Ryman Hospitality Properties, Inc. Provides Update on Impact of Impending Water Outage in Prince George’s County on Gaylord...
July 16 2013 - 9:10PM
Business Wire
Ryman Hospitality Properties, Inc. (NYSE: RHP) today provided
information on the impact to Gaylord National of the impending
water shutdown in southern Prince George’s County, Md. The
Washington Suburban Sanitary Commission (WSSC) has informed the
Company and the public that a section of pipe in a vital 54-inch
concrete pipeline appears to be failing, and significant parts of
Prince George’s County, including all of National Harbor, will be
without water for several days while repairs are made to the water
main by the WSSC. As a result, the Company’s hotel manager,
Marriott International, is planning to suspend operations of the
Gaylord National at Noon EDT tomorrow, July 17, 2013.
The WSSC has stated that it estimates water flow will be
restored in three to five days. Marriott International has informed
the Company that based on this estimate, the property expects to
accommodate guests planning to check in on Sunday, July 21, 2013.
It is important to note that this schedule is subject to change as
the situation develops.
Marriott has informed the Company that it is working to relocate
guests for the remainder of the week. At this time, it is too early
to assess the financial impact of the loss of revenue and
profitability associated with the temporary suspension of
operations at the Gaylord National on Ryman Hospitality Properties’
results as a whole. The Company plans to provide an update after
the Company determines its estimates of the financial impact based
on the extent and duration of the outage.
About Ryman Hospitality Properties,
Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP), is a real estate
investment trust for federal income tax purposes, specializing in
group-oriented, destination hotel assets in urban and resort
markets. The Company’s owned assets include a network of four
upscale, meetings-focused resorts totaling 7,795 rooms that are
managed by world-class lodging operator Marriott International,
Inc. under the Gaylord Hotels brand. Other owned assets managed by
Marriott International, Inc. include Gaylord Springs Golf Links,
the Wildhorse Saloon, the General Jackson Showboat and the Inn at
Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland.
The Company also owns and operates a number of media and
entertainment assets, including the Grand Ole Opry (opry.com), the
legendary weekly showcase of country music’s finest performers for
nearly 90 years; the Ryman Auditorium, the storied former home of
the Grand Ole Opry located in downtown Nashville; and WSM-AM, the
Opry’s radio home.
This press release contains statements as to the Company's
beliefs and expectations of the outcome of future events, including
the expected timing of reopening the hotel, that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from the statements made. These include the
risks and uncertainties associated with the suspension of
operations at the Gaylord National hotel and the timing of
reopening, which will depend on the actions of third parties
including The Washington Suburban Sanitary Commission and Prince
George’s County, Maryland and the difficulty, timing and success of
their water main repair effort; the extent and amount of any costs
or losses incurred by the Company in connection with the suspension
of operations and reopening; and potential damage to the business
and reputation of the hotel or the Company related to the
interruption of business. Other factors that could cause operating
and financial results to differ are described in the filings made
from time to time by the Company with the Securities and Exchange
Commission and include the risk factors described in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2012 and
Quarterly Reports on Form 10-Q. 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.
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