RHP - Earnings call transcript Q2 2024 | Ryman Hospitality Properties, Inc.

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Operator

Good morning, everyone. Welcome to Ryman Hospitality Properties Second 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. Officer; Financial Chief Hutcheson, Mr. Jennifer Operating Patrick Mr. and Chaffin, Chief Officer; Group. Officer, Patrick Executive Entertainment Moore, Chief Opry This available will call be for digital replay. XXXX-XXX-XXXX The is with ID conference number required. no [Operator the to Hutcheson. Instructions] It my to over Jennifer turn is now floor pleasure

Jennifer Hutcheson

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

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

version and release XXXX. the over release funds amount evening. I and now as the also presented discuss JVs non-GAAP July the the we operations AFFO FFO prior on Colin. reconcile income as error operations loss of to the presentation the to extinguishment an that measure unchanged of measure also rata of will to comparable turn from version omitted press periods adjusted from release from yesterday Please version adjustments issued from that today. debt for well the The morning call prior correct are measures to updated a press funds GAAP release. non-GAAP in exhibit most of XX, each in provided We note this that of to financial issued today's will We the clerical the compared of on reconciliation the pro net

Colin Reed

everyone. Jen, good morning, and Thanks,

in and report including line results to leisure Nashville we'd second with where quarter hotel strong thought exactly Orlando. be, even XXXX we in some are We pleased softness transient

for the delivered segment all-time by Hospitality adjusted some in franchise meaningfully Gross accelerated revenue the all driven second of quarter Saloon results impressive, Block same-store first the strong more second years group Considering our years And and revenue quarter was production Wildhorse second XX delivered at and excluding the all EBITDAre. ADR rooms the in EBITDAre XX, Entertainment business was all-time booked future Equally book one-time remarkable. repositioning 'XX. our bookings the in will W the adjusted Austin Mark closure future X even in think and record these an at reported tax Entertainment even we more record. underway I revenue, detail minute. record for gross group review construction from quarter benefits. Group for Category strength to all-time results Our record are continued group of record. business the quarter a

our remarks core typical an a of regarding from the of in industry important Now a our tourism earnings initiative morning markets, like I'd bit on my to focus call. one this Nashville. departure

tourism to in years CEO can across multi-year leaders that of And called priorities, about some city's CBC the pulled a city's critical you which plan Music a June couple we provides road supporting and of As Nashville the Next, X is success. collaboration that of for released I to continued map this find strategic know, hospitality for addressing and on City the CVC's plan Nashville in of XX wonderful a you the strategic which result website. The of leisure and may group a together a ago, industry long-term plan the build city.

this we've the some research came of statistics really and of work out but Nashville market, that exciting. always bullish been Now were on the really,

a such has seen assets has last Nashville why deployed as amount been wonder capital years enormous such in into well tremendous visitation celebrity expansion. multiple growth of the few hotels, that as the over entertainment and folks venues airport physical as many So bars,

country question of is, why of such the the artists of without music. growth this over around the is live many decade? Nashville happened over What And key makes the be this being question country the the that music. the last platform special Nowhere what And witnessed so great And here. occurred? so can fact has the streaming. growth is replicated technology artists has epicenter has born in type next by it decade through what of been music have the and available world artists are things all the time, daily. product media the the was that of same their of tens is followings literally media marketing like At have fans social and into over evolved And this artists has exploded. around made essentially world millions these these to social to consumers of town this today,

growth. has our driving exploded. is this city really consequence, what a to As And this demand is

So hotel and point the domestically new thousands concerts. we're as and here, should at plan sure increase. markets drivers demand there growing things like college play-offs Bowls, and accommodate East to the massive expansion so done is of I'm internationally only this artists Nashville to are some force, Bank year-round of new many and development a magnificent Yards development, rooms And planned another well that stadium from accommodate Super under There penetration as final what our being lays development airport. new Product-wise, strategic out. will that's and a

the and the growth; then two, future i.e., average the of to screens order X% about historical terms future computed a like inflation inflation, visitation we and what the mirrors in X of different Now at modest project rate of growth looks through rate revenue, and in the historical rate. of that growth

to XX drivers occupancy cities make is it snippet local for bringing and plan And In tax years, the surpass to are So tax between of of here sales to a in annual of cities billion visitor annual the visitor hotel spending. The it appeal the X close increasing. creating country, people, state quick operating alignment is revenue-generating the growth XX music hospitality state interest of the and local concludes. highest the government expected million next rates with this what Nashville and of in one only market. companies $XX

