Core Insights - Ryman Hospitality Properties (RHP) reported quarterly funds from operations (FFO) of $2.35 per share, exceeding the Zacks Consensus Estimate of $2.31 per share, but down from $2.78 per share a year ago [1] - The company achieved an FFO surprise of +1.73% for the quarter and has surpassed consensus FFO estimates three times in the last four quarters [2] - RHP's revenues for the quarter were $659.52 million, surpassing the Zacks Consensus Estimate by 7.39% and up from $613.29 million year-over-year, also topping consensus revenue estimates three times in the last four quarters [3] Financial Performance - The FFO for the previous quarter was expected to be $1.79 per share, but RHP delivered $2.08, resulting in a surprise of +16.2% [2] - The current consensus FFO estimate for the upcoming quarter is $1.83, with projected revenues of $584.91 million, and for the current fiscal year, the estimate is $8.31 on revenues of $2.48 billion [8] Market Position - RHP shares have underperformed the market, losing about 11% since the beginning of the year, while the S&P 500 has gained 6.1% [4] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the top 38% of over 250 Zacks industries, indicating a favorable industry outlook [9] Future Outlook - The sustainability of RHP's stock price movement will depend on management's commentary during the earnings call and future FFO expectations [4] - The estimate revisions trend for RHP was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [7]

Core Viewpoint - Ryman Hospitality Properties, Inc. reported strong financial results for the first half of 2025, highlighting the successful acquisition of the JW Marriott Desert Ridge and demonstrating resilience in a challenging economic environment through effective cost management and capital deployment [3][6]. Financial Performance - Total revenue for Q2 2025 reached $659.5 million, a 7.5% increase from $613.3 million in Q2 2024. For the first half of 2025, total revenue was $1.247 billion, up 9.2% from $1.142 billion in the same period last year [5][6]. - Operating income for Q2 2025 was $139.4 million, down 17.0% from $168.1 million in Q2 2024. For the first half, operating income decreased by 3.4% to $255.5 million from $264.5 million [5][6]. - Net income for Q2 2025 was $75.9 million, a decline of 27.6% compared to $104.7 million in Q2 2024. For the first half, net income decreased by 5.8% to $138.9 million from $147.5 million [5][6]. - Adjusted EBITDAre for Q2 2025 was $211.9 million, down 9.2% from $233.2 million in Q2 2024. For the first half, it increased slightly by 0.8% to $397.4 million from $394.3 million [7][6]. Hospitality Segment Highlights - Hospitality revenue for Q2 2025 was $516.2 million, a slight decrease of 0.6% from $519.1 million in Q2 2024. For the first half, hospitality revenue increased by 3.4% to $1.014 billion from $980.6 million [11][20]. - Same-store hospitality operating income for Q2 2025 was $129.5 million, down 14.7% from $151.9 million in Q2 2024. For the first half, it decreased by 3.1% to $246.3 million from $254.1 million [20][11]. - The same-store hospitality portfolio achieved an occupancy rate of 73.3% in Q2 2025, slightly down from 73.7% in Q2 2024. The average daily rate (ADR) was $258.88, a decrease of 0.7% from $260.76 [11][20]. Acquisition and Strategic Developments - The acquisition of the JW Marriott Desert Ridge was completed on June 10, 2025, enhancing the company's portfolio in a top 10 group meetings market [3][6]. - The company successfully raised approximately $625 million through a private placement of senior unsecured notes to fund the acquisition [6][7]. - Group business for 2026 and beyond remains strong, with favorable competitive supply dynamics expected to benefit the portfolio [3][6].

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in RHP over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking A ...

Core Viewpoint - Ryman Hospitality Properties, Inc. is set to release its second quarter 2025 earnings results on August 4, 2025, with a conference call scheduled for August 5, 2025, 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. based on total indoor meeting space, including Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center [3]. - The hotel portfolio managed by Marriott International includes a total of 12,364 rooms and over 3 million square feet of indoor and outdoor meeting space across key convention and leisure destinations [3]. - Ryman Hospitality Properties holds approximately 70% controlling ownership interest in Opry Entertainment Group, which includes iconic country music brands and various entertainment venues [3].

