Ryman Hospitality Properties, Inc. Provides Hospitality Business Update
Ryman Hospitality Properties (NYSE: RHP) provided a business update for Q4 2022, highlighting strong performance in its Hospitality segment. CEO Colin Reed noted record Average Daily Rates (ADR) and significant increases in Revenue per Available Room (RevPAR) driven by robust holiday programming, including ICE!. For October and November, total occupancy reached 74.1% and 71.1%, respectively, with ADR exceeding 2019 levels. The company anticipates setting a monthly revenue record for December, bolstered by leisure demand across the Gaylord Hotels brand.
- Q4 2022 Hospitality segment on track for record ADR.
- Significant increases in RevPAR and Total RevPAR compared to pre-pandemic levels.
- Strong leisure demand leading to record revenue expectations for December.
- None.
NASHVILLE, Tenn., Dec. 21, 2022 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) a leading lodging and hospitality real estate investment trust (“REIT”) that specializes in upscale convention center resorts and leading entertainment experiences, today provided the following business update:
Colin Reed, Chairman and Chief Executive Officer of the Company said, “We wanted to provide an update on our fourth quarter Hospitality segment performance. Driven by our quarter-to-date group results and the continued strength in our holiday programming, including the return of ICE!, our Hospitality segment is on track to achieve record ADR and deliver significant increases in RevPAR and Total RevPAR, as compared to pre-pandemic levels.
“While we anticipated a strong end to 2022, the results seen throughout our Hospitality segment have exceeded our expectations. We were pleased that we could return to a full slate of holiday offerings this year, and based on the way 2022 is coming to a close, we believe our customers felt the same way. Based on our quarter-to-date performance, our Hospitality segment Adjusted EBITDAre results are trending toward the top end of our full year guidance range.”
October and November Hospitality Segment Operating Statistics
| Total Occupancy | Total ADR | RevPAR | Total RevPAR | ||||||||||||
| 2022 | 2019 | As % of '19 | 2022 | 2019 | As % of '19 | 2022 | 2019 | As % of '19 | 2022 | 2019 | As % of '19 | ||||
| October | |||||||||||||||
| November | |||||||||||||||
Reed continued, “As of December 20, 2022, the Hospitality segment is on track to set a new monthly record for total revenue, driven by strong leisure demand across the Gaylord Hotels brand. In addition, our Opry Entertainment Group segment is benefitting from these same leisure demand trends, with revenues exceeding 2019 levels.”
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and leading entertainment experiences. RHP’s core holdings, Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, are five of the top ten largest non-gaming convention center hotels in the United States based on total indoor meeting space. Our Hospitality segment is comprised of these convention center resorts operating under the Gaylord Hotels brand, along with two adjacent ancillary hotels, which are managed by Marriott International and represent a combined total of 10,412 rooms and more than 2.8 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country (as described below the W Austin Hotel is not included in Hospitality segment). RHP also owns a
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including, but not limited to, risks associated with the demand for travel and holiday programming and transient and group business. Other factors that could cause actual results to differ from the Company’s beliefs and expectations as to the outcome of future events are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
| Investor Relations Contacts: | Media Contacts: |
| Mark Fioravanti, President | Hillary Prim, Vice President of Corporate and Brand Communications |
| Ryman Hospitality Properties, Inc. | Finn Partners |
| (615) 316-6588 | (615) 610-0293 |
| mfioravanti@rymanhp.com | hillary.prim@finnpartners.com |
| ~or~ | ~or~ |
| Jennifer Hutcheson, Chief Financial Officer | Robert Winters |
| Ryman Hospitality Properties, Inc. | Alpha IR Group |
| (615) 316-6320 | (929) 266-6315 |
| jhutcheson@rymanhp.com | robert.winters@alpha-ir.com |
| ~or~ | |
| Todd Siefert, Senior Vice President Corporate Finance & Treasurer | |
| Ryman Hospitality Properties, Inc. | |
| (615) 316-6344 |
FAQ
What is the recent performance update for Ryman Hospitality Properties (RHP)?
How did RHP's occupancy rates perform in October and November 2022?
When does RHP expect to set a new record for total revenue?
What factors contributed to RHP's hospitality segment growth in Q4 2022?