months will As Wallen last of outside of an Bon from entertainment F&B X Church, see new and Morgan Downtown Jovi. example, country outlets genre in Nashville music Jon and Brooks, alone, the the likes with Eric Garth the

in from and economic to like So the years. In top business to and for risen long-term Hospitality this softness visit, place group has country around exciting leisure Thus, group fun business, is Nashville perspective, all here potential leisure will we next time-to-time, for place uniquely continue of X have is while poised way, because an Nashville to serve And it's an we've segments. our their by industry-leading through will town. to from the COVID, segments our customer from to incredible see did group origins destinations alike. our business and built enhance like just few a this coming market tourist the and over growth benefit the be. to the a Both the hotels be that portfolio simply

us and growth offering strong of a room out we demonstrated allows to spend. the continued As all capture by pricing achieved power, one our under profitable rate have the result, roof

a capital the year dedicated large further will this our investment Old music is portion with our Opry, high-return music for with in including has opportunities strengthen identified in multi-year that competitive Nashville's brands numerous Our in Entertainment fame. business, we the of Gaylord long-term Opryland the responsible some industry, program investment earlier the part of market. Within advantages that show that arise that own these nearly and music Grand given made to belief country most iconic to XXX-year-old we large you shared investment this famous

markets opened, new the say, Superstar cases, year. success shall We experienced encouraging Category rest and Ole our properties to new towards first business, Vegas, to in hotel through an to to this of the we Nashville by Las more the most drives to versa. successful, our growth end country Luke our look Combs brands which Entertainment in brand, consumers in new Our our portfolio continue Red Opryland XX, vice and Gaylord time, has in many reach portfolio. And other our our that effort here recently rotate lifestyle leisure in customers of throughout Group introducing evidenced forward be start. with for

shape the business ever best is it's in our been. So

company's future our let review Our exciting. And awfully, with quarter second the me year. that, awfully on Mark to looks turn to touch Mark? and over

Mark Fioravanti

the record, discuss Jennifer our quarter of EBITDAre of of million, Thanks, to Colin, our a revenue revised up our businesses over everyone. highlight capital some we're it handing cover seeing and consolidated expenditures. In year-over-year. for and guidance the was $XXX year-over-year XXXX, a XX.X% the refinancing I'll quarter second review ranges provide was morning, recent total million, before quarter, to second and in brief good and activities second XX.X% $XXX up consolidated adjusted trends outlook

year-over-year. of quarter, for RevPAR the segment both basis has contribution quarterly recognized adjusted excluding same-store Easter and softness year-over-year transient Even Hospitality an we Tennessee Leisure one-time recent timing tax margin RevPAR and consolidated estimate law, refunds. We of in same-store Nashville record, second the of growth in the favorable up approximately adjusted par EBITDAre EBITDAre a of franchise which change $X the impressive excluding basis XXX X.X% resulted accounted quarter. million. year-over-year impact tax tax of continued points, in of Orlando delivered growth set growth X.X%, refunds this segments. The franchise the Hospitality in XXX total RevPAR approximately with expansion from During franchise XX% points the impact, all-time of markets approximately

growth model However, softness, group-centric merits than continued group our profitability offset that demonstrating outperformance, long-term strategy. business in impact operating offerings our the and of efficiencies the our and more investment of

you points. share me of proof Let the key with now some

XXXX the group continue particularly second in the we group to to the to relative favorable XXXX. room second expect the of in same-store nights record in year half watermark of XXXX with prior half travel First, high surpassing mix,

revenue As the of remainder of books the of same and of the same-store XXXX, of were for the respectively and than higher the the last remainder XXXX. year nights end room rooms on X% second quarter group time X.X% year for the

ADR room an Second, traveling quarter increase X.X% In at higher $XXX, the with our and approximately record XXXX, both transient year-over-year second second rates. ADR. of in of customers traveled are of growth we same-store group delivered quarter

to the groups outside record property, are levels continuing on Third, room. spend once at

