Earnings call transcript Q4 2022

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Operator

Welcome to Ryman Hospitality Properties Fourth Quarter 2022 Earnings Conference Call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; and Mr. Officer. Operating Chief Chaffin, Patrick

This call is [Operator replay. number for be XXX-XXXX with available (XXX) required. digital no The will conference Instructions] ID

over Ma'am, now turn is pleasure to floor Ms. It Jennifer may you my Hutcheson. begin. the to

Jennifer Hutcheson

statements Any us that statements Good This contain expected about in Private the call defined are Act Reform performance. today. Securities morning. company's as for Litigation statements statements of may today you the Thank not we joining make forward-looking XXXX, facts financial deemed expects Words intended which be historical in such SEC and as many to statements, the statements. of be forward-looking listed filings by in may to these including affected believes are may today's those company's factors, release. or be identify including

results discuss differ results may the from or today. actual we materially The project company's

will forward-looking update information, events whether or result a other any future as of reason. new any not We statements,

reconcile most to We today. metrics will measure We in exhibit non-GAAP discuss measure the non-GAAP also today's GAAP each to release. financial comparable

will now the Colin. to over I call turn

Colin Reed

morning, and you, Jen, everyone. Thank good

of total XX year the in during of of and the points Well, exclamation close occupancy of year industry, appropriate whopping extraordinary and and over a seen this an total I yet years ending the point our like XX RevPAR. months, my December points RevPAR 'XX just quarter last Omicron from XX under the anything January company. of in out think for was don't occupancy I've $X.XX to $XXX in the just wave going worst of in of fourth all an with

of ability of the to this the of results from quarter and the industry. recover stage strategy our our to assets pandemic quickly so nature compared the highlights the our and exceptional last believe really wider I past

well pandemic, guests. experiences group our Of the the course, our these and studying to understanding customer talked quality to before about our core dedication and attributes since delivering always about we've highest

makes in our which upgrading against meetings new decisions much top into system About assets and capital so the multiyear, rotational significant world-class for that About easier of belief customers by investing in assets markets, supply. backdrop once. very limited our multisite at our expanding booking planning all

And to just own compelling transient the to the dividends really calendar. and we around programs with strategy, XXXX, demand innovative about By induce starting of strategy. figuratively literally our our were reap this and

operation. over opened As unheard first with just EBITDA of full property, on Gaylord million of its of adjusted nights Rockies that room generated our an newest $XX the in X.X the books year million year full and

and firing opening cylinders well our And were And our the the Palms. course, back at exponential the the other Nashville's of of with of the as Texan hotels growth. riding was groundbreaking high of on business of SoundWaves the and Entertainment expansion underway

it record metrics. the on all weeks, 'XX we in found then But of end at sitting heels came And We just be the February of felt across by a investments. within ourselves a what, many like halt. signs bond burner to these we a were started we gave to all for going as were year of so on performances getting

is we been last at years set in already we'd waves COVID all annual a figures prepared And those what early to have anticipated and you years since beyond planning complete three the are once a for three three well back now guidance last are But we later And again. XXXX. then give here whirlwind. of XXXX

on greatly during start back customers spending fee Our in days. our property. on these collection emphasis over lower rebooking to group healthily droves and are Thanks

and at meeting the invest complete the at and of atriums host across new assets ballrooms, our launch, renovated or the rooms XXX capital. This beautifully are XXXX, Our the transformed National to themselves pavilions to compared the now new thanks Palms, time rooms a to either portfolio. in includes this underway spaces, commitment event

opportunities reconcepted new And new hotel. entirely mention outlets food staffing The with gathering and on. socialization to innovative of many the list technologies beverage groups, goes models in our in for and areas not place, new

entertainment And equally business transformed. is our

We ground of $X.X the we acquisition cap on to in XX, to June, closed temp the NBCUniversal already business in ACL Atairos, Already iconic and broken brings the opened all Orlando, the over impressive in have business off Vegas, valuing it And bringing Live billion. XX% sold in the into which the Block at Las at Theater Moody Austin's of team the Entertainment fold. at

to not and say future with the available have post-pandemic in a customers, has ongoing simply and It's the now tremendous to into understandings that era. future we're our results investments. recovered the levers we I for the And our stretch pandemic all not years, our at entire measure the means business books exceptional book has and capable both of looking the of and all new us group by from company delivering but undergone of well through on a any transformation of complete believe our

