RHP Filings — Ryman Hospitality Properties, Inc. - FilingSpy
RHP
Ryman Hospitality Properties, Inc.
A real estate investment trust pairing big convention hotels with country-music entertainment. Its Hospitality arm owns the Gaylord Hotels and JW Marriott resorts, all managed by Marriott, while its Entertainment arm runs the Grand Ole Opry, Ryman Auditorium, and Ole Red venues. The company traces its roots to 1925, when WSM Radio launched the Grand Ole Opry, and took its current name in 2012 after becoming a REIT. The Ryman Auditorium was built by riverboat captain Thomas Ryman, who funded the venue after a religious conversion.
Same-store RevPAR rose 6.9% in Q2 2026, reversing three quarters of decline, as group demand strengthened.
returned to growth after three quarters of decline. rose 13.6% to $749.0 million and increased 25.2% to $174.5 million, driven by a 6.9% increase in same-store average daily rate and the full-quarter contribution of the JW Marriott Desert Ridge. The group booking slowdown that defined 2025 has not yet reversed, but pricing power held.
Key takeaways
Hospitality rose 6.9%, reversing declines of 1.6% in Q2 2025, 0.9% in Q3 2025, and a 2.0-point occupancy drop in Q1 2026, as group banquet and technology spending strengthened at Gaylord Palms and Gaylord Opryland.
The JW Marriott Desert Ridge, acquired in June 2025, contributed a full quarter of for the first time, accounting for the majority of the $88.8 million increase in Hospitality revenue.
rose 25.2% to $174.5 million, with the widening 2.2 points to 23.3%, as growth from the acquisition and higher pricing outpaced expense increases.
Section summaries
Management's Discussion and Analysis
Hospitality revenue rose 17% in Q2 2026 driven by JW Marriott Desert Ridge addition and 6.9% same-store ADR growth.
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Total increased 13.6% to $749.0 million in Q2 2026, with Hospitality up $88.8 million and Entertainment up $0.7 million.
rose 29.3% to $92.8 million, or $1.42 per diluted share, despite higher from the $625 million in 7.25% senior notes issued in June 2025 to fund the Desert Ridge acquisition.
Entertainment rose 37.9% to $32.4 million, as the company discontinued a less profitable festival, reducing expenses even as was essentially flat .
The company ended the quarter with $366.1 million in unrestricted cash and $930.0 million in available credit, with no debt maturities until July 2028 following a $700 million refinancing earlier in the year.
What changed
The 16.7% decline in net definite group room nights booked reported in Q2 2025 was flagged as a risk of sustained pullback; the filing does not provide an updated group booking figure for Q2 2026, leaving the trajectory unresolved, but the 6.9% increase suggests pricing on existing held firm.
The margin trajectory of JW Marriott Desert Ridge was flagged as a watch item; its full-quarter inclusion in Q2 2026 contributed to a 21.1% increase in Hospitality , indicating the property is adding to profitability rather than diluting it in its first full year.
The board maintained the $0.10 quarterly through Q2 2026 without an increase, despite no debt maturities until July 2028 and of $152.7 million in the quarter, continuing a pattern flagged in every filing since 2022.
What to watch
Whether growth sustains into Q3 2026, confirming the Q2 rebound is durable rather than a one-quarter event tied to an easy comparison against the 1.6% decline in Q2 2025.
Group booking pace for 2027 and beyond, to determine whether the 10.5% decline in net definite group room nights booked for all future periods in FY 2025 has stabilized or is still deteriorating.
Whether the board increases the $0.10 quarterly in 2026, now that the Desert Ridge acquisition is fully absorbed, no debt maturities loom until July 2028, and reached $152.7 million in the quarter.
Hospitality grew 21.1% to $153.6 million, driven by the full-quarter inclusion of JW Marriott Desert Ridge and higher ADR and outside-the-room spend.
ADR rose 6.9% and same-store outside-the-room spend increased 7.4%, led by strong group banquet and technology spending at Gaylord Palms and Gaylord Opryland.
Entertainment rose 37.9% to $32.4 million as lower expenses from discontinuing a less profitable festival offset flat revenues.
increased 34.5% to $102.1 million, despite higher from $625 million of senior notes issued in June 2025 and a larger income tax provision.
Liquidity remained strong with $366.1 million in unrestricted cash and $930.0 million available under facilities; no debt maturities until July 2028.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in our quantitative and qualitative market risks since December 31, 2025. For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Di…
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There have been no material changes in our quantitative and qualitative market risks since December 31, 2025. For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The Company is a party to certain litigation in the ordinary course, as described in Note 11, “Commitments and Contingencies,” to our condensed consolidated financial statements included herein and which our management deems will not have a material effect on our financial state…
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The Company is a party to certain litigation in the ordinary course, as described in Note 11, “Commitments and Contingencies,” to our condensed consolidated financial statements included herein and which our management deems will not have a material effect on our financial statements.
There have been no material changes from the risk factors disclosed in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2025.
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There have been no material changes from the risk factors disclosed in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2025.