XXXX majority a by driven certainly Both higher benefited X%. in travel. second from of The room first timing growth revenue all capture per share. our the record, one the the uniquely and banquet In quarter, Our prior to continue to a set second revenue roof same-store that watermark AV the positioned and spend all-time by under offerings contribution nearly group of night new high was of AV grow banquet quarter market quarter are Easter. business and group surpassing

remained over Looking metrics in ahead, XXX,XXX quarter, group an second years, all-time a room gross quarter at ADR year-over-year X% prior nights of same-store bookings $XXX, we production the future booked quarter In robust. of record an X% XXXX. period record increase second fourth of all the the and from for

measured revenue enhancement XXXX, the limited XXXX and improvement has enhancements XXXX, the is that second finally, As -- capital by points, return of increased quarter end and books of quarter of defined X the competitive are Since same-store compared Gaylord with XXXX, set strong for end bookings X% first very compared on to XX XXXX their respectively second new for same during group timeframe. the our time XXXX in the improved deployed a position expansions to of last sequential of positioning. at up the coupled compared to investment demonstrating supply and our investments STAR the average rooms continued the for our for the quarter. And XX% RevPAR competitive Marriott on total has our year index hotels and

JW performance. let now our comments continue full make Having owned a for very with pleased this its the to Before turning few resort to me a be Entertainment year, Country. we on segment, Hill

and we've For XX expectations. the $XX to plans. our resort We the towards of underwriting delivered consistent realize months trailing million made of started expansion long-term short-term good with ended our progress our adjusted benefits EBITDAre the June investments XX,

the today this when bullish for on it. purchased potential than more we are We property

record XX Red Las our Now A X.X% segment. EBITDAre points, revenue the for million, Grand margin all-time reported increase and performance an turning expansion In its the franchise of of XXXX, years. of Entertainment with second the quarter opening of of approximately the Old adjusted quarter the tax strong prior tax basis strong show excluding results. XXXX related Ole following drove benefit first year-over-year $XX the Opry to Entertainment calendar from to Vegas in segment

of our health brands We're Entertainment the of the offerings As Nashville in remains monitor we some for fortunate and to some most softness consumer our our Entertainment Hospitality closely. market. portfolio, the venues with own strong. market, despite the in leisure And must-see Nashville demand iconic

year. to now outlook our remainder the for revised Turning of the

We franchise an tax full and expense. the segment and for approximate adjusted are reduction million raising outlook Tennessee to reflect recognized changes for includes quarter refunds consolidated the level in XXXX prior $X.X million years year of second of impact favorable EBITDAre law, $X our to in the which

Jennifer refinancing Our the franchise core which of our per reductions from outlook recognize last operations also outlook discuss funds transient plus from AFFO the tax interest in detail. We're our more and leisure strength, estimated efficiencies have credit share raising offset for and of AFFO OEG adjusted unchanged is or savings of impact facility, out-of-room group quarter will favorable softness. from the operations spend cash expense as unfavorable in some to particularly impact of operating resulting the for

anticipate for Our quarterly cadence RevPAR year the helpful, conservatism than where we've color decline heavily more in quarter. through the leisure the for we marginally full total outlook and the RevPAR on RevPAR same-store the reflects Hospitality stronger lower third growth be might third. and outlook quarter fourth third To provide Hospitality quarter. transient seen to weighted our additional is growth same-store some RevPAR the same-store it additional for in into continued growth softness of Therefore,

our occupancy operating incentive Hill gains holiday programming, management of points anticipate EBITDAre quarter, drive year-over-year. impact related year to third the to leadership ICE! investments the P&L due the including JW margin In leverage the in of and unfavorable of compression sales acquisition in several the hundred Country, quarter, group and comparison adjusted expansion inaugural will ICE!. an we For from year-over-year timing the fee we basis fourth anticipate of the margin in

Entertainment positioned of for third due XXXX. are to second anticipate we stronger the segment, XXXX into the in timing summary, quarter fourth of adjusted and currently contribution we for have Finally, the the well the EBITDAre underway. In of capital we projects to the compared incredibly the year completion half

performance, the see Rockies from JW Vegas, Grand Country. early Gaylord our to continue Ole record acquisition renovation positive Red of forward and robust results Hill and We group Lodge the Las bookings at

investment trends together, conviction strengthen these Taken model multi-year our strategy. in group-centric our and

the discuss and generation. flow to balance our our we our balance dividend undertaken over better never fund refinancing this it this balance capital to can expenditures we've plus sheet, transactions Importantly, sheet strategy has year, from that turn sheet been liquidity Jennifer cash free And and our following outlook. to positioned. And end, I'll

