RHP - Earnings call transcript Q1 2024 | Ryman Hospitality Properties, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to Ryman Hospitality Properties First Quarter 2024 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; Mr. Officer; Operating Chief Chaffin, and Mr. Patrick Chief Moore, Executive Officer Group. Entertainment Opry of Patrick now turn pleasure to Instructions]And my [Operator it's to Ms. the over floor Jennifer Hutcheson. begin. Ma'am, may you

Jennifer Hutcheson

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

statements, over events will of update the result now whether the most measure any a will to non-GAAP discuss comparable each also any We or We non-GAAP financial measures financial call measure today's exhibits forward-looking release.I'll not Colin. to reconcile as turn in today. further to other GAAP information, new reason.We

Colin Reed

afternoon, good you, Jen, Thank and everyone.

ADR all first revenue years.On our was hospitality we of was Let quarter with quarter same-store adjusted what first any year's Production EBITDAre also by an side revenue in the start strong we -- quarter. record for first incredible best adjusted quarter ADR AV had afternoon's for me our quarter record discussion and of first and future first this revenue Last group about gross XXXX. achieved first was banquet highest results the EBITDAre. first entertainment quarter reminding you and in business, record same-store on 'XX Hospitality and the quarter also booked

Hospitality the second impressive, quarter.The the significant Same-store disruption compelling and the future new periods. records quarter set Hospitality ADR results. only to first business its behind entertainment Equally our during quarter with record But records Hill first several banquet year's of disruption achieved and Yet we for first will in quarter same-store Mark Now portfolio impact monthly set February, backdrop the Palms on challenges, not of last 'XX, have highest record also our was all for EBITDAre same-store dealt and Easter first a timing quarter adjusted we construction set Country. group [indiscernible] properties softness weather booked revenue transient gross was against despite quarter shift some quite in ADR we and without speak portfolio. we AV a including Gaylord in again, lot that for saw a JW in and of traveled strong and and some minute. very Hospitality results construction first our across

As Lodge. an almost lobby reconfiguring our and -- at Great example, the we're the Gaylord Palms, Rockies, completely completely transforming we finished are the reconfiguring

is the public you bold Category as very Mark But shut what believe Entertainment is transform our a Hotel assets years. primary become few transformation Jen our that our over and to with we physical will we segment group W Our very Wildhorse course, is fact robust. speak construction. the been Investor with as plans the spaces we've anticipate know focus, our completely capital And the next at of the as transformation a that also business large under quite under of from Day, support growth the XX.As the will also, remains the good we it clear,

drive ahead.I've to power portfolio customer of strategy of recurring the strong customer iconic business of retention.As We music meaningful satisfaction all and meaningful business group the high-return before, delivers particular into hotels strong built multiple to and loyalty, continue industry-leading continues enhance trajectory. team a long-term executed most a bookings revenue has differentiated some growth that the On over pricing we management entertainment top than sustain to customers. but brands and focus an also, the our believe, very result, on an investment and growth our high For revenue more service to XX a built based years, hope. with of model will not is on visibility our opportunities a have in byproduct own we serve future industry, we valuable demonstrate this that customer, significant which and being of our recurring period stream, said that, incredibly on

grounded things to our This me our in first know quality. and what is customers driving customers results.And and strategy extensive is on can of Mark give with delivering ever thus our as let want, evident detail. to turn control, well on some quarter we the that, color over Our knowledge you

Mark Fioravanti

on finally, start half the focusing compared a Colin total declined benefited same-store X.X% our and comparison first, Hospitality EBITDAre same-store which first modestly some before financing the quarter start over our transient and as guidance liquidity I'll at expenditures softness from margin capital to 'XX, sheet, to RevPAR X.X%, to in in highlights Then I'll some due through Denver markets. the Jennifer first Accordingly, impact outset. Easter of you handing of strong declined results review Ole with from and expectations below and detailed performance. the Orlando the of our to growth to in Hospitality activities, half Thanks, and discuss the first results Nashville, the and balance outlook.Our the second respectively, of quarter, in recent came adjusted quarter RevPAR XXX business, Hospitality Despite shift to XXXX, the the and basis which points. challenging Red strong of a afternoon, the I'll brand. continues And our Colin, segment our reflected everyone. our group see take Entertainment portfolio, good quarter,

the in X spots markets Gaylord the In comp, experienced year-over-year transient markets in fact, all which comparisons Gaylord there our quarter. of declines. were These tough which RevPAR the normalization in operate of experienced in plenty bright demand.Despite our the challenging the Hotels X reflect of Hotels trends operate

strategy rate our is First, working.

