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The Grand Ole Opry House may soon be available to investors who wish to buy a piece of the famous symbol of country music.<\/p>\n
Ryman Hospitality Properties said in a statement Wednesday afternoon that it has hired Morgan Stanley to help it explore options for selling its 70% stake in Opry Entertainment Group, the owner of the Grand Ole Opry House in Nashville, Tennessee, its long-running radio broadcast, and multiple additional assets such as Blake Shelton-themed bars and restaurants.<\/p>\n
The rise in global popularity of country music and the increasing demand for live experiences have led multiple investors to contact the real estate investment trust to express an interest in acquiring Ryman\u2019s majority stake in its Opry Entertainment division, according to the statement. <\/p>\n
Ryman\u2019s chairman, Colin Reed, said in the statement that the REIT expects \u201cto play an integral role in the continued growth of [Opry Entertainment] irrespective of any strategic partnerships being considered.\u201d<\/p>\n
Reed added that \u201cwe have previously shared our view that enabling [Opry Entertainment] to operate outside of our REIT structure over time is important for its long-term growth trajectory and we believe strategic partnerships can further support its growth.”<\/p>\n
Ryman has not entered into any agreements, and there are no assurances that any deal will come to fruition, the statement said.<\/p>\n
The Grand Ole Opry is the longest-running radio broadcast in U.S. history, and some of the most popular acts in country music have performed on the show, such as Hank Williams, Johnny Cash, Dolly Parton and Luke Combs. The program started in Nashville in 1925 and has been broadcast from six venues in the Tennessee state capital. <\/p>\n
Opry Entertainment owns the radio program and multiple concert venues, including the 4,372-seat Grand Ole Opry House in east Nashville and the historic 2,632-seat Ryman Auditorium in downtown Nashville.<\/p>\n
Opry Entertainment\u2019s other properties include Austin City Limits Live, a 2,750-seat venue in Austin, Texas; the W Austin hotel in Austin; and the Ole Red chain of music venues and restaurants created by country singer Blake Shelton.<\/p>\n
Ryman Hospitality was known as Gaylord Entertainment until 2012, when it sold the management rights of its Gaylord-branded hotels to Marriott, restructured as a real estate investment trust and changed its name. <\/p>\n