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Overview of Ryman Hospitality - Ryman Hospitality (NYSE:RHP) owns many of the largest non-gaming convention centers in the U.S., focusing on long-term conference bookings rather than transient leisure travel [1][2] - The company also owns 70% of Opry Entertainment Group, which is estimated to represent approximately 15% of RHP's enterprise value [3][4] Business Model and Revenue Characteristics - RHP's convention centers have different operating characteristics compared to traditional hotels, with a focus on conferences that are planned well in advance, leading to greater revenue visibility and higher non-lodging revenue [2][5] - The company plans to separate its entertainment business from its real estate operations, as Opry Entertainment Group does not fit within a REIT structure [5] Market Performance and Valuation - RHP's stock price increased by 11% on April 9, 2025, due to reduced tariffs, but remains down 25% over the past year [7][8] - The company is currently trading at a low FFO multiple of 10.6X trailing FFO and 9.3X forward estimated FFO, indicating it is undervalued compared to its asset value [10][12] Comparison with Industry Peers - The average AFFO multiple for hotel REITs is 7.4X, with RHP trading at a premium relative to this average, suggesting a differentiated business model that may provide resilience against industry challenges [19][22] - RHP's properties are larger and have higher meeting space per room compared to peers, contributing to its superior long-term growth performance [28][23] Advantages of RHP's Booking Process - RHP's average group booking occurs 2.9 years in advance, providing significant cash flow visibility and protection against cancellations through high fees [31][30] - This booking model allows RHP to avoid large cuts from OTAs, enhances future earnings visibility, and provides a cushion during economic downturns [32][33] Financial Resilience - RHP's clean balance sheet, with a debt to EBITDA ratio of 3.9X, has allowed the company to navigate challenging times without significant asset sales or unfavorable debt [33] - The company's differentiated business model has resulted in better long-term AFFO/share growth compared to peers, justifying its current valuation [34]

Core Viewpoint - Ryman Hospitality Properties, Inc. will release its first quarter 2025 earnings results on May 1, 2025, and will hold a conference call to discuss the results on May 2, 2025 [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's portfolio includes five of the top seven largest non-gaming convention center hotels in the U.S., with a total of 11,414 rooms and over 3 million square feet of meeting space [3]. - Ryman Hospitality Properties also owns a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands and various entertainment venues [3].

Group 1 - Ryman Hospitality Properties (NYSE: RHP) has achieved a total return of over 15% over the past three years, outperforming its peers despite challenging macroeconomic conditions for REITs [1] - The real estate sector has faced difficulties, yet Ryman Hospitality Properties has managed to deliver impressive results [1] Group 2 - The company is recognized for its contrarian investment approach, targeting undervalued assets while maintaining a long-term perspective [1] - Ryman Hospitality Properties benefits from a strong academic and professional foundation in finance and investment principles [1]

NASHVILLE, Tenn., March 03, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and country music entertainment experiences, today provided an updated investor presentation ahead of its participation in two upcoming institutional investor conferences: Citi’s 30th Annual Global Property CEO Conference and Raymond James & Associates’ 46th Ann ...

NASHVILLE, Tenn., Feb. 25, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (“RHP”), a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and country music entertainment experiences, announced today its participation in two upcoming institutional investor conferences. Mark Fioravanti, President and Chief Executive Officer, and Jennifer Hutcheson, Executive Vice President and Chief Financial Officer, will p ...

