The directors of Ryman Hospitality Properties have voted to set up a share repurchase program for up to $100 million. The plan, which will expire at the end of 2016, will use available cash and borrowings under Ryman’s revolving credit line. The company is not required to buy a particular amount of stock.
Chairman and CEO Colin Reed said the buyback is “part of a capital allocation strategy that we believe is in the best interest of our shareholders and our business. We believe using capital to repurchase our shares at appropriate prices represents a favorable strategic use of capital.”
Shares of Ryman (Ticker: RHP) fell about 1 percent Thursday — before the buyback news — to $52.16. So far in 2015, they’re down slightly.
Officials with car rental giant Enterprise Holdings say they’re enjoying the benefits of Nashville’s tourism and travel boom. The company’s three brands — Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car — are putting up double-digit growth this year at Nashville International Airport, and plans call for Enterprise to open several more area locations to go with the 40-plus they now run.
One of those will come with a twist: This fall, Enterprise will add the Exotic Car Collection at its offices on Mallory Station in Cool Springs. The operation, which will employ a handful of full- and part-time people, will market high-end brands such as Lamborghini, Bentley, Ferrari and more. It will be just the 23rd Exotic Car Collection location in the country and only the fifth in the South, joining spots in Atlanta, Miami and Naples, Florida.
The Convention Center Authority announced today that the preliminary operating results of the Music City Center for fiscal year 2015 show operating revenues of more than $32.5 million and expenses of $30.9 million.
The numbers exceed the budgeted operational projections, according to a release. The authority currently has more than $45 million in reserves.
“Convention centers commonly operate at a deficit so the fact that our operating revenues exceeded expenses in our second year is a true testament to how incredibly well not only the MCC has performed this year, but the entire convention market in Nashville,” Charles Starks, MCC president and CEO, said in the release. “Our team has done an incredible job these first two years of operation, and we are excited to see what the future holds.”
The Convention Center Authority also announced it spent 48.18 percent during fiscal year 2015 with minority, women-owned and small businesses. Additionally, the Music City Center’s contractors, LMG and Centerplate, spent a combined $1.6 million with DBE firms.
The SoBro-based Music City Center opened in 2013.
The Metro Parks Department is finalizing construction contracts related to its Fort Nashborough Interpretive Center to overlook the Cumberland River on downtown’s west bank.
Chris Koster, the department’s special projects manager, said the project was to have been part of a previously planned downtown floodwall effort. With the floodwall scrapped, Metro still plans to use Skanska USA as the general contractor.
The budget for the replica stockade project is being projected at $1.4 million, Koster added. Nashville-based Encore Interpretive Design, spearheaded by David Currey, is handling the architectural and historical research work. In addition, the Nashville office of Moody Nolan is assisting with design efforts for the replica building.
“If everything can be finalized in a timely fashion, the very preliminary timeline is for the cabins to begin being assembled on site in early 2016,” Koster said.
Koster said the new log cabins will all be hand hewn and constructed. The previous Fort Nashborough replica was demolished earlier this year.
“The goal is to have the cabin builders on contract soon, and their timeline is to cultivate the logs for the cabins this fall and winter,” he said. “This is best practice for the logs as it is reduces the sap and moisture content build up in the wood which reduces structural and integrity issues over time, since these are specialized building techniques and materials.”
The original Fort Nashborough was established in early 1779. It spanned about two acres and offered up to 20 cabins within its fortified walls.
(Images courtesy of Metro Parks)
Franklin-based developer Boyle Investment Co. is targeting an office building and a Hampton Inn & Suites hotel structure for its mixed-used Berry Farms development, The Tennessean reports.
The 250,000-square-foot Class A office building (pictured here), to be called The Offices at Town Center, will be the 600-acre development’s first structure of its type. Construction could start this fall, according to the morning daily.
A fall groundbreaking also could be on tap for the 123-room Hampton, to be developed by Chartwell Hospitality. That entity recently finished it Hilton Garden Inn in SoBro.
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