quarter XXXX. best performance Hospitality ever first quarter The group best increased quarter same-store prior Both in XXXX first ever for first eclipsing ADR, performance and of was the the transient year-over-year. rate

Second, outside-the-room spend resilient. remains

robust finally, and XXXX, early and which group respectively, marked of full-year Gaylord approximately performance continued catering the on XX.X%, made group and first RevPAR primarily contribution the levels.Third, the of across of April our provides from spend was to Hill integration into outside-the-room continuing high XXX investments the These of expectations, quarter improved into contribution portfolio. XX% that AV respectively, monthly night was same the first the rate ] group with outcomes and and RevPAR indicator same ever achieving increased from capital Gaylord quarter our Together, XXXX total and are only XX% in total to basis trends property. best XXXX. night AV GOP last Country XXXX the we This the are increased for strong our groups room higher all-time our RevPAR same-store focus higher which driven confidence occupancy RevPAR Opryland the quarter to quarterly period banquet increased the and spin believe positive our first line [ year-over-year, total second in the as quarter Hospitality our translated comp per visibility with revenue, in index for proposition a gives pre-pandemic portfolio, spend, continued and group per RevPAR of for travel value us by quarter and quarter first approximately we've catering strategy efforts. demonstrating points and JW approximately than same-store period performed and reiterate We in trailing RevPAR increased group XXXX.And XX% guidance. room index set.In estimate first at XXXX, results leading in Hotels value relative same premiums in our XX%, have outside-the-room our the period year.Banquet margin revenue X% portfolio versus our index compelling

of last year the As prior of room same-store and XXXX, a the rest surpassing XXXX for of set the XXXX. X.X% nights XX, traveled year group room compared the March period the record to record rest the for full new for books up projecting to same in year we're group in on were nights

of In XXXX. same addition, year to revenue rest group the rest year on rooms same-store the for of books compared was X.X% the for last period the up the

large our same-store million -- result, quarter to we closed in of in we're booked an at hospitality levels, continued segment fourth in same-store the volumes in fourth quarter replenishing JW and now years, increase guidance group Lead on nights of fourth due full ranges Hill sequentially for production adjusted focus EBITDAre.Turning of giving was $XXX. of nearly was high ADR record sit group the confidence the sales first and nights total we for RevPAR at a Hospitality production. us X.X future first room strength for years, positioning. a the down quarter late-stage XXX,XXX Country all group the a gross of room funnel the of in a compared future year In Group reiterating having quarter which portion XX% XXXX, RevPAR record room our same-store first growth our record and all first quarter, funnel. XXXX, our to night quarter to in gross quarter record the XXXX.Therefore, Recall now performance XXXX. was a in the booked year-over-year quarter the the of of As fourth

weather production We EBITDAre W segment, Nashville in bright of record quarter all be impact despite up $XXX.Turning we gross This Hill million, of first booked spot ADR the of room a JW years XXXX, another delivered construction quarter an disruption by at group severe Austin for the Saloon. the $XX.X In XX,XXX nights Country. nearly and at at winter adjusted quarter. continue results to future Entertainment the and to of in first the Wildhorse X.X% the encouraged business

our Vegas, Ole Las Red in Red brand performed Our is opened off to and an Ole which well encouraging mid-January, venue, start. newest

Other $XXX.X the reflects Atairos calculation option Our diluted a continues to with from moment.Note fully adjusted exercisable year our those and share our settle Corporate guidance in $X.XX per associated their Group of Jennifer And Entertainment to EBITDAre. and $XXX.X million our recent share outlook raising we our part AFFO refinancing in reiterating share for rights Opry with exercise the retain held and We're net entertainment reiterating investment. expectations, of for by for not and year used $X.XX those guidance.Turning put to our by that any the to are $X.XX discuss count adjusted million AFFO in AFFO, per to of by exercise OEG, will or interest any although which we consolidated guidance quarter, $X the to to cash, color Atairos' the We're rights Hospitality which we're put ranges savings consolidated for assumes EBITDAre now operations, on in reverting transactions, in funds normalization expense a provide range year-over-year, our mid-single full same-store also rights perform adjusted in second rights to the line Ryman.To as million back RevPAR to reflect business expect transient our ownership digit second Entertainment growth quarter. and result also full XXXX. would result, the some XX% continued in as

