Ryman Hospitality Properties (NYSE:RHP) executives said the company opened 2026 with results that “exceeded our expectations,” driven by stronger-than-anticipated performance in its same-store hospitality business and resilient group demand trends, even as leadership acknowledged a volatile geopolitical and macroeconomic backdrop.
On the company’s first-quarter 2026 earnings call, Executive Chairman Colin Reed said the quarter demonstrated “pricing discipline, mix management towards higher-value customers, and enhanced monetization of on-site demand,” noting margin expansion despite “slightly fewer room nights.”
Hospitality results led by pricing, corporate mix, and on-property spend
Fioravanti said same-store ADR increased “just over five percent year-over-year,” which more than offset lower group occupancy. He noted the year-over-year comparison was difficult because the timing of Easter last year “resulted in unusually strong group demand” in the prior-year first quarter.
He also said banquet audiovisual (AV) revenue contribution per group room night increased “more than six percent year-over-year,” with gains across nearly the entire portfolio. Leisure demand, while a smaller first-quarter contributor, also surprised to the upside, supported by spring break travel and particular strength at JW Marriott Hill Country and Gaylord Rockies, according to Fioravanti.
Reed highlighted property-level records during the quarter, saying Gaylord Opryland delivered record first-quarter revenue and Adjusted EBITDAre, Gaylord Rockies posted record first-quarter revenue, and Gaylord Palms delivered record revenue and “Adjusted EBITDAre of any quarter in its history.”
Group bookings trends: strong production and normalized attrition
Management emphasized that leading indicators of group demand remained resilient. Fioravanti said elevated attrition and cancellation activity experienced last year “has largely normalized.” Excluding January, which was impacted by Winter Storm Fern, attrition improved year-over-year, and “cancellations for the year were essentially flat,” he said.
Fioravanti reported continued strength in group bookings following record December production. Gross group room nights booked in the first quarter for all periods increased “nearly 27% year-over-year,” which he said represented “the strongest first quarter production since 2018.” Corporate bookings comprised “approximately two-thirds of production,” and association bookings surpassed pre-COVID first-quarter levels for the first time when setting aside pandemic-related rebooking activity.
As of March 31, Fioravanti said same-store group rooms revenue on the books for all future periods was up 7.6% versus the same time last year, accelerating from 6.5% as of December 31.
On forward pacing, Fioravanti said that due to inventory management changes aimed at reserving inventory for premium corporate demand during the 24-month corporate booking window, comparisons would become more challenging as the company moves into the prime corporate booking window for 2027 and 2028. For 2027, same-store group rooms revenue on the books is “up over three percent,” while 2028 is “down one percent,” he said. ADR for both periods is “pacing up mid-single digits,” and Fioravanti said corporate meeting planner feedback and lead volumes were strong.
In the Q&A, Fioravanti described the strategy as “making inventory available for premium corporate groups,” supported by capital investments in food and beverage offerings and meeting space, as well as changes to pricing, inventory management, and sales incentives with Marriott. He said corporate leads are “about 27% above where we were in 2019,” and corporate mix is already shifting higher across future periods.
Asked about the risk profile of leaning more into corporate groups with shorter booking windows, Fioravanti said the company is “refining and turning the dial” by “a few points of occupancy,” and does not expect it to “create a significant amount of incremental volatility.” Reed added that corporate cancellation fees are typically easier to collect than association and SMERF due to reduced financial risk for the organizations involved.
JW Marriott Desert Ridge: early benefits from “Group First” strategy
Reed and Fioravanti cited strong first-quarter performance at JW Marriott Desert Ridge, which the company has owned for less than a year. Reed said the benefits of ownership were “already evident,” pointing to a group-focused yield strategy that increased group volumes and supported stronger spending and margins.
Fioravanti said that prior to Ryman’s ownership, the property prioritized higher-rated leisure demand during the peak first-quarter period. Under the company’s “Group First” strategy, group mix increased by nearly 200 basis points, group demand grew “more than nine percent,” and total ADR increased “nearly eight percent year-over-year,” with banquet and AV revenue up 25%.
He added that the company completed a 5,000-square-foot meeting space conversion in April intended to further improve the hotel’s ability to attract high-quality corporate groups.
