Ryman Hospitality Properties entered an agreement to purchase the JW Marriott Phoenix Desert Ridge Resort & Spa from Trinity Investments for $865 million.
Trinity bought the property in 2019 for $602 million and completed a nearly $100 million renovation in 2023 that improved the lobby and guest rooms as well as added a water park and two restaurants.
The deal is expected to close in the second or third quarter of 2025.
Large Meetings Portfolio
Ryman Hospitality Properties is a real estate investment trust that specializes in upscale convention center resorts and entertainment venues, including Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center.
Ryman opened Gaylord Pacific Resort & Convention Center May 15 in Chula Vista, California, approximately 10 miles south of San Diego. The $1.3 billion, 1,600-room Gaylord Pacific offers 1.8 million square feet of meetings and conventions space, including the 47,000-square-foot California Ballroom, the largest ballroom in California.
[Related: Gaylord Pacific Set to Launch a West Coast Game-Changer]
The company’s convention center properties represent five of the top seven largest non-gaming convention center hotels in the U.S. based on total indoor meeting space.
The company also owns the JW Marriott San Antonio Hill Country Resort & Spa, which it purchased in June 2023, as well as a 70% controlling ownership interest in Opry Entertainment Group, which includes country music brands such as Grand Ole Opry, Ryman Auditorium and Block 21, a mixed-use entertainment, lodging and office and retail complex that includes W Austin Hotel and ACL Live at Moody Theater in downtown Austin, Texas.
Ryman’s hotel portfolio comprises more than 11,500 rooms and 3 million square feet of indoor and outdoor meeting space and is managed by Marriott International.
