Ryman Explores Sale of Controlling Interest in Opry Entertainment Group

Ryman Hospitality Properties is considering a sale of its 70% controlling stake in Opry Entertainment Group, the country music entertainment and media company that owns the Grand Ole Opry House in Nashville. According to Bisnow National, the REIT has hired Morgan Stanley as it evaluates options for the business.

Ryman Executive Chairman Colin Reed said in a statement Thursday that the company sees value in allowing Opry Entertainment Group to operate outside the REIT structure over time. He added that Ryman believes strategic partnerships could support the entertainment company’s long-term growth, particularly as country music’s global popularity rises and demand for live experiences increases.

The company has not entered into any agreements, and a sale has not been finalized.

Key Details

The potential seller is Ryman Hospitality Properties, which is weighing the sale of its majority ownership interest in Opry Entertainment Group. The source does not identify any buyer, but Reed said the company has received inbound interest from a range of organizations seeking to partner with the entertainment business.

Opry Entertainment Group owns several prominent country music assets. Among them is the Grand Ole Opry House at 600 Opry Mills Drive in Nashville. Its portfolio also includes the Grand Ole Opry itself and WSM 650 AM, the country music radio station that operates inside the venue and is more than 100 years old.

Another major holding is the Ryman Auditorium, a 2,362-seat performance venue and museum that is 134 years old. Often called the “Mother Church of Country Music,” the auditorium gave the REIT its name.

Ryman previously owned all of Opry Entertainment Group. In June 2022, it sold a 30% stake in the company to Atairos and NBCUniversal for $296M. The entertainment and media company was valued at $1.4B as of 2022, according to the source.

The review of Opry Entertainment Group comes as Ryman continues to operate a broader hospitality platform. The Nashville-based REIT owns more than 12,000 hotel rooms and more than 3M SF of indoor and outdoor meeting space across its lodging and hospitality assets, including properties such as the Gaylord Palms Resort & Convention Center and Gaylord Texan Resort & Convention Center.

In its first-quarter earnings call in May, Ryman reported revenue of $664M, up 13% from a year earlier. Shares were up 0.3% to $130 Thursday morning and had climbed more than 34% so far in 2026.

Why It Matters

For commercial real estate professionals, the possible transaction highlights how owners are reassessing whether entertainment assets fit inside traditional REIT structures. It also underscores the continued draw of experiential real estate tied to well-known brands and historic venues, especially when those properties have revenue potential beyond their real estate footprint.