Ryman Hospitality Properties, Inc. (RHP) Stock Analysis and Metrics

Ryman Hospitality Properties

NYSE: RHP

$133.23 ▲ +4.34 (+3.37%)

At close: Jul 24, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap8.12 Bn

P/E44.63

P/S3.15

Div. Yield0.04

ROIC (Qtr)0.00

Total Debt (Qtr)400.00 Mn

Revenue Growth (1y) (Qtr)13.16

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About

Ryman specializes in group oriented, destination hotel assets in urban and resort markets, operating as a self advised and self administered real estate investment trust that owns and leases upscale meetings focused resorts and also owns entertainment and media assets.

Ryman generates revenue primarily from hotel room rentals, food and beverage sales, meeting and event space rentals, and ancillary services at its Gaylord Hotels and JW Marriott properties, as well as from ticket sales, sponsorships, broadcasting, and venue management across its entertainment assets, serving corporate groups, convention attendees, leisure travelers, and live event audiences.

The company operates through the following segments: Hospitality, Entertainment, and Corporate and Other.

• Hospitality: This segment includes the Gaylord Hotels resorts, the JW Marriott resorts, the Inn at Opryland, and the AC Hotel, providing lodging, food and beverage, meeting and convention space, and recreational amenities for group and transient guests.

• Entertainment: This segment comprises the Opry Entertainment Group assets such as the Grand Ole Opry, the Ryman Auditorium, WSM AM radio, Ole Red venues, Category 10 venues, Block 21 mixed use complex, Southern Entertainment festival production, and management of the Ascend Amphitheater and the CCNB Amphitheatre, delivering live music, broadcasting, and event experiences.

• Corporate and Other: This segment consists of corporate level expenses including general and administrative costs, information technology, human resources, accounting, and other overhead not allocated to the operating segments.

Ryman holds a leading position among U. S. convention hotels, competing with properties such as the Orlando World Center Marriott, Hilton Anatole, and Walt Disney World Dolphin, while its competitive advantages stem from large contiguous meeting spaces, strong brand recognition of the Grand Ole Opry, and management agreements with Marriott that provide access to a global sales force and loyalty program.

The company serves corporate groups seeking meeting and convention facilities, leisure travelers attending its resort properties, and audiences for live music and entertainment events at its venues.

