Ryman Hospitality Breaks Records in Q4, Unveils Bold 2024 Growth Plan – Exclusive Insider Insights Unveiled!

Ryman Hospitality Breaks Records in Q4, Unveils Bold 2024 Growth Plan – Exclusive Insider Insights Unveiled!

In a groundbreaking announcement, Ryman Hospitality Properties, Inc. (NYSE:RHP) has shattered expectations with a record-setting fourth quarter performance. Renowned for its upscale hospitality and entertainment assets, the company showcased exceptional results, primarily attributed to robust group segment performance and successful holiday programming. As the industry continues to navigate the challenges posed by the pandemic, Ryman’s strategic initiatives and resilient business model have positioned it as a beacon of success.

Record-Setting Q4 Performance

Ryman Hospitality reported unprecedented success in the fourth quarter, propelled by stellar results in the group segment and innovative holiday initiatives. The company’s ability to adapt and thrive in dynamic market conditions underscores its resilience and strategic foresight.

2024 Growth Outlook

Setting its sights on 2024, Ryman Hospitality revealed a promising growth plan that includes strategic investments and a strong expectation for pricing power and expansion in its core businesses. With $592 million in unrestricted cash and a net leverage ratio at 4.1 times, the company is well-positioned to generate substantial free cash flow and remain committed to paying dividends.

Key Highlights and Projections

• Major projects slated for 2024, including repositioning the Grand Lodge and the construction of a new pavilion at Gaylord Rockies.
• Anticipated positive growth in hospitality and entertainment segments, supported by strong pricing power.
• Achieved highest-ever adjusted EBITDAre and margin in Q1 2023, with continued growth forecasted.
• Net leverage ratio at a healthy 4.1 times, with a projected free cash flow of $500 million to $550 million for 2024.
• First-quarter dividend announced at an impressive $1.10 per share.

Company Outlook

Ryman Hospitality projects positive same-store Revenue Per Available Room (RevPAR) and total RevPAR growth throughout the year. Adjusted EBITDAre margin expansion is expected in the remaining quarters of 2023. The company maintains significant visibility into future bookings and boasts a recurring revenue stream, ensuring stability and growth.

Highlights and Concerns

Bearish Highlights

• The National hotel in D.C. experiences a slower ramp-up due to a sluggish market recovery.
• Potential impact on the third quarter due to construction disruptions.

Bullish Highlights

• The National hotel demonstrates strong group penetration, impressive food and beverage revenues, and high customer satisfaction.
• Positive booking trends and substantial investments in renovations and repositioning are highlighted.
• Strong demand for the Rockies hotel, with plans for expansion and the addition of sound waves.

Misses

No specific misses were discussed during the earnings call.

Q&A Insights

Management addressed concerns about the slower recovery of the National hotel, expressing satisfaction with its overall performance. The potential sale of the JW Marriott Hill Country and its impact on the company’s strategy were also discussed. Insights into the typical pattern of RevPAR growth, with the first quarter being the weakest and the fourth quarter the strongest, were shared. Capital projects at the Rockies hotel were revealed to focus on enhancing profitability and competitiveness in the convention resort market.

Strategic Vision for Growth

Ryman Hospitality Properties has outlined a comprehensive strategy for sustained growth and profitability. Their commitment to capitalizing on a strong market position and investing in value-adding projects reflects confidence in their business model and future prospects. With significant projects on the horizon and a robust outlook for hospitality and entertainment segments, Ryman Hospitality Properties seems poised for a successful 2024 and beyond.

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