Financial Data and Key Metrics Changes - For Q4 2024, consolidated revenue increased by 2% year-over-year, while consolidated adjusted EBITDAre grew by 1% and AFFO increased by 4% [17][18][38] - Full-year 2024 results showed consolidated revenue growth of 8%, adjusted EBITDAre growth of 10%, and AFFO growth of 12% [14][38] Business Line Data and Key Metrics Changes - The same-store hospitality business generated approximately $496 million in revenue for Q4, marking the second-best quarter ever [21] - ADR (Average Daily Rate) increased by approximately 2% to a new record of $260, with strong performance in both group and leisure rates [22] - The entertainment segment reported record revenue of $98 million for Q4, a 12% increase year-over-year, with adjusted EBITDAre increasing by approximately 6% despite construction disruptions [30] Market Data and Key Metrics Changes - Leisure room nights at Gaylord Texan decreased by 19% and at Gaylord Opryland by 6% during the last two weeks of December, which is a critical period accounting for nearly 40% of leisure room nights [19][20] - The JW Hill Country achieved RevPAR growth of 14% and total RevPAR growth of 27%, driven by successful live programming [24] Company Strategy and Development Direction - The company is focused on long-term positioning of hotel assets to capture premium group customer bases, with significant investments in Gaylord Opryland and Gaylord Rockies [9][10] - A strategic investment in Southern Entertainment was made to enhance live music experiences and connect with more country music fans [11] - The company aims to achieve adjusted EBITDAre in the range of $900 million to $1 billion by 2027, despite current macroeconomic challenges [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the pace of bookings and the response from the meeting community to capital plans, resulting in a record number of group room nights booked for future years [13] - The company anticipates RevPAR growth of 2.25% to 4.75% for 2025, with adjusted EBITDAre expected to be between $675 million and $715 million [35][38] Other Important Information - The company ended the year with $478 million in unrestricted cash and a total available liquidity of approximately $1.2 billion [42] - A first-quarter dividend of $1.15 was declared, payable on April 15, 2025 [44] Q&A Session Summary Question: Can you discuss the renovations planned beyond the current ones and their timing? - Management indicated ongoing renovations at Gaylord Opryland, with completion expected in June 2025, and room renovations at Gaylord Texan starting in Q2 2025 [49][51] Question: What are the expected labor and wage cost increases for 2025? - Wage costs increased by about 3.3% in 2024, with a similar increase expected for 2025 [65][68] Question: How is the mix of bookings changing? - There is a higher mix of corporate bookings, with efforts to attract premium corporate groups while still valuing association business [71][72] Question: What is the outlook for the Gaylord National property? - Management expressed minimal reliance on the local DC market and is focusing on increasing association business to mitigate potential risks [112][113] Question: How does the company manage expense structures in light of lower out-of-room spending? - The company has various levers to manage expenses and maintain margins, even with shifts in group mix [118][120]

