Ryman Hospitality dips after $250 mln stock offering for JW Marriott asset acquisition

Shares of Ryman Hospitality Properties RHP.N down 1.9% premarket to $97.30 after acquisition-related follow-on priced

Real estate investment trust late Mon announced 2.6 mln shares at $96.20 for gross raise of ~$250 mln

Offering size boosted from 2.3 mln shares, priced at 3% discount to last sale

Co plans to use net proceeds to partially fund $865 mln buy of the JW Marriott Phoenix Desert Ridge Resort & Spa, located in Arizona

If acquisition is not consummated, Ryman says will use net proceeds for general corporate purposes

Morgan Stanley, BofA, J.P. Morgan and Wells Fargo are active jt bookrunners for the offering

Nashville, Tennessee-based Ryman has 60 mln shares outstanding for $6 bln market cap

Through Mon, RHP shares down 5% YTD. Stock's 52-week high is $121.77 (Dec 3, 2024) and 52-week low is $76.27 (Apr 9, 2025)

All 11 analysts are bullish on RHP, including 4 "strong buy" ratings and the median PT is $116, according to latest LSEG data