RHP - Earnings call transcript Q4 2024 | Ryman Hospitality Properties, Inc.

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Operator

Welcome to the Ryman Hospitality Properties Fourth 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 Patrick

time, been call digital It floor conference to XXX-XXX-XXXX this for be is begin. ID you may Ms. participants The At This to available over be now replay. my will turn listen-only on placed a number pleasure will required. Jennifer all mode. Ma'am, have the with Hutcheson.

Jennifer Hutcheson

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

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

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

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

to I will Colin. call now turn the over

Colin Reed

Thanks, us and Jen, and thank good morning, joining today. everyone, you for

due year same-store of primarily quarter X a As more full November, the see last marginally about were with results little ranges going And hospitality transformation. we December. extremely but as our earnings results bookings last moment. in delighted release provided the Mark portfolio product from which the in of and talk was you below is production, that our in the a saw we to consequently, factors night, long-term detail disappointing, our our weeks impacted this an endorsement were in we quarter guidance to fourth our

the strategic before program. to back transformational multiyear remind rationale want of capital -- take off for to before and But you I step a all our that hand him, I

developed are a advantage hospitality long-term committed Day As of during we to Investor assets more articulated valuable unique gives we REITs. hotel that base. our a other premium extremely strategy we our we've group And consequence, capture as to the the us believe of positioning a last customer year, over

is of last one differentiators for model on portfolio. the is growth our investments ability returns creating our business returns incremental shareholders. least key drive several our the mid-teens our Now that at It our superior of years focus from customers over value generating is on the our results in clear to unlevered for

of us We have opportunities more in front than before. ever

In business, Hospitality high-rated beverage of the we're Gaylord space. capacity sellable Gaylord our and incrementally corporate room expanding in investments business this food Rockies induce and higher group making and to by attract and outside Opryland spending significant

the renovation We I in Mark is XXXX, the have were we at piece you and which lobby It to and in Texan. Board, completed essentially renovating the embark product. Gaylord is we've And as will work rooms now Gaylord done think Palms question the a tremendous. there company. at best it's fact, without on and with really a rooms of our yesterday tell got the And I I brand-new

venue years are major partnership than stronger just space and for we investment November, which creates Austin music platform and more brand festival Category our live Southern business, its month, a with year. the rooms independent of connect made renovation new broadly is in last us XXX, country a designed pay and business, about which music our Furthermore, end In ever. Entertainment our in even scalable a fans. think projects we the strategic we behind and country the opened early followed the opened was completed opportunity music enables come. category will construction the more public lifestyle Opry dividends the back we're W music the stores rooftop brand under online, Entertainment, leading XX, this And to in to Combs activation Luke at experiences that excited and with at week just last a Hotel transformational by

some are of No questions, term. disruptive these in near the investments

the However, record the our all years resulting future we books meeting business. bookings in our number the nights tremendous. responding pace hotel is and of globally, thus segment And and U.S. the is the to in the remain group awfully in lifestyle country for plans of encouraged by capital way room community on enthusiasm the for

strategy. are conviction reinforcing customers investments, embracing our Our long-term our in our

let's 'XX. growth Despite Now funds the consolidated EBITDAre of growth incredible mentioned, just we able year of were of the overlook in the XX% AFFO of results X%, full adjusted finally, adjusted revenue deliver or from not I growth consolidated and operation disruption to XX%.

Our comment last -- would comment one make. I last

our couple may thought I Day a year few Investor just For a that show minutes we to we intend out what who attended who possible you transform as ago, we assets. of those last physical referenced projected of years you was you recall, -- our

that at could our $XXX consolidated strategy time said of range we yield to billion million in the $X felt in We adjusted the EBITDAre XXXX.

witnessing future projects set the and ongoing to and achieving The track us upheaval that believe been capital and despite today, ago. rates goals inflation we a here have sit has we your out we interest never on appreciate well that support. high all brighter, year political high as rates, the strategies our Now we're we

I'll Mark to that, over to with turn through quarter. you talk the And

Mark Fioravanti

and the to focus for XXXX over our to guidance Thanks, of our my Jennifer financial and on fourth I'm our as it review well as going Colin, position. discuss good morning, hand to quarter, then I'll everyone. remarks

revenue EBITDAre X% consolidated and increased to last quarter, fourth the AFFO adjusted Consolidated For X% year. increased X%. compared increased

did transient quarter results and of Opryland concentrated not these nearly Gaylord Gaylord year holiday expected those Colin our implied materialize weeks demand nights nearly X Texan ranges. highly a expectations total as and fourth lesser were the the full and below As the XX% holiday Leisure room December. business by account primarily leisure Historically, the XX% last our to weeks of expectations of during the in last guidance ICE mentioned, admissions. extent at and is for period in X peak

the of X approximately sales short occurring booking with Additionally, is of XX% within window travel. days very

