Ryman Hospitality to acquire JW Marriott Phoenix for $865M, sees accretion

Ryman Hospitality (RHP) announced a definitive agreement under which the company will purchase the JW Marriott Phoenix Desert Ridge Resort & Spa in Phoenix, Arizona, for $865M. The company plans for the resort to continue to be operated by Marriott (MAR) under the JW Marriott flag. The purchase price represents a 12.7x Adjusted EBITDAre multiple on JW Marriott Desert Ridge’s 2024 results. The property’s 2025 results are expected to be impacted by construction disruption related to the meeting space renovation currently underway and ongoing through the third quarter of 2025. The company expects the acquisition of the JW Marriott Desert Ridge to be accretive to adjusted funds from operations per fully diluted share for 2026. Situated on approximately 402 acres of Arizona’s Sonoran Desert, the JW Marriott Desert Ridge is one of largest hotels in the greater Phoenix/Scottsdale area and features 950 guest rooms, including 81 suites, and approximately 243,000 square feet of indoor and outdoor meeting and event space. The property has recently benefitted from nearly $100M in capital investments, including a complete renovation of rooms and suites, an enhanced lobby and arrival experience, upgraded water amenities, and reimagined food and beverage outlets. The company expects to close the JW Marriott Desert Ridge transaction in the second or third quarter of 2025, subject to customary closing conditions.