Stratus Properties announced Dec. 9 it has agreed to sell Block 21—a mixed-use development that includes the W Austin hotel and Austin City Limits Live at the Moody Theater—to Ryman Hospitality Properties, a Nashville-based company, for $275 million, which includes Ryman's assumption of approximately $142 million of existing mortgage debt, according to a press release.

"We think Ryman Hospitality Properties' expertise in both hospitality and live entertainment, plus their demonstrated stewardship of the iconic Ryman Auditorium and Grand Ole Opry make them the ideal company to usher Block 21 and ACL Live into their next decade," said William H. Armstrong III, Stratus' chairman, president and CEO, in a statement.

The transaction is expected to close in early 2020.

Block 21 is bordered by Second, Guadalupe, Third and Lavaca streets.

www.rymanhp.com

www.stratusproperties.com