X compared decline When quarter this to nights down at the last during year, fourth Gaylord and were the most those X%, leisure Texan and were Gaylord at down room of XX% last weeks. occurring Opryland

surprised consumer to anticipated normalization combination we the magnitude demand range uncertainty. which The some of ultimately, of guidance some midpoint our adjusted the prior but majority of the our forecast markets like the for underperformance, to those attribute the year-over-year like variance our macroeconomic the themes by relative we were ICE newer general price Express, of EBITDAre themes in same-store know, of Our underperform older Rudolph the Polar historically drove sensitivity, softness as we for post-COVID to hospitality. XXXX, shortfall

Now and year record bright to last The let spots million, to compared of generated quarter. same-store new group $XXX, approximately the a business rate. leisure quarter X% the me share year. increased of and second several revenue $XXX was fourth best hospitality in last in quarterly fourth second both only what to approximately growth with quarter ADR a ever strong quarter

Both long, and approximately contribution year, X% per National been Rockies night. with the has revenue compared all in up achieved Banquet the higher year strong, case and to room group Gaylord AV milestones fourth the was last As quarter. Gaylord in quarter

the new expansion the delivering And early and delivered our December, completely our low in to EBITDAre surpassing period result, CBA reception basis The a record property prior transformed in in as adjusted by points JW offerings. of National for another XX% hotel. the Hill November. associated ICE and to RevPAR Rockies investment Lodge negotiated its the strong previously XX induced respectively, revenue growth into occupancy month fourth RevPAR of of delivered demand and spot programming record Grand The thesis, margin was the with ICE Consistent despite Gaylord year achieved incremental total beverage full food increases the XX%, quarter, a successful with a EBITDAre performance leisure record. went driven by bright wage driven the in live debut. adjusted that recently effect positive Country year and

up nights In share year-over-year, and its RevPAR XX respectively. points, STAR the quarter, relative as leisure increased and XX% index measured to revenue were in total by fourth regional X room competitive set

While programming, profitability ICE our costs to below marketing modestly EBITDAre adjusted of due was year-over-year. associated expectations increased first year XX% with increased our

very long-term continue of bullish at We to asset. this be holiday programming potential on

record of record and ADR standout a for comprised room booked bookings. team the same-store prior quarter thus fourth was all fourth full at In production by X.X Fourth the year production quarter, bookings X% for fourth the the nights full room surpassing night a quarter group year growth the million XX% quarter quarter approximately year. of years, record $XXX. future sales Fourth

gross for million full For year, the same-store of at years group X.X the room team sales all nights record $XXX. a ADR future booked

rooms all As a same-store projected a gross for future years was record. revenue result, also group

group JW full future group an in the sales gross team in all gross years. For for year nights the room future room and XX% for years, XX,XXX approximately quarter nights the of the all Country, fourth Hill increase year-over-year XXX,XXX

in last time XXXX, for 'XX. compared the year As were X.X% for time points of XX% on December were and to rooms on XX, XX for books XXXX, the same again X% up points ahead same group year same and and and the 'XX for the books of XX respectively, and period. the same-store revenue and books XX%, occupancy same the X%, 'XX points, XX X%, ADR last was 'XX period, the

want reminder, on or year a As XX to we give strive books. that where occupancy Within the a right approximately points be we're we points approximately coming XX context, to enter occupancy XXXX. with into of

the discuss Going a Hill inclusive basis, JW group intend to the on business bookings total Country. we of on books and production portfolio forward,

that for December portfolio is XX, of portfolio. consistent As the of largely group same-store with the pace total

quarter, X% Red was by to disruption. Adjusted Vegas, which exceed Entertainment as profitability the our Ole reported In fourth now our year-over-year. EBITDAre construction record approximately was XX% increased to million, approximately revenue an impacted Las continues Turning $XX OEG of of increase business. Performance led expectations. by

and With capital through beyond. complete, in deliver recent this our investment nearly XXXX Southern into OEG our to festivals is the business investments and our growth music programming meaningful in business XXX major expansion the Opry Entertainment, poised in underway

challenges we that that our year. competitive continue date time. successful turn which Jennifer execution achieving our capital we the discuss construction we've and Critical continued moment delivered outlook Investor and Also capabilities. a encountered our To our throughout investment demand on construction expectations against Setting program, disruption to Before our is construction will group we Orlando, on design time, projects believe our for to major and to outlook in of success to manage aside period. Day to within Opryland our the induce to over at progress take incremental that the premium enhance over and and I our in team and the disruption. Gaylord improvements reflect to advantage investment to has it XXXX, Gaylord market I outlined is budget guidance we at for want Rockies ability our processes last to design our XXXX to resources make the end, to on increased have and labor critical

