Ryman Weighs 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 explores a potential transaction.

The possible sale would involve one of the best-known portfolios in country music. Through Opry Entertainment Group, Ryman holds interests in the Grand Ole Opry, WSM 650 AM and the Ryman Auditorium, the 2,362-seat performance venue and museum often called the “Mother Church of Country Music.” Bloomberg first reported the sale exploration, and Ryman Executive Chairman Colin Reed said the company sees value in allowing the entertainment business to operate outside the REIT structure over time.

Key Details

Seller: Ryman Hospitality Properties is the potential seller. The company said it is exploring a sale of its 70% controlling ownership interest in Opry Entertainment Group.

Buyer: No buyer has been identified, and Ryman said it has not entered into any agreements. Reed said the company has received inbound interest from organizations seeking to partner with the entertainment business.

Assets involved: Opry Entertainment Group owns the Grand Ole Opry House in Nashville. Its portfolio also includes the Grand Ole Opry, WSM 650 AM and the Ryman Auditorium, a 134-year-old venue and museum.

Financial terms: The source says Opry Entertainment Group was valued at $1.4B as of 2022. Ryman originally owned the business outright, then sold a 30% stake to Atairos and NBCUniversal for $296M in June 2022.

Adviser and timing: Ryman has engaged Morgan Stanley to explore the idea. Reed discussed the move in a statement Thursday, while the company separately reported on a first-quarter earnings call in May that revenue rose 13% year-over-year to $664M.

Ryman remains a major hospitality owner beyond its entertainment holdings. The Nashville-based REIT owns more than 12,000 hotel rooms and more than 3M SF of indoor and outdoor meeting space, including assets such as Gaylord Palms Resort & Convention Center and Gaylord Texan Resort & Convention Center.

Why It Matters

For commercial real estate professionals, the potential sale stands out because it would test investor appetite for iconic entertainment real estate and operating platforms tied to branded live experiences. It also reflects how some REITs evaluate whether specialized operating businesses fit best inside a real estate structure or alongside strategic partners focused on growth.

The company has not committed to a transaction, so for now the story is less about a completed deal and more about how Ryman may reposition a high-profile portfolio within its broader hospitality business.