Ryman Hospitality Properties, Inc. Provides Business Update
June 26 2020 - 08:30AM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
today provided the following business update:
Hospitality Business
Colin Reed, Chairman and Chief Executive Officer of the Company,
said, “As of today, Gaylord Opryland, Gaylord Palms, Gaylord
Rockies and Gaylord Texan have all re-opened with revised operating
standards and enhanced cleaning procedures.
"While very early in the re-opening process, the initial
feedback from our guests at the Gaylord Texan, which re-opened on
June 8, has been positive, and we are encouraged by its operating
performance. Over its first 15 days of operations since
re-opening, the Gaylord Texan generated an average occupancy of
approximately 20%, with an average daily rate of approximately
$190. The Gaylord Texan’s initial weekend occupancy level was
approximately 40%. While leisure transient occupancy generated over
95% of room demand in the first 15 days of Gaylord Texan’s
re-opening, small group meetings also accounted for approximately
300 of those room nights. We are also encouraged by the level
of bookings for the summer period across all four of our re-opened
hotels. At this time, we have not made a determination about the
re-opening date for Gaylord National, given the current uncertainty
regarding group demand and this hotel’s primary focus as a
convention hotel without a resort pool complex or other
transient-focused amenities.
“We have experienced continued success in our group rebooking
efforts across our Gaylord Hotels portfolio. Through June 24, 2020,
we have experienced total attrition and cancellations of
approximately 1.3 million net room nights, representing
approximately $608 million of total revenue, and we have
successfully rebooked approximately 457,000 group room nights,
representing approximately $208 million in total revenue.
Entertainment Business
Reed continued, “Our existing Ole Red businesses in Tishomingo,
Gatlinburg and Nashville have been open for several weeks at
reduced capacities in accordance with applicable local and state
health guidelines, and we opened our new Orlando Ole Red location
on June 19. Nashville recently entered phase three of its
four-phase re-opening plan, which allows for increased levels of
operations at limited capacity in bars, restaurants and other
venues. As a result, we intend to re-open the Grand Ole Opry and
the Ryman Auditorium for tours today in accordance with the local
health guidelines. We believe it is likely that these guidelines
will continue to limit our ability to conduct concerts and other
public events at the Grand Ole Opry and the Ryman Auditorium until
at least early August.
Reed continued, “We are encouraged by early business levels and
the response we have received from customers across our hospitality
and entertainment portfolio related to the safety measures we have
put in place, and we look forward to hosting additional guests in
the weeks and months ahead. While we understand that COVID-19 will
have a significant impact on our ability to return to business as
usual for the foreseeable future, we are confident we have ample
liquidity to weather an extended period of disruption, and we
remain committed to continuing to control our expenses and adapting
to the current business environment.”
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 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, efforts to rebook customers
for later dates in 2020 and later years, and our ability to conduct
concerts and other public events at the Grand Ole Opry and the
Ryman Auditorium. 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 the COVID-19
pandemic on us and the hospitality and entertainment industries
generally; the effects of the COVID-19 pandemic on the demand for
travel, transient and group business (including government-imposed
restrictions); levels of consumer confidence in the safety of
travel and group gathering as a result of COVID-19; the duration
and severity of the COVID-19 pandemic in the United States and the
pace of recovery following the COVID-19 pandemic; the duration and
severity of the COVID-19 pandemic in the markets where our assets
are located; 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, Senior 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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