Ryman Hospitality Properties Inc. (NYSE:RHP) is one of the 10 cheap REITs with huge upside. On March 3, Cantor Fitzgerald increased its price target on Ryman Hospitality Properties Inc. (NYSE:RHP) from $108 to $115, while maintaining an Overweight rating on the stock. The firm further explained that hotel REITs entered the fourth quarter with cautiously optimistic forecasts because the initial estimates for 2026 may have been too low. Cantor Fitzgerald noticed that luxury and upscale hotels continued to ...

Core Viewpoint - Ryman Hospitality Properties, Inc. will release its first quarter 2026 earnings results on April 30, 2026, followed by a conference call on May 1, 2026, to discuss the results [1]. Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and entertainment experiences [3]. - The company owns five of the top seven largest non-gaming convention center hotels in the U.S., including Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center, with a total of 12,364 rooms and over 3 million square feet of meeting space [3]. - Ryman Hospitality also holds a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands and manages various live music venues [3].

Core Viewpoint - Ryman Hospitality Properties, Inc. has successfully completed a private placement of $700 million in senior notes, which will be used to redeem existing senior notes due in 2027 [1][2]. Group 1: Financial Details - The private placement consists of 5.750% senior notes due in 2034, with net proceeds expected to be approximately $687 million after deducting discounts, commissions, and estimated offering expenses [1]. - The proceeds from the offering will be utilized to fully redeem the 4.750% senior notes due in 2027, including any accrued and unpaid interest and related fees [2]. Group 2: Regulatory Compliance - The notes were sold to qualified institutional buyers in compliance with Rule 144A of the Securities Act and to certain non-U.S. persons under Regulation S [3]. Group 3: Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust, specializing in upscale convention center resorts and entertainment experiences [5]. - The company owns several major properties, including five of the top seven largest non-gaming convention center hotels in the U.S., and has a total of 12,364 rooms and over 3 million square feet of meeting space [5]. - The company also holds a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands and manages various live music venues [5].

Company Overview - Ryman Hospitality Properties is a group-focused lodging REIT with a unique portfolio of large, irreplaceable group-oriented assets [3] - The company also owns a rapidly growing entertainment business featuring iconic brands and venues in the country music space [4] Business Model - Approximately 70% of Ryman's business is derived from the group segment, providing strong visibility into future business due to long booking windows [4]

Industry Overview - The U.S. cannabis industry is evolving, with legal cannabis sales exceeding $30 billion annually as of March 2026 [1] - Analysts project steady expansion in the sector over the coming years, driven by state legalization and active federal reform discussions [1][3] - Multi-state operators are preparing for the next growth phase amid ongoing volatility [1] Market Challenges - The sector is experiencing pricing compression and margin pressure, prompting companies to focus on cost control and operational efficiency [2] - Many operators are restructuring debt and streamlining assets while protecting core markets with strong retail demand [2] - Investors are increasingly prioritizing balance sheet strength and cash flow improvements [2] Investment Opportunities - March 2026 presents potential opportunities for both traders and long-term investors, with valuations across the sector at historically low levels [3] - Any improvement in federal reform or capital access could serve as a catalyst for growth [3] - Increasing consumer demand in adult-use markets may support revenue growth, making leading multi-state operators attractive to investors [3] Company Profiles Ayr Wellness Inc. - Ayr Wellness is a vertically integrated cannabis operator with cultivation, manufacturing, and retail operations across multiple states, primarily in Florida [5] - The company operates dozens of retail dispensaries and produces branded products, benefiting from geographic diversification despite facing pricing pressure [5][7] - Ayr has initiated restructuring efforts to stabilize its balance sheet, focusing on divesting non-core assets and improving operational efficiency [7] Fluent Corp. - Fluent Corp. is a vertically integrated cannabis operator with a significant presence in Florida and operations in New York, Pennsylvania, and Texas [8] - The company operates approximately 30 retail dispensaries and produces a diversified product lineup, supporting both retail and wholesale distribution [8][9] - Fluent has generated steady quarterly revenue, though profitability remains limited, with management emphasizing cost containment and exploring asset sales [9] Cresco Labs Inc. - Cresco Labs is one of the larger multi-state cannabis operators, with a strong presence in Illinois and operations across multiple states [11] - The company operates over 50 retail dispensaries and has a vertically integrated structure that connects cultivation, processing, and retail distribution [11][13] - Cresco has reported annual revenues in the hundreds of millions, focusing on operational efficiency and cost reduction amid industry-wide pricing compression [13]

