Q2 2026 Ryman Hospitality Properties Inc Earnings Call Transcript
Key Points
- Ryman Hospitality Properties Inc (RHP) delivered a standout second quarter with same-store hospitality results exceeding expectations, including a $7 million adjusted EBITDAre beat driven by strong group and leisure performance.
- The premium group strategy is gaining traction, evidenced by a 7.5% year-over-year increase in group ADR and a nearly 13% rise in catering contribution per group room night, with record second-quarter revenue at Gaylord Palms, Rockies, and National.
- Forward-looking group bookings remain robust, with over 768,000 gross group room nights booked in Q2 (up 6.7% year-over-year) at a record ADR of approximately $310, and group rooms revenue on the books for all future periods up 8.8%.
- The JW Marriott portfolio strategy is delivering strong results, with Desert Ridge achieving an 18-point year-over-year increase in RevPAR index share and the rotational strategy booking 129,000 multiyear group room nights.
- Entertainment segment posted a record quarter with adjusted EBITDAre up nearly 30% year-over-year, driven by strong festival performance and record revenue at Category 10 Nashville, while the company remains on track for 2027 financial targets.
- The company raised its full-year guidance for same-store hospitality and JW Desert Ridge, reflecting confidence in the back-half outlook, and maintains a strong balance sheet with $1.3 billion in total liquidity and net leverage of 4.2 times.
- The company faces ongoing macroeconomic uncertainties, including interest rates and inflation, which could impact demand trends and customer behavior, though no meaningful impact has been observed to date.
- Leisure rooms revenue is expected to remain roughly flat in the second half due to limited availability from a stronger group base, constraining potential leisure upside.
- The outlook for ICE (Christmas at Gaylord Opryland) is conservative due to limited visibility into ticket sales, with much of the season's success dependent on the final two weeks of the year.
- Fourth-quarter total RevPAR growth is expected to lag RevPAR growth due to lower attrition and cancellation fees, a natural outcome of a more favorable group environment, and a difficult comparison at Gaylord National.
- Capital expenditures for 2026 increased by approximately $50 million at the midpoint due to accelerated projects, which could impact near-term free cash flow, though the overall multiyear plan remains unchanged.
- The potential sale or partnership in OEG remains uncertain, with no definitive agreement reached, and any transaction would require compliance with REIT rules, potentially limiting flexibility.
Welcome to Ryman Hospitality Properties second quarter 2026 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. Patrick Chaffin, Chief Operating Officer; and Mr. Patrick Moore, Chief Executive Officer, Opry Entertainment Group. This call will be available for digital replay. The number is (800) 757-4770, with no conference ID required. (Operator Instructions)
It is now my pleasure to turn the floor over to Ms. Jennifer Hutcheson. Ma'am, you may begin.
Good morning. Thank you for joining us today. This call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the company's expected financial performance. Any statements we make today that are not statements of
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