(Reuters) – Blackstone Real Estate Income Trust Inc (BREIT) has agreed to sell a Texas-based resort to Ryman Hospitality Properties Inc for $800 million, as the asset management giant looks to cash in on resurgent demand for leisure travel and retreat.
The deal for Texas-based JW Marriott San Antonio Hill Country Resort & Spa is expected to close in the second or third quarter of the year, the companies said on Monday.
A real estate investment trust focused on resorts, Ryman is betting on the “attractive and growing market with no emerging competitive supply” the resort is located in.
The company is also looking to benefit from the recovery of leisure travel and the persistence of remote working, which has allowed employees to work from their chosen retreats instead of their offices.
Earlier this month, Blackstone said redemption requests related to BREIT had come down in May.
(Reporting by Niket Nishant in Bengaluru; Editing by Pooja Desai)