Summary of Ryman Hospitality Properties Conference Call Company Overview - **Company**: Ryman Hospitality Properties (NYSE:RHP) - **Industry**: Lodging Real Estate Investment Trust (REIT) - **Focus**: Group-oriented lodging and entertainment business, particularly in the country music space [2][3] Key Points Business Model and Strategy - Ryman Hospitality operates a unique portfolio of large, irreplaceable assets focused on group-oriented lodging, which constitutes about 70% of its business [2][3] - The company benefits from long booking windows associated with group business, providing strong visibility and stability [3] - Ryman has a clear capital allocation strategy aimed at enhancing existing assets, which leads to high returns on invested capital [4] - The company has a moderate leverage ratio of 4.3 times and over $1.4 billion in liquidity, with no debt maturities until 2028 [5] Financial Performance and Guidance - The company reported a RevPAR (Revenue per Available Room) guidance of 1.5%-3.5% for 2026, which is in line with other lodging REITs [8] - Group rooms revenue is approximately 6% ahead of the previous year, indicating a strong start to 2026 [10] - The company is optimistic about its performance in 2026, with internal metrics showing positive trends [11] Growth Strategy - Ryman is executing a multi-year growth strategy initiated in 2024, with projects on track in terms of timing and budgets [20] - A significant project, the expansion of Gaylord Rockies, is pending due to local government negotiations [20][25] - The expansion will add 450 rooms and an indoor water amenity, with an estimated cost of $300 million and targeted mid-teens returns on investment [28][29] Market Position and Competition - Ryman holds about 1% of the U.S. group meetings business, indicating significant growth potential [57] - The company focuses on profitable segments of group meetings, particularly those with 600+ peak room nights [58] - The opening of the Gaylord Pacific is seen as a positive addition, potentially attracting new customers to the brand [46][49] Leisure Segment and Customer Experience - Ryman has made efforts to enhance leisure amenities, resulting in a successful holiday programming season with record attendance [31] - The company has seen a strong growth in average rates, attracting more premium group and leisure customers [33] Use of Technology - Ryman is exploring AI for efficiencies in sales processes, pricing, and managing long booking windows [71] - The company is also interested in AI applications for labor management and operational efficiencies in entertainment [72] Entertainment Business - Ryman has a 30% partner in its entertainment business, with options for an IPO and buyback rights [75][77] - New venues are under construction, including a Category 10 venue in Las Vegas expected to open in fall 2026 [84][88] Market Outlook - The company anticipates a stable public hotel REIT space, with no significant changes in the number of public companies [108] - Ryman expects that quality group hotels could maintain or grow EBITDA margins despite lower overall growth rates in the market [114] Additional Insights - Ryman's management team has a long tenure, contributing to a strong track record of shareholder value creation since converting to a REIT in 2013 [6] - The company emphasizes the importance of maintaining brand standards and customer experience across its properties [46]