During the Q&A, CFO Jennifer Hutcheson said the company was “very pleased with the outperformance” at Desert Ridge, but characterized the rest-of-year outlook as “a little unchanged,” reflecting primarily the flow-through of first-quarter results. Hutcheson also said the company remains “right on track” with its expectations to “buy down that multiple” over its first full year of ownership. COO Patrick Chaffin said the hotel is “in great shape” and that management does not see “a massive need for capital,” describing planned work as ongoing tweaks to better serve meeting planner needs.
Entertainment: in line with expectations as Ole Red posts new highs in Las Vegas
On the entertainment side, Fioravanti said first-quarter results declined year-over-year due to a difficult comparison, seasonality tied to a newer business line, and the impact of Winter Storm Fern. Even so, he said performance finished in line with expectations and management remains encouraged by underlying trends.
Fioravanti said Ole Red and Category 10 exceeded expectations, with strength in Nashville and Las Vegas in the back half of the quarter. He also noted that March was a “new high watermark for Ole Red Las Vegas,” generating the highest monthly revenue and Adjusted EBITDAre in the venue’s operating history.
Reed also highlighted a newly announced Ole Red development partnership in Indianapolis with the organization behind the NBA Pacers and WNBA Fever. He said Indianapolis has been on the company’s radar as a convention and leisure market with strong country music fan demand, and described the project as contributing to a broader downtown revitalization corridor.
In response to a question about the entertainment business’ growth and management structure, Opry Entertainment Group CEO Patrick Moore said the company has “the most robust pipeline of confirmed growth that we’ve ever had as a business.” He cited additions in the past 18 months including a new COO and CMO, expertise in festivals and amphitheaters, and expanded capabilities in artist partnerships, along with ongoing technology investments. Reed added that dedicated design and construction personnel have been placed within the business to support growth.
Guidance raised on Q1 outperformance; balance sheet and capital projects update
Fioravanti said Ryman raised the midpoint of its guidance ranges “to reflect the first quarter hospitality outperformance,” while describing the outlook for the remainder of the year as “essentially unchanged” and reflecting “measured confidence.” He outlined drivers that could push results toward the high end, including continued strong near-term group trends, normalized attrition and cancellations, healthy “in the year for the year” production, strong on-property spending, and continued leisure momentum.
He also described low-end assumptions, including potential hesitation in near-term meeting planner decision-making, a pullback in 2026 meeting budgets, and softer leisure demand potentially tied to higher gas prices. Reed said that while the business is “firing on all cylinders,” management is mindful of “storm clouds in the horizon,” citing volatility tied to oil prices and broader economic conditions.
Hutcheson said the company ended the quarter with $424 million of unrestricted cash and $27 million of restricted cash for FF&E and maintenance. Both the corporate and OEG revolving credit facilities were undrawn, resulting in “total available liquidity of approximately $1.35 billion.”
She reported a pro forma net leverage ratio of 4.3x (total consolidated net debt to Adjusted EBITDAre), assuming a full-year contribution from JW Marriott Desert Ridge. In March, Hutcheson said the company issued $700 million of senior unsecured notes due 2034 and, together with cash on hand, redeemed its prior 2027 notes in full, extending maturity and “eliminating near-term refinancing risk through the first half of 2028.”
Capital spending expectations were unchanged, with full-year capex forecast at $350 million to $450 million. Hutcheson said the Foundry Field House sports bar development at Gaylord Opryland and the Desert Ridge meeting space conversion were completed in April, and the JW Marriott Hill Country rooms renovation began in April and is expected to run through the first quarter of 2027. She said major projects—including the Gaylord Opryland meeting space expansion, the Gaylord Texan rooms renovation, and the Category 10 Las Vegas development—remain “on time and on budget.”
Asked about incremental expansion opportunities, Chaffin said the company is interested in expanding Gaylord Rockies and is working through local opportunities, while also studying expansion at JW Hill Country and considering Gaylord Texan as a potential expansion opportunity.
On potential World Cup-related impact in Dallas, Chaffin said it would be “marginally impactful” for the company’s Dallas property given existing group room nights on the books, but should provide some lift to transient rate and ADR.
About Ryman Hospitality Properties (NYSE:RHP)
Ryman Hospitality Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership and operation of group‐oriented, large convention center hotel resorts. The company’s portfolio is anchored by its Gaylord Hotels brand, offering integrated resort, convention, entertainment and dining experiences under long‐term management agreements with Marriott International.
Ryman’s flagship properties include Gaylord Opryland Resort & Convention Center in Nashville, Gaylord Texan Resort & Convention Center near Dallas/Fort Worth and Gaylord Palms Resort & Convention Center in Orlando, Florida.