adjusted Hospitality group total year-over-year continue robust driven We expect same-store out-of-room along RevPAR, digit to in and margin spend. by with high-single growth strength EBITDAre year-over-year expansion

discussed outset, the incredibly well positioned. we remain at As Colin

the dividend sheet, free turn end, in balance discuss over refinancing liquidity been generation. have has XXXX sheet making, I'll investment power plus this high-return we're importantly, ample though available stream, our sheet bookings, and capital. our never pricing flow growth we to undertook from opportunities we investments better future cash fund positioned.So in can March, to balance and trajectory. a will our growth it following recurring our strong And revenue significant that into sustain balance to to visibility long-term transactions our and We disruptive meaningful us.The Jennifer And

Jennifer Hutcheson

the and $XXX revolving $XX our quarter million $XX cash million revolving first facility balance hand facility credit of Thanks, unrestricted OEG's outstanding. credit on million Mark. with had We ended of $XXX was million a undrawn,

$XXX credit. took principal of placement together, $X.X used part amount the from $XXX proceeds of FF&E the Gaylord net which Term and conditions transaction our of and loan plus and very satisfy of transactions and XXXX. total securities.In the cash restricted was maintenance full, billion for retained interest aggregate $X was market due our million of term addition, liquidity corporate in term we by remaining Loan Rockies available market nearest in the plus to billion available private undertook further our were million received The We In secured March, we letters of The of of outstanding notes lower $X.X maturity, B. Taken asset SOFR to well of basis $X to senior with favorable additional million our weighted with to along from repay to rate XXX the repriced unencumber our upside an of to base. we points the approximately SOFR address million demand projects.During X.X% B quarter, other Loan completed $XX approximately outstanding average in strong billion, corporate the basis April, advantage for points. XXX Term unsecured

forma per targeted the of expenditures priorities. account from quarter total upgraded contribution as be based before positive Fitch investment our a year on JW capital cash basis, for payment EBITDAre than raising B+ taken maintaining well leverage X.Xx.In our strengthen to X.Xx cash expect capital leverage to credit On which and pro as XXXX, outlined. EBITDAre debt sufficient within outlook our are net ratio net to Country, at our the Mark a AFFO will group-focused ratio fund outlook balance generate have from positive.Our consolidated ratings our corporate our AFFO share, the unrestricted was our X.Xx and of our in to we year X net available million model, million, actions and full we of $XXX was funds continue of dividends our business and S&P a sheet, rating with $XXX while free Ratings together Hill range. As adjusted we to to the full of merits FF&E as result, flow adjusted to B dividend from the to reserves stable Acknowledging to end the and revised guidance escrow more assuming a

XXX% Regarding to taxable a of our it intention our our remains dividend, pay to REIT through dividends. continue income

capital to and Entertainment investment Hospitality in expect million our to to major we XXXX, in call, invest million earnings million $XXX our Regarding million our our business.On we to $XX $XXX priorities business approximately projects. $XX detailed continue the last in

questions. at is underway, of Palms, Gaylord June, in of downtown set Ballroom managed Nashville, the Austin budget. open projects X,XXX to support the expect of beginning let's scheduled liquidity Gaylord and repositioning is renovation remaining end transformation the Gaylord that in and in the new of of available it So F&B and projections today, to Governor's our the to to deployment is I'll these the schedule renovation provide complete first continue on the our Category rooms open progressing with growth Saloon disruption. Opryland, year. Lodge Rockies the to of to some and reopen the excellent be there XX continued to work sheet quickly is includes including lobby of year-to-date. work we and [ the Grand ahead business.And fourth later both also this and the the highlights capital expected and of be and Construction Rockies, And we of continues, to on public up our that, completed by the by this Gaylord of to in balance us end year.At quarter.Construction venue we in the Wildhorse demonstrate At several the in work is Remaining finally, pre-function with be for repositioning, June. opportunities our Block progress the is expect transformation open. expect to Embers, the begin the outlets of phase in ] position additional open new At rooms quarter.As phases bar, this lobby, now At the space scheduled third year shape space W limit underway the and lobby in XX, will which and are the [indiscernible]

