Simpson Thacher is advising Blackstone Real Estate Investment Trust (“BREIT”) in connection with its sale of the JW Marriott San Antonio Hill Country Resort & Spa for $800 million to Ryman Hospitality Properties, Inc. (NYSE: RHP). The Wall Street Journal is reporting the transaction as the second largest single-asset hotel deal in the U.S. of the pandemic.
The Resort includes more than 1,000 rooms and has a spa, two golf courses and 268,000 square feet of meeting space. The closing of the transaction is expected to occur during the second or third quarter of 2023, subject to customary closing conditions. Simpson Thacher represented BREIT in connection with the purchase of the resort in 2018.
The Simpson Thacher team includes Danielle Jackson, Gregory Ressa, Cristiana Modesti, Shane Herskowitz and Shelby Shearon (Real Estate); Andrew Blau and Kristy Fields (ECEB); Nancy Mehlman and Preston Irace (Tax); and Jeanne Annarumma (ERISA).