BlackRock Inc. acquired 11,192,040 shares of Ryman Hospitality Properties, Inc. according to a recent Form 13F filing. The investment is valued at approximately $1.44 billion. This position gives BlackRock a 17.73% stake in the real estate investment trust.
The purchase follows Ryman’s closing of an underwritten public offering that generated $658 million in net proceeds. Ryman will use the funds to finance the pending acquisition of two luxury resort hotels in Orlando, Florida.