Operator

Bank. first take Woronka We'll Chris Instructions] Deutsche [Operator from with question our

Chris Woronka

a step or the comp there things or you price tough of -- the and weakness think to to softness mentioned think based any take is or a it? Maybe a don't to know, back Mark, like and I sensitivity mean, it or we a pockets -- common related about of is that. kind -- Colin it of do is else? you just function temporary Just theme just if thematic on can I trying it's really it's there's if something see or comps transient

Colin Reed

take Do you want to Mark? it,

Mark Fioravanti

markets you say mean, Orlando, terms look the of the Nashville, appears like little cetera, normalization I performed of demand. transient -- a right. quickly have et quarter. the would bit I in it a if COVID saw XX, that seen from that's terms that how softness there's Those recovered first in at top of Yes. markets in Dallas, occurring they've they

they've you like what's Chicago, consumer. of weakening think happening anything happening Boston, that New Seattle, don't -- that's traveling see I spending York I standpoint we are look had -- City, strong Those performance.So it's the in room. outside that places where think strong there's the an quite from don't quite are If economic at

very about we that. good so And feel

than recovery. an performing of and through just making -- they a consumers did choices other it's the think bit through issue I markets the differently little COVID

Colin Reed

on the of a front, this the dive talking and I on And rate been pricing basis focused with was was rate the we as driving on business, we've is business business, our daily you at on quarter was to we've transient our $XX side up year group Chris, Pat, on this same-store earlier one, side. transient the I in And to period. had. best this first may transient in rate but, a this average want which ever in On in Mark very -- morning, both and pre-COVID-XX looking the on

transient And we've we don't we we've -- transient on pricing? of are obviously, -- got want pricing been under jump pushed Pat, aggressive we sure we too in make And pricing. a to very now have think we so that -- right to microscope this it hard.I whole you are -- issue haven't on

Patrick Chaffin

Absolutely.

in already a Colin over $XXX.XX increase transient we first did As X.X% That's ADR quarter. in 'XX. mentioned, the

rate manner. So even successful up in and still driving very XXXX. Colin's XX% going some of about normalization with point, a over the we're we're softness on, To

this purely volume really talking what and around see we issue a as So just was about. Mark

some the books We're the time have catering catching to same been of out ahead continues us As theme as far our from a us on as lot to is recurring XXXX. for is for XX remain the year. up strong. markets encouraging. And the XX,XXX a room nights finally as remainder COVID.What very, came very the of months for perspective, versus pack very far that's lead group past group a that numbers of continuing gives into been and encouragement And year last what's

good, feel we even in bit is of the transient a normalization side. on though So going there

Chris Woronka

a frame follow there a kind bit? important. remixing just good and to in up, will bit it? the like a us, of or year, opportunity of you business If the Because original start things remixing it's of it of terms I quick further as a how this on you're more multiyear I little like your pretty but What's this for could maybe maybe get ask the it really is thing ahead a color Country, that's you sounds underwriting? mean, off on Can sounds are cadence you're there. Hill and of little

Mark Fioravanti

Antonio may ] at last you in to when philosophical we've X dive growth looked look at you X XX going part Texas, very what is the on look you [ least and that's me over When the hotel we away the it the remarkable. growth reason on Let reason, want in love Chris, we've Austin, we're the what market, because do on and Texas. that's foot this it's doing, the miles discovered is, at this San then this market interesting.But, and in Patrick, XX,XXX times years, at love we of exactly love -- southern going and we the

convention every gold meeting one, to examples And two Gaylord believe in Texan. this Texas, so we long-term of very to hotel look want of we been doing and we rooms, space, this our some time, number you a number business, we've we as transform Chris a over dust.And at resort this stone can in this But, what turn the what more more Patrick, of add asset, find with to the we've maybe bit state some transform discovered? and lens, and give we a of essentially business the little over bit -- little #X

