ materially from those anticipated, expected, projected or implied in the forward-looking statements. Important factors that may cause Stratus’ actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, the occurrence of any event, change or other circumstance that could delay the closing of the sale. of Block 21 or result in the termination of the Block 21 sale agreements, the uncertain and continued impact of the COVID-19 pandemic, and other factors described in more detail under the heading “Risk Factors” in the Annual Report of Stratus on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, each filed with the United States Securities and Exchange Commission.
Investors are cautioned that many of the assumptions upon which Stratus’ forward-looking statements are based are subject to change after the date on which the forward-looking statements are made. Additionally, Stratus may make changes to its business plans that could affect its results. Stratus cautions investors that it undertakes no obligation to update forward-looking statements, which speak only as of the date they are made, notwithstanding any changes in its assumptions, business plans, actual experience or other changes.
A copy of this press release is available on Stratus’ website, stratusproperties.com.