Opryland XXXX, at to indications favorably. Texan and Gaylord space meeting Gaylord trending expansion at ahead early project we're the renovation from rooms suggest project Looking the

Day we enable to outlined the the is outlook anticipated, remain this more while we showing bookings our originally the modestly disruptive the year. on the up at that summary, the last term right will meet future for planners meeting in business improvements asset near that is that us In us focused long positive Investor XXXX do our from delivering our thing to us term. gives than for reception confidence in And

XXXX, and me over sheet to to position. liquidity for Jennifer our let Now outlook it discuss turn balance our

Jennifer Hutcheson

Thanks, Mark.

for XXXX consistent macro stable trends. a assumes current outlook Our with environment

RevPAR For the we Hospitality of Hill growth JW segment, the X.XX% of Country, inclusive X.XX%. expect to

profitability a including total to of for disruption to $XX impact RevPAR, Opryland basis to XXX adjusted These estimated X.XX% impact a the meeting $XXX $XX to to is XXXX. compared larger reflect construction point point of space million adjusted $XXX RevPAR due and and EBITDAre. EBITDAre to to million impact scope to million. total growth XXXX ranges XXX during expect to The of the in our XXX renovation a estimate of X.XX% RevPAR, XXX impact primarily to basis We million disruption, the increase

range outcome to Our XXXX lower outlook size of compared business disruption group mix growth The years, of spending the RevPAR leisure Normalizing across in a growth also conservatism midpoint outside-the-room of given and as the the impact reflects booking business association the some rooms from due both potential both in to the portfolio. of total time range leisure the low and conservatism XXXX. for in relative around modest end books to levels well range relative meetings. high from is for as assumes reflects the on the natural additional XXXX. to from This group a of around upside XXXX end demand reflects revenue leisure of modestly group time higher association to government-related patterns the and

For we range Southern million and our $XXX for range reflects a of the of Category recent first ramp-up $XXX XX, outcomes Entertainment. expect in and year The investments Entertainment Block of segment, adjusted EBITDAre the million. to XX modest

due XXXX the We to investments are Grand assuming Opry making the the of XXX part we're in Opry material activation. growth not brand as in Ole

adjusted expect AFFO of to of to $XXX $XXX we EBITDAre $X.XX. million common million million. shareholders $X.XX to diluted share unitholders $XXX million and together, consolidated and to $XXX Taken of AFFO per

me of modeling a Let of you items. remind couple

First, but the we in growth XXX We're groups second patterns, the expect still these of estimate the a point could quarter RevPAR first basis we quarter. the in out magnitude total holiday Easter and the the to the timing shift booking to into quarter. XXXX first in shift of into XXX to hospitality benefit be business

years, related in remind a Second, XXXX. the we as franchise of we to you second benefit tax recognized quarter Tennessee of refunds prior the onetime which

AFFO more the for to business the financial and be OEG modest was Entertainment will to segment guidance I business from for schedule million, the does consolidated And noted results that diluted at $X.X the Southern The XXXX the And approximately EBITDAre our Entertainment calculations million. Entertainment $X.X Entertainment. third, clearly impact and of reconciliation range note results tables share, put time hospitality impact the our approximately guidance was contribution to outlines an earlier, the rights. a accounting per Southern for finally, included in theoretical that as additional that reflect for we've conversion adjusted

revolving balance our Now credit $XX of turning $XXX outstanding. and year on was $XX balance our OEG's hand, million million million to credit million undrawn. facility with sheet. cash ended facility We a the of $XXX revolving unrestricted had

of Taken for FF&E maintenance together, $XX credit. liquidity net cash available of December, retained $X $X.X an additional total outstanding our reducing was In we consolidated We of X.Xx. approximately repriced total billion applicable million the basis approximately on B, other leverage our our projects. corporate the of by restricted available million letters ratio end rate to term XX interest net At margin loan was adjusted points. net of the debt EBITDAre based and quarter,

and of allocation to our and have capital to continue business. our the growth priorities support We flexibility the continued liquidity

of March to dividend REIT through that dividends. our of end, of XXXX. XX, on To XXX% intention pleased are to as declaration remains announce we income pay continue quarter payable the first XX, It our of April XXXX, to to of $X.XX our record shareholders taxable

investment as we business. on XXXX $XXX capital Texan. capital $XXX Opryland more release. million invest in In on pivotal capital primarily noted, is expect we've In our We invested the detail much projects XXXX, million the front. earnings approximately in our XXXX, provided and Gaylord million, Mark to $XXX at we Finally, to year announced Gaylord another of

it So up open questions. with let's that, for operator,

Operator

Aryeh Capital from question take first Markets. We'll Klein Instructions] [Operator our with BMO

Aryeh Klein

renovation likely talk and planned are you timing what beyond be about the that, then can seeing some of the those related a renovations we're to look in of Maybe the maybe peak? to And bit like? ones headwinds little could that 'XX the the current