Patrick Chaffin

into tremendous Absolutely. strength perspective we're outside manage a are And around in single the that at short-term portfolio the this incremental and see of planning bringing of done customer actually business parking seen we that resort customers already and JW success we've point, XX property property. with it for Country. unit, specifically. some brand Gaylord at the enhance Yes, to over.To We customer the Chris, research through at property perspective, Gaylord this -- some into the Day pieces interests to and those great quarter vendors, we're the are see amount are get Colin's through engaged what a rooms, from to for what JW we've resort understand and a additional JW that's with first to portfolio additional of needs of is in looking their in bringing being refine Investor another multi-year this master at to are what first the picked and water into space the the months.To bookings of were we nights of a vice talked starting XX,XXX quarter rotational last amenities, starting the room into Hill benefits fourth And out a contracts versa. our to Gaylord to XX,XXX the drive we business perspective, nights research in in of transaction From about those over XX,XXX took Gaylord to JW. that in working of we room our JW point, since have June that booked, from of going brand the fee from end up the to the we already dollars year, accordingly, tied Hotels. add about and as pieces We XX that you'll both part of now booked

So we we a amount are far looking -- substantial more the thus process. property as and are we through the master generated planning and refine more for

Mark Fioravanti

And cost efficiencies too, Patrick.

Patrick Chaffin

Absolutely, in yes. individual Again, because other we approach we in you see where synergies managed everything from can a don't portfolios portfolio drive they're maybe assets. -- perspective, that as

Operator

comes next our And Raymond question from with Crow James. Bill

Bill Crow

down want RevPAR holiday the that that on impacting How where of to digits. April. I from good, Passover up, starting is XQ actually much the you holiday shift? We're to maybe I to going just the almost not is now simply driven is focus XQ think to shift from April said you're that so Easter, growth by really X% mid-single hear

benefit How So much color really -- get got just the the same Country or know impacted and March us much Easter quarter Hill subject. that, multipart how it's shift? you? both you've easier I holidays. But did and is can did Any it question, you in on April comps from give helps second by a that

Mark Fioravanti

Patrick?

Patrick Chaffin

that between shifted little a Easter, which two yeah, talked quarters. the the shift room point, the nights bit about, from is There we've Bill. is to it's about easier, comp So XX,XXX your

April history basis. expect tell us. April working a to how going definitely the I But results, of in April We're still best through be the the but you benefit the ever for there's portfolio So on is there. we a same-store preliminary would

group with the single catering strong in but same-store second of it month catering month the the in are probably looks very come best will the be we the any Catering any Opryland portfolio history are April.So the strong on comps month in a ever especially performance, of very, We we EBITDA side. the and expect expect performance seeing easier, in to on best basis. hotel in really

good where helps that feel of so we And we're that heading some transient and about we've offset seen. normalization

Mark Fioravanti

seeing And we in quarter performance seeing as as third -- we're catering we're that same ahead. that look well the

Patrick Chaffin

quarter room And more the the have time second third did we same group we the year. for and Yes. nights quarter last books than on

we're buck normally think fourth next allows the us well maybe then holiday positioned market place. on trends in do but transient, X our And things we are these dependent for is to quarters. really quarter that obviously So heavily that programming

Mark Fioravanti

we've good books for lot quarter. confidence a But the about which quarter, fourth the got business on fourth also group the us of too, gives

Patrick Chaffin

we X about Yes, points same last time business year. group higher of than were

Bill Crow

that past, could now just topic. at forward exiting performance the business just and know follow-up curious, touted of to to because the but only question, Marriott do Pacific you I the seeing wanted your If a bookings properties of of rotational in Gaylord include talked just the Pacific? revisit are -- some Pacific. I'm I kind we've about that

Mark Fioravanti

to you it? take Do want

Patrick Chaffin

brand U.S.It's around in we Gaylord we Pacific. it seen Bill, some unison in XXXX. out into the been about saw It's and have in But multi-rotational back National have saw a Hotels of of we have for nights exactly booked pieces driven is and those it XX,XXX production Pacific. rotating we going California. Pacific period to from open in business Rockies XXXX. of drive time. of the minds first is when Yes, at that the Gaylords be opened benefit then Gaylord It's some and at start opened room Gaylord what other really unique what It's is pre-sale a that good groups to to Gaylord Gaylord coming Sure. Gaylord it because they time here what what of will with the share are brand, is, into groups is after going these when how their When we new the a travel lot state to the not of to stealing the the

that And as and brand. to up so starts rest to pushing of the yet through them the property folks gets come opened and best is really the it then opening

Mark Fioravanti

a will And those and high rate a rate. they're rotate booking groups at higher at

Patrick Chaffin

correct. That's

Operator

Thank you.

