Ryman Hospitality Properties, Inc. Provides Operating Update
April 05 2023 - 6:30PM
Ryman Hospitality Properties (NYSE: RHP) (the “Company”), a leading
lodging and hospitality real estate investment trust (“REIT”) that
specializes in upscale convention center resorts and entertainment
experiences, today provided the following business update:
Mark Fioravanti, President and Chief Executive
Officer of the Company said, “Given the uncertainty in today’s
economic environment, we wanted to provide an update on our
preliminary operating performance for the first quarter. Driven by
continued strength in our group segment, first quarter hotel
operating performance greatly exceeded omicron-impacted 2022 as
well as 2019 pre-pandemic levels.”
First Quarter 2023 Preliminary
Hospitality Segment Operating Statistics
|
|
|
|
|
|
Variance to 2022 |
Variance to 2019 |
|
Occ |
ADR |
RevPAR |
Total RevPAR |
Group Room Nights Traveled |
RevPAR |
Total RevPAR |
Group Room Nights Traveled |
RevPAR |
Total RevPAR |
Group Room Nights Traveled |
Q1 |
72.3% |
$237.89 |
$172.04 |
$452.89 |
536,777 |
59% |
63% |
82% |
18% |
22% |
4% |
ADR represents average daily rate. RevPAR represents rooms
revenue per available room. Total RevPAR represents total
Hospitality revenue per available room.
Fioravanti continued, “The first quarter saw
occupancy of 72.3%, well ahead of first quarter 2022, and back to
2019 levels, even with 302 additional rooms at the Gaylord Palms.
RevPAR grew 59% and 18% over the first quarter 2022 and 2019,
respectively, driven by record first quarter ADR and strong outside
the room spend as the number of group room nights traveled
continued to increase.”
“Looking ahead, our net group revenue
on-the-books for April through December remains strong and
continues to outpace both the 2022 and 2019 periods. In addition,
our Opry Entertainment Group is capitalizing on robust demand, with
preliminary revenue in the first quarter exceeding both 2022 and
2019. We remain excited about the strength of our business and look
forward to continuing to execute on our operating and financial
goals in the quarters and years ahead.”
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 leading
entertainment experiences. RHP’s core holdings, Gaylord
Opryland Resort & Convention Center; Gaylord Palms Resort
& Convention Center; Gaylord Texan Resort & Convention
Center; Gaylord National Resort & Convention Center;
and Gaylord Rockies Resort & Convention Center, are five
of the top ten largest non-gaming convention center hotels
in the United States based on total indoor meeting space.
Our Hospitality segment is comprised of these convention center
resorts operating under the Gaylord Hotels brand, along with two
adjacent ancillary hotels, which are managed by Marriott
International and represent a combined total of 10,412 rooms and
more than 2.8 million square feet of total indoor and outdoor
meeting space in top convention and leisure destinations across the
country. RHP also owns a 70% controlling ownership interest in Opry
Entertainment Group (OEG), which is composed of entities owning 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
RHP owns in a joint venture with Gray Television, Nashville-area
attractions, and Block 21, a mixed-use entertainment, lodging,
office and retail complex, including the W Austin Hotel and the ACL
Live at Moody Theater, located in downtown Austin, Texas. RHP
operates OEG as its Entertainment segment, in a taxable REIT
subsidiary, and its results are consolidated in the Company’s
financial results. Visit RymanHP.com for more
information.
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 future performance
of the Company’s business, anticipated business levels and
anticipated financial results for the Company during future
periods, 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, including, but not limited to, risks and
uncertainties associated with the effects of COVID-19 on the
Company and the hospitality and entertainment industries generally,
the geographic concentration of the Company’s hotel properties,
business levels at the Company’s hotels, the effects of inflation
on the Company’s business and on its customers, including group
business at its hotels, the Company’s ability to remain qualified
as a REIT for federal income tax purposes, the Company’s ability to
execute its strategic goals as a REIT, and the Company’s ability to
borrow funds pursuant to its credit agreements. Other factors that
could cause actual results to differ are described in the filings
made from time to time by the Company with the U.S. Securities and
Exchange Commission (the “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, 2022,
filed with the SEC on February 24, 2023, 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.
The Company is presenting preliminary estimates
of certain operating results as of and for the three months ended
March 31, 2023, based upon the information available to the Company
as of the date of this press release. These estimates are not a
comprehensive statement of the Company’s results for such period,
and the Company’s actual results may differ materially from these
preliminary estimated results. These estimates are preliminary and
are inherently uncertain and subject to change as the Company
completes the preparation of its condensed consolidated financial
statements and related notes and completion of its financial close
procedures for the three months ended March 31, 2023. Therefore,
you should not place undue reliance upon this information. The
Company’s independent registered accounting firm has not audited,
reviewed, compiled or performed any procedures with respect to the
preliminary estimated financial information included in this press
release and, accordingly, does not express an opinion or any other
form of assurance with respect thereto. The Company currently
intends to release its finalized first quarter earnings results
after the market closes on Wednesday, May 3, 2023, and management
will hold a conference call to discuss the results at 11:00 a.m. ET
on Thursday, May 4, 2023. In addition, you should carefully review
the Company’s condensed consolidated financial statements for the
three months ended March 31, 2023, when they become available.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Executive 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~ |
Jennifer Hutcheson, EVP and Chief Financial Officer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6320 |
(929) 266-6315 |
jhutcheson@rymanhp.com |
robert.winters@alpha-ir.com |
~or~ |
|
Ray Keeler, Vice President Finance and Strategic Planning |
|
Ryman Hospitality Properties, Inc. |
|
(615) 316-6485 |
|
rkeeler@rymanhp.com |
|
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