Hospitality Segment - Ryman's Gaylord Hotels properties include five upscale resorts totaling 9,917 rooms, managed by Marriott, focusing on group-oriented meetings and leisure markets [27]. - The Hospitality segment generated approximately 85% of total revenues for the fiscal year ended December 31, 2024, while the Entertainment segment contributed about 15% [29]. - Ryman plans to invest over $1 billion in capital improvements across its hotel portfolio through 2027, including a $225 million expansion at Gaylord Opryland [31]. - Ryman's Gaylord Hotels properties were recognized as the 2023 and 2024 STELLA Award Gold Winner for best hotel chain by Northstar Meetings Group [33]. - Gaylord Opryland Resort & Convention Center has a total meeting, exhibit, and pre-function space of approximately 640,000 square feet, with plans for an expansion of 108,000 square feet as part of a nearly $225 million capital improvement plan [36]. - Gaylord Palms Resort & Convention Center features a total meeting, exhibit, and pre-function space of approximately 467,000 square feet, located near Walt Disney World [37]. - Gaylord Texan Resort & Convention Center offers approximately 488,000 square feet of total meeting, exhibit, and pre-function space, situated on 85 acres near Dallas/Fort Worth International Airport [40]. - Gaylord National Resort & Convention Center has a total meeting, exhibit, and pre-function space of approximately 501,000 square feet, located on the Potomac River [41]. - Gaylord Rockies Resort & Convention Center includes approximately 409,000 square feet of indoor meeting, exhibit, and pre-function space, with an additional 76,000 square feet of outdoor meeting space [42]. - JW Marriott San Antonio Hill Country Resort & Spa, acquired on June 30, 2023, features approximately 268,000 square feet of indoor and outdoor meeting and event space [43]. Entertainment Segment - Ryman's Entertainment segment includes a controlling 70% equity interest in Opry Entertainment Group, which encompasses various entertainment assets [28]. - The company operates six Ole Red locations, multi-level entertainment venues showcasing country music talent [50]. - The Grand Ole Opry, celebrating its 100th anniversary in 2025, is a significant entertainment asset with a capacity of approximately 4,400 [45]. - The company completed a $98 million enhancement project at Gaylord Rockies to better position the property for group customers [42]. - The company owns Block 21, a mixed-use complex in Austin, Texas, which includes a 2,750-seat entertainment venue and 251-room hotel [49]. Financial Performance and Strategy - The company has a dividend policy to distribute a minimum of 100% of REIT taxable income annually, subject to board determinations [31]. - The company faces risks related to inflation, capital-intensive operations, and potential legal claims, which could adversely affect financial performance [22]. - At December 31, 2024, borrowings outstanding under the Term Loan B were $292.8 million, with an annual interest rate of SOFR plus 2.0%, meaning a potential increase of approximately $2.9 million in annual interest cost if SOFR rises by 100 basis points [386]. - At December 31, 2024, the value of the investments in the pension fund was $51.0 million, with a potential decrease of approximately $5.1 million if the value of the investments drops by 10% [389]. - The company has hedged interest rate exposure on $100.0 million of borrowings under the OEG Term Loan, fixing the SOFR portion of interest payments through December 2025 [387]. - The company’s overall market risk exposures related to interest rates and asset values could materially affect its consolidated financial position and results of operations [390]. Employee and Corporate Culture - As of December 31, 2024, the company employed 1,929 people, with 1,047 full-time and 882 part-time employees, and 53% of the workforce were female [64]. - The company has maintained employee healthcare premium increases at or below 5% over the last three years, capping this year's increase at 2.5% [66]. - The company has a commitment to pay equity, conducting regular compensation studies to ensure competitive pay across genders and minority groups [67]. - The company offers a comprehensive benefits package, including a competitive 401(k) plan with employer match and paid parental leave of four weeks at full pay for eligible employees [72]. - The company has a people-first culture, focusing on employee engagement through regular updates and recognition programs [72]. - The company emphasizes training and development through Ryman Hospitality University, offering various professional skills and personal development courses [72]. - The company has established the RHP Foundation to formalize charitable commitments and strengthen local communities since 2005 [70]. Management Agreements and Fees - The management agreements with Marriott for Gaylord Hotels properties require a base management fee of approximately 2% to 3.5% of gross revenues, with additional incentive fees based on available cash flow [78][81][82]. - The management agreement for Gaylord Rockies requires a base management fee of approximately 3% of gross revenues and an incentive fee of 20% of available cash flow [81]. - The management agreement with Marriott requires a base management fee of 3.5% of gross revenues for the first year post-sale, increasing to 3.75% in the second year, and 4.0% thereafter, expiring in 2030 [86]. - Total Marriott base management fees incurred for 2024, 2023, and 2022 were $48.0 million, $42.8 million, and $35.1 million, respectively, reflecting a year-over-year increase of 2.8% from 2023 to 2024 [88]. - Total incentive fees incurred during 2024, 2023, and 2022 were $30.0 million, $28.5 million, and $13.5 million, respectively, indicating a significant increase of 5.3% from 2023 to 2024 [88]. Regulatory and Compliance - The company is subject to various federal, state, and local regulations, including health and safety laws, which may require capital expenditures to comply [90]. - The company’s entertainment attractions are also subject to the Americans with Disabilities Act and similar state laws, with compliance relying on Marriott under management agreements [92]. - The group convention business at Gaylord Hotels properties experiences seasonal demand fluctuations, particularly during year-end holiday periods [89].

Exhibit 99.1 Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2024 Results NASHVILLE, Tenn. (February 20, 2025) – Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust ("REIT") specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and twelve months ended December 31, 2024. Fourth Quarter 2024 Highlights and Recent Developments: Full Year 2024 Highlights: Mark Fioravanti, Pre ...

For the quarter ended December 2024, Ryman Hospitality Properties (RHP) reported revenue of $647.63 million, up 2.3% over the same period last year. EPS came in at $2.15, compared to $2.37 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $657.3 million, representing a surprise of -1.47%. The company delivered an EPS surprise of -2.27%, with the consensus EPS estimate being $2.20.While investors closely watch year-over-year changes in headline numbers -- revenue and ea ...