Citi. Our next question Smedes with comes Rose from

Bennett Rose

a year-over-year it you ask was nights bit a little booked you net know than provide the just anything. like at was nights wondering acknowledging and booked could trend it to first still room wanted definite if of a the you quarter. and means 'XX. definite if but tough highs, the and it was I record I'm around in that room I rate And think noted growth, that will little color that kind lower how just about 'XX and quarter just 'XX you more and comp

Patrick Chaffin

the of underscore quarter can't Hey how did Smedes, rebuilding I The it that months first team have few Patrick. and job it's XXXX funnel great Yes. impact had the of on fourth been much blew funnel. out, in XXXX. the a clearing sales out

are very lot T+X coming of the from past group going going strongly. very the increasing. that volume you we And late team over T+X on seeing. past we're last by really we've those [ ] T+X seen seeing year we heard encouraged a one, two what that me encouragement a to in bookings performance We deliver and is XXXX.And strong believe tremendously two another gross us leads are production number the things give talk things sales months There's lead the And started [ just few lead and in great beyond through back that ]. very, XX really months about had association in we volumes advanced fact

April, as nights, business.The the material for to serve allows that increase that filling we was we in corporate bodes for -- those second for which in us So we're very some have we're years foundation well a thing booking big more opportunities starting us room window future for in to XXXX. as up primary our the to know of saw of book associations place that

to nicely together be The seeing lead team very, good was versus everything lot great are little the a there both And that bit rate down previous for and as we future. see together things association was periods, sales and we corporate while, our yes, they're funnel. volume, coming first a rebuilding coming very on quarter continues So the it strong. a expected, of job doing

Mark Fioravanti

April of what have to it's activity, ever the activity we been nights And as levels. all room is of planner healthy the said, volumes very, right the is system. in It's you that's as And lead this last into now. key just And than to we as again XX,XXX And of month that very did in year. in what booked, our fairly, last good Patrick, jumped April this. meeting more

So what's we're about on now. in very going right group excited

Operator

Kelley take our next Shaun from we'll question And America. of with Bank

Shaun Kelley

to of hit wanted kind this. Just transient go to we've back activity, I and know the

but is for that, continues you So perhaps I was how my the assumption a is of, you've the April, sounds important year, continue correct? question The transient that like period. you the in just assumption alluded for is think since imply? that then is kind piece prepared specifically that said now XQ. does Obviously, remarks, that specifically, balance through what And it to of already seen into the of QX, that

So just outlook help conservative about us maybe that That'd think how is. helpful. be

Patrick Chaffin

to May. done going watch project a can actually, really We've really quarter, going to all of the Patrick. trends we some holiday we're continue Good through have quarters And we to our remaining buck strong, what because fourth in we our QX has continue and and X do our our softness on believe we accordingly. we roll market. what April QX programming, We best group and QX is the didn't question. each just take it's strong that QX of because Again, that Shaun, adjust macro and it think business. and in saw

our appropriately maintain guidance. a So feel and we've that we're great adjusted QX and to QX in still position

opportunity a normalization upside some seeing transient. to we continues on of us, though huge rate for that So be are even

Shaun Kelley

my of to and see, We've feel you're definitely intriguing of the I'm similar heard not effectively a hospitality people saw then follow like it's of entertainment curious side, anything on on kind it that it you number but in up you the comments you did would from And alone. doesn't the me how didn't side. see rate be, kind here space,

event risk changes could the on bit So entertainment and transient that of it the acting what the you did side what entertainment concerns you see yes, on schedule talk or in given sure But, little any the consumer could maybe just ticketing? and house, around I'm how and any like, have people there? just were about, Like, a you and behavior uptake impact customer even comps. specifically see moves factor that just across that there too? you from

Mark Fioravanti

for aggregate, markets for room I the any Tennessee. so are Tennessee assets board, of and X a fairly all some so disruption first of the we the smallest behavior. any across for But seen have haven't that is across the part than changes seen drive quarter quarter did in year. X markets night. material to say in material our We X we've modest change business seen weeks other because But those behavior the far, ] haven't in the trends don't What venues. would to of in consumer markets the entertainment in are require we [ is healthy far, in major that, and But

Operator

question Fargo. Wells And from take Dori our Kesten we'll next with

Dori Kesten

your Can the you quick us on on book? ] [ a rate growth give T+XXX update

Patrick Chaffin

said end of X that right? Dori, T+X, is as March, the it you stands at and X,

Dori Kesten

Yes.

