Ryman Hospitality Properties (RHP) Nareit REITweek: 2024 Investor Conference summary

Business model and competitive advantages

• Operates a unique REIT model with a single-brand, large-group hotel portfolio, providing high visibility and stability through long-term group bookings averaging three years.

• About 70% of business is group-based, with $1.9 billion in future bookings and recurring revenue streams supported by cancellation and attrition fees.

• Large-scale hotels (smallest is 1,500 rooms) allow for significant investments and organic growth based on customer needs.

• Management team is highly tenured, averaging nearly two decades with the company, contributing to consistent performance.

Growth initiatives and capital deployment

• Announced $1 billion in capital projects over four years, including expansions, renovations, and new amenities across the portfolio.

• Immediate focus on expanding meeting space and food and beverage offerings at Gaylord Opryland and enhancing other properties.

• Targeting mid- to high-teen levered returns on growth CapEx projects.

Entertainment business and strategic plans

• Operates Opry Entertainment Group, a fast-growing live entertainment business with iconic country music brands.

• Plans to eventually separate the entertainment business, valued at $1.4 billion, to maximize shareholder value.

• Entertainment business expected to generate $105 million in EBITDA this year, despite some construction-related disruptions.