Omicron As us. quarter, impact follow. the record notwithstanding in likely are as you our And Mark will guidance of Jen but was will almost for first and a all in records to the significant more see report, 'XX, from measurements, XXXX

as for say, And chapter CEO moment me I'm excited is over company. next the move of Executive Mark perfect our to for take it to truly Chairman. I role in to Needless a this for

let let of we're you thinking So the Mark to I'll coming our turn year. him the how and results about to more you now over details Mark? now give and quarter --

Mark Fioravanti

Thanks, Good Colin. morning, everyone.

from we carvers And ICE! in than expectations, China. the or year's -- last tickets looking leisure-focused to master XXX,XXX to show happy back for Signature of The surpassed hiatus ICE! our us most and having were forward after our year most fourth two a XXXX. to due our COVID as ICE! million time on restrictions really this a was X.X quarter, selling we travel report quarter we're presented our December show quarter terrific as more

for fourth transient ADR XXXX a and quarter XXXX the above quarter the helped of in $XX. brand, The surpassing record quarter of increase was quarter renewed room over Gaylord the the increase a ICE! XX% by attraction of XXXX. of $XXX transient nights the third That's fourth

this performed offset traveling On group XXXX holiday X.X% the top than over only quarter strength, room levels, below more period. group group up of almost nights well ADR fourth by same of with the XX%

our While at three occupancy than XXXX, in the room points of new we was you added our the XXXX. quarter less traveled XXX the the reported total were consider fourth quarter only XXXX, below X% nights of rooms when total Palms fourth

was National of quarter in XX excluding was fourth to XX.X% the points our XXXX less period when decline flat income that in but margin basis than interest the was fourth Hospitality quarter wage of on the across pressures bonds. increase economy Gaylord broader an compared inflationary average we're This portfolio the all to the XX% of and rate XXXX. is aware despite in

profitability At delivered revised above adjusted full the put year $XX.X segment last high guidance of XXXX. the million our which range million $XXX.X EBITDAre, end the bottom the line, upperly for of segment Hospitality our of

year material was quarter. both last X.X% what for adjusted impact segment earnings hospitality in the in both an comparison, which pre-pandemic we and and call finished EBITDAre Omicron first in EBITDAre for total XXXX adjusted to in set well. record should hospitality of with of single-month as in as all-time The total the record be compared full last And year, for a revenue December XXXX metrics a the the revenue quarter up X.X% month our that use even Hotel

So proved holiday season what great tremendous a to just out year a recovery close be to throughout XXXX.

ADR quarter, in we X the of gross the quarter higher the production, of a X.X% $XXX nights of bookings group room than million of the higher new fourth of XXXX. terms the 'XX XX.X% average fourth was fourth quarter and quarter on over booked and increase over In XX% than XXXX

This rooms us in month the for and well level quarterly for were the in the monthly records group alone Gaylord booked New revenue of and sets production XXXX December sales of up both beyond. and new quarter brand.

we million equates we or group December occupancy and This the XXXX, the start start or points XXXX. to points for on this more net $XXX XX.X% XX.X% than to ADR On group books than year $XX of entered X% revenue XX XX, ago on our over higher more year to we an X XXXX had than entered with net of books start this XXXX. rooms months

back an expectation into in total You RevPAR to of we according guidance, see our this year that year X% and full over RevPAR this which bringing full to in growth our are will for translate XXXX. past growth X.X% we X.X% XX% to of practice,

to compared range higher expect year to among million run million strategy, outlet described, adjusted which will inflation ranks, beverage of to stable and staffing we in improved will including elevated fees an food attrition the our others, remain more $XXX profitability, normalized or return and Colin and to terms management business, for models, deliver our modestly to transformation cancellation margins segment. margin In expected across Hospitality rates, is in efficiencies of EBITDA in the of $XXX technology XXXX while

the the a $XXX in percentage million, strongest in materially impact I'll At RevPAR in in to the far first quarters. terms of XX% Omicron from growth three growth by you the quarter of over will due lower total this represents year this creating remaining RevPAR first remind of XXXX. that the midpoint simply XXXX, comp quarter be the and of

percentage adjusted perspective, EBITDA we a similar basis. anticipate XXXX contributions an on quarterly From to

setup for our a business Looking the further, beyond future. see XXXX, favorable Hospitality we foreseeable similar for

again, once group have and we for year and or XX, T+X, net 'XX we did rooms XXXX, X.X%, December X.X% one respectively, T+X more on of revenue than through As books our X% ago. 'XX

