Ryman Hospitality Properties, Inc. Provides COVID-19 Business Update
March 24 2020 - 6:00PM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
today provided the following update on the impact of the COVID-19
virus:
Business Update
Colin Reed, Chairman and Chief Executive Officer of the Company,
said, “In addition to the previously announced actions we have
taken to mitigate the operating and financial impact of the
COVID-19 pandemic, we are working with our management company,
Marriott, to temporarily suspend operations at our five hotels that
comprise the Gaylord Hotels convention network. After taking into
account the recommendations of local health authorities and
expected demand levels over the upcoming weeks, we have determined
that a temporary suspension of operations is in the best interests
of the employees in our hotel properties, the local communities in
which our hotels operate, and our shareholders. We will assess
hotel demand levels throughout the month of April and in
consultation with local health authorities determine an appropriate
reopening date for the facilities.”
Investor Call
The Company will hold a conference call with investors on
Thursday, March 26 at 10:00 a.m. ET to discuss the Company’s action
plan to mitigate the impact of COVID-19 on its businesses. On
the call, the Company will outline the implications of its cost
containment efforts in each of its businesses and its corporate
function, and the expected level of operating expenses and capital
investments for the remainder of 2020.
To participate in the conference call, please dial 973-935-8756
and use conference ID 8659659. The call will be available for
replay through April 9, 2020 by dialing 800-585-8367 and
using conference ID 8659659. This call is also being webcast and
can be accessed at Ryman Hospitality Properties’ Investor Relations
website at http://ir.rymanhp.com.
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 country music
entertainment experiences. The Company’s core holdings* include a
network of five of the top 10 largest non-gaming convention center
hotels in the United States based on total indoor meeting space.
These convention center resorts operate under the Gaylord Hotels
brand and are managed by Marriott International. The Company also
owns two adjacent ancillary hotels and a small number of
attractions managed by Marriott International for a combined total
of 10,110 rooms and more than 2.7 million square feet of total
indoor and outdoor meeting space in top convention and leisure
destinations across the country. The Company’s Entertainment
segment includes a growing collection of iconic and emerging
country music brands, including the Grand Ole Opry; Ryman
Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle
media network the Company owns in a joint-venture partnership with
Gray Television. The Company operates its Entertainment segment as
part of a taxable REIT subsidiary.
*The Company is the sole owner of Gaylord Opryland Resort &
Convention Center; Gaylord Palms Resort & Convention Center;
Gaylord Texan Resort & Convention Center; and Gaylord National
Resort & Convention Center. It is the majority owner and
managing member of the joint venture that owns Gaylord Rockies
Resort & Convention Center.
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 anticipated impact of COVID-19 on
travel, transient and group demand, the anticipated impact of
COVID-19 on our results of operations, the amount of cancellation
and attrition fees, cost containment efforts, and our plans to
assess the reopening of our Gaylord Hotels properties. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. These risks and uncertainties include, but are not
limited to, the effects of COVID-19, including on the demand for
travel, transient and group business (including government-imposed
restrictions), and levels of consumer confidence in the safety of
travel and group gatherings as a result of COVID-19; the length and
severity of the COVID-19 pandemic in the United States; the pace of
recovery following the COVID-19 pandemic; our ability to implement
cost containment strategies; and the adverse effects of COVID-19 on
our business or the market price of our common stock. Other factors
that could cause results to differ 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, 2019 and its Quarterly
Reports on Form 10-Q 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.
Source: Ryman Hospitality Properties, Inc.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President & Chief Financial Officer |
Shannon Sullivan, Vice President 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 Corporate Finance & Treasurer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com |
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