Ryman Hospitality在整合Desert Ridge收购的同时调整EBITDA为7.67亿美元-8.13亿美元

Earnings Call Insights: Ryman Hospitality Properties (RHP) Q2 2025

Management View

• Executive Chairman Colin V. Reed emphasized the strategic acquisition of the JW Marriott Desert Ridge in Phoenix, stating it had “long been at the top of our acquisition list and one that we have tried to acquire, I don't know, several times in the last 10 years.” Reed highlighted the completion of the presidential meeting space renovations at Gaylord Opryland and smaller projects at Gaylord Texan and Gaylord National. He described the operating environment as unpredictable but affirmed, “What's really important is how strong our relationship with these folks are... Will the large capital projects that are underway create meaningful growth for our shareholders? The simple answer to all of these questions is an emphatic yes.”

• President and CEO Mark Fioravanti noted, “Our same-store hospitality segment delivered results at the midpoint of the color we provided on our first quarter earnings call,” and cited the integration of Desert Ridge as moving quickly, with enhancements expected to be completed by Q1 2026. He underscored robust group production trends, stating, “Group rooms revenue on the books for 2026 and 2027 is up 9% and 10% compared to the same time last year for 2025 and 2026, and ADR growth is in the mid-single digits.”

• CFO Jennifer L. Hutcheson said, “On a consolidated basis, we now expect adjusted EBITDAre for the full year 2025 in the range of $767 million to $813 million.” She added, “We now expect AFFO for the year in the range of $505 million to $546.5 million and AFFO per fully diluted share in the range of $7.93 to $8.49.”

Outlook

• Hutcheson reported guidance revisions to include the Desert Ridge acquisition, projecting $18 million to $22 million in adjusted EBITDAre from Desert Ridge for 2025, reflecting seasonality and ongoing renovations. She stated, “We also lowered the top end of our adjusted EBITDAre guidance range for the same-store hospitality business, which lowered the midpoint for that by $5 million to $690 million.”

• Management maintained their cautious outlook for the second half, anticipating “the potential for slightly higher group attrition and cancellations.” For the third quarter, they expect “RevPAR and total RevPAR to decline low to mid-single digits with lower adjusted EBITDAre margin,” with improvements forecasted in the fourth quarter.

Financial Results

• Reed reported “record consolidated revenue and in our same-store hospitality segment, the second-highest adjusted EBITDAre in the history of that business, trailing only the second quarter of last year.”

• Fioravanti stated, “Same-store Hospitality segment adjusted EBITDAre was $187 million, a decline of approximately $18 million year-over-year, but still the second highest quarter of all time.” He noted, “Banquet and AV revenue declined approximately $16 million compared to last year driven primarily by the group mix shift.”

• The Entertainment segment delivered “record revenue of $143 million and adjusted EBITDAre of $34 million driven by our recent investments in Category 10, Block 21 and Southern Entertainment.”

Q&A

• Aryeh Klein, BMO Capital Markets: Asked about lead volumes and JW brand expansion. Patrick Q. Moore responded, “our lead volumes have definitely felt some pressure on the in-the-year-for-the-year, and we expect that to continue... But our lead volumes look very good for 2026, 2027 and beyond.” CEO Fioravanti said adding JWs in the right markets is a strategic focus.

• Chris Woronka, Deutsche Bank: Inquired about out-of-room spend and D.C. market trends. Moore explained out-of-room spend is “extremely resilient,” and Gaylord National has “been doing a really good job in a very challenging market.” Reed added macroeconomic optimism for 2026–2028.

• Smedes Rose, Citi: Questioned transient business at Gaylord Opryland and supply pressure in Nashville. Reed provided an extensive market overview, noting Opryland's relevance and long-term growth prospects. Moore described the transient rate challenges as “a short-term phenomenon.”

• Shaun Kelley, BofA Securities: Asked about transient trends in other markets. Moore described positive catalysts in Orlando and resilience in other markets, while acknowledging temporary disruptions in Texas due to renovations and weather.

• Duane Pfennigwerth, Evercore ISI: Asked about group mix normalization and cancellations. Moore stated that a higher association mix will reverse in 2026 and described cancellations as elevated in Q1 but normalizing by Q2.

• Cooper Clark, Wells Fargo: Sought details on the entertainment segment. Hutcheson and Moore discussed Southern Entertainment’s seasonality and bullish long-term view. Fioravanti confirmed expectations for Desert Ridge remain accretive for FY 2026.

• Daniel Politzer, JPMorgan: Probed management’s outlook on uncertainty. Reed and Fioravanti both indicated increased optimism compared to May, with Reed stating, “I think I'm a little bit more optimistic than I certainly was in May.”

Sentiment Analysis

• Analysts displayed a neutral to slightly positive tone, probing for clarity on market pressures, group demand, and strategic direction, but generally accepting management’s explanations and long-term optimism.

• Management maintained a confident tone in prepared remarks and Q&A, frequently expressing optimism about long-term growth and the resilience of core assets. Reed’s extended responses on Nashville and market prospects emphasized conviction, while there was some caution regarding near-term volatility.

• Compared to the previous quarter, management’s tone shifted slightly more optimistic, particularly regarding 2026–2027 outlook. Analysts remained focused on risks but acknowledged positive developments.

Quarter-over-Quarter Comparison

• The Q2 call introduced the completed acquisition of JW Marriott Desert Ridge, which was not present in Q1.

• Adjusted EBITDAre guidance was raised to reflect the acquisition, though the midpoint for same-store hospitality was decreased by $5 million, citing transient rate risk in Nashville.

• Management’s outlook for the second half remained cautious, similar to the prior quarter, but optimism for 2026–2027 increased, with group bookings up for future years.

• Analysts continued to focus on near-term softness, group mix, and the impact of new supply, but also shifted to questions on integration of new assets and longer-term strategy.

• Financial performance in Q2 showed a year-over-year decline in adjusted EBITDAre, largely attributed to group mix and timing factors—a contrast to the record-setting results in Q1.

Risks and Concerns

• Management cited ongoing uncertainties, including “tariffs, inflation, interest rates, wars and other issues that could have significant implications for our businesses.”

• The influx of new hotel supply in Nashville was flagged as a challenge, alongside potential for higher group attrition and cancellations in the second half.

• Entertainment festival attendance was impacted by unfavorable weather conditions.

• Management’s mitigation strategies include “capital-light, high-return enhancements” at Desert Ridge and proactive cost and margin management.

Final Takeaway

Ryman Hospitality Properties signaled confidence in its long-term strategy and operational resilience, emphasizing the successful acquisition and integration of the JW Marriott Desert Ridge and a robust future bookings pipeline. The company maintained cautious near-term guidance due to market uncertainties and transient rate pressures in Nashville, but management affirmed that strategic investments and strong group demand position the portfolio for growth in 2026 and beyond.

Read the full Earnings Call Transcript