our we and the further performance business revenue years, fourth pandemic of future new broader we years opening the about guidance our Hospitality and book as industry. the expect pre for on to for capability of production We our believe ahead. ADRs, the our from And evidences future healthy relative our Colin's add see transformation in remarks as pull against quarter, our did assets for pace the XXXX at continue position such to segment we increasingly rooms to plainly post

were operating these But for exposure was areas of assets, to top some broad possible by in this in most and Nashville customer we very Dallas our large attractive, for fortified of purpose-built recent behind and top performance top XXXX. our markets Denver five any in both in high-quality little one in industry, made the with unique three also growth concentration population the all attributes believe of by years, X customer sales the markets, them strategy of the last its strong investments metrics. the are it, well emphasize XX in and metro five loyalty, levels growing capital rapidly and Note high-return for the far growth in Orlando, job U.S. not over of that and five as

for strategy hotel that Nashville surprise recovery compared and see Orlando, in limited opportunities markets, were Against all STAR. backdrop the rapidly in no expanding X XXXX Dallas, occupancy to these our ahead according markets, It's this capital growth then deployment four top XXXX for us. we Denver supply of in to of ample new of

This the Lodge Atrium and beverage group Grand create to outlet the includes over right an selection of food and now being to million $XX Rockies, sellable completely pavilion group expansive and premium expanding indoor the outdoor reimagine volume spent at Gaylord increasing space capacity.

the continue the guests. more expansions, and high-spending differentiating and And at and leisure additional to experiences our portfolio more attract rooms business for drive we hotels style opportunities many return SoundWaves group in see water elsewhere Rockies

Entertainment our Turning to segment.

EBITDAre up our XX%, The fourth Same-store of 'XX assets impressive compared fourth up hotels. XXXX. of as our revenue was adjusted to to was quarter equally the for XX% and compared same-store the quarter performance segment was same-store

recent which above consolidated just Entertainment of a Block $XX.X including the full midpoint placed range. we basis, On most results guidance year EBITDAre of adjusted acquired the midyear, our for XX, million

forward we're other to Moody at looking from ACL and Block a XX year the XXXX, For Theater Live assets. full contribution the

Austin a and value-enhancing We both up of for lined theater W in Hotel. the have Austin slate investments the

transformation million for We acquisition Red $XX the range segment. XXXX, but growth midpoint and $XX hotel Nashville steady more $XX expect business this of in drive of a business is this plus par significant generated brand At XXXX. XXXX our with on million the truly to adjusted the in than full a to $XX help million, Ole this across for EBITDAre a to million

our on guidance me let dividend you and our sheet, consolidated turn to update liquidity, Now it over to Jennifer range. balance

Jennifer Hutcheson

you, Thank Mark.

$X.XX fourth to or diluted net revenue the total shareholders million, $XX.X the common company and million $XXX.X share. In generated of was fully income per quarter,

forward by Now diluted will once Group part held our quarter to Atairos the put in again, going their reflect count as of fully Opera share that the Entertainment rights continue investment.

of any this these rights and Atairos though back Any in per to estimating not in mind to Even the result when have in in to XX% also Ryman exercise Red settle reverting cash. option are just Ole amounts. exercisable, keep rights future ownership put the rights also we yet share exercise will would

$XXX.X adjusted Total high put consolidated for over of recent million, the consolidated the above results quarter of million our our EBITDAre fourth guidance. full end most $XX year

Mark, would XXXX, XXXX segment $XX For than the midpoint. addition provided be guidance just segment estimating $XX loss and million adjusted we in EBITDAre Corporate to are million, which by for at the to our of better slightly operating

in adjusted This a yields the over EBITDAre estimating funds a from be or at the range to We're increase and million. of $XXX $XXX million year AFFO fully XXXX. total for a XXXX to operations adjusted the $XXX.X XX.X% range million XX.X% consolidated guidance million, of for $XXX will midpoint over increase XXXX that

reflects over our and the portfolio to the compared pro and of growth AFFO a XXXX, represents as attributable XXXX debt over current rata in interest in Atairos XX.X% this to midpoint, minority the well Ole interest of as reduction increased Red. XX.X% cost At XXXX

undrawn Turning yields million almost the outstanding quarter at $XXX.X credit. Entertainment facility available with to undrawn. We $X.X on hand $XXX billion balance this sheet. deducting after the revolving Together of $XX remained million of the with revolving facility million $XX credit unrestricted credit letters of liquidity ended Group, million and Opera our of cash

end of trailing other consolidated adjusted on available for XX-month On FF&E ratio the total We within additional approximately comfortably at XXXX we debt we our based which and below projects leverage of X.Xx, range. our a million and is year guidance, our net X.Xx, retained and anticipate net cash year-end midpoint at will our of stood restricted designated basis, EBITDAre leverage $XXX target to an the certain uses.

