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]