Ryman Hospitality, the owner of the Grand Ole Opry and Ryman Auditorium, is exploring converting the building at Third and Broadway into an entertainment venue. The location currently has its Opry Originals retail shop on the ground floor.
“It’s something that we are really focused on, and we think that could be an exciting thing,” Colin Reed, CEO of Nashville-based Ryman Hospitality Properties Inc. said. “We will selectively deploy more capital to take advantage of this tremendous surging business that we’re seeing here in Nashville.”
In addition to the 6,000 square foot Opry Originals shop, the building has three vacant floors. Before Ryman’s purchase, those floors housed real estate firms The Mathews Co., R.C. Mathews Contractor and Colliers International’s Nashville office.
Reed also said, “I have no doubt that this market will continue to grow because the product that people are seeking out is unique to this market.”
Reed said he’s unsure whether Ryman would at this stage want to add to downtown’s hotel bed inventory given that Gaylord Opryland Resort & Convention Center, which Marriott operates for the real estate investment trust, accounts for just under 10 percent of hotel supply in the Nashville market.