Colin Reed

to take want you that? do Patrick,

Patrick Chaffin

Sure.

ballroom associated through substantially complete, this we're associated ballroom around in and The We be the completed some will That Opryland around now the through and at of of Gaylord the is working spaces. some itself are year. presidential work already it. June spaces

We the have into at will on continue work space Opryland that begun Gaylord through XXXX. expansion

shared. and Jennifer what work that has has that been and So comprehended already just begun,

work then will Lawn quarter of our be We're first Pavilion the end of completed at continuing Magnolia the at Courtyard Gaylord year Opryland to complete or 'XX. the We're that in and of in the Bar, on out. year in watching how next Events And the this Group just the of will either right this in determine Sports Texan the at and year. that that we'll second begin Gaylord we'll weather impact play product second quarter renovation room roughly quarter of the

Aryeh Klein

we're kind Or you given this just And peak that a level on the think? plans, that in is that Is -- 'XX? just of some maybe increases? the longer-term headwinds seeing of

Patrick Chaffin

disruption XXXX, what think some more renovation face would expect say what the to at XXXX. perspective, we going in but Palms we from XXXX, that it's far Yes. to a volume that saw I comparable we communicated is we same we've lot in headwinds thus through a room that Gaylord of there's the don't saw in

So more year-over-year. volume, disruption but amount of same about the

Aryeh Klein

of Okay. the looks what higher we And those revert kind in the business out trend Curious in that that association bookings spend. and then 'XX in room in XXXX just group if of see and impacting 'XX of like years? on mix maybe the mix

Patrick Chaffin

Yes.

out, very on our XXXX, from healthy the very, in period We have mix towards the business books to are solid we lot though, 'XX into the corporate of we Obviously, our higher in But that a that shows growth. book higher of of of see what's still right and even perspective books on point moving I do a mix in based rate now. corporate group of would mix time. association on XXXX. a with higher is

of a doing So better not the premium premium is association spend and job corporate has customer, generally the most room better higher all and outside we're speaking, attracting groups. -- better but a

play by out and very that I'm the how we'll year. encouraged on this what's so see books And

Mark Fioravanti

disruption. back Hi one just thing Aryeh, on

Opryland to phase the most is space relates occurs. as the disruptive this expansion, it the As this first demolition meeting year

into less will we that because have less ongoing XXXX, as to So disruptive business as you'll roll will noise it have groups. continue, -- you'll interrupting project be less

Colin Reed

yes. And of less the connecting building,

Operator

We'll with from Citi. take Rose question Smedes our next

Bennett Rose

ask you wanted baking labor are I did much wage costs. to And 'XX? how and for your XXXX? in how in little about you bit a Maybe increase much they

Patrick Chaffin

of saw agreement amount, bargain is we're Patrick. same Union the increase year-over-year, specifically and did Yes, we this the a our full year saw the we and X.X% Smedes, wages baking about National in impact incorporate collective we about there. but with Gaylord --

but to expecting expense wage what X% we the is that had account, front. into labor X% taken increase and So we're on

Colin Reed

And basically big the We 'XX in increases -- 'XX. same took too. in our Entertainment business, 'XX back and

Patrick Chaffin

did. point, we of 'XX, of We terms margin flat. has wage running end the the Colin's wages, at in we're I to important XX% Hotel up is up thing about but the are in our mean, -- business most

very we're offset manage our the proud the So increase in of levels ability productivity wages. to to

Bennett Rose

wanted ask et know just nights, you, all I talked room bookings I And about on then future to cetera. you've record

of any is associations kind can provide trade of Just of sort there? or any pickups booking? profile you Are Or of change shows? it color in you Or mix? typical who's in sort the seeing

Patrick Chaffin

Yes. business. proud I the would like tell you corporate towards on Gaylord team that of ability Opryland remix And embarked is the the I'm that part what really premium hotels has of higher the been doing. mix investment to of we've thesis our Opryland

remixing any They hotels. In the great higher doing highest quarter of job and level what a of they of the XXXX, hotel that towards ADR achieved of booked throughout in are terms growth our Opryland of corporate. in fourth a

highly always need and will it. business we We association value

more that towards challenges place the to lot that making in trying has of to it a few seen higher to brand, groups have us. the we fact, that and result seeing more way a we're a securing those association is we've is a across But get term. some palatable investments years, the been long just of corporate and in because of mix more business the market been DC little makes that for market, our offsetting for come past bit association In

Mark Fioravanti

we're to segment, of the moving regardless groups. higher-rated But

Patrick Chaffin

and is Absolutely. from those this the achieve groups And is product the we we've thesis, said a order investment walked higher and few have. this away rates intentionally in to

can't okay, to have -- want If But said, back and to and we'll no, elsewhere experience. the it, understand pay this going high we afford groups continue some rate they you we to that. said, we're enjoy then come