current of our achieve in quarterly of from intention declared pleased this XXX% was substantial minimum declaration which made of and of dividend of And paid December to declaration with REIT dividends minimum December share, REIT to targeted XXXX. January. of paying to $X.XX increase remain XXX% a $X.XX declaration the a our goal That will We our we $X.XX year taxable income subsequent to attributable is are of month of declare this income. taxable a per a pay

do of rate as in and our was two have exposure, quarter the on debt either swaps term Finally, rates, interest of in Gaylord we Rockies terms corporate or of outstanding although XX% B. directly expiring both at XXXX of with our end, approximately benefit loan fixed loan swaps, the term

the address only this will our XXXX, three Rockies fully one-year We are in maturity available maturity to carries year, which extension options that us.

exited that the pleased post property strong were officially on of Gaylord Rockies the based We pandemic. have of cash fee loan to the status performance

our are balance also while all shape sheet investment our So activity meaningful liquidity in support outlined, dividend excellent Mark to of a again. sustaining and once that

Colin. turn will I back that, over with to And it

Colin Reed

Jen. Thanks, let's Chelsea, lines the open questions, please. up for

Operator

question Wells [Operator Instructions] Fargo. will with Dori And first our Kesten from come

open. is line Your

Dori Kesten

it RevPAR, I'm basis expansion. relates just then looking and just this morning. you the Good between and Thanks. for your total your Can XX to the difference RevPAR fees margin how at through points And of attrition cancellation walk year? expectations guidance.

Colin Reed

you Okay. that? Dori, thank going you. to Patrick, handle

Patrick Chaffin

in year, $XX you generated Last and I Sure. expect in to fees, range. cancellation don't probably we million as year million about know, $XX collective we $XX aware, to are would be attrition this million the,

for a clearing more this the we a substantial we're as through still But year. have through pipeline. cancellation out back and COVID to we will the cancellations of few attrition reduction. returning be level move that a So We part, normal most

Dori Kesten

are get timing expansion potential of an the of Okay. guidance And some we that? the your current to cost or what's able eventual Rockies view on on

Colin Reed

to that, want you Mark? Do take

Mark Fioravanti

that's mean, opportunity Dori, I on that's our radar. Yes. an

amount we're there. reimagine of the currently remarks, going for -- enhancements prepared space food Grand as in well both number space incremental incremental As significant completely adding a beverage. making well significant meeting as I as buyout Lodge that completely as mentioned we're to of and groups add

necessary handle capacity -- have as expansion in have a rooms that expansion, when the And beverage we'll do once then be we'll rooms. that meeting we those we're well done the we space do and food to if project, the and incremental as with we'll rooms

Colin Reed

Yes.

been thing have finger other six our say, I that lead pretty on would that and Dori, volumes I hotel. the pulse by is the as volumes The And the with we've about on at been -- by we, excited these a say months, last looking each would seeing what we're at company, particularly lead Rockies.

more the to suspect is hotel sitting hell positively simply about we're expansion the there that next I And this in country be best because talking of we And during hotel. the about XXXX, that by should that prospects very excited we for a of market. the one convention middle sometime have, And far, airport. rooms

next So then going we're just few subject. more months to communication monitor on and the this

Dori Kesten

Okay. Great. Thanks.

Operator

you. Thank

James. will Our Raymond with Crow next Bill come question from

Your line is open.

Bill Crow

quarter last years we is want a with morning. RevPAR -- that perspective, million deal bit the little down that, as The really with half at of nutrition we largely trying implying and Are and given easy we going that your up you good Congratulations anticipate guidance million that's Hi, maybe Should part XXXX. guidance compared on as fees. the on year. Omicron first to on $XX year? based a for to quarter from on of flattish cancellations And last in ago. still understand year, to be even from I year. the is for $XX year loaded from front-end look second a the then a to ago follow to X.X you're Dori's little or cancellation year question that bit

Colin Reed

you that? to it take want Do

Patrick Chaffin

Yes.

