Ryman Hospitality Considers Sale of Opry Entertainment Stake

Ryman’s Entertainment Strategy Evolution

Ryman Hospitality Properties Inc. is testing the market for a potential sale of its controlling interest in Opry Entertainment Group, according to Bloomberg. The portfolio includes the iconic Grand Ole Opry House, the Ryman Auditorium, plus several entertainment ventures like Ole Red music clubs and the Austin City Limits theater in Texas.

Interest in the offering follows a yearslong surge in country music’s popularity and rising investor appetite for experiential real estate and entertainment platforms. Ryman’s willingness to consider a sale signals a shift in strategy: The company has historically paired hospitality assets with its live entertainment business, but growing inbound interest and calls from investors to unlock value through a spin-off have brought this option back to the table.

The Details

Ryman holds a 70% stake in Opry Entertainment Group and has engaged Morgan Stanley to evaluate bids and partnership offers. The Opry Entertainment portfolio was last valued at $1.4B in 2022 when Atairos and NBCUniversal bought the remaining 30% stake. In 2025, the segment generated $434M in revenue and $68.5M in operating income, contributing about 17% to Ryman’s $12B enterprise value, per Bloomberg.

While the Grand Ole Opry and Ryman Auditorium headline the assets, the group also controls notable venues and branded music clubs. It’s worth noting that Ryman’s core hotel portfolio, including flagship Gaylord resorts, are not included in this process. Shares of Ryman climbed 4.5% to $129.77 after the news broke, reflecting market optimism for a value-unlocking transaction.

Rising Value for Experiential Assets

The global resurgence of country music and the draw of live experiences have boosted valuations across the entertainment landscape. Opry Entertainment’s profile has risen alongside a broader trend where music venues, festivals, and branded experiences are attracting strategic and institutional capital. Developers are also pursuing music-focused projects in emerging districts, reflecting confidence in entertainment-led real estate demand.

The Grand Ole Opry’s historic status as America’s longest-running live radio show, combined with newer properties like Ole Red, give the portfolio multi-generational and cross-market appeal. Previous investor Mario Gabelli has often advocated for Ryman to spin off these assets, arguing they could attract a higher valuation as a standalone public company or through a sale to an entertainment-specialist buyer—a sentiment Ryman’s management now appears open to exploring.

Why It Matters

For CRE investors and hospitality operators, Ryman’s move underscores the rising value and complexity of entertainment real estate. Opry Entertainment generated $434M in 2025 revenue and $68.5M in operating income, a sizable component of Ryman’s mixed-use platform. With the entertainment segment accounting for roughly 17% of corporate revenue, the sale could rebalance Ryman’s portfolio, free up capital for hospitality investments, or enable a successor to further leverage the iconic brands.

The convergence of real estate, IP, and experiential content is drawing a wider array of buyers—from media giants to private equity. According to Bloomberg, interest in Opry stems from global brands seeking to tap into the growing demand for live country music, which continues to expand internationally. By exploring the sale, Ryman is responding to both external pressure and changing market dynamics that reward asset specialization and thematic portfolios.

A shift of this scale could also set a precedent for other mixed-use or hospitality REITs with entertainment divisions, providing a roadmap for value realization and portfolio optimization in an era where traditional asset boundaries are blurring. With more capital chasing live events, proven entertainment locations, and branded experiences, assets like the Opry are likely to see continued appreciation and investor focus.

What’s Next

The outcome remains uncertain, as Ryman informed stakeholders that discussions are exploratory and any transaction would be subject to extensive due diligence. Morgan Stanley will continue to field bids, screen strategic partners, and advise management on potential deal structures. In a statement, CEO Mark Fioravanti indicated that Ryman could structure a spin-off or pursue other alternatives to maximize long-term value.

Regardless of the transaction’s structure, Ryman expects to remain involved in supporting Opry Entertainment’s growth, either as a partner or minority stakeholder. Any resulting deal will provide new benchmarks for valuing high-profile entertainment real estate and could shape future capital flows into the live events and music venue sector.