{"id":18789,"date":"2026-04-29T22:13:14","date_gmt":"2026-04-30T03:13:14","guid":{"rendered":"https:\/\/1reason.com\/re\/ryman-hospitality-properties-inc-reports-first-quarter-2026-results\/18789\/"},"modified":"2026-04-29T22:13:14","modified_gmt":"2026-04-30T03:13:14","slug":"ryman-hospitality-properties-inc-reports-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/ryman-hospitality-properties-inc-reports-first-quarter-2026-results\/18789\/","title":{"rendered":"Ryman Hospitality Properties, Inc. Reports First Quarter 2026 Results"},"content":{"rendered":"<div>\n<p align=\"justify\"><strong>First Quarter 2026 Highlights and Recent Developments:<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\"><em>The Company reported record first quarter consolidated revenue of $664.6 million, driven by record first quarter same-store Hospitality<\/em><sup><em>(<\/em><\/sup><sup><em>1<\/em><\/sup><sup><em>)<\/em><\/sup><em> segment revenue of $511.5 million. <\/em><\/li>\n<li style=\"text-align:justify\"><em>The Company generated record first quarter consolidated net income of $69.4 million and record first quarter consolidated Adjusted EBITDAre of $219.3 million.<\/em><\/li>\n<li style=\"text-align:justify\"><em>During the quarter, the Company booked over 460,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $303, an increase of 6.7% compared to the prior year quarter estimated ADR for future bookings and a new record. <\/em><\/li>\n<li style=\"text-align:justify\"><em>The Company completed a private placement of $700 million senior unsecured notes due 2034, and used the net proceeds, together with cash on hand, to redeem in full the outstanding $700 million senior unsecured notes due 2027.<\/em><\/li>\n<li style=\"text-align:justify\"><em>Subsequent to quarter-end, Opry Entertainment Group (OEG) announced the planned development of a seventh Ole Red location in downtown Indianapolis, which is expected to open in late 2027. <\/em><\/li>\n<li style=\"text-align:justify\"><em>The Company is raising its full year outlook due to strong first quarter performance for the Hospitality portfolio.\n<p><\/em><\/li>\n<\/ul>\n<p align=\"justify\">Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, \u201cWe are very pleased to deliver a strong start to 2026, with first quarter results exceeding our expectations. In our same-store Hospitality portfolio, favorable group mix drove upside in group ADR and outside-the-room spending, which together with strong Spring Break leisure performance more than offset the impact of Winter Storm Fern. Meeting planner sentiment remained resilient throughout the quarter, resulting in the highest first quarter same-store group room night bookings production since 2018. While the operating environment remains dynamic, current and forward-looking group business indicators remain strong, and our first quarter results underscore the strength of our business model, the quality of our assets, and the effectiveness of our capital allocation strategy. As a result, we are raising our guidance ranges to reflect the first quarter outperformance.\u201d<\/p>\n<p align=\"justify\">________________________________<br \/><sub><sup>(1) <\/sup>Same-store Hospitality segment excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.<\/sub><\/p>\n<p align=\"justify\"><strong><u>First Quarter 2026 Results (as compared to First Quarter 2025):<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands, except per share amounts)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:51%;width:51%;min-width:51%;vertical-align: bottom\">Total revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">664,572<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">587,280<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">13.2<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">137,796<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">116,121<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">18.7<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">20.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.9<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">69,402<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,014<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(0.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income available to common stockholders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">70,475<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">62,961<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">11.9<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income available to common stockholders margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(0.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income available to common stockholders per diluted share<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.03<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.00<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">219,293<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">185,502<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">18.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">33.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">31.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted EBITDA<em>re<\/em>, excluding noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">215,136<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">179,876<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted EBITDA<em>re<\/em>, excluding noncontrolling interest margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">32.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">30.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Funds From Operations (FFO) available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">143,472<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">123,975<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">15.7<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">FFO available to common stockholders and unit holders per diluted share\/unit<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.14<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.98<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">156,078<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">130,896<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders per diluted share\/unit<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.32<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.10<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Diluted weighted average common shares for the three months ended March 31, 2026 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include 4.4 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company&#8217;s OEG business, which may be settled in cash or shares at the Company&#8217;s option.<\/sup><\/p>\n<p align=\"justify\"><sup>Note: For the Company\u2019s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see \u201cNon-GAAP Financial Measures,\u201d \u201cEBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,\u201d \u201cAdjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition\u201d \u201cFFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition\u201d and \u201cSupplemental Financial Results\u201d below.<\/sup><\/p>\n<p align=\"justify\"><strong><u>Hospitality Segment<\/u><\/strong><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands, except ADR, RevPAR, and Total RevPAR)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:51%;width:51%;min-width:51%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Hospitality revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">585,389<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">497,730<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">17.6<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Same-store Hospitality revenue<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">511,521<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">497,730<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Hospitality operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">145,087<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">116,809<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">24.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Hospitality operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">24.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Hospitality Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">212,570<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">172,974<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">22.9<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Hospitality Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">36.3<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">34.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Same-store Hospitality operating income<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">120,832<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">116,809<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Same-store Hospitality operating income margin<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Same-store Hospitality Adjusted EBITDA<em>re<\/em><sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">180,256<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">172,974<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Same-store Hospitality Adjusted EBITDA<em>re <\/em>margin<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">35.2<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">34.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Hospitality performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">69.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(1.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Average Daily Rate (ADR)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">295.21<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">264.40<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">11.7<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">201.08<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">184.21<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">9.