the flow communicate to on the I it to across expect out of pretty how were first laid evenly issues, you year. question, across cancellation it expect these the on the be about that year. to given would Honestly, time So we length attrition takes asking

we a should So million, if a million be million roughly $XX million, quarter. $X quarter, said $X it $XX

The year. take you of me to? want that to second the question did or Mark, half was second around you want the do

Mark Fioravanti

Yes, Bill, get or way and comps of did 'XX, XXXX. right as as work XXXX I traveled in the in the mean, essentially generally, room if we the quarter through tougher you the tougher in number nights year, your same of we fourth

So level. more to normalized back we're really

as tighter. through what So indicates to guidance way tighter that your you'll work the -- your gets you the is that, point, comp year, and

Bill Crow

if that then just side corporate macro Colin, on some the And we've Yes. has booking curious your All I'm things. activity month And of past the forward or one how more. you're could just -- talked least as pulse anything as of concerns right. whether might I about meetings. reflect demand you over layoffs it seen seeing and concerns it the X, the at in

Colin Reed

really We Yes. lead our that volumes. them. will haven't Patrick, just take in seen

Patrick Chaffin

would on tech pause not nervous, as realized going the think that COVID the much say time. some of and see the challenges, what's I actions everyone in got tech sector I a kind a and they've of Yes, think tech when to started that took necessarily I some of little taken situation as period that during from some is by hangover macro but

say relax lead little year shy, are little looks weeks, planners the the still I gun media volumes promising we've start that or for a very good. to And And bit. four would year five but they're past the the very even in just seen a

meeting bit recessionary that planners. feel a we are so among abating And fears

Bill Crow

Thank Great. I'll yield you. floor. the

Operator

you. Thank

next will with Truist from Patrick Our come Securities. question Scholes

line Your open. is

Patrick Scholes

and cost about this thinking you are How increases Thank operating benefit everyone. just year? overall morning, year-over-year. you. that, cost related Good to increases And wage Great.

Colin Reed

take it, want you Do to Pat?

Patrick Chaffin

let it get sure through me exact increase but wage XXXX. say continue would there increases. to expecting I expecting mean we relates expecting to I I as in headwinds -- pull be we average as are X% X% number, that are Yes. make rate the we're to to the somewhere we up to move

of make that it's years, and will we're into than So for a and to take wage headwinds that be planning but a years from perspective. rate level currently less couple it there, two But the seen for, realistic are not we've to help that that challenging us. the has account we trying we're sure been quite that. we in then past planning If continued

Mark Fioravanti

the pressure in margins this being that is particularly the wage in back modest we full Patrick, year, on ledger, force, to margins. improvements we're been the Marriott the I'd have obviously, able one ADR pricing. those move some other thing know say margin rates, IMF projecting But transient our growth, of really F&B on side. all put you'll the inflation, guidance from nice on and on We've side

rethinking have diligently and wage We've And a talked made you productivity gains previous -- of flat while rates worked management on you his then to these we've compared are margin, staffed, Marriott 'XX. at look it's calls, how in have perspective. from particularly at look if hotels some increased, team the wage if Patrick as about kind terms with of

above And running hotels when to pandemic. management look in post-COVID than our at we're about fewer XX% you headcount, and prior were supervisors we

So number are of rate plus on the that that to of there help increase. offset are the side a ledger wage things

Patrick Chaffin

add only overall a how deploy and increase I satisfaction looking as that bring technology technology the would spending further at guest longer down. lot additional of time term, cost to hotels and well productivity in can our opportunities And as understanding our we're we Yes.

Patrick Scholes

for year a one, should is to have say, the two, how been questions. looking Okay. we Number has And two then recover? this project? number becoming, certainly I about given further Chula or Vista thoughts the National just slower with follow-up any do market D.C. that involved

Colin Reed

good the very And has missed are I Washington. reengineering have What beverage that hotel. with we on actually we've we're to allowed National, volume, work pleased there, we're that facilities seeing the too, us that? generally that happy costs the for food done eliminate the lead Patrick, hotel. trajectory renovation And with of and of there in

Patrick Chaffin

a level challenged. quite missed market of in to National, that Gaylord saw on it you room anything. the completely. haven't more to agree The books back that nights quickly. back been but level No, not has XXXX, little I the D.C. would moving

to moment a spot and in to taken really past comments over nicely. themselves few opportunity yielding are structural a years address bright we've that the been ago, we've issues market the some cost Collins that think I

look you to occurring are performance If it that food how at especially compares and line definitely there's that margin some at see that beverage food year you in XXXX, hotel, and bottom prior and improvements can beverage. and

moving occupancy from up rate National has heading. been an a about And perspective, very where it spot feel And but continue bright so we is actually there. we good

Colin Reed

last there The Mark, of got to Vista. which business. think regarding is our is is since your be your that question part is question this question has no And changed answer in December, nothing Chula asked in we I desire we, that the stage, at back an last that have time investor to

Patrick Scholes

the Thank Okay. for update. you

Colin Reed

Thank you, Patrick.