Jennifer Hutcheson

facility ended with second revolving of hand million and million $XXX $XXX Mark. Thanks, We cash unrestricted our quarter credit undrawn. the on

facility new the moment. in we the credit million facility discuss quarter, the revolving volume of which balance quarter, had a During Term Loan credit outstanding. a in refinanced B, $XX I'll And as end OEG's of of $XX the million second OEG

of FF&E net restricted letters based credit. outstanding quarter, approximately was ratio our available $X of maintenance of and end adjusted billion together, to liquidity the $X.X $XX projects. At retained cash an of additional the We total X.Xx. net was debt available on million our leverage consolidated EBITDAre for approximately Taken net total other in million

due As I quarter, refinanced $XXX million mentioned, Loan XXXX now with million facility facility $XXX upsized $XX B revolving a now credit the XXXX. an Loan approximately B Term during and revolving Term million credit million new $XX OEG's due we and

by $X year ranges on interest on the guidance B basis as and points. we share, Term and of We remainder AFFO in reflected approximately that part basis estimate by per expense XXX transaction, cash the Loan As rate transaction our interest the which approximately AFFO reduced this XXX spread full approximately XXXX, for revolver of points Mark for updated is savings million outlined. from of that

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

and our our million on XXXX, XXXX business. questions, million Before expectations $XXX in $XXX of $XX invest updates approximately to including couple for to our expect million for our and some progress in In Hospitality $XXX minutes capital we take to million we $XXX open I'd investments discuss Entertainment to year-to-date. like $XX million business to to a million, provide

underway. At pavilion first projects we opened the of our July. May for prioritized Rockies, construction in Grand now phase of the Gaylord in Lodge of All repositioning and XXXX completed the are group

the Mark new already of lobby As is Grand incremental Rockies mentioned, in Lodge out-of-room bar spend. Embers the the Gaylord driving

beverage fourth open The Gaylord outlets second is in and lobby phase food repositioning, is and of additional is to is the Lodge the which the underway. includes quarter. At rooms the Palms, the renovation first completed phase renovation several scheduled Grand

lobby complete the quarter. to begin January and Ballroom year. to and of quarter in Gaylord space construction second space, started pre-function Presidential the renovation complete the in expect fourth of Governor's XXXX. At in rooms next Opryland, Renovation early Ballroom for fourth expect is phase we which to renovation the and We we the the the pre-function scheduled

we and the into addition, started we to at Courtyard space, event sports Opryland a In previewed bar, currently at pavilion launch Investor new underutilized group Magnolia construction reposition Day. which our

complete renovation the to finish expected is W early the of public that project the fourth nearly Austin the of expect and continues XXXX. At quarter. the venue in Hotel, We to renovation space complete to XX, Nashville we Colin expect in this and the the Category rooms as Saloon is in that And year. finally, by reopen mentioned, Wildhorse end transformation of to Downtown

continued business. And it to our to we capital demonstrate, questions. liquidity shape us support As open the that, be our deployment position sheet projections can opportunities to continue for our growth and with the up available and balance in excellent of

Operator

We'll America. go to at Shaun morning this first Kelley Instructions] [Operator of Bank

Shaun Kelley

a the broader and the the season there. of transient think seeing undertone softness of out earnings around you're has bit I prepared hotel been theme Colin, remarks leisure you across, everybody's space. talked some that This in about the little and remarks,

as you we because little we conservative get So then talk last as just still could left kind particularly seeing you're felt of bit a think there, just holiday about around sequentially things on are, I but probably on out this quarter? last the it at into good you quarter, you all season. derisked did programming? QX are elaborate And programming where a were banking you you fully call obviously deteriorating how

updating So how that for about feel you later? X months do that

Colin Reed

But Mark called we as consumer. and thinking did both how Frankly, at our Well, end first then quarter. categorize details budget-conscious rate been earnings the XXXX we back and the Patrick we this call last look, would in you're back were it's not so surprising cuts going for that the we we're -- I decline about this really for When right, plans and we to leisure was and January inflation Investor very of what that Yes. the the is May. potentially like X share with this year back witnessing Day, about year, it operating focused shared out in really leisure early the more in we're can towards some see witnessing did what at it's anticipation we're and slower. you the year easing how