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">526.07<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">484.52<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Same-store Hospitality performance metrics:<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">67.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">69.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(2.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">277.76<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">264.40<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">188.07<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">184.21<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">497.95<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">484.52<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Gross definite room nights booked<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">460,938<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">363,904<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">26.7<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net definite room nights booked<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">242,269<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">205,194<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">18.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Group attrition (as % of contracted block)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">17.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">15.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Cancellations ITYFTY<sup>(2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">27,164<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">22,779<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.<\/sup><br \/><sup>(2)\u201cITYFTY\u201d represents In The Year For The Year.<\/sup><\/p>\n<p align=\"justify\"><sup>Note: For the Company\u2019s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see \u201cCalculation of RevPAR and Total RevPAR\u201d below. Property-level results and operating metrics for first quarter 2026 are presented in greater detail below and under \u201cSupplemental Financial Results\u2014Hospitality Segment Adjusted EBITDA<em>re<\/em> Reconciliations and Operating Metrics,\u201d which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA<em>re<\/em> to Hospitality Operating Income, and property-level Adjusted EBITDA<em>re<\/em> to property-level Operating Income for each of the hotel properties.<\/sup><\/p>\n<p align=\"justify\"><strong>Hospitality Segment Highlights<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\"><em>The same-store Hospitality portfolio generated RevPAR of approximately $188, an increase of 2.1% from the prior year quarter, and Total RevPAR of approximately $498, an increase of 2.8% from the prior year quarter. <\/em><\/li>\n<li style=\"text-align:justify\"><em>The same-store Hospitality portfolio generated record first quarter operating income of $120.8 million, and record first quarter Adjusted EBITDAre of $180.3 million.<\/em><\/li>\n<li style=\"text-align:justify\"><em>First quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 6.6% year over year, driven by a more favorable group mix. <\/em><\/li>\n<li style=\"text-align:justify\"><em>First quarter same-store attrition and cancellation fee revenue was approximately $7.5 million, an increase of $0.8 million compared to the prior year quarter.<\/em><\/li>\n<li style=\"text-align:justify\"><em>At the end of January, Winter Storm Fern impacted group attendance at Gaylord National and, to a lesser extent, Gaylord Texan and Gaylord Opryland. Excluding January, group attrition improved compared to the prior year quarter, and cancellations ITYFTY were essentially flat.<\/em><\/li>\n<li style=\"text-align:justify\"><em>Subsequent to quarter-end, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.\n<p><\/em><\/li>\n<\/ul>\n<p align=\"justify\"><strong><u>Gaylord Opryland<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands, except ADR, RevPAR, and Total RevPAR)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">128,379<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">110,178<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">16.5<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">39,822<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">30,098<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">32.3<\/td>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">31.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">27.3<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.7<\/td>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">48,516<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">38,148<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">27.2<\/td>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">37.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">34.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.2<\/td>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">69.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">64.9<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4.8<\/td>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">277.60<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">262.57<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5.7<\/td>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">193.58<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">170.49<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">13.5<\/td>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">493.92<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">423.89<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">16.5<\/td>\n<td \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><u><br \/>Gaylord Palms<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands, except ADR, RevPAR, and Total RevPAR)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">97,646<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">88,393<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.5<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">29,743<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23,782<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">25.1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">30.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">26.9<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">39,474<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">32,947<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">40.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">37.3<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">77.3<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">75.9<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">301.35<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">276.14<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">9.1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">232.97<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">209.69<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">11.1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">631.52<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">571.68<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><u><br \/>Gaylord Texan<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands, except ADR, RevPAR, and Total RevPAR)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">83,371<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">86,377<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(3.5<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23,805<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">27,695<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(14.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">28.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">32.1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(3.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">31,130<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">33,624<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(7.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">37.3<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">38.9<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(1.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">65.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">73.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(7.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">263.31<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">257.26<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">172.23<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">187.80<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(8.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">510.66<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">529.08<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(3.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><u><br \/>Gaylord National<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands, except ADR, RevPAR, and Total RevPAR)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">74,227<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">80,829<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(8.2<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">6,225<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">9,474<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(34.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">11.7<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(3.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">15,742<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19,031<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(17.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">21.2<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(2.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">72.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(9.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">266.55<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">249.02<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">7.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">168.04<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">180.33<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(6.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">413.20<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">449.95<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(8.