Colin Reed

And have years. groups XX that for with us been

Operator

Evercore We'll Duane ISI. next take our question from with Pfennigwerth

Duane Pfennigwerth

trend is evolve respect could Just Opryland, ICE that Texan results local wondering leisure? those a market this think next you a Or typically to year? demand? Or markets? and about at more you do drive is Do a programming in ICE there change think with and is local the that to that was

Mark Fioravanti

and guests leisure our amount Well, local short driving is shorter length summer the is What's it stay spend of Xx but on it is about more unique much a Christmas very demand. that guest, the property. they than

duration, So cost for it leisure is the a guest. short higher activity

what ICE. we those we saw saw admissions was flat this year terms what But in stay. the attending of were overnight in So guests decrease a was

So visit. like the that was it the those was work some rated day overnight a relates some what now an behavior to understand just stay lower to of to to doing as around exactly try down customer customers. we're potentially it looks But it from trading

Colin Reed

these spectacular December. million not revenue -- are In of we $XXX in XXX leisure in did last was the this results this 'XX, sort XX% hotels read as want of sort under 'XX, numbers. 'XX, here perspective, slightly big just Yes. this business. is that of $XXX 'XX to basically just It morning 'XX in And in from our reports 'XX, the did these million. highlights all weakness. here we put month in below If something I about last because Duane, might year I've our about X to 'XX, of a up Colin. I million, $XXX few add want did about I but leisure in to year,

of And it. so component one ICE is

shows. shows, Over the do -- we've we live we've dinner built done years,

kids have We areas.

is We have strong pool massive very, very indoor leisure This complexes this drives business. business. that

a the $X revenue the month in rooms December $X.XX in in basically Opryland million million December. did of X,XXX these month of day leisure X about business hotels and weakest day a of in in The did

not So our leisure business is weak.

just of as strong wasn't Our little thought my of it's we in the It's be. pricing? just that. bottom is was that the bit our of weeks. that And as both quite to December. maybe strong. And Is leisure will very month to couple the a will And we fatigued? it guess last strong little a business is in going that it it get business Is But it consumer and the is leisure out. we of figure very happen

Patrick Chaffin

Yes. I will tell sensitivity the you, just ICE. to some add to as research lot were more exiting primary they that, did consumer a now. we We with see did economic ICE

improvement As a went a volumes we bit did yielding pricing result of back to we and as played price a perspective. from that, our strategies. see dramatic up so we've lowering a of then result sold We and where softened not a around with stood in

Our a takeaway there's lot from and is just that of a of sensitivity. uncertainty lot

their lower season, wasn't tiered folks unsure what about it had or we very of they a those making it's interested were this buying being some less out And to so in of consumers. little more into, cautious. just that they just value spend were in that decisions we're capability and priced And were

Duane Pfennigwerth

group industries out? And respect that with particular just to your bookings helpful with corporates, and momentum then That's the any context. stick

Patrick Chaffin

lot and in industries. of efforts of and some we've our are I very Yes. financial tech -- after to across seen we that go our would a that. growth doubling interested say But

stands wouldn't that And -- say I beyond X, those really there's so out. anything I wouldn't

Operator

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

Dori Kesten

that like meeting Or 'XX pretty through considering? this the this background Opryland expansion space at at laid you're the plan baked are the more After announcement, there you CapEx announcements is Day in the point? Investor that in out

Colin Reed

is Dori wake at the We our the mean to We look we about that at turndowns. that accelerate, community. physical we'll hotel. rooms assets. building sort of need additional and we are characteristics as say, each things this meeting talked we lot look the will we've we probably stuff if is have planning there amongst continues expand what, of you and think demand into up of the demand news, that contemplate. We -- don't activity the at to a I meeting space expansions know will the of be And demand way of morning, this all about to good we here's business. to Maybe. this have like forward forward And look

to rates times very approximately will you, come. frankly We our opportunity exciting, we the are buy Hill And tell of as I we're for at And before, time, the the this I this high of because because forward many X,XXX-room time and think Hill point company interesting in didn't we've a I years trigger Mark, over pull have strong believe unique of think Country hotel now. is it very, in will exciting demand give that a demand really very XX us return this hotels. some inducing years we but deploy we bought in market at when to building from capabilities said and the we to Country, into more capital

Mark Fioravanti

Yes.

terms out in sell that your inventory, are meeting adding the all all can't it's enhancements because take not think you in to fair disruptive of say, when meeting of obviously space rooms less is of say I construction equal group. renovating disruption, than space you created

look every consider type incremental the beverage returns the through and So that drive Colin options, in project. is then we'll disruption how renovations right, we of part food of through on be the do additional new of profitability, based cetera. et or through analysis rooms as at And hotel terms we

