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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]

Group 1 - Xenia Hotels & Resorts (XHR) shares increased by 14.3% to $10.54, following a significant trading volume, contrasting with a 28.4% decline over the past four weeks [1] - The rise in investor optimism is linked to President Trump's announcement of a 90-day pause on reciprocal tariffs for most countries [1] - The company is expected to report quarterly funds from operations (FFO) of $0.42 per share, reflecting a year-over-year decrease of 4.6%, while revenues are projected to be $270.96 million, an increase of 1.3% from the previous year [2] Group 2 - Recent trends indicate that revisions in FFO per share estimates are closely correlated with short-term stock price movements [3] - For Xenia Hotels & Resorts, the consensus FFO per share estimate has been revised down by 2.2% over the last 30 days, which typically does not lead to price appreciation [4] - The stock currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [5] Group 3 - Ryman Hospitality Properties (RHP), another company in the same industry, saw its shares rise by 10.7% to $87.25, despite a -19.2% return over the past month [5] - RHP's consensus FFO per share estimate has decreased by 1.5% to $1.79, representing an 11.9% increase compared to the previous year [6] - Ryman Hospitality Properties currently has a Zacks Rank of 4 (Sell), suggesting a negative outlook [6]

With an S&P 500 bear market underway, there are plenty of "discounted" stocks to be found. President Donald Trump's tariff strategy could cause inflation to surge, and many experts see the chances of a U.S. recession in 2025 as much higher than they were a few months ago. The general uncertainty of the situation has caused the sharpest market downturn since the 2008 financial crisis.However, there are some excellent businesses that were already trading at attractive valuations before 2025's downturn. Here a ...

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]

Group 1 - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and country music entertainment experiences [2] - The company owns five of the top seven largest non-gaming convention center hotels in the United States, which include Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center [2] - Ryman Hospitality Properties has a total of 11,414 rooms and over 3 million square feet of indoor and outdoor meeting space across its hotel portfolio [2] Group 2 - The company holds a 70% controlling interest in Opry Entertainment Group, which includes iconic country music brands such as the Grand Ole Opry and Ryman Auditorium [2] - Ryman Hospitality Properties operates Opry Entertainment Group as its Entertainment segment within a taxable REIT subsidiary, consolidating its results in the company's financials [2] - The company is participating in two upcoming institutional investor conferences, indicating its engagement with the investment community [1]

Core Insights - Ryman Hospitality Properties, Inc. (RHP) is participating in two upcoming institutional investor conferences to present its financial performance and business strategy [1][3]. Group 1: Conference Participation - RHP will participate in the Citi 30th Annual Global Property CEO Conference on March 4, 2025, at 7:30 a.m. ET, with a company roundtable presentation led by a Citi research analyst [2]. - RHP will also present at the Raymond James & Associates' 46th Annual Institutional Investors Conference on March 5, 2025, at 9:15 a.m. ET, focusing on recent financial performance and business strategy [3]. Group 2: Webcast Information - The presentations will be webcasted and accessible on Ryman Hospitality Properties' website, with instructions to register and install necessary software provided [4]. Group 3: Company Overview - RHP is a leading lodging and hospitality 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's hotel portfolio, managed by Marriott International, includes a total of 11,414 rooms and over 3 million square feet of meeting space across various locations [5]. - RHP holds a 70% controlling interest in Opry Entertainment Group, which encompasses a range of iconic country music brands and entertainment venues [5].

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] - Full-year consolidated revenue growth was 8%, adjusted EBITDAre growth was 10%, and AFFO growth was 12% [14][15] Business Line Data and Key Metrics Changes - Same-store hospitality business generated approximately $496 million in revenue for Q4, marking the second-best quarter ever [21] - ADR increased by approximately 2% year-over-year to a record $260, with strong growth 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% [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 saw RevPAR and total RevPAR growth of 14% and 27% respectively, driven by successful live programming [24] Company Strategy and Development Direction - The company is committed to long-term positioning of hotel assets to capture premium group customer base, with a focus on driving mid-teens unlevered returns on incremental growth investments [8][9] - Significant investments are being made in Gaylord Opryland and Gaylord Rockies to attract high-rated corporate group business and enhance food and beverage capacity [9][10] - The company is optimistic about the future, projecting adjusted EBITDAre in the range of $900 million to $1 billion by 2027 [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q4 results were below expectations due to factors affecting the same-store hospitality portfolio in late December, but expressed optimism about bookings production and long-term strategy [6][14] - The company anticipates a stable macro environment for 2025, with expected RevPAR growth of 2.25% to 4.75% and adjusted EBITDAre of $675 to $715 million [35][36] 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 is declared, payable on April 15, 2025 [44] Q&A Session Summary Question: Can you talk about the renovations planned beyond the current one and the timing? - Management indicated that work at Gaylord Opryland is ongoing, with completion expected in June 2025, and renovations at Gaylord Texan starting in Q2 2025 [49][51] Question: How much did labor and wage costs increase in 2024 and what is expected for 2025? - Wages increased by about 3.3% in 2024, with a similar increase expected for 2025 [65][68] Question: What is the mix of bookings and how does it impact out-of-room spending? - The company is seeing a higher mix of corporate bookings, which typically have higher out-of-room spending compared to association business [72][75] Question: What is the outlook for Gaylord National in 2025? - Management expressed confidence in forward bookings for Gaylord National, while also noting minimal reliance on the local DC market [111][112] Question: Are there any additional investment plans in the entertainment segment? - The company is excited about its investment in Southern Entertainment and is exploring various opportunities in the entertainment sector [142][143]

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]