Ryman Hospitality Properties Announces $100 Million Share Repurchase Authorization
August 20 2015 - 4:05PM
Business Wire
Ryman Hospitality Properties, Inc. (NYSE:RHP) today announced
that its Board of Directors has authorized a share repurchase
program for up to $100 million of the Company’s common stock using
cash on hand and borrowings under its revolving credit line. The
repurchases are intended to be implemented through open market
transactions on U.S. exchanges or in privately negotiated
transactions, in accordance with applicable securities laws, and
any market purchases will be made during open trading window
periods or pursuant to any applicable Rule 10b5-1 trading plans,
and the authorization extends until December 31, 2016. The timing,
prices, and sizes of repurchases will depend upon prevailing market
prices, general economic and market conditions and other
considerations. The repurchase program does not obligate the
Company to acquire any particular amount of stock.
“After thorough analysis and in consultation with our Board of
Directors, we are announcing a share repurchase authorization as
part of a capital allocation strategy that we believe is in the
best interest of our shareholders and our business. We believe
using capital to repurchase our shares at appropriate prices
represents a favorable strategic use of capital,” said Colin Reed,
chairman and Chief Executive Officer of Ryman Hospitality
Properties. “This reflects our continued confidence in the
stability and cash flow generation capabilities of our business
model and the strength of our balance sheet.”
About Ryman Hospitality Properties,
Inc.
Ryman Hospitality Properties, Inc. (NYSE:RHP) is a REIT 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 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, The Inn at Opryland, a 303-room overflow hotel
adjacent to Gaylord Opryland and AC Hotel Washington, DC at
National Harbor, a 192-room hotel near Gaylord National. The
Company also owns and operates 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 650 AM WSM, the Opry’s radio
home. For additional information about Ryman Hospitality
Properties, visit www.rymanhp.com.
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. Examples of these statements include, but are not limited
to, statements regarding capital allocation strategy, the future
performance of our business, plans to engage in share repurchase
transactions and the form and timing thereof and source of funds.
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 economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
Company’s ability to remain qualified as a REIT, the Company’s
ability to execute its strategic goals as a REIT, the Company’s
ability to generate cash flows to support dividends, future board
determinations regarding the timing and amount of dividends and
changes to the dividend policy, which could be made at any time,
and the Company’s ability to borrow funds pursuant to its credit
agreement. 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 U.S. Securities and Exchange
Commission (SEC) 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, 2014 and its 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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version on businesswire.com: http://www.businesswire.com/news/home/20150820006148/en/
Investor Relations:Mark Fioravanti, President and Chief
Financial OfficerRyman Hospitality Properties, Inc.(615)
316-6588mfioravanti@rymanhp.comorTodd Siefert, Vice
President of Corporate Finance & TreasurerRyman Hospitality
Properties, Inc.(615)
316-6344tsiefert@rymanhp.comorMedia:Brian Abrahamson,
Vice President of Corporate CommunicationsRyman Hospitality
Properties, Inc.(615) 316-6302babrahamson@rymanhp.comorJosh
Hochberg or Dan ZaccheiSloane & Company(212) 446-1892 or (212)
446-1882jhochberg@sloanepr.com;
dzacchei@sloanepr.com
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