Investment Thesis

▲ Bull case

The company’s deliberate pivot toward premium corporate group customers is yielding tangible improvements in pricing power and ancillary revenue streams. Same store ADR increased just over 5% year over year, more than offsetting the dip in group occupancy, while banquet and AV revenue per group room night grew more than 6% year over year with gains at nearly every property. This mix shift is evident in record first quarter revenues at Gaylord Opryland, Gaylord Rockies and Gaylord Palms, where the combination of higher room rates and stronger outside the room spending drove Adjusted EBITDAre expansion. At JW Marriott Desert Ridge, the group mix rose by nearly 200 basis points and group demand grew more than 9% following the implementation of a group‑first sales strategy, underscoring the effectiveness of the new approach. The acceleration of same store group rooms revenue on the books from 6.5% as of December 31 to 7.6% as of March 31, together with mid single digit ADR growth pacing for 2027 and 2028, indicates that the corporate focus is translating into stronger forward bookings and a higher quality earnings base.
Balance sheet strength and liquidity provide a solid platform for continued investment and shareholder returns. Unrestricted cash on hand ended the quarter at $424 million with an additional $27 million of restricted cash earmarked for FF&E and maintenance projects. Both the corporate and OEG revolving credit facilities remained undrawn, delivering approximately $1.35 billion of total credit availability that can be deployed for strategic initiatives without incurring additional borrowing costs. The pro forma net leverage ratio stood at 4.3x after incorporating a full year contribution from JW Marriott Desert Ridge, leaving a comfortable cushion relative to historical leverage levels for the sector. The opportunistic refinancing of $700 million of senior unsecured notes due 2034 eliminated near term refinancing risk through 2028 and extended the weighted average maturity of the debt portfolio, giving management flexibility to pursue accretive capex, bolt‑on acquisitions or increased shareholder returns while maintaining financial prudence.
The Entertainment division is demonstrating robust expansion beyond its traditional niches, supported by a deepening pipeline of confirmed growth opportunities. Ole Red Las Vegas achieved the highest monthly revenue and Adjusted EBITDAre in its operating history in March, highlighting the brand’s ability to capture strong demand in key leisure and corporate markets. Patrick Q. Moore described the pipeline of confirmed growth as perhaps the most robust the business has ever seen, citing recent strategic hires in COO and CMO roles, added expertise in festivals and amphitheaters, and strengthened artist partnership capabilities that are driving new revenue streams. Ongoing technology upgrades and the deployment of dedicated design and construction teams are being used to support this volume of growth, ensuring that operational capacity keeps pace with top line expansion. The announced development partnership with the organization behind the NBA Pacers and WNBA Fever for an Ole Red venue in Indianapolis points to a new geographic avenue for revenue generation and brand extension, further diversifying the Entertainment mix and reducing reliance on any single market.
Capital projects are progressing on schedule and on budget, reinforcing the medium term growth runway and supporting margin expansion. Full year capital expenditure guidance remains $350 million to $450 million with all major projects on track, reflecting disciplined execution and effective cost management. Recent completions include the Foundry Fieldhouse sports bar at Gaylord Opryland, the meeting space conversion at JW Marriott Desert Ridge and the kickoff of the JW Marriott Hill Country rooms renovation slated to run through 2027, each expected to contribute incremental ADR and outside the room spending. The Gaylord Opryland meeting space expansion, the Gaylord Texan rooms renovation targeted for completion in August and the Category 10 Las Vegas development continue to advance, positioning the portfolio to capture additional high yielding corporate group demand. Furthermore, management is actively evaluating expansion opportunities at Gaylord Rockies, JW Hill Country and Gaylord Texan, which could add incremental rooms and meeting space and further enhance the portfolio’s ability to attract premium corporate clients, thereby creating a sustainable pipeline of value accretive investments over the next several years.

The company’s deliberate pivot toward premium corporate group customers is yielding tangible improvements in pricing power and ancillary revenue streams. Same store ADR increased just over 5% year over year, more than offsetting the dip in group occupancy, while banquet and AV revenue per group room night grew more than 6% year over year with gains at nearly every property. This mix shift is evident in record first quarter revenues at Gaylord Opryland, Gaylord Rockies and Gaylord Palms, where the combination of higher room rates and stronger outside the room spending drove Adjusted EBITDAre expansion. At JW Marriott Desert Ridge, the group mix rose by nearly 200 basis points and group demand grew more than 9% following the implementation of a group‑first sales strategy, underscoring the effectiveness of the new approach. The acceleration of same store group rooms revenue on the books from 6.5% as of December 31 to 7.6% as of March 31, together with mid single digit ADR growth pacing for 2027 and 2028, indicates that the corporate focus is translating into stronger forward bookings and a higher quality earnings base.
Balance sheet strength and liquidity provide a solid platform for continued investment and shareholder returns. Unrestricted cash on hand ended the quarter at $424 million with an additional $27 million of restricted cash earmarked for FF&E and maintenance projects. Both the corporate and OEG revolving credit facilities remained undrawn, delivering approximately $1.35 billion of total credit availability that can be deployed for strategic initiatives without incurring additional borrowing costs. The pro forma net leverage ratio stood at 4.3x after incorporating a full year contribution from JW Marriott Desert Ridge, leaving a comfortable cushion relative to historical leverage levels for the sector. The opportunistic refinancing of $700 million of senior unsecured notes due 2034 eliminated near term refinancing risk through 2028 and extended the weighted average maturity of the debt portfolio, giving management flexibility to pursue accretive capex, bolt‑on acquisitions or increased shareholder returns while maintaining financial prudence.
The Entertainment division is demonstrating robust expansion beyond its traditional niches, supported by a deepening pipeline of confirmed growth opportunities. Ole Red Las Vegas achieved the highest monthly revenue and Adjusted EBITDAre in its operating history in March, highlighting the brand’s ability to capture strong demand in key leisure and corporate markets. Patrick Q. Moore described the pipeline of confirmed growth as perhaps the most robust the business has ever seen, citing recent strategic hires in COO and CMO roles, added expertise in festivals and amphitheaters, and strengthened artist partnership capabilities that are driving new revenue streams. Ongoing technology upgrades and the deployment of dedicated design and construction teams are being used to support this volume of growth, ensuring that operational capacity keeps pace with top line expansion. The announced development partnership with the organization behind the NBA Pacers and WNBA Fever for an Ole Red venue in Indianapolis points to a new geographic avenue for revenue generation and brand extension, further diversifying the Entertainment mix and reducing reliance on any single market.
Capital projects are progressing on schedule and on budget, reinforcing the medium term growth runway and supporting margin expansion. Full year capital expenditure guidance remains $350 million to $450 million with all major projects on track, reflecting disciplined execution and effective cost management. Recent completions include the Foundry Fieldhouse sports bar at Gaylord Opryland, the meeting space conversion at JW Marriott Desert Ridge and the kickoff of the JW Marriott Hill Country rooms renovation slated to run through 2027, each expected to contribute incremental ADR and outside the room spending. The Gaylord Opryland meeting space expansion, the Gaylord Texan rooms renovation targeted for completion in August and the Category 10 Las Vegas development continue to advance, positioning the portfolio to capture additional high yielding corporate group demand. Furthermore, management is actively evaluating expansion opportunities at Gaylord Rockies, JW Hill Country and Gaylord Texan, which could add incremental rooms and meeting space and further enhance the portfolio’s ability to attract premium corporate clients, thereby creating a sustainable pipeline of value accretive investments over the next several years.

