Ryman Hospitality Properties, Inc.

Ryman did not give consolidated company revenue or EPS in the prepared remarks, but it reported strong operating metrics in the core businesses. Same-store hospitality adjusted EBITDAre beat expectations by approximately $7 million, same-store RevPAR and total RevPAR each exceeded expectations by about 2.5 points, and group ADR increased 7.5% year over year. Catering contribution per group room night rose nearly 13% year over year, and same-store gross group room nights booked for future periods increased 6.7% year over year to more than 768,000, with booking ADR at approximately $310, up 8.6% year over year. Entertainment adjusted EBITDAre increased nearly 30% year over year to a new quarterly record. On guidance, management raised the midpoint of same-store hospitality adjusted EBITDAre by $10 million and JW Desert Ridge by $1 million. For 2026 capex, the company now expects approximately $400 million to $500 million, about $50 million higher at the midpoint. Liquidity was nearly $1.3 billion, unrestricted cash was $366 million, restricted cash was $32 million, and net leverage was 4.2x.

Colin Reed said the quarter showed the resilience of Ryman’s model and emphasized that the company’s strategy of attracting higher-value customers, investing in assets, and using scale to deepen customer relationships is working. He highlighted Opryland as a proof point, saying its adjusted EBITDAre is expected to cross $200 million this year versus about $57 million 25 years ago, and pointed to London sellout shows by Luke Combs as evidence of country music’s growing reach. On OEG, he said the board continues to explore possible partners to give the business more independence while preserving Ryman’s stake, but no agreement has been reached.

Jennifer Hutcheson focused on balance sheet strength and capital flexibility. She said the company ended the quarter with $366 million of unrestricted cash, $32 million of restricted cash, undrawn revolving facilities, and nearly $1.3 billion of total available liquidity, with net leverage at 4.2x. She also said 2026 capex is now expected to be $400 million to $500 million, reflecting accelerated project timing rather than a change in overall scope, and reiterated the intention to distribute a minimum of 100% of REIT taxable income through dividends over time.

Analysts pressed management on Marriott fees, the potential sale of OEG, JW portfolio rotation, Marriott’s new ITR, group pricing mix, capex timing, and back-half guidance. Management said its Marriott relationship is good and largely aligned, that OEG discussions were prompted by unsolicited inbound interest and are separate from the hotel business, and that any transaction would have to comply with REIT rules and likely result in dividend distributions. On the JW strategy, management said rotational selling is building well, with about 129,000 multiyear rotational group room nights booked to date, and on pricing it said the quarter reflected both mix improvement and stronger pricing from investments and asset quality.