Operator

Thank you.

Rose question next come from Citi. Smedes Our will with

Your line is open.

Smedes Rose

recovered thanks. talk wanted on to go a And deck just year? little the you to have or of this group there the bit kind bit view? that's Hi, of your more kind back of corporate piece for business. the the little association that like group? of is fully about bookings lagging just maybe Are you a business type I And versus seeing any in any that composition more

Patrick Chaffin

up has see roaring we the Corporate pulling actually and what that what come in and very far a see. I'm has pleased areas as say would right perspective, I recovery now. Yes. in actual technology, numbers like that. we're most pronounced as mix medical back From we with been

bit little We give our second. XXXX. it's consistent this with do saw we think as But in look what corporate, we a more a weighted So towards are heavily just pretty that we next but a... from me at year,

Colin Reed

saw you we in what said. Consistent 'XX,

Patrick Chaffin

saw perspective. But consistent very what sorry, XXXX. for I that the year in I'm Thank a with is correcting promising you in would from me. for we the corporate say year

in So right improve continue of have more now, move corporate to we little books while XXXX. we a we would that the to as expect on bit as through

Mark Fioravanti

the thing the books mind, booked pre-XXXX. was to for keep about X/X of look the Smedes, at you in 'XX, business that business on when one

are nights so And nights we 'XX, newer off room that those higher forward rates going see and on. you're burn to 'XX room 'XX, at to come these as older roll

the rate so And be business will nice perspective a tailwind group for that a in our segment. from

Smedes Rose

And on you're Okay. on? capital major I'm projects you You the year major you the Thank do and but said working what you. -- just sorry the line for see mentioned if then you maybe the that could out Rockies? this, spending

Colin Reed

You got that, Jen?

Jennifer Hutcheson

-- Yes. a projects couple with the one going group the along beverage. imagining of on on Grand of space there more now mentioned, and as and at a going of there Mark food right new We sellable projects the Rockies, is Lodge creating pavilion have the bigger with usable we and

think estimate year, and maintenance, include FF&E I for and including million contribution to in, about growth is that all $XXX would linked the this our revenue. obviously capital to that reserves are

grow, continue will to as those So those as well. grow

Patrick Chaffin

around ago, lot add thing -- food only that work a a is beverage. The minutes and of we're few Yes. doing about our lot we to we're I would of doing talked this in prepared a comments

and opportunity our brand forward. see continue to is food massive going beverage for We a

investing like XX,XXX Palms. Hickory at National our so Osceola Gaylord in and Gaylord feet. old is our And We're Palms, renovating we're at spaces which Gaylord steakhouses ballroom, square

help Gaylord that going the pretty solar be center, our convention projects of from panels And perspective, an bold investment the and things long be we'll a doing at of the in top far ESG putting priority on we've nation. And that we National, statement term. as on largest think the as environment ESG got then into a sizable one really

Jennifer Hutcheson

off And that growth so... number. including was $XXX when let me It million, you're it's million $XXX clarify

Colin Reed

the on entertainment? Mark,

Mark Fioravanti

are Las as theater enhancements W the at then Vegas construction. we under well in And Ole On as Red Smedes, the the Entertainment is some making renovating side, Austin, Texas.

in $XX million $XX range So this the going to projects million, are those probably year. two be combined

Smedes Rose

Is piece that Vegas. Red or Okay. stuff? at Las And social Ole then you point, that start menu question corporations the preselling of of Or events business? on in just to guess, how one I last not the that is kind this can

Colin Reed

that Vegas, of right it. building In across people day in walk XXX,XXX front sits where by both. on Strip Las The It's right -- a Bellagio, there's the

we Ole -- in call a So corporate what buyouts of a our do lot this in be But there's transit going we also business is Red's. there. of to lot facility

As in do what an corporate we here in million in revenue $X.X buyouts. about example Nashville,

And going think, -- the to back, that in of Las we're But And it icing it's be want lifestyle buyout market. sort I I is you've to business. part country And think that's we cake. market. consumers those a this got the but this Vegas, that step is big to be, of on why this doing -- And capture that corporate extraordinarily put that in successful. doing are going in we've to because we're

Mark Fioravanti

we're Prix. opening question, of course, November which Las the February We year. December And Rodeo, Bowl time for is that the there and already is Super as quickly Smedes, then in have relates to that's followed next in to buyouts it interest a every National event. in targeting by in your Vegas Grand

So organizations. fielding other from already about opportunities calls types corporations of those we're and

Smedes Rose

Great. Thank you.