▼ Bear case

The company’s financial performance remains sensitive to swings in corporate group demand, which could be curtailed by broader macroeconomic headwinds. Management explicitly warned that the low end of full year guidance assumes hesitation in near term meeting planner decision making, a potential pullback in 2026 meeting budgets and softer leisure demand possibly driven by higher gas prices. If corporate clients retreat from spending on meetings and conventions due to concerns about economic uncertainty or tighter budgets, the ADR and outside the room spending gains realized in the first quarter could reverse, putting pressure on both top line and margin expansion. This vulnerability is amplified by the concentration of the portfolio in a limited number of gateway markets such as Nashville, Dallas, Denver, Orlando and Phoenix, where regional economic shocks could disproportionately affect group booking volumes.
Interest rate and inflation risks tied to geopolitical developments in Iran and oil prices pose a material threat to the cost of capital and consumer spending power. Colin V. Reed referenced statements from two of the four dissenting Fed governors indicating that future rate hikes are possible, which would increase borrowing costs and could dampen both corporate and leisure travel. With a net leverage ratio of 4.3x, the company has limited capacity to absorb additional debt should rates rise, and any increase in interest expense would directly affect Adjusted EBITDAre and free cash flow generation, potentially constraining the ability to fund ongoing capital projects or return capital to shareholders through dividends or share repurchases. The reliance on variable rate debt or floating rate exposures could exacerbate this pressure if market rates move upward more sharply than anticipated.
The strategic decision to reserve inventory for premium corporate groups is creating challenging year over year comparisons that may mask underlying strength and could lead to mispricing of the stock. For 2027, same store group rooms revenue on the books is up just over 3% compared to the prior year and for 2028 it is down 1%, while ADR growth for both periods is pacing at mid single digits. This compression in comparable metrics stems from the shift in inventory management rather than a deterioration in demand, and could cause investors to overlook the fundamental improvements in mix and pricing power if they focus solely on headline growth numbers. The deliberate mix change also introduces a degree of execution risk, as success depends on the ability to consistently attract and retain high yielding corporate groups within a narrower booking window.
The Entertainment segment remains inherently seasonal and discretionary, making its contribution to overall profitability volatile and susceptible to shifts in consumer sentiment. First quarter results declined year over year due to a tough comparison, seasonality associated with the new business line and the impact of winter storm Fern, despite Ole Red Las Vegas achieving a record month in March. The sustainability of such peaks is unproven, and the segment’s reliance on live events, artist partnerships and regional economic health means that a downturn in consumer discretionary spending or a shift in entertainment preferences could quickly reverse recent gains, limiting the division’s ability to act as a stable counterweight to hospitality cyclicality. Furthermore, the expansion of concepts such as Ole Red into new markets like Indianapolis carries execution risk, including potential delays, cost overruns or weaker than anticipated local demand, which could weigh on overall Entertainment profitability and divert capital from higher returning hospitality initiatives.

