Ryman Hospitality Properties, Inc. (RHP)

Ryman Hospitality Properties is a self-advised and self-administered real estate investment trust (REIT) that specializes in group-oriented, destination hotel assets in urban and resort markets. It is the successor to Gaylord Entertainment Company, a Delaware corporation incorporated in 1956, which merged into its subsidiary Ryman on October 1, 2012. Ryman began operating as a REIT on January 1, 2013. Its stated goal is to be the nation's premier hospitality REIT for group-oriented, destination hotels. Non-REIT operations, which include the taxable REIT subsidiaries that lease the hotels and the Entertainment segment businesses, remain subject to federal and state corporate income taxes.

The company reports three segments: Hospitality, Entertainment, and Corporate and Other, which represented about 83%, 17% and 0% of 2025 revenues. Hospitality comprises 11,869 rooms across five Gaylord Hotels resorts (Gaylord Opryland in Nashville, Gaylord Palms near Orlando, Gaylord Texan near Dallas, Gaylord National near Washington, D.C., and Gaylord Rockies near Denver), two JW Marriott resorts (San Antonio Hill Country, acquired June 2023, and Phoenix Desert Ridge, acquired June 2025), the Inn at Opryland and the AC Hotel at National Harbor. The resorts combine guest rooms, large meeting and exhibit space, restaurants, spas and other attractions in a single self-contained property. Entertainment consists of Opry Entertainment Group (OEG), in which Ryman holds an approximate 70% controlling interest; a minority interest was sold in 2022 to an affiliate of Atairos and NBCUniversal. OEG includes the Grand Ole Opry, Ryman Auditorium, WSM-AM radio, six Ole Red venues, the Category 10 venue in Nashville (more planned in Las Vegas and at Universal Orlando CityWalk), the Block 21 complex in Austin, a majority stake in Charlotte-based festival producer Southern Entertainment (since January 2025), and management of the Ascend Amphitheater in Nashville, with the CCNB Amphitheatre near Greenville expected in February 2026.

The Gaylord Hotels and JW Marriott properties focus on the large group meetings market and the regional leisure transient market in the United States. Several of the Gaylord properties rank among the top non-gaming U.S. hotels by self-contained exhibit and meeting space, led by Gaylord Opryland at about 640,000 square feet. Competitors named in that ranking include Rosen Shingle Creek, Orlando World Center Marriott, Hilton Anatole, Gaylord Pacific and Walt Disney World Dolphin. Growth plans target acquisitions or developments of upper-upscale or luxury group-oriented hotels, generally with over 400 rooms, and of overflow hotels. The company also pursues brand licensing and extension of the Grand Ole Opry name.

Marriott manages the Gaylord Hotels, JW Marriott, Inn at Opryland and AC Hotel properties day to day, and the company says it benefits from Marriott's sales force and frequent traveler program. Gaylord Palms sits on land under a 75-year ground lease, and part of the Gaylord Texan site is also ground leased. The company has identified over $1 billion of capital investment opportunities across its hotels, to be completed in phases through 2027. These include a nearly $225 million expansion at Gaylord Opryland, and a $98 million enhancement of Gaylord Rockies was completed in 2024. Its dividend policy is to distribute at least 100% of REIT taxable income annually, subject to board determination.