desire so and the hasn't year whether XXX what a this seen basement of or feels members it's consumer some sort been will money consumer rates that out post-COVID it surprising a that bit the a the year we've spend because leisure that end better think years. next decline was in around before weird live stuff as this and issue and year, year and the some what really budget-conscious older rates phenomenon absolutely recover little last and massive towards in decline, of I our of get mortgage to is And the not world not time, experienced interest team frankly, the off. occurred quite And of happen witnessing, It's before. this we're it's have will

from perspective, So this to about. is my absolutely panic nothing

we've thinking declines periods for being XX in affluent successful. been stock highs done year, of we've been the been to not having because how years. month-over-month sequential years. home the the X having witnessing this it, leisure X extraordinarily doing you back end first weren't to about want about year and seeing in feeling where And -- last has the we that our doing leisure very is grown not are this programming over consumer We we've Look, prices talk all-time customized affluent. we're do is The extraordinarily this market, it here. Patrick, accreted

our end based think the is I this back think so of of upon Patrick? and I And good year feeling good we're it. view history about

Patrick Chaffin

is this Patrick. Shaun, Yes.

this Just Gaylord and of you fine been already has to first kind of primarily on we then half heard us build to And Palms went your what and again, market, we've put through year. through back of in saw talk Colin about and your point Orlando point, on it questions, year. in last the said about a we the as it to half the talking of some

the from in primarily, economic an end So we seen lower have and market on Orlando the it perspective.

some room. year. Historically, will the guest perform. the more can you do the We to buck Nashville we've research a through also demand then your to to overall into middle to has we're mix and been we we're Colin's back of QX. But is somewhat and they just over point coming between that November sure of trends see QX QX, lot especially see moment to the system, starting summer through much we a that we're days extent. of outside the here of summer, shift guest that signaled we XX that the lesser a as it done back transient and kind about do that we end the the went of to the to understand end ago, a holiday heavy how it coming the think more December, bit, to occur confident end an buck To how going group in make softer But that the spend of of as recently the question, end our QX accelerated as

that for a the really are very more create lot our unique that's that different coming hotels So in for at very we budget-conscious out it's is a anything bit else little of it. programming type they market. guest. planning And there the They from spend less a time

seems a there loyalty. much And to so greater be

together So quarter the to between spend, outside-the-room the our reason we budget-conscious is loyalty a that guests see we of the consumer, programming, believe which those they're indicates believe higher there uniqueness and that our the from not that some we optimistic. continue come despite for fourth we could and if will seen. feel But carefully nicely watch we that transient the of we've something cautiously softness that see different. now, very to But signal

Mark Fioravanti

Not -- dead with guidance but say horse to thing what of outcomes I Shaun, a to beat tried here, that, consider wider just is range the to the would in our fourth is one quarter. we've a do range here

look point, fourth Patrick's to transients that more holiday period, little this how during quarter as part revised performed consider at to -- of risk downside a we While tried have the while in we historically guidance.

RevPAR I little thing that same-store $X is than a in revenue. less a point business, other our in million of would mind of keep The say that is rooms

the about not So amount tremendous model. Obviously, revenue total given profitability think it's when focus you a on we our reduction, and just of revenue.

-- spend nice looking really guidance profitability. growth rest And at the of total year, really we've of total the at So you same-store when that's for revenue. the our look midpoint we're and in got

half of X% of I points over up At think about the midpoint, the XX it's is about back EBITDAre margin the 'XX. midpoint expansion.

of to strength targets make and each management of job in operating on at is early, asset seeing our we're the think have I our look these team how sure in we've front hitting get profitability business sure that Patrick that that his speaks trends we're that the down, model, And at when performing, just group. managing side while So frankly, make taken the hotels. costs, number our done to we're the you it RevPAR

Operator

We'll next Wells now Fargo. to Dori go at Kesten

Dori Kesten

majority the on made? what that of are reservations just the last question, of ICE! end Patrick,

Patrick Chaffin

sorry, the what? majority I'm of

Colin Reed

growth. Booking done ICE! for we've and holiday

Patrick Chaffin

Yes.

is to just a XX-day a December. first window. XX into how days idea we get going do Once essentially of have to of pretty come the good December, together ICE! last So get because bit bookings everything going we quite week the to XX a it's primarily of in you

as a group it number So had we December trying greater last and But nights have to we'll the books on be year. we than respond watching of for best possible. room

us we positions transient a where that don't the XX, window quite many be better pretty that need But bookings. bit XX-day of So little we'll watching as closely.