Core Insights - Ryman Hospitality Properties, Inc. has successfully completed the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa for approximately $865 million [1][2]. Company Overview - Ryman Hospitality Properties 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 12,364 rooms and over 3 million square feet of meeting space [3]. Acquisition Details - The JW Marriott Desert Ridge is located on approximately 402 acres in Arizona and features 950 guest rooms, including 81 suites, and about 243,000 square feet of meeting and event space [2]. - The resort includes amenities such as a 28,000-square-foot spa, seven dining options, a 140,000-square-foot water amenity, and two golf courses [2]. - The property has undergone nearly $100 million in capital investments, including renovations and upgrades to various facilities [2].

Summary of Ryman Hospitality Properties Conference Call Company Overview - Ryman Hospitality Properties operates primarily as a hospitality REIT, focusing on large group business and leisure transient business, distinguishing itself from other hotel companies that cater to business transient customers [6][7] - The company has a unique business model that allows for long-term relationships with large groups, providing stability and visibility in future bookings [7][8] - Ryman also operates the Opry Entertainment Group, which is involved in the country music space, owning iconic venues like the Grand Ole Opry and Ryman Auditorium [8][9] Core Business Insights - The company enters each year with approximately 50% occupancy booked, primarily from group business, and aims for a sustainable occupancy level of around 75% [11] - Recent trends indicate a stabilization in bookings after a dip due to economic concerns, with year-over-year bookings remaining flat [12][13] - Government-related business constitutes about 2% of the portfolio, with some softness noted, but overall, the company has managed to maintain stability in its bookings [15][16] Financial Performance and Cost Management - Operating expenses are expected to be 4% higher than the previous year, primarily due to labor costs, but the company has managed to stabilize these costs compared to post-COVID increases [25][26] - The company has successfully reduced labor hours per occupied room, maintaining wage margins despite rising wages due to inflation [27] Capital Allocation and Acquisitions - Ryman recently acquired the JW Marriott Desert Ridge, integrating it into its existing portfolio to leverage economies of scale and enhance customer relationships [29][30] - The company has identified a $1 billion capital investment opportunity over four years, focusing on renovations and expansions to improve meeting spaces and leisure amenities [39][41] Opry Entertainment Group (OEG) - OEG focuses on live entertainment in the country music sector, owning several venues and brands, and has recently expanded its portfolio with new concepts and partnerships [42][43] - The company sold a 30% interest in OEG to Ateros and NBCUniversal, valuing the business at approximately $1.4 billion, which is expected to enhance growth opportunities [46][48] Future Outlook - Ryman plans to separate the OEG from the REIT structure to create a standalone public company, which is anticipated to trade at a higher multiple than the hotel business [52][54] - The company is exploring various options for the separation, with an IPO being the preferred method to maximize value and manage liquidity restrictions [55][56] Additional Considerations - The company is monitoring the performance of the Gaylord brand and other properties, including the Chula Vista development, for potential future acquisition opportunities [59]

Core Viewpoint - Ryman Hospitality Properties, Inc. has successfully completed a private placement of $625 million in senior notes to fund a portion of the acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa, with net proceeds expected to be approximately $614 million after expenses [1][2]. Group 1: Financial Details - The senior notes have a 6.500% interest rate and are due in 2033, representing senior unsecured obligations guaranteed by the company and its subsidiaries [1]. - The total purchase price for the Desert Ridge Acquisition is approximately $865 million, with the remaining funds sourced from a recent public offering of common stock [2]. - The company completed a public offering of 2,990,000 shares at a price of $96.20 per share, which closed on May 21, 2025 [2]. Group 2: Redemption Conditions - If the Desert Ridge Acquisition is not completed, the notes will be subject to a special mandatory redemption at 100% of the issue price plus any accrued interest [3]. Group 3: Regulatory Compliance - The notes were offered only to qualified institutional buyers and certain non-U.S. persons, in compliance with Rule 144A and Regulation S under the Securities Act [4].

