Ryman Hospitality Properties (RHP) said Monday it launched an underwritten registered public offering of 5.1 million common shares.

Ryman said it expects to grant the underwriters a 30-day overallotment option to purchase up to 765,000 additional shares.

The company said it expects to contribute the net proceeds to its operating partnership RHP Hotel Properties, which intends to use the proceeds to fund a portion of the $1.38 billion purchase price for the pending acquisition of the JW Marriott Orlando Grande Lakes Resort and The Ritz-Carlton Orlando, Grande Lakes in Orlando, Florida.

The balance of the purchase price of the acquisition will be funded with a combination of cash on hand and debt, which may include borrowings under the operating partnership's revolving credit facility, unsecured debt financing, and the assumption of an existing property-level secured loan, Ryman said.