Patrick Chaffin

into would renovated to space this absorb and of seen the take the that and open and Gaylord Delta it of is expansion to Ballroom Opryland have you Tennessee past been as have beauties get that's you renovated. disruption brand-new one once Dori, in at allows new what Ballroom space, new the space it

create with when this there's we quickly other renovations as so disruption we hotel. cannot that as do additional at to an getting definitely So possible need built agenda that

Jennifer Hutcheson

And the everyone I that addition the else what talked only we've mentioned, recent expansion. was page has Dori, think that is in in about Rockies Yes. years to project other on the

something on design there's as we term view other through the issues. I to a think the of that's always as been things few but and work background long-term the in still view, part

Colin Reed

say would to than the been I on months those And today that we excited Lodge beverage. impact Colorado. investments about food of the complete And were that of have made we're simply we've Grand got because pretty ago what XX, that XX beautification us probably one nearer we're in accomplish and seeing to that we've with the able

Patrick Chaffin

Yes. to and administrative political issues just there. through We've some got work

Dori Kesten

Rockies that's to expansion, fair it's that -- just disruptive, the with off though, given that to... say, But though, not relatively relative it's

Patrick Chaffin

because that about Yes, done building a only hotel. Dori of talking has isolation do the from that's can work main very connection building rest be complete you're in the -- point to fair essentially and almost the that one

Operator

question our Darling take from We'll Green with Chris Street. next

Chris Darling

A questions on you the couple for Gaylord National. of

what's property your DC performance And market XXXX? how demand secondly, the that in terms is in of expectation generation. for reliant then First, on local

if wondering government any may with Just going there's efficiency the initiatives that may impact some and of property maybe that risk forward? not how or

Jennifer Hutcheson

up level. Patrick but on provide generally is color. give can We guidance you some directional property I additional that, to don't details know going we pull by some

Colin Reed

the good. and National after, The for next look pretty year this year year forward on bookings and

Patrick Chaffin

Yes.

look the at trying that level pivot going see what's much do to with as books some as because on would higher we at do government And that have As think that. it we trying move we I looked challenges and in already are there's and towards a mentioned we we short-term market. say and I from through as generation been demand perspective, a a We've XXXX. to exposure association we've earlier, possible. minimal from concerned of away take that what's business are mix on

an there's there's runs higher because percentage I business hotels other perspective, say from There's local overreliance of on certainly not So simply hotel a market. a that much the group our than transient wouldn't an we able trend. that found that believe terms in we'll of to just we strength group in greater But drive National that from incredibly and year performance, side. strong continue being the finished

Mark Fioravanti

might exposure and that what books we're as fair the seeing that occurring, pursuing about it's their we think how changes political some to across the the on the portfolio we're are But around Chris, it and business have group behavior. now considering and either we affect all we're of say that headlines

Chris Darling

That's Okay. nuanced not And There question. but anyway. bit a of here, helpful lot I'll then all ask a have I may thoughts. be a it

out-of-room I lower this lower to of or because dynamic of bit read into of sort anything the You ability your a out manage about little that? come spend that? group to mix into Is that shift. expecting there structure around what's place, your mentioned expense you room in year with spend wonder,

Patrick Chaffin

room room. to a group to strong when to every taken -- pull on the upsell in try into position sales that a of business, arriving XX job or of generally, and out very do grow To our days it. levers the high-margin And excellent trying margin to are obviously, mean, offset teams But additional been the of is I try we XX -- Well, a earlier, shift guidance we put out single try that that that and account drive we point of there maintain do that's or a place an our we days number the see our even we but it that provided. piece levers association. from my and offset rate maybe and mix into a is and corporate towards from outside books in have group other spend they're

Jennifer Hutcheson

in context, to seeing that association it the the in too, just to put we're periods. mix And comparable prior is what we've books on seen

well, strong So context. so into put of just -- just again, a that of -- to as we it's just this 'XX really mix in context put had corporate all

Mark Fioravanti

it forward some standpoint, activities of a to is that with of going in scheduling be? advantages I from visibility banquet thing you gives a that add advantages of the to group the the the be to be was because is to the business group you it one dramatic labor going Are is their shift. Yes, going And meeting rooms. they in the Are know where they outlets? going is not

appropriately the more volumes. to it so staff allows you for And

Patrick Chaffin

catering I coming result, saw attendance traveled we achieved that preliminary Gaylord the just through did across even a what outlets, which back initial beverage last mean they we past rises And large historic. this weekend. historic was in as And figures the food a Opryland level group very outpacing significantly a year, the parking, and is association of board.

generally if premium one Opryland, we association again, that saw corporate. So the through for business the as see we of the is traveled from not groups weekend level us. But that of kind same this well performance to bodes of that

