Skip to content
    RHP
    Earnings call· Jun 2026(Q2 FY26)

    Ryman Hospitality Properties Q2 FY26 earnings call RHP

    Aug 7, 2026 Source

    Executive summary

    Ryman Hospitality Properties Q2 FY26 — Strong Group Demand and Strategic Investments Drive Outperformance

    Ryman Hospitality delivered a strong quarter, driven by robust group demand, successful premium customer strategies, and strategic capital investments. The company raised its full-year guidance, reflecting confidence in its operating model and the long-term growth potential of its hospitality and entertainment segments, while also exploring strategic options for Opry Entertainment Group.

    Highlights

    5

    • Same-store hospitality Adjusted EBITDAre outperformed expectations by approximately $7 million.

    • Group ADR increased 7.5% year-over-year, approximately 3 percentage points better than expectations.

    • Entertainment Adjusted EBITDAre increased nearly 30% year-over-year to a new quarterly record.

    • The same-store portfolio's trailing 12-month average RevPAR index reached nearly 130% of fair share, an increase of 6 points year-over-year.

    • More than 768,000 same-store gross group room nights were booked for all future periods in Q2, up 6.7% year-over-year.

    Concerns

    2

    • The broader macroeconomic environment remains dynamic, with ongoing monitoring of interest rates and inflation, though no meaningful impact on demand trends has been observed to date.

    • A conservative outlook is maintained for ICE due to limited visibility into ticket sales, with much of the season's success determined in the final two weeks of the year.

    Guidance & targets

    11
    CategoryTargetConfidence
    Full-year 2026 Same-store hospitality Adjusted EBITDAre
    Midpoint raised by $10M
    high materiality
    High
    Full-year 2026 JW Desert Ridge Adjusted EBITDAre
    Midpoint raised by $1M
    medium materiality
    High
    Full-year 2026 Capital Expenditures
    $400M-$500M
    high materiality
    High
    Full-year 2026 Same-store leisure rooms revenue performance
    Roughly flat
    medium materiality
    Medium
    Q3 2026 Same-store RevPAR growth
    Low to mid-single-digit growth
    medium materiality
    Medium
    Q4 2026 Same-store RevPAR growth
    Mid-single-digit growth
    medium materiality
    Medium
    Q3/Q4 2026 Total revenue growth
    Low to mid-single-digit growth in each, stronger growth in Q3
    medium materiality
    Medium
    Q3 2026 Adjusted EBITDAre margin growth
    Strongest of the year
    medium materiality
    High
    Full-year 2026 Entertainment Adjusted EBITDAre weighting
    More heavily weighted to the fourth quarter
    medium materiality
    Medium
    2027 Financial Targets
    On track to achieve
    high materiality
    High
    Dividend Policy
    Distribute a minimum of 100% of REIT taxable income
    high materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    Hospitality (Same-Store)
    Delivered results ahead of expectations, driven by strong group and leisure outperformance and robust catering contribution. Several properties achieved record second quarter revenue and Adjusted EBITDAre.
    RevPAR Index: 130% of fair share (trailing 12-month average at end of June), +6 points YoYGroup ADR: +7.5% YoYCatering contribution per group room night: +13% YoYBooked same-store gross group room nights: >768,000 (+6.7% YoY)ADR on bookings: ~$310 (+8.6% YoY)Group rooms revenue on books for 2027: +3.2% YoY (vs. same time last year for 2026)Group rooms revenue on books for 2028: -0.5% YoY (vs. same time last year for 2027)
    		—RevPAR and total RevPAR exceeded expectations by approximately 2.5 points each—Adjusted EBITDAre outperformed by approximately $7M
    JW Desert Ridge
    Delivered a terrific quarter, with group business as the primary driver of RevPAR and total RevPAR growth. Outperformed its competitive set due to successful demand remixing strategy.
    Group mix: +13 points YoYRevPAR Index: +18 points YoY
    		—RevPAR and total RevPAR growth compared to last year——
    Opry Entertainment Group (OEG)
    Terrific second quarter results driven by strong execution across recent growth investments, including successful festivals and artist-centered venues.
    Category 10 Nashville Revenue: highest revenue month ever
    		—Adjusted EBITDAre +30% YoY—Adjusted EBITDAre new quarterly record

    Operational metrics

    10
    Unrestricted Cash on Hand
    $366M
    Q2 FY26

    As of quarter end.

    Restricted Cash (FF&E and other maintenance)
    $32M
    Q2 FY26

    Available for FF&E and other maintenance projects.

    Total Available Liquidity
    $1.3B
    Q2 FY26

    Includes undrawn corporate and OEG revolving credit facilities.

    Average Wage Rate Increase
    3.8%YoY
    Q2 FY26

    Reflects effective labor management.

    Wage Margin
    FlatYoY
    Q2 FY26

    Held flat due to improved productivity.

    Flow-through
    46%YoY
    Q2 FY26

    Achieved due to effective labor management and procurement gains.

    Operating Expenses (Same-Store Hospitality)
    3%
    FY26

    Assumption at the midpoint of guidance.

    Multi-year Rotational Group Room Nights Booked (JWs)
    129,000
    Life-to-date

    Booked by an above-property dedicated team for lead generation.

    Corporate Mix on Books (Opryland)
    14%YoY
    2027

    Reflects strong traction in response to investments.

    Corporate Mix on Books (Opryland)
    high single digitsYoY
    2028

    Reflects strong traction in response to investments.