Colin Reed

When we program? are going whole launch, we do launching to that be Christmas Patrick? When

Patrick Chaffin

So sign. always always ahead a July. marketing announced impressions process is put and We we started number out, which that and July. the we of Christmas had really collateral to the offerings materials strong bookings went in in and the a we responses And great

feel ICE! We will before essentially open Thanksgiving, programming together. once get better and November past But we it's just holiday going time a window, Thanksgiving. much the so in the XX for we how type get come to

Dori Kesten

is Okay. 'XX? in And just on for today pipeline the leads pipeline. How the much meetings of

Patrick Chaffin

'XX. Give second, give leads me can just I Dori. for one you Yes, the

Dori Kesten

to based from I'm last what it know X% went online? trying you expected for come then in it to think bookings X% can pace X% guess, to do and to is 'XX, the the on that here I X% I group Sure. pipeline revenue now. with build-up up just like quarter what's conversions, go

Patrick Chaffin

made of we end the against point, quarter. your last some To stood at progress Yes. the we where

Let then me answer your I'll and first to question go second. the

if So over [ second XXXX. are quarter, about for stood just That quarter. an you was for T+X year time the the leads ] came look into million we we second X.X where the same had last system at improvement

X% if made discussed, consideration 'XX you X the about But already Leads in to is then XXXX one you really, at continue and the shape. XXXX against some we things look improve up we past 'XX, over And what is really just taking of So is months. we progress for into XXXX. 'XX revenue, good -- mentioned. as in that we're

soon as at are want get and I will you and looking as roughly new. So I that new lot be XX% is into of guests that who XXXX, to really there sports okay, in of the be what's bar open will happening hotel renovations. renovations, Opryland a brand after those group of lot have saying, a these can hotel

really XXXX into about potentially? we feel about hey, excited But Opryland renovation. is. feel for we about heading good So I'm post XXXX say, where it improve Could great folks it's where as getting

Mark Fioravanti

point look quarter. all flat I when lead that a look quarter you other would terrific when that on our second they're are at one where Just the we quarter, booked future years. we first Despite at we currently, finished leads that, for had in mention essentially you is where with volumes bookings what the

volume. Those we -- didn't leads to that deplete lead our So continue refill.

Colin Reed

shout mean, to a a and off tremendous good quarter that That and I QX, they've full. a is quarter done coming sales back give quarter bucket is phenomenal fourth very our always a well up third very looking looks quickly, team, out good. filling historic second as of at I funnel still job

team So job. just our doing a phenomenal sales is

Mark Fioravanti

investor quarter our organizations underlying is is the really America this which at thing about of That's for the what really, part nights This that really profits think look that you And of business. rate at is nights I second to important willing our savvy in the on, amount the country, room strength of corporate all-time for good us mean, a book economy XXX,XXX today. the they're an room book. is is I shape. in why to in high we really more When the in company are the large focuses book, of extraordinary.

Operator

Scholes go of now We'll Patrick Truist. next to

Charles Scholes

around weakness the of that? seeing election week. somewhat sort the they choppiness call, some following you're if week earnings for surprisingly I'm wondering out similar and Corporation's Marriott around called then the had On choppiness also or

Patrick Chaffin

is this Patrick, Patrick.

We any not choppiness. are kind of seeing

look discernible at room the books, difference. nights no If you there's on

as -- booked for everything about remaining. As in we of get to but year reach small most little the really bookings, of very closer part going year. have booked amount to the far be as get may year impact election the is just bit We there the election, a for a the have for that this into group just we've

don't from the an either So see think Jewish I holidays that going just much we're really from process. election impact of or to

Operator

We'll go Citi. of next to Smedes Rose

Bennett Rose

impressive corporate Colin, group you in wanted about your there profits saw being and follow-up so to I this just really comments obviously bookings. surge strong on

any coming of that of along certain bookings of Just hadn't kind be meetings seeing to back maybe there those the been change interest? kind lines you are Just anything group in or wondering, maybe before? book of sectors composition

Colin Reed

Candidly, time that a spend mid-term spends of that's potential. spend the short-term, want team a lot And Yes, bit? that's on Patrick time, the think talk focusing lot of a it. about do team good of team that Patrick time, a Pat, little and to have he his question. how we you and we about our greatest think sales lot really a the segments they