Colin Reed

thing these mean, Let you our But around had very I even me manager. daily And team. team the passive basically 'XX going experienced with X team here. the here, I Patrick, surprise wage take managers, one we the with cost his and manager. a of very, a feel a very managing that play other do minute and pressures here, if very role we've play our the to why and I our role over don't of in about I'm you, we good good businesses. your I that We think -- the compliment with these years play something to reasons could. I'm last with that's that hotels, that's literally results going structure margin going Patrick We to in 'XX. X, active

And management I our complement asset will team.

when that to cost adjusting in to not we each do the attention margins. make dilution leadership to structures of see we're this shifts, see of hotels So our we're EBITDA sure we bringing so these mix these our that the

Mark Fioravanti

to grew basis points. Yes. last your I we revenue X.X% mean year, same-store we margins point, had growth XX Colin, and

Colin Reed

-- manager. of brilliance it's because our the the I that's And yes. don't because think of of Yes,

these Patrick I and in that team do his the of think a the businesses. structures combination cost of it's work managing of the daily

Patrick. compliment, So was a that

Patrick Chaffin

point, steps already Thank the ourselves way that year to pull And our in we've and in margin ahead to levers there for risks achieving significant help goals. line line, bottom of the we on the taken that this out Thank foresee we Colin's to get positive to a any you. are bottom maintain impact you. and

Mark Fioravanti

Chris? help that Does

Chris Darling

comments. was helpful I Thank appreciate a the there. It color you. all Yes, very

Colin Reed

next Thank Who's David? you.

Operator

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

Jay Kornreich

group about to on I books said up ask of which wanted reflects of just revenue the believe being X.X%. the pace for XX%, you of ADR group XXXX I growth --

to rate as an the you've book able growth of rate-driven Do a closer outlined CapEx you into curious to I'm to strategy. finished many you're move XXXX even opportunity and and think So projects push X.X% there's that higher? we

Mark Fioravanti

in travel there towards occupancy approach mind, XX is. moving where the when books. is certainly, on on Keep of books you at the years, right, Yes, as date, revenue look the relative points we to prior we're

rate and that's grow more that going the differential enter be higher book but you're to opportunity opportunity. which more business, X% because is the typically, books a higher rate rate. booking the towards as the So typically and to as going The a is as travels the at typically we shortens, revenue we also on continue to year move window that purely in push year, to corporate

Patrick Chaffin

And just the are the they more of going travel. you to which through now much right aggressively call cutting and are lowering add that we the what blocks, room will to group tell hotels that, because I would ahead how expectations is

sell with compression, can it sell into. free rates. So more at space they that up And that more to rooms higher they and

rates. over drive it, more compression higher revenue management room nights So to they that are use is working all to and

Jay Kornreich

appreciate on segment. just that. And helpful. Entertainment I more All then the one That's right.

Ole of the You renovation past made XX, up a Vegas, Block Category at to significant the major a Red over strides Las year, opening XX. repositioning number

curious over on or you year X highlight the that next any investment if just material you have other So the plans or expansion side? Entertainment could

Unknown Executive

that intensity across existing interesting the fan we're that's that Ryman, Austin, entertainment And of for Opry, is our and effective the another thing really our venue light an Entertainment Austin Southern live Texas. investment and about a really excited in opportunity. Limits destinations most in sort platform sort of capital provides access base market a base fan complements to and The as City

Mark Fioravanti

Jay, number of there to to it it I But prepared a talk basically, there on that things to are lot we're looking a business. is that different at that we're point in time, at this as working that say would are opportunities we're of say, fair not about. relates that

Colin Reed

I is of opportunity think focus on. we prioritization the more what really challenge

Operator

Deutsche take We'll question next Bank. Chris Woronka our with from

Chris Woronka

me squeezing on in the questions. for Thanks

partly versus kind to But looks So leisure stay or some I horse do -- we these periods? a right? like any potentially that, customer, of a ideal didn't it I have or how go to frame of or would does out shoulder premium way attract the harder these up add guess are that I if group, I even to fill smaller, beating beating. corporate, can corporate more association making is guess, corporate it's corporate or being color of about spend. guess, group maybe be Any size we're premium there weekend you're to it's back so expect And rate kind a all non-premium investments you room whether be great. of to length could think spots more to or of if we customer there

Patrick Chaffin

is Chris, Patrick. this

listed mentioned. So a that. that specific a to put or number Corporate higher. is percentage on a hard couple you It's generally of rate things

of those some day outside Just higher. room corporate is generally, $XXX per is customers. with spend Outside person spend these on the with room though per corporate levels of $XXX it many significantly higher groups. or average, the We've of seen

is a number. that so tremendously And strong

question, size not they're the To materially different.

to of that, growing of like and our well, turn asking us corporate of because You are more going further have lots of group they there lots can your There's going corporate are out us expand lot and when to grow a sizes, of different different of you massive. over associations us. are valuable encouraging extremely with are be to of expand that are who us. to think are think book they top for constantly constantly there National? to going me, their groups expand but They're I are are large would to business are Opryland? to customers you X constantly customers, They them. would when to very looking

a that there's really there higher sizing solid perspective, universe usually is is But a is you from a it because rate, such generally can of difference very it no a And so groups outside-the-room large choose from. spend.

