Ryman Hospitality Properties, Inc.

What they do

Ryman owns a network of upscale, meetings-focused resorts managed by Marriott under the Gaylord Hotels and JW Marriott brands, including five Gaylord Hotels and two JW Marriott properties. The company also owns approximately 70% of Opry Entertainment Group, which includes the Grand Ole Opry, Ryman Auditorium, WSM-AM, Ole Red, Category 10, Block 21, Southern Entertainment, and management of the Ascend Amphitheater. Operations are segmented into Hospitality, Entertainment, and Corporate and Other, representing approximately 83%, 17%, and 0% of 2025 total revenues, respectively.

Revenue drivers

• Hospitality — Generates revenue from room nights, meeting space rentals, food and beverage, and ancillary spending at Gaylord Hotels and JW Marriott properties, representing approximately 83% of 2025 total revenues.
• Entertainment — Includes the Grand Ole Opry, Ryman Auditorium, Ole Red, Category 10, Block 21, Southern Entertainment, and venue management, representing approximately 17% of 2025 total revenues.
• Corporate and Other — Primarily corporate expenses and other non-segment items, representing approximately 0% of 2025 total revenues.

Recent performance

For the second quarter of 2026, Ryman reported record consolidated revenue of $749.0 million, up 13.6% from $659.5 million in the prior year quarter. Same-store Hospitality segment revenue was a record $544.3 million, and Entertainment segment revenue was a record $144.0 million. Consolidated net income was $102.1 million, or $1.42 per diluted share, compared to $75.9 million, or $1.12 per diluted share, in the second quarter of 2025. Adjusted EBITDAre was $258.3 million, up 21.9% year-over-year.

Strategy

Ryman focuses on premium group customers at its convention center resorts, evidenced by booking over 768,000 same-store Hospitality Gross Definite Room Nights in the second quarter of 2026 at a record estimated ADR of $310. The company is expanding its Entertainment segment, with additional Category 10 locations expected in Las Vegas in late 2026 and at Universal Orlando Resort's CityWalk in late 2027. It also acquired JW Marriott Desert Ridge on June 10, 2025, and is integrating that property into its existing asset base.

Risks

• Dependence on Marriott — Ryman relies on Marriott International to manage its hotel properties, and if Marriott does not manage them successfully, financial condition and results could be materially adversely affected.
• Geographic concentration — The company's hotel properties are geographically concentrated, which could amplify the impact of regional economic downturns or local disruptions.
• Inflation and macroeconomic conditions — Inflation and changes in economic conditions could increase labor and supply costs and reduce group customer demand, negatively impacting results.
• REIT qualification — Failure to maintain REIT status for federal income tax purposes would subject the company to corporate income taxes and reduce cash available for dividends.

Outlook

Management raised its full-year 2026 outlook due to strong second quarter performance in the Hospitality portfolio and a modest increase in expectations for the same-store Hospitality business for the second half of 2026. The company cited healthy booking pace and record estimated ADR for future bookings as reinforcing confidence in demand for its differentiated group-focused hotel assets.