Project Expected to Generate 1,287 Full-Time
Equivalent Construction Jobs and 699 Full-Time Equivalent Permanent
Jobs Upon Opening
Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real
estate investment trust ("REIT") specializing in group-oriented,
destination hotel assets in urban and resort markets, today
announced plans for a proposed $90 million investment to create
SoundWaves, a luxury indoor/outdoor waterpark, adjacent to Gaylord
Opryland Resort & Convention Center in Nashville, Tenn.
The proposed project includes nearly 111,000 square feet of
upscale indoor water attractions and activities over three levels
and another 106,000 square feet of outdoor water amenities. The
Company retained renowned hospitality design firm Blur Workshop to
develop the concept for the project, which will have dedicated
indoor and outdoor recreation zones for adults, young children and
families, as well as dining options and private cabana rentals.
Adult guests will have exclusive access to adults-only indoor and
outdoor pools, bars and lounging areas throughout the complex. The
indoor attractions will be enclosed under a soaring atrium, a
hallmark of the Gaylord Hotels brand, and surrounded by lush,
tropical landscaping.
Year-round indoor attractions include an indoor slide tower with
slides ranging from 32-to-46-feet tall, a double flow rider, rapid
and lazy rivers, an activity pool with rock climbing and more
features to be announced as the project progresses. Seasonal
outdoor features include a 315,000 gallon wave pool with a giant
LED movie screen, a 45.5-foot slide tower, an adults-only pool and
a kids pool with a multi-level play structure.
Colin Reed, chairman and chief executive officer of Ryman
Hospitality Properties, said, “Gaylord Opryland has been a driving
force for convention and leisure travel to the Nashville market for
decades. We view this project as a tremendous opportunity to
further cement Nashville’s must-visit status with a one-of-a-kind
amenity that will appeal to group customers while also serving as a
major demand inducer for families and adult leisure guests looking
for upscale recreation options. We believe this project will drive
increased outside-the-room spending and additional points of
premium-rated transient occupancy by enticing visitors to extend
their stay in Nashville.”
Tentatively slated to open in fall 2018, the SoundWaves project
is estimated to generate significant economic impact for Metro
Nashville and the State of Tennessee, according to an economic
impact study conducted by Dr. William F. Fox at the University of
Tennessee’s Boyd Center for Business and Economic Research. The
study estimated that the proposed SoundWaves project will generate
1,287 full-time equivalent temporary jobs, $185 million in economic
impact and a one-time increase of $8.4 million in state and local
taxes during its planned 20-month construction phase.
According to the study, once the proposed project is
operational, SoundWaves is expected to produce a total, annual
economic output of $57.1 million, create 699 full-time equivalent
jobs and increase state and local tax revenue by $4.6 million
annually. These figures are in addition to Gaylord Opryland’s
current estimated annual impact to the Tennessee economy of $866.5
million and $70.7 million in state and local tax revenue (based on
2015 tax data).
“Our city is fortunate to have a vibrant tourism and hospitality
industry that creates quality jobs for residents and generates tax
revenues that fund schools and other essential services,” said
Nashville Mayor Megan Barry. “Continued investment in all areas of
the city, such as the project Ryman Hospitality Properties is
planning, is vital to our success as a welcoming city for tourists
as well as an ideal place to live, work and play. This park, once
completed, will not only create jobs and generate revenue at the
Gaylord Opryland Resort & Convention Center but also will
enhance and benefit the Donelson economy, especially along the
Music Valley corridor.”
The proposed project’s $90 million cost will be funded with cash
on hand and borrowings under the Company’s credit facility. The
Company has requested that The Metropolitan Government of Nashville
and Davidson County establish a payment in lieu of taxes, or PILOT,
arrangement under which the real property taxes of the Gaylord
Opryland Resort will, following the 2017 property tax reassessment,
be capped at that new level for eight years. The Company also has
requested that Metro Nashville extend the existing appropriation of
the one percent hotel occupancy tax generated solely by the Gaylord
Opryland Resort, established in 2010 for use in the Grand Ole Opry
House flood repair and remediation efforts, for an additional six
years to reimburse the Company for additional unreimbursed costs
associated with these flood remediation efforts.
Reed continued, “As the second largest property taxpayer in
Davidson County, the agreement we are seeking with Metro Nashville
would afford our Company a measure of predictability with regards
to future tax obligations on our Opryland parcel as well as the
opportunity to, over time, offset some of our initial, upfront
investment. The structure we are proposing makes it possible for us
to make this significant $90 million capital investment in the
Nashville area that will produce new jobs and generate substantial
additional tax revenue for our state and local government.”
The Company has also proposed that it donate to Metro Nashville
a parcel of land with direct access to the Cumberland River for use
in the East Bank Greenway system as a launching area for personal
watercraft and other water activities.
“This proposed land donation will provide a key access point to
the Cumberland River for the Donelson community and all Nashville
residents and visitors,” said District 15 Metro Nashville Council
Member Jeff Syracuse. “This access is something Metro Parks and
Ryman Hospitality Properties have wanted to make available to the
public for some time, and I am thrilled that Ryman Hospitality
Properties intends to make this donation for neighbors to enjoy as
part of their continued investment in the Donelson area.”
PROJECT RENDERINGS: Please visit
www.rymanhp.com/soundwaves
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 7,811 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 over 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
StatementsThis 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 the future performance
of our business, estimated capital expenditures. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. 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,
2015 and its Quarterly Reports on Form 10-Q and subsequent
filings. 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 and Chief Financial Officer |
Brian Abrahamson, Vice President of Corporate Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6302 |
mfioravanti@rymanhp.com |
babrahamson@rymanhp.com |
~or~ |
~or~ |
Todd Siefert, Vice President of Corporate Finance &
Treasurer |
Shannon Sullivan, Director of Corporate Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties |
(615) 316-6344 |
(615) 316-6725 |
tsiefert@rymanhp.com |
ssullivan@rymanhp.com |
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