Colin Reed

is is between being corporate what with us. Our hotels, rate our there's purchase And differential as when because at of existing accomplished the of think helped sort the exciting Country you difference. that about in has quite higher-rated of hotel us this bit that look opportunity for a well versus Hill stuff business here

Mark Fioravanti

change, margin. just association that about book think is to about it's talking sell that have or and I our SMERF important segments We're higher and talking rate substantial of goal the changes what repeat our continue business important, that's think a and of talking to of business. Chris, the we'll business, not move And to corporate whether incremental drive they'll to business, rate all also -- continue it's I we're attract change, is association across to here recognize to we're wholesale business.

Patrick Chaffin

stacking so fill comes down skill What that optimal increasing they that at with capability another a really us way. to you our is they house the one a that but we in groups experience, this in and feel Yes. still more have unique

Colin Reed

our what's the the This share so end of we And these a many of customers. marginally. this expansions share of interesting is that's a at driving to -- up retaining very such small we're move we time us. have market. And day, for our And

Chris, any other Yes. questions?

Chris Woronka

No, I appreciate helpful. that Thanks, Very all guys. color. really

Operator

question from with our CBRE. next John DeCree We'll take

John DeCree

think, you I the bit prepared the a of the built conservatism remarks. guidance. the in into talked Maybe low some that's Curious of to little about Jennifer, talk end just you if one question, could manage that and might that to high Imagine think end that just economic ability guidance. the you get there's variation about is expectations, of some to but of to of you the some disruption. variables the some leisure

my yes, that's So question. That's all.

Jennifer Hutcheson

you all that in and could upside is think a areas the it lot of variability identified that hit on I that the the leisure. No, drive potential we

into We less on have earlier that. visibility

the know top outlined help on the from leisure see extent at can guests better the that On we guidance. we that have the in can to to end, side, what's get the what and group performance we us books the

Mark Fioravanti

say or our use lot our to and enhancements of of supply processes the made cetera. I we've in the some et would And over side, would that just vendors a past as construction chains, of on this we team -- months so I design as X terms disruption well construction

going kind potential the forward. as what to in I the to we that outlined, to manage So comment, we confident upside feel And your disruption we've of can your well. extent that our on think to that's improve ability think I extent,

Colin Reed

David.

I at one top of almost the more think the hour. We're question.

Operator

take Perfect. question Then our with last Jefferies. we'll David Katz from

David Katz

like on were some Whether to what trying certain you some said -- -- to in Mark, any margin. of change circle of just perspective there is everybody get processing. talking and earlier your of drivers think they're I the the competition to? you impact? I is And I markets, wanted Any is be But I competition ask anything might right? could that -- question the nothing able be and really to may them. there point we point there properties quite you marginal about on know the in context, your having some sort any to we're Is

Mark Fioravanti

nothing markets. had -- built... seeing then I -- And run there's through I'm the being

Patrick Chaffin

some see markets assets, competitive. Marriott of individual built, being I that Marquis. we are obviously, the it's mean, nothing certain the JWs There's in

Colin Reed

Those are themselves hotels -- normal there. transforming

Patrick Chaffin

That's correct. There's a...

Colin Reed

they themselves historically the running run themselves. way They're

Mark Fioravanti

there's coming the on on. only like looks [indiscernible]. mean that is I I anything think coming ours new product that's don't

Patrick Chaffin

we're motivated pressure figure more how the groups that, pressure us. the where see on the picture pursuing growing, future We is for someone and on we're to someone where lies because are and by our opportunity with opportunity enhance enhance to out feeling remix and the putting for to own margin not not our and portfolio, growth our else. because and drive It revenue from drive internal try is

Mark Fioravanti

not as is right? XX% was mix points change. But to profit or comment it or go that is, We're here that type that to corporate, change X trying move the in is trying X change my it margin XX% the dramatically. to David, I to that relates improve what the And to of can goal was of Yes. type mix communicate

David Katz

Appreciate so Thanks Understood. it. much.

Mark Fioravanti

David. Thanks,

Colin Reed

our Hutcheson are and this follow-up see thank morning, you get being you thank Well, you there our you of we'll analysts Jennifer and you, David, have soon. to you. know or over Mark. questions hold investors, Thank that for team, call. how on presiding this appreciate questions, any IR If And we

Operator

today's now you may participation, conclude This does program. Thank you and disconnect. your for

Ryman Hospitality Properties (RHP) 21 Feb 252024 Q4 Earnings call transcript