Nashville's Ryman Hospitality Buys Austin City Limits Venue

YouTube/Austin City Limits

Ryman Hospitality Properties Inc., owners of Nashville's Ryman Auditorium and the Grand Ole Opry House, expanded their reach from Music City to the Live Music Capital of the World by purchasing a downtown Austin, Texas development that's anchored by the W Austin hotel and ACL Live at the Moody Theater.

Austin-based real estate company Stratus Properties Inc. sold the property, known as block 21, on Dec. 8 for a reported $275 million.

"Block 21 is a one-of-a-kind asset anchored by a world-class theater in one of the most vibrant and culturally significant music destinations in the country. We believe ACL Live, along with the entire Block 21 complex, is a natural complement to our portfolio of iconic entertainment and media assets," Ryman Hospitality CEO Colin Reed said in a statement (as quoted by the Tennessean).

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The Moody Theater isn't just an entertainment venue in a major city. Since 2011, it's been home of long-running television series Austin City Limits. The show debuted in 1974 with a pilot episode featuring Willie Nelson. Since then, PBS' long-running music series has exposed talented Texans, country music outlaws and Americana's brightest stars to a national audience.

The purchase opens up opportunities to cross-promote the Opry and Austin City Limits during music festival season and on the forthcoming Opry-centric television network Circle.

Additional Ryman Hospitality Properties assets include a number of hotels as well as the Ole Red restaurants, Nashville's Wild Horse Saloon and the the Opry's historic radio home, 650 AM WSM.

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Nashville's Ryman Hospitality Buys Austin City Limits Venue