Operator

you. Thank

question Bank. next from Our will with Deutsche come Chris Woronka

open. is line Your

Chris Woronka

And to of what's meetings? guidance? Good group going 'XX? the we the the on kind can year implied morning, Thanks. quarter the that as give the a group year year the to for assume on higher side, a the also in and in of on guys. mostly Had question the congratulations year. And pick in And for that's up, you should us the generally refresher rated kind maybe smaller be corporate how tracked year in

Patrick Chaffin

'XX yes, year what we business. year. is in usually, business your are the Every there's pattern up volumes then of is year that and for lead specific encouraging. year end now for year follow in we far the volumes are piece as encouraged for then type can corporate we focused Chris, very larger availability very as the get figures what welcome. not we to very, on going But for But of that a it. be of you booked But based most there, and our we last the on obviously saw with

I think we've were They're the got of year, XX%. the them they right up -- up at here. end

So...

Colin Reed

'XX. On Yes.

Patrick Chaffin

XX% over 'XX.

into built last yes, smaller and look what volumes, And the around up year will the specific by we we be with year. as figures follow year So what our encouraged the this with we're for at very that groups. guidance you But how year lead much we for we've see. exactly in usually booked we'll

Chris Woronka

be Okay. Colin. Thanks for Patrick. And a then question might

mean, know of the business Nashville, I the continues Colin? is we was drivers still grow important. to key As I you're few how the a very But days involved. that do Nashville and in this think assets the just business, about remember I evolve, entertainment and

struggle Circle also it, I a piece There's sometimes us TV that of frankly. lot think the to model

outside can some So you are of key us leisure what give of drivers thoughts any assets? just on the purely the

Colin Reed

things that growth sort looking I'm feet business frankly And it. with of to just our in almost friends to we're at. it opportunities so on on are many fly getting to this. Yes. we're Atairos XX,XXX got We've Comcast going different The this up NBC. from

business, So will side the avenues physical we're growth. of venue identify business, to the the go the of hard year, of physical of new digital of at work course probably on We going this content during side distribution additional we the look through the but venue create. also

changes very to major this the see to we're I here. business I you're sort of about of don't any that do growth the avenue structure And excited year. But think say, going

part the And that say to of this strain it. so love business our would I investors

to we're one to So the fun have over with going business some this two years. next

Patrick Chaffin

Patrick. it's Chris,

Let some you. of me pull able up was kind I follow numbers to quickly. with

of the Our is because in compares around year. room to the XX% that for And of year how a expectation net book night total that is our group to because number. that's we'll year Omicron year XX% prior tough for the

was you many so remember, cancellations. if And Omicron creating

you as as with far year quarter -- year So like. the the in I'll look impact in year, you did our out the what have last the first business actually for to Omicron follow back take of of up once

should what for on of in but year year total up expect to the booked year. the roughly that, I'll XX% the you we XX% do follow group to with be for So in

Chris Woronka

Okay, all very helpful. guys. Thanks,

Patrick Chaffin

Thanks Chris.

Operator

you. Thank

from Our next question with Kornreich Jay will SMBC. come

open. line Your is

Jay Kornreich

on piece, segment Good I a follow-up you more talked first, than and maybe all they the of Thanks. guess, and potential seems about possibilities that on growth the just year-over-year to morning. Entertainment growth the be currently. tell just

see curious, want to portfolio, pre-pandemic? a getting of get you the just entertainment the outline I'm versus or fees roughly potential So overall the you to it do percent XX% to

Mark Fioravanti

of live business relationship is a both promote and that focuses with country drivers think really terms entertainment and media consumers, opportunities set don't helps really and demand for separate a lifestyle those hotels. the to its opportunities. stand-alone engages really longer-term of And create We as different a about that and aspiration on consumer, business country entertainment think growth this location-based music in Jay, as well to very it with of capital way, in as opportunity the We virtually.

the how there. from then about near we is it we're it. those how structure REIT we relationship this capital we limitations some think within only from and the have how at So the because limitations deployment a think in we're do hotels only growth way about we frankly, nowhere really to stage. our perspective, -- The fits think But -- -- perspective don't about

Jay Kornreich

run occupancy, just this asset Okay. just was sure you if I'm I But kind question you see XQ in group-oriented Thanks the growth at for you and rate that, another perspective. top a Rockies how rate, And XXXX year-over-year that of if performing kind can the it that then Gaylord at run look QX XX%. asset? year, more it's of on curious the to run down XX% guess, of through that our dropped assets.

