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.
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.
The team looking to develop a Virgin Hotel in Midtown is planning to begin on-site grading by the end of October.
Dean Chase, chairman and CEO of D.F. Chase (which will serve as the general contractor for the development), said the plan is to begin the work within 60 to 120 days.
Read more here about the project, which is expected to feature 240 rooms and suites along with 15 penthouse residential units. The hotel's amenities are slated to include a centerpiece bar, live entertainment venue and an outside veranda, among other things.
Ryman Hospitality Properties executives have extended the maturity date of their $700 million revolving credit facility by two years until June 2019. The move also cuts between 160 and 240 basis points off the interest rate and leaves Ryman with no debt coming due in the next four years. Check out the details here. Shares of the Nashville-based company (Ticker: RHP) are up slightly year to date.
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