NASHVILLE, Tenn. – May 14, 2021 – Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Highlights and Recent Developments:
- Through the end of first quarter 2021, rebooked 1.6 million room nights, or approximately 60% of total room nights cancelled as a result of COVID-19
- Average monthly cash burn for the first quarter of 2021 was approximately $17.9 million, better than the expected range of $23-26 million provided on 4Q-2020 earnings call
- Today announced an agreement to acquire the remaining 35% ownership interest in Gaylord Rockies JV along with approximately 130 acres of undeveloped, adjacent land for $210 million
- Subsequent to quarter’s end, announced the anticipated July 1, 2021 reopening of Gaylord National
- Issued updated Investor Supplement including more detailed information on the announced Gaylord Rockies transaction and quarterly operating results, which can be found on the Investor Relations section of the website at www.rymanhp.com
Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “I am very pleased with our performance this quarter and am encouraged by the steadily improving conditions for the travel industry. The United States vaccine rollout continues to progress, and we believe consumer confidence is growing. We are seeing increasing demand for our unique offerings, our conversations with meeting planners continue to be encouraging, and we are seeing fewer cancellations and continued rebooking activity.
“In light of this momentum and our positive long-term outlook on our business model, we are pleased to announce that we have reached an agreement to acquire the remaining 35% ownership interest in the Gaylord Rockies JV along with approximately 130 acres of undeveloped, adjacent land for $210 million. Despite having just one full year of results prior to COVID-19, we believe Gaylord Rockies is positioned to be a strong contributor to our future performance, and we are thrilled to take advantage of this tremendous opportunity.
“We were also pleased to have our resort pool enhancements at Gaylord Palms open in time for the Spring Break period and have received positive feedback from our guests. Our rooms and meeting space expansion was completed in April, and we look forward to hosting our first guests in the months ahead. Combined with our freshly refurbished room inventory at Gaylord National, which we anticipate completing prior to its July 1, 2021 reopening, we are in a prime position to welcome back groups across our portfolio.”
View full results here.