    Industry KPIs

    3
    MetricValueDetails
    Occupancy ratearound 50 points%
    Net debt adjusted EBITDA4.2xx
    Leasing bookings volume signed>768,000room nights

    Deals & partnerships

    1
    Select potential investorsEvaluation of possible new investors or partners in Opry Entertainment Group (OEG)

    The Board, advised by Morgan Stanley, is evaluating potential new investors or partners for OEG. No agreements have been entered into, and there is no assurance a definitive agreement will be reached. The goal is to preserve OEG's legacy and position it for continued growth.

    Capital programs

    4
    Gaylord Opryland Meeting Space Expansionunderway
    Spent to date: structural framework completed

    Benefit: enhance Opryland's ability to attract more premium groups

    Topping off ceremony marked completion of structural framework. Investment will strengthen competitive position.

    JW Hill Country Rooms Renovation & Workunderway

    Benefit: minimize disruption

    Accelerated from 2027 to complete concurrently with ongoing rooms renovation to minimize disruption.

    Gaylord Texan Water Amenity Improvementsunderway

    Accelerated from 2027 as part of capital plan adjustments.

    Gaylord National Meeting Space Renovationplanned

    Benefit: help them next year

    A light-touch refresh planned for the fourth quarter.

    Risks & headwinds

    2
    Broader macroeconomic backdrop (interest rates, inflation)ongoing

    dynamic

    Mitigation: To date, no meaningful impact on demand trends, customer behavior, or future booking activity has been observed.

    Limited visibility into ICE ticket salesQ4 FY26

    conservative outlook

    Mitigation: Marriott announced new themes (Home Alone, Harry Potter, Nightmare Before Christmas), and early customer reception has been encouraging.

    What to watch in Q3 FY26

    5

    Opryland Meeting Space Expansion Completion

    next year
    CurrentStructural framework completed
    TargetCompletion

    Why it matters

    Enhances ability to attract premium groups and strengthens competitive position, contributing to future earnings power.

    last month, we celebrated an important milestone at Gaylord Opryland with a topping off ceremony for the meeting space expansion project. marking the completion of the expansion structural framework. When completed, this investment will enhance Opryland's ability to attract more premium groups

    Q&A highlights

    6

    Inquire about the current state of the relationship with Marriott and views on management fees/royalty rates given industry discussions.

    Mark Fioravanti stated the relationship with Marriott is 'quite good' and 'very positive,' with broad alignment on most issues, though they remain focused on fee revenue and cost structure.

    “broadly speaking, what I would tell you is that our relationship is good, and I think that it's -- we're fairly well aligned with Marriott and what the objectives are for our business.”

    asked by Dan Politzer · answered by Mark Fioravanti

    2 min read6 chapters

    Detailed Narrative

    01

    Strategic Focus and Performance

    Ryman's strategy of attracting higher-value customers and reinvesting in assets is yielding strong results, with Gaylord Opryland's Adjusted EBITDA projected to reach $200 million this year, up from $57 million 25 years ago. The company's scale and differentiated offerings enable it to attract premium business, deepen customer relationships, and drive stronger spending trends, reinforcing confidence in capital allocation and long-term shareholder value creation.

    02

    Group Business Strength and Market Share Gains

    The hospitality segment benefited from strong in-the-month for-the-month trends, with group ADR increasing 7.5% YoY and catering contribution per group room night up nearly 13% YoY. This outperformance was broad-based across segments, including SMERF, and driven by a mix of higher-rated premium group customers. The company is actively gaining market share against competitors who lack the physical assets to attract this higher-rated group business, as evidenced by the same-store portfolio's RevPAR index reaching nearly 130% of fair share.

    03

    JW Marriott Portfolio Strategy Delivering Results

    The newly acquired JW Marriott hotels are demonstrating strong performance, with JW Desert Ridge significantly outperforming its competitive set, seeing its RevPAR index increase by 18 points YoY. The rotational strategy between the JWs and Gaylord properties is proving successful, with a dedicated team booking approximately 129,000 multi-year rotational group room nights life-to-date, reinforcing confidence in the acquisition thesis and future opportunities.

    04

    Opry Entertainment Group (OEG) Performance and Strategic Review

    OEG delivered a record quarter with Adjusted EBITDAre increasing nearly 30% YoY, driven by strong execution in festivals and artist-centered venues, including Category 10 Nashville achieving its highest revenue month ever. The Board is actively evaluating potential new investors or partners for OEG to provide greater independence and create shareholder value, with ongoing discussions but no definitive agreements yet, while aiming to preserve OEG's legacy and enable continued growth.

    05

    Capital Investments and Project Acceleration

    Significant capital investments, such as the Gaylord Opryland meeting space expansion, are enhancing asset quality and future growth opportunities. The company accelerated approximately $50 million of projects into 2026, including work at JW Hill Country and Gaylord Texan water amenity improvements, to minimize disruption and improve efficiency. These projects remain on time and on budget, supporting the overall multi-year capital plan.

    06

    Positive Forward Bookings and Outlook

    Forward-looking indicators remain positive, with over 768,000 same-store gross group room nights booked in Q2 for future periods, up 6.7% YoY, and ADR on those bookings reaching a new record of $310. Group rooms revenue on the books for 2027 is up 3.2% YoY compared to the same time last year for 2026, supported by near-record corporate lead volumes and favorable pattern availability, reinforcing confidence in achieving 2027 financial targets.

    AI-generated summary of the company’s earnings call. Not investment advice.