Summary of Ryman Hospitality Properties FY Conference Call Company Overview - Ryman Hospitality Properties is a hospitality-based REIT focused on the large group meeting segment, differentiating itself from peers with a single brand and management structure [2][3] - The company operates seven large hotels with approximately 12,000 rooms, including five of the ten largest non-gaming hotels in the U.S. [5][6] Core Business Insights - The group business has a sticky customer base, with 66% of customers being retention customers, leading to long booking windows averaging over three years [3][10] - Ryman generates about 1.5 times the room revenue outside the room for every $1 of room rate, resulting in approximately 70% more EBITDA per available room compared to peers [4] - The company has achieved a 7.6% CAGR in AFFO per share and a 7.3% growth in dividends since converting to a REIT in 2013, outperforming peers [7] Market Position and Growth - The group meetings segment accounts for about 70% of Ryman's business, with a significant portion being corporate clients [8][9] - The market for group meetings has grown consistently by 1%-2% annually over the last 15-20 years, providing a stable growth outlook [8] - Ryman has a competitive advantage due to the difficulty of building large meeting spaces, with no new hotel supply over 100,000 sq ft currently under development [30][31] Capital Allocation and Investments - The company has invested heavily in enhancing its hotels, targeting mid-teens unlevered returns on new projects [17][42] - Recent investments include a $40 million sports bar at Opryland and a $131 million expansion of meeting space, set to open in 2027 [17][18] - Ryman has a strong balance sheet with a net leverage of 4.3 times and $1.4 billion in liquidity, allowing for continued growth and investment [26][27] Entertainment Segment - Ryman operates an entertainment business, Opry Entertainment Group, which contributes about 15% of revenue and profitability [23] - The long-term plan is to separate this business from the REIT to attract capital and enhance valuation [24] - Recent expansions include entering the festivals and amphitheater business, capitalizing on the growth in country music and live entertainment [25] Future Outlook - The company is at an all-time high in room nights and revenue on the books, entering 2026 about 6% ahead of the previous year [21] - Ryman expects mid-single-digit increases in revenue and ADRs, driven by capital investments that enhance customer value [21][22] - The company is focused on maintaining a competitive edge through strategic capital allocation and enhancing customer experiences [30][31]

RYMAN HOSPITALITY PROPERTIES, INC. INVESTOR PRESENTATION MARCH 2, 2026 GAYLORD OPRYLAND, NASHVILLE 1 FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION This presentation contains "forward-looking statements" of Ryman Hospitality Properties, Inc. ("Ryman," "RHP" or the "Company") as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limit ...

Core Viewpoint - Ryman Hospitality Properties, Inc. has successfully priced a private placement of $700 million in senior notes with a 5.750% interest rate, maturing in 2034, to refinance existing debt [1][2] Group 1: Financial Details - The senior notes will be senior unsecured obligations guaranteed by the Company and its subsidiaries, with net proceeds expected to be approximately $687 million after deducting discounts and expenses [1] - The proceeds will be used to fully redeem the Issuers' existing 4.750% senior notes due 2027, including accrued interest and related fees [2] Group 2: Regulatory Compliance - The notes will be sold only to qualified institutional buyers in compliance with Rule 144A and to certain non-U.S. persons under Regulation S of the Securities Act [3] Group 3: Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality REIT specializing in upscale convention center resorts and entertainment experiences, owning several major properties including Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center [5] - The Company manages a total of 12,364 hotel rooms and over 3 million square feet of meeting space across its properties, which are managed by Marriott International [5] - Ryman also holds a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands and manages various entertainment venues [5]

Core Viewpoint - Ryman Hospitality Properties, Inc. plans to offer $700 million in senior notes due 2034 to refinance existing debt and strengthen its financial position [1][2]. Group 1: Offering Details - The company intends to issue $700 million in senior unsecured notes, which will be guaranteed by the company and its subsidiaries [1]. - The net proceeds from the offering will be used to fully redeem the existing 4.750% senior notes due 2027, including accrued interest and related fees [2]. Group 2: Regulatory Compliance - The notes will be offered only to qualified institutional buyers and certain non-U.S. persons, in compliance with Rule 144A and Regulation S under the Securities Act [3]. Group 3: Company Overview - Ryman Hospitality Properties, Inc. is a leading real estate investment trust specializing in upscale convention center resorts and entertainment experiences, managing a portfolio that includes five of the top seven largest non-gaming convention center hotels in the U.S. [5]. - The company owns a total of 12,364 hotel rooms and over 3 million square feet of meeting space across its properties [5]. - Ryman also holds a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands and manages various entertainment venues [5].