Core Viewpoint - Ryman Hospitality Properties, Inc. has successfully closed an upsized public offering of 2,990,000 shares of common stock, raising approximately $275 million to fund a portion of the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa [1][3][4] Group 1: Offering Details - The shares were sold at a public price of $96.20 per share, including 390,000 shares from the underwriters' option exercised on May 20, 2025 [1] - The offering was managed by Morgan Stanley, BofA Securities, J.P. Morgan, and Wells Fargo Securities as joint book-running managers, with additional bookrunners including Deutsche Bank Securities and others [2] Group 2: Use of Proceeds - The net proceeds from the offering will be contributed to RHP Hotel Properties, LP, which will use the funds to cover part of the $865 million purchase price for the Desert Ridge Acquisition [3] - The remaining purchase price will be funded through cash on hand and proceeds from a private placement of $625 million in senior notes, expected to yield approximately $614 million after expenses [4] 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 largest non-gaming convention center hotels in the U.S. [6] - The company also has a controlling interest in Opry Entertainment Group, which includes iconic country music brands and various entertainment venues [6]

Core Viewpoint - Ryman Hospitality Properties, Inc. has successfully upsized and priced a private placement of $625 million in senior notes to fund a portion of the acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa, with expected net proceeds of approximately $614 million after expenses [1][2]. Group 1: Notes Offering - The private placement of senior notes was increased from $600 million to $625 million, with a fixed interest rate of 6.500% due in 2033 [1]. - The notes will be senior unsecured obligations guaranteed by the company and its subsidiaries, which also guarantee existing credit facilities and other senior unsecured notes [1]. - The expected closing date for the notes offering is June 4, 2025, subject to customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the notes offering will be used to fund part of the $865 million purchase price for the Desert Ridge Acquisition and to cover related fees and expenses [2]. - The remaining balance for the Desert Ridge Acquisition will be financed through a public offering of 2,600,000 shares of common stock priced at $96.20 per share, which is expected to close on May 21, 2025 [2][3]. Group 3: Redemption Conditions - If the Desert Ridge Acquisition is not completed, the notes will be subject to a special mandatory redemption at 100% of the issue price plus any accrued interest [3]. - The completion of the notes offering is not contingent upon the Desert Ridge Acquisition, and vice versa [3]. Group 4: 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 [6]. - The company owns several major properties, including Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center, totaling 11,414 rooms and over 3 million square feet of meeting space [6][7]. - Ryman Hospitality also holds a controlling interest in Opry Entertainment Group, which includes iconic country music brands and entertainment venues [6][7].

Core Viewpoint - Ryman Hospitality Properties, Inc. plans to offer up to $600 million in senior notes to fund part of the acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa and related expenses [1][2]. Group 1: Offering Details - The senior notes will be due in 2033 and will be senior unsecured obligations guaranteed by the company and its subsidiaries [1]. - The net proceeds from the offering will be used to cover approximately $865 million of the acquisition price for the Desert Ridge property [2]. - The offering is not contingent upon the completion of the Desert Ridge Acquisition and will occur before its completion [3]. Group 2: Acquisition Funding - The remaining balance for the Desert Ridge Acquisition will be funded through a public offering of 2,600,000 shares of common stock priced at $96.20 per share, along with cash on hand [2]. - The Common Stock Offering is expected to close on May 21, 2025, subject to customary conditions [3]. Group 3: 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 [4]. - The notes have not been registered under the Securities Act and will not be sold in the U.S. without registration or an exemption [4]. Group 4: Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality REIT specializing in upscale convention center resorts and entertainment experiences [6]. - The company owns several major properties, including Gaylord Opryland Resort & Convention Center and JW Marriott San Antonio Hill Country Resort & Spa, totaling 11,414 rooms and over 3 million square feet of meeting space [6].