Patrick Chaffin

Yes.

on So mid-to-high today. each as of we're books that's rate bookings. stands growth it as the on net years on the digits And in those as what's single far

Dori Kesten

And about your might just between do and it is normalized is see makeup today rather they like bookings? lead to the QX volumes and to anything sit we SMIRF note as association trajectory determine start rate or there look when of what the gross trying to corporate your QX,

Patrick Chaffin

strong, increasing as groups waiting very and come to, our on then years, highest and back mentioned we mix focus done Yes. Like been coming continue premium, many many, it's we've association, before, rated back corporate. we've And of it to strong. watching association the getting for most I for

past great so. has corporate the here has over six months strength And rebuilding and of shown so late, as been or association

far we've we So seen we books, as abnormal a as it's just not higher from on than perspective, think as continue volume past.And see the rate a we so what the in put in group our rate. it attract well for bodes select and more the the groups them, growth continued groups after in highest investments and the to place very premium go rated to

Operator

We'll Wedbush Securities. take our next question from Jay with Kornreich

Jay Kornreich

much. the of very up question. to little last a Thanks bit A follow

going the on corporate And booking or on you year? any especially are the As we seeing side? think with changes the four, meeting Can about your window how group some within planners, are just give corporate the you together get conversations bookings. in employees appetite year in the to year perspective

Patrick Chaffin

have that? your window part we change repeat and not whatsoever, Yes, in seen the booking of caught Could I'm question. the any not first sure I you

Jay Kornreich

In year, year. for the the

Patrick Chaffin

In year. the year, the for

I expectations XX,XXX in Okay. books. the year. are We're line we nights as what's remainder we ahead internal for last Yes. what in with year, year, of need largely like book as the for our about what year. a in we is In far room expectations to hit the And the position line our said, with, on to for did

in behavior, on volumes no group to or the continue seen window we've resistance So to lead see booking it's improving. change we growing rates. whether And

last So time in four in where alone, factors outperformed year we our our April T+X right for far the thus the of year, think In year. very us was in the all significantly for to the year, are it we been year the was of year, over four and year, same place has And year. In hit the up this encouraging. the

the are right So short-term in metrics the direction. all pointing

Jay Kornreich

one Okay, And quick then great. you. Thank follow-up. just

and on You hospitality the on projects. efforts the gave entertainment some comments construction

changes assumptions, ROI, EBITDA or out either any starting initial curious, is Just as initially your for displacement, everything point at this to planned?

Jennifer Hutcheson

those was million of hospitality that impact guidance, year. assumptions full $X Yes, to what the will that side disruption and $XX full-year about and $XX we side entertainment our Jay, $XX million in the within the we on million outlined on for million to terms haven't changed the we be projects the from said

Patrick Chaffin

the I the Grand will Gaylord opening that say at Lodge of Rockies.

to beverage. as food capture really, couple far and what encouraging as of The first days in really were we were able

meeting our So very, And about It optimistic spectacular. strongly very looks and responding planners a customers positive there. feeling are in I'm manner. investment

Operator

it turn that further over remarks. our or will now we any additional And at time. this no appears to you. back presenters have program questions closing I Thank the for

Mark Fioravanti

appreciate No, was but in we've attention. are doing of lead in that eastern your call, there bit central holding particularly and time it. I this calls little we midday we it, wanted difficult, time. and done done sure had think a time It's this and a everyone's it's lot We to the time we know morning competing XX:XX we've make time,

of So thanks, get further call. if know on have Appreciate it. And hold for everyone, us. the any you how you to questions, being

Operator

That concludes participation. today's teleconference. Thank you for your

disconnect. now may You

Ryman Hospitality Properties (RHP) 2 May 242024 Q1 Earnings call transcript