Blackstone has agreed to sell the JW Marriott San Antonio Hill Country Resort & Spa for $800 million in what would be the second-largest single-asset hotel deal in the U.S. of the pandemic.
Ryman Hospitality Properties has contracted to buy the property, which includes more than 1,000 rooms, a spa, two golf courses and 268,000 square feet of meeting space. The Nashville-based real estate investment trust specializes in convention-center resorts and country music venues.
Resort properties have been among the commercial real-estate types that have done well during the pandemic. During the early years of Covid-19, resorts enjoyed high demand from people cooped up in their homes looking for drive-to destinations with large outdoor amenities.
Read the full story on The Wall Street Journal here.