Ryman Hospitality Properties (RHP) Citi’s 30th Annual Global Property CEO Conference 2025 summary

Business Overview and Financial Position

• Operates a group-focused hotel portfolio under Gaylord Hotels and a live entertainment business with iconic country music assets, including Opry Entertainment Group.

• Ryman Hospitality Properties is a unique REIT platform with 11,414 keys and five of the top ten largest U.S. non-gaming hotels by meeting space.

• Reported $2.3 billion in revenue and $758 million in adjusted EBITDAre last year, with a 14.1% annualized return since 2012.

• Maintains $1.2 billion in liquidity, 85% fixed-rate debt, and a 3.9x leverage ratio as of December 31, 2024.

• Group bookings account for over 70% of business, with 69% from repeat customers and a three-year average booking window, providing stability and visibility.

Growth Strategy and Capital Investments

• Articulated growth plan through 2027, focusing on high-return capital investments, enhancements, expansions, and opportunistic acquisitions.

• Ongoing and planned projects include major renovations and expansions at Gaylord Opryland, Gaylord Rockies, Gaylord Texan, and Gaylord Palms.

• $1 billion investment program aims to elevate the portfolio and drive higher rates, with benefits already priced into future bookings.

• Capital projects are expected to temporarily impact RevPAR by 250–350 bps and Adjusted EBITDAre by $30–35 million.

• Targeting $900 million to $1 billion in adjusted EBITDA by 2027, driven by ROI on capital, reduced disruption, and 5% same-store sales growth.

Forward Bookings and Revenue Outlook

• Entered 2025 with 50% occupancy on the books and 3% revenue growth locked in as of January 1.

• 2026 revenue on the books is 11% ahead of the prior year, with 6% ADR growth; 2027 is 10% ahead with 7% ADR growth.

• Group bookings for future years are pacing ahead of the prior year, with projected rooms revenue and ADR both increasing.

• Strong forward bookings attributed to recent and ongoing capital investments.