Ryman Hospitality Properties Inc Dossier
Qualitative Analysis
Business overview
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust (REIT) specializing in group-oriented, upscale convention center resorts and country music entertainment experiences. The company's core holdings include meetings-focused resorts managed by Marriott International under the Gaylord Hotels and JW Marriott brands, totaling over 12,000 rooms and more than 3 million square feet of indoor and outdoor meeting space. RHP also owns an approximate 70% controlling interest in Opry Entertainment Group (OEG), which operates iconic country music brands and venues such as the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, and Category 10.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Implementing a group-first sales and mix management strategy across acquired properties, most notably at the JW Marriott Desert Ridge [2.3.1]. This involves shifting the business mix toward premium corporate group bookings in nearer-term booking windows.
Expected impact: Drives higher group mix, increases group demand, and significantly boosts high-margin banquet and AV (outside-the-room) revenue. At JW Marriott Desert Ridge, this strategy increased group mix by nearly 200 basis points and grew group demand by over 9% in Q1 2026.
Expanding OEG's entertainment footprint through the rollout of themed dining and live music concepts, including Category 10 (in partnership with Luke Combs) and Ole Red venues.
Expected impact: Diversifies revenue streams, captures growing consumer demand for experiential travel and live music, and drives cross-sector synergies with core hospitality assets.
Executing a multi-year capital plan to renovate guest rooms, expand meeting spaces, and add premium food and beverage concepts across flagship Gaylord and JW Marriott properties.
Expected impact: Creates durable demand, minimizes long-term asset disruption, and unlocks substantial pricing power. Recent completions, such as the Foundry Fieldhouse Sports Bar at Gaylord Opryland, support increased outside-the-room spending.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Acquisition of a premier, high-performing sunbelt resort with significant meeting space, offering immediate scale and opportunities to deploy RHP's group-first asset management playbook.
Financial impact: Acquired at a 12.7x Adjusted EBITDAre multiple on 2024 results. Expected to be accretive to Adjusted FFO per fully diluted share for 2026.
Strategic Partnerships
Marriott manages RHP's upscale, meetings-focused Gaylord Hotels and JW Marriott properties, providing operational excellence, global distribution, and strong brand recognition [1.4.1]. Agreements extend until 2047 with options for renewal.
Terms: Long-term management fee structure based on property-level revenues and profitability metrics.
Atairos holds a minority stake in Opry Entertainment Group (OEG), supporting the strategic expansion, content creation, and digital monetization of RHP's country music and live entertainment brands.
Terms: Atairos acquired a 30% stake in OEG, with RHP retaining a 70% controlling ownership interest.