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><u><br \/>Gaylord Rockies<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands, except ADR, RevPAR, and Total RevPAR)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">72,249<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">70,948<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.8<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14,445<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14,823<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(2.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">20.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">20.9<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(0.9<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">29,633<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">29,675<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(0.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">41.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">41.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(0.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">75.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">72.2<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">258.62<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">257.09<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">195.08<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">185.68<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">534.82<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">525.19<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><u><br \/>JW Marriott Hill Country<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands, except ADR, RevPAR, and Total RevPAR)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">50,295<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">55,276<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(9.0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">7,208<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10,849<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(33.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14.3<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(5.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">15,370<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">18,680<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(17.7<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">30.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">33.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(3.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">58.6<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">67.9<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(9.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">337.63<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">321.54<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">198.01<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">218.38<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(9.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">557.72<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">612.95<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(9.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><u><br \/>JW Marriott Desert Ridge<\/u><\/strong><sup><strong>(<\/strong><\/sup><sup><strong><u>2<\/u><\/strong><\/sup><sup><strong>)<\/strong><\/sup><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:78%;width:78%;min-width:78%;vertical-align: bottom\">($ in thousands, except ADR, RevPAR, and Total RevPAR)<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:14%;width:14%;min-width:14%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">73,868<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24,255<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">32.8<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">32,314<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">43.7<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">73.0<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">489.75<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">357.42<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">863.95<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><strong><u>Entertainment Segment<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">79,183<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">89,550<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(11.6<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4,253<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10,316<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(58.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating income margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">11.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(6.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">15,681<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">20,939<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(25.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re <\/em>margin<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19.8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23.4<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(3.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">pts<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">Fioravanti continued, \u201cOur Entertainment business delivered results in line with our expectations despite a challenging comparison to record first quarter performance in the prior year period and the unfavorable impact of Winter Storm Fern at our Nashville venues. Our Ole Red brand exceeded our expectations, particularly in Las Vegas and Nashville, and we are excited to bring a seventh Ole Red to downtown Indianapolis, through a development agreement with the Pacers organization. Our growing platform of iconic brands is uniquely positioned to continue to serve the country music and live entertainment consumer and deliver attractive results.\u201d<\/p>\n<p align=\"justify\">________________________________<br \/><sub><sup>(1) <\/sup>JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.<\/sub><\/p>\n<p align=\"justify\"><strong><u>Corporate and Other Segment<\/u><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"13\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"13\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">($ in thousands)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;width:57%;min-width:57%;text-align: justify;vertical-align: middle;vertical-align: bottom\">Operating loss<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(11,544<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(11,004<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(4.9<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(8,958<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(8,411<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(6.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><strong><br \/>Capital Expenditures<\/strong><\/p>\n<p align=\"justify\">In 2026, the Company expects to spend approximately $350 to $450 million on capital expenditures, including $114 million spent in the first quarter of 2026. Subsequent to quarter-end, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.<\/p>\n<p align=\"justify\">Capital expenditures activity in 2026 includes:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;<\/li>\n<li style=\"text-align:justify\">Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;<\/li>\n<li style=\"text-align:justify\">Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;<\/li>\n<li style=\"text-align:justify\">The development of Category 10 Las Vegas, which is expected to be completed in late 2026; and<\/li>\n<li style=\"text-align:justify\">The development of Category 10 in Orlando, which is expected to begin in summer 2026 and is expected to be completed in late 2027.\n<\/li>\n<\/ul>\n<p align=\"justify\">Subsequent to quarter-end, the Company announced the planned development of Ole Red Indianapolis by development partner Pacer Sports &amp; Entertainment, the organization behind the NBA Pacers and the WNBA Fever. The development is expected to be completed in late 2027, and OEG expects to invest approximately $15 million in 2027.<\/p>\n<p align=\"justify\"><strong>2026 Guidance<\/strong><\/p>\n<p align=\"justify\">The Company is updating its 2026 business performance outlook based on current information as of April 30, 2026. The Company does not expect to update the guidance provided below before next quarter\u2019s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.<\/p>\n<p align=\"justify\">Fioravanti concluded, \u201cWe are pleased to raise the midpoints of our 2026 guidance ranges to reflect stronger first quarter results in our Hospitality portfolio, including the JW Marriott Desert Ridge. Our outlook for the balance of the year continues to reflect measured confidence in our business. Demand from both group and leisure guests has remained resilient amid elevated geopolitical uncertainty, and our business model has proven to be durable across a range of operating environments.