The company’s financial performance remains sensitive to swings in corporate group demand, which could be curtailed by broader macroeconomic headwinds. Management explicitly warned that the low end of full year guidance assumes hesitation in near term meeting planner decision making, a potential pullback in 2026 meeting budgets and softer leisure demand possibly driven by higher gas prices. If corporate clients retreat from spending on meetings and conventions due to concerns about economic uncertainty or tighter budgets, the ADR and outside the room spending gains realized in the first quarter could reverse, putting pressure on both top line and margin expansion. This vulnerability is amplified by the concentration of the portfolio in a limited number of gateway markets such as Nashville, Dallas, Denver, Orlando and Phoenix, where regional economic shocks could disproportionately affect group booking volumes.
Interest rate and inflation risks tied to geopolitical developments in Iran and oil prices pose a material threat to the cost of capital and consumer spending power. Colin V. Reed referenced statements from two of the four dissenting Fed governors indicating that future rate hikes are possible, which would increase borrowing costs and could dampen both corporate and leisure travel. With a net leverage ratio of 4.3x, the company has limited capacity to absorb additional debt should rates rise, and any increase in interest expense would directly affect Adjusted EBITDAre and free cash flow generation, potentially constraining the ability to fund ongoing capital projects or return capital to shareholders through dividends or share repurchases. The reliance on variable rate debt or floating rate exposures could exacerbate this pressure if market rates move upward more sharply than anticipated.
The strategic decision to reserve inventory for premium corporate groups is creating challenging year over year comparisons that may mask underlying strength and could lead to mispricing of the stock. For 2027, same store group rooms revenue on the books is up just over 3% compared to the prior year and for 2028 it is down 1%, while ADR growth for both periods is pacing at mid single digits. This compression in comparable metrics stems from the shift in inventory management rather than a deterioration in demand, and could cause investors to overlook the fundamental improvements in mix and pricing power if they focus solely on headline growth numbers. The deliberate mix change also introduces a degree of execution risk, as success depends on the ability to consistently attract and retain high yielding corporate groups within a narrower booking window.
The Entertainment segment remains inherently seasonal and discretionary, making its contribution to overall profitability volatile and susceptible to shifts in consumer sentiment. First quarter results declined year over year due to a tough comparison, seasonality associated with the new business line and the impact of winter storm Fern, despite Ole Red Las Vegas achieving a record month in March. The sustainability of such peaks is unproven, and the segment’s reliance on live events, artist partnerships and regional economic health means that a downturn in consumer discretionary spending or a shift in entertainment preferences could quickly reverse recent gains, limiting the division’s ability to act as a stable counterweight to hospitality cyclicality. Furthermore, the expansion of concepts such as Ole Red into new markets like Indianapolis carries execution risk, including potential delays, cost overruns or weaker than anticipated local demand, which could weigh on overall Entertainment profitability and divert capital from higher returning hospitality initiatives.

Segments Breakdown of Revenue (2025)

Peer Comparison

Companies in the REIT - Hotel & Motel

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	RHP	Ryman Hospitality Properties, Inc.	8.12 Bn	44.63	3.15	0.40 Bn
2	APLE	Apple Hospitality REIT, Inc.	3.92 Bn	22.82	2.76	1.57 Bn
3	PK	Park Hotels & Resorts Inc.	2.91 Bn	-13.97	1.15	-
4	DRH	DiamondRock Hospitality Co	2.59 Bn	26.80	2.31	1.10 Bn
5	SHO	Sunstone Hotel Investors, Inc.	2.19 Bn	94.96	2.22	0.94 Bn
6	PEB	Pebblebrook Hotel Trust	2.15 Bn	-23.42	1.43	2.08 Bn
7	XHR	Xenia Hotels & Resorts, Inc.	1.94 Bn	27.21	1.79	1.36 Bn
8	RLJ	RLJ Lodging Trust	1.80 Bn	-16,371.26	1.32	2.19 Bn

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Investment Thesis

Product and Service Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

Research Tools

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Investment Thesis

Product and Service Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

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