Ryman Hospitality Properties Announces $150 Million Expansion of Gaylord Palms Resort & Convention Center
May 24 2018 - 9:00AM
Planned Expansion to Add 90,000 Square Feet of
Carpeted Meeting and Pre-function Space, 303 Guest Rooms and
Additional Resort Amenities
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 $150 million expansion of Gaylord Palms
Resort & Convention Center in Kissimmee, Fla.
The planned expansion will add 303 guest rooms to
the resort’s current 1,416 room inventory and 90,000 square feet of
carpeted meeting and pre-function space. Once complete, the planned
expansion will bring the total convention, meeting and pre-function
space at Gaylord Palms to approximately 490,000 square feet.
The meeting space addition includes a new
30,000-square-foot ballroom, 30,000 square feet of breakout space
and approximately 30,000 square feet of carpeted pre-function
space. In addition, the planned expansion will include a new
multi-level parking structure and an expansion to the property’s
resort pool that will include a new lazy river feature and a new
events lawn.
Colin Reed, chairman and chief executive officer of
Ryman Hospitality Properties, said, “Gaylord Palms is ideally
positioned in one of the most attractive convention and leisure
destinations in the country. Much like our recently-completed
Gaylord Texan expansion, we believe this expansion will allow us to
meet the increasing demand we are seeing from large group customers
seeking additional high-quality meeting space in a way that takes
full advantage of our existing resort infrastructure.”
Construction on the multi-story parking structure
is expected to begin in the third quarter of 2018. Construction on
the meeting space, rooms expansion and pool enhancements is
expected to begin following the completion of the parking structure
in the spring of 2019. The planned expansion is expected be
completed during the spring of 2021.
The project will be funded with cash on hand and
borrowings under the Company’s revolving credit facility. In
connection with the project, Osceola County has agreed to extend
and modify the terms of the existing Restated Marketing Agreement,
put into place with the Company in October of 2003, and to
reimburse a portion of the project cost with proceeds of a 1
percent hotel tax special assessment, beginning July of 2018 and
continuing for 30 years.
Reed continued, “We are proud of our long-standing
partnership with the leadership of Osceola County, which has given
our Company the confidence to continue our investment in this
market. We would like to thank the Osceola County Board of County
Commissioners for their support of this expansion, and we look
forward to seeing this project take shape in the years ahead.”
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 8,114 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; 650 AM WSM, the
Opry’s radio home; and Ole Red, a country lifestyle and
entertainment brand. The Company also is a joint venture owner in
Opry City Stage, the Opry’s first home away from home, in Times
Square. 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 the planned expansion
of Gaylord Palms, the future performance of our business, estimated
capital expenditures, construction project costs and completion
dates, preliminary operations and financial reporting and other
business or operational issues. 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 construction
projects, schedules, budgets, and cost estimates, cash flows, the
Company’s ability to borrow funds pursuant to its credit agreement,
and the process of finalizing preliminary financial and operating
results. Other factors that could cause business, 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, 2017 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.
FOR PRELIMINARY PROJECT RENDERINGS:
https://www.rymanhp.com/gaylord-palms-renderings
|
|
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Financial Officer |
Shannon Sullivan, Vice President of Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Todd Siefert, Vice President of Corporate Finance &
Treasurer |
Robert Winters or Sam Gibbons |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 or (312) 445-2874 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com;sam.gibbons@alpha-ir.com |
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