Patrick Chaffin

into on been talking we've it us improving investments about tremendous of because room nights to all And Yes. the corporate is this a months easier the don't our see you've folks -- making lead Patrick. mix. from of interest the XX about in booking seen the in these past, the at leads. sign-up amount we've in you talk proposition we're the is us value to are sign-up at Smedes, in with heard And value we increase demand XXXX, volumes for continue With I out. the that corporate and the higher that we proposition. rates for hotels, continuing know, invest books and for see What corporate look resurgence to if you

well just of West sales from after of a so on more result. Within great books our the really higher of continues advantage increase, revenue advantage as in drive Coast take to tech. been do a and as a it within as some of job corporate both Coast perspective that deployment mix that we taking going And portfolio exposure leads we've West growth we're to get watching and tech distribution the the as corporate, geographic and trying to

we growth encouraged from corporate is sector it the we're think us. what see and long-term going drive to So for from very

Colin Reed

Let if me just thing, add one other may. I

volumes to perspective. We have We that. And increasing, for company see months XX quality from strong really sales done have in that believe each When business the there's return hotel organization? our salespeople dedicated have we assertive that have state Patrick, investment of business. our multi-year And increasing belief. segment last and the how pretty corporate the profit a is lead reason been of on the high we of over additional fundamental we a manager recruited into bring we solid pretty market we we very our about to people corporate good, dedicated the more many amount salespeople a our for segment, into see the recruiting the being with more it have

Patrick Chaffin

not past XX XX, it sure, I'm XX to just XX the Specifically, XX months. be but brought we've about recent whether in to months,

continue of make to that we So that. benefits see and the investment

Colin Reed

behind we it going belief, over for just pay it's company. to putting is huge our something that's Smedes, because this dividends we're time investment think So real not a

Operator

Wedbush We'll now Kornreich go Jay next of Securities. to

Jay Kornreich

you in of the guidance, second leisure better to back than demand group Going mentioned expected slowdown. lowering transient the largely initially year a offset to despite RevPAR, the half

to leisure that can as deceleration out-of-room or is how room you is benefit to demand a better out the further versus coming expectation side? in group versus much on initial also revenue? group the the So most spend maybe break on just And

Patrick Chaffin

on the continuing and as on in and an half room number on to perspective second is have the outside this revenue And through a sure our I So year, that into of are see want was signs But to they account And helped quarter wouldn't is catering what's that What did group strong we how down and but group's down, somewhat, just of that side. the from of site, better we're taking room to offsetting room we we forward, not the it's that. happened books softness mitigate business at increase say the we've And make guidance it we when completely slowing of group clarify, we taken outside the catering to that to books. seen. no yes, behavior get catering some definitely in care despite the transient we see perform clear. with look it. second on continue spend the I nights spend. transient which offset take groups the see encouraged of We've it on the the that

Jennifer Hutcheson

kind are well. it allowing room us the then hold about a to consistent softness. guidance. guests then layer be to talking spend in on on guidance that RevPAR adjusted traveling driving to guidance, And parse of with Jay, top our of outside previous the even of additional to previous everything about that So discipline from think decrease bit, total to the terms additional outside transient a our properties as in is mitigate Patrick and standpoint, is little if And from EBITDA room relative group that, that that terms RevPAR from to the operating operating you able incremental guidance leisure further mitigating our

Patrick Chaffin

to hotels. on at I to would continue just like And to a ago. going early responded Jennifer's felt very, strongly challenging you get point to of guidance, transient disciplined, we identified very, give we very shout our in very in operating our them Yes. just the And started is the actually trends moment that they view EBITDA very and perform to out We well, our continuing see why a that to which improving. were January teams

Colin Reed

I think. One question more

Operator

this questions we Reed, time. no have at Mr. Actually, further

I'd So like call turn the back... to

Colin Reed

excellent. Okay,

to call those been like thank this have morning. we'd Well, Okay. the on that

very And much 'XX. questions, year you end Jennifer, that call. we've how and the our we're thank results if you morning you to into excited any on Mark of of Just back know summarize the or IR indeed and the of this announced hold this get or being we're our to very more for very and about company, have proud team

Operator

Mr. you, Ladies you bye. gentlemen, conclude Reed. this much to all thank will for conference for a so you morning. joining that like all We'd us our Good and and wish again day. great Thank

Ryman Hospitality Properties (RHP) 1 Aug 242024 Q2 Earnings call transcript