Colin Reed

that, take Patrick? to want You

Patrick Chaffin

Yes, absolutely.

stabilized going I Gaylord expect think So that the that consistent at we is Texan. mature Rockies level. its would we Opryland, we in what mid-XXs, that to would occupancies continue Gaylord see which is Palms expect and will at to into with Gaylord hotel

continue margin midst that hotel be its the to newer a is pandemic. hotel cut I like from looking from stabilized a So the then XXXX what perspective, should say we of great level. really teeth of -- it is indication would in of a a kind that And performance

opportunities alluded identified performance. to then to continue and its Colin strengthening Mark going we've have are margin both the So And there. in that investments additional of some

I in still the into Palms, the truly a level So upside making at property. perform stabilized be given investments consistent Opryland with Texan we're will think there's XXXX, additional it at what and while

Colin Reed

went we as the itself the for into And books, happy into pretty should where performance the this Rockies. we were the we XXXX. year, -- manifest Patrick, with sit translate -- on into room And will for we that nights

Patrick Chaffin

the correct. we nights Yes, room did on more XXXX. books To than in had at this Colin's that's point, time XXXX

performance is in XXXX. hotel built the So well a very solid for

Jay Kornreich

it. Thanks Appreciate so much Okay. for that.

Colin Reed

one and, more if call question, take Okay. Chelsea, another We we'll we do have so it.

Operator

Okay.

Our last question will come America. from Dany Asad of with Bank

Your [Operator line Instructions] open. is

Dany Asad

Hi, guys.

me good And thank that. you sneaking about morning, Sorry in. for and

group to So much occupancy just out parse underwriting to come look my is rate? X% rate a higher Can a 'XX your level, how at to guys of out this you. it if Thank beyond. and us you out growth much but you're And just for you 'XX how in feel for of to how from is, outlook on just ability and kind of first year, and do about not RevPAR two-parter, help we your further XX%. question upcoming -- push then

Colin Reed

Well, year been as booked last to much Mark is last have year, good for remarks, for rate was predetermined before in and year thing this the the pointed so that really saw do and of one able last growth. out that. year the year over we that before, rate year But the we his we year, business the that before

the year, at the Marriott bit translate you into our 'XX, And what give do color in we 'XX. little want very -- that? that rate excited about this friends into a really positive organization But to been actually should rate that pushing we're more 'XX, growth should no and through translate on like -- with Pat, have happens sales and tomorrow

Patrick Chaffin

to very us 'XX, on quantities mean get I seen off RevPAR you most Colin's larger as start great side and growth we've into that occupancy growth 'XX of our been growth just able level, To will the 'XX. for simple materialize we've point, based at of what XXXX. in really to versus and in book group Sure. the XXXX and a manifest is

the So transient comes built terms would the year recovery. same build end RevPAR every we're group in XXXX of But at and for majority some very level, side. it the back on occupancy basic based in our actually rate And growth. on achieve. the year we've the a expect of is of time we to in able what in, of I off continued surprises Honestly, that growth us

Mark Fioravanti

a earlier, of happen that year. to quarter we mentioned we were in because the XX Omicron going points as lot first of only the Dany, that about last comp first quarter And off is in

Colin Reed

morning. questions, on no for Any are other like to from I'd Okay. you, questions thank Dany? other everyone this If there call being the

years. the are and year, we're about of very company results we very for as that 'XX the future excited we proud and prospects last have accomplished We -- a

hold you of if get follow-up So us. know questions, any you to how have

And Thank lines. thank Operator, much we're indeed. very you the close you. going to

Operator

gentlemen, Please rest and we Yes, call, Ladies and participation. this today's of appreciate sir. your your conclude enjoy day. the does

Ryman Hospitality Properties (RHP) 24 Feb 232022 Q4 Earnings call transcript