\u201d<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"14\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Guidance Range<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"14\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Prior Guidance Range<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">(in millions, except per share figures)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"14\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>For Full Year 2026<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"14\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Full Year 2026<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Change to<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Low<\/strong><\/td>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>High<\/strong><\/td>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Low<\/strong><\/td>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>High<\/strong><\/td>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:35%;width:35%;min-width:35%;vertical-align: bottom\">Same-store Hospitality RevPAR growth<sup>(2)<\/sup><\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.25<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.75<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.00<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.50<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.50<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.50<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.50<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Same-store Hospitality Total RevPAR growth<sup>(2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.25<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.75<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.00<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.50<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.50<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.50<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.50<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><u>Operating income:<\/u><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Hospitality (same-store)<sup>(2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">475.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">485.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">480.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">466.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">483.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">475.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">JW Marriott Desert Ridge<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">33.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">35.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">34.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">30.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">33.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">31.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Entertainment<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">74.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">79.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">77.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">74.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">79.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">77.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Corporate and Other<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(50.5<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(49.0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(49.8<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(50.5<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(49.0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(49.8<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\"><strong>Consolidated operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>533.3<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>551.0<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>542.1<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>521.3<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>547.0<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>534.1<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>8.0<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><u>Adjusted EBITDA<\/u><em><u>re<\/u><\/em><u>:<\/u><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Hospitality (same-store)<sup>(2)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">715.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">735.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">725.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">700.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">730.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">715.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">JW Marriott Desert Ridge<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">72.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">70.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">65.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">70.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">67.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Entertainment<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">120.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">130.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">125.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">120.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">130.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">125.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Corporate and Other<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(39.0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(35.0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(37.0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(39.0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(35.0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(37.0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\"><strong>Consolidated Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>864.0<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>902.0<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>883.0<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>846.0<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>895.0<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>870.5<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>12.5<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Net income<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">271.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">279.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">275.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">260.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">273.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">266.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Net income available to common stockholders<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">261.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">267.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">264.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">250.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">261.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">255.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.5<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">FFO available to common stockholders and unit holders<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">552.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">572.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">562.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">535.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">563.5<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">549.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">13.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">577.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">607.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">592.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">559.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">597.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">578.1<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14.0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Net income available to common stockholders per diluted share<sup>(3)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.96<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4.02<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.99<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.80<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.93<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3.87<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.12<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">per diluted share\/unit<sup>(3)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.77<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">9.14<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.96<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.50<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">9.00<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.75<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.21<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Weighted average shares outstanding &#8211; diluted<sup>(3)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Weighted average shares and OP units outstanding &#8211; diluted<sup>(3)<\/sup><\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: justify;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.<\/sup><br \/><sup>(2)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.<\/sup><br \/><sup>(3)Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company\u2019s OEG business, which may be settled in cash or shares at the Company\u2019s option.<\/sup><\/p>\n<p align=\"justify\"><sup>Note: For reconciliations of Consolidated Adjusted EBITDA<em>re<\/em> guidance to Net Income, segment-level Adjusted EBITDA<em>re<\/em> to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see \u201cReconciliation of Forward-Looking Statements.\u201d<\/sup><\/p>\n<p align=\"justify\"><strong>Dividend Update<\/strong><\/p>\n<p align=\"justify\">On April 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of March 31, 2026.<\/p>\n<p align=\"justify\">The Company\u2019s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board\u2019s future determinations as to amount and timing.<\/p>\n<p align=\"justify\"><strong>Balance Sheet\/Liquidity Update<\/strong><\/p>\n<p align=\"justify\">As of March 31, 2026, the Company had unrestricted cash of $424.0 million and total debt outstanding of $3,968.4 million, net of unamortized deferred financing costs. As of March 31, 2026, there were no amounts drawn under the Company\u2019s revolving credit facility or OEG\u2019s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company\u2019s revolving credit facility and OEG\u2019s revolving credit facility.<\/p>\n<p align=\"justify\">In March 2026, the Company refinanced its $700 million senior unsecured notes due 2027 with the net proceeds of a new issuance of $700 million senior unsecured notes due 2034, together with cash on hand.<\/p>\n<p align=\"justify\"><strong>Earnings