Ryman Hospitality Properties (RHP) started a public offering of 2.3 million common shares with the proceeds going to fund the $865 million acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa.
The underwriters are expected to get option to purchase up to 345,000 additional shares, Ryman said Monday in a statement.
The balance of the acquisition will be paid with cash on hand and debt, the company said.
Proceeds from the stock sale will be used for general corporate purposes if the planned acquisition doesn't close, the company said.
Ryman shares fell 2.6% in after-hours trading.
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