Ryman to acquire JW Marriott in Phoenix for $865M

PHOENIX — Nashville-based REIT Ryman Hospitality Properties has signed an agreement to purchase the 950-key JW Marriott Phoenix Desert Ridge Resort & Spa in Arizona from Honolulu-based Trinity Investments for $865 million, one of the largest hotel transactions so far in 2025. 

“The JW Marriott Desert Ridge has been one of our top acquisition targets for many years. Given the limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire this resort,” said Mark Fioravanti, president and CEO of Ryman. “Considering the strength of our forward bookings, the durable nature of our group business model and our early success with the 2023 acquisition of the JW Marriott Hill Country, we believe this is the right transaction for creating long-term customer and shareholder value.”

Trinity purchased the property for $602 million in 2019 and in 2023 put nearly $100 million in capital investments into the resort, including renovating its rooms, lobby, adding a new water complex and reimagining its F&B outlets. The resort will continue to operate under the JW Marriott flag.

The JW Marriott Desert Ridge has been one of our top acquisition targets for many years. Given the limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire this resort.

Mark Fioravanti

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According to Ryman, the purchase price represents a 12.7x adjusted EBITDAre multiple on the resort’s 2024 results. The property’s 2025 results are expected to be impacted by construction disruption related to a meeting space renovation currently underway and ongoing through the third quarter of this year. Ryman said it expects the acquisition of the property to be accretive to adjusted funds from operations per fully diluted share for 2026.

The transaction is expected to close in the second or third quarter of 2025, subject to customary closing conditions. Fioravanti said the resort has no new competitive supply under development.

“Furthermore, consistent with previous investments, we look forward to pursuing both near and long-term value creation opportunities at this property, which over time we believe will further improve the customer value proposition and enhance shareholder returns.”

The resort sits on approximately 402 acres of Arizona’s Sonoran Desert and has approximately 243,000 sq. ft. of indoor and outdoor meeting and event space.

Analysis of the deal

Analyst Patrick Scholes of Truist Securities said the balance of acquisition costs is expected to be funded with cash on hand and debt, possibly including the REIT’s revolving credit facility. He also said the resort is a natural progression from Ryman’s initial success of acquiring the JW Marriott San Antonio Hill Country in Texas in 2023. 

“We are not terribly surprised that [Ryman] is acquiring a resort in the greater Phoenix area, as they have suggested in the past they would like to own in this region,” he said. “This continues to diversify [Ryman] geographically as its first hotel in the Southwest.”

Scholes said the resort is a “very rational addition” but with one caveat.

“One big wrinkle… regarding this acquisition and timing is where we are in the lodging cycle — with macro downside risks/uncertainty not just to leisure demand but also group,” he said. “[Ryman] defended its views, but we maintain some caution as to why purchase now. We question if investor and analyst attention may end up focusing more on this acquisition and less on fundamentals for the other properties, particularly as Desert Ridge should have very easy group comps in 2026.”

Scholes said Ryman views the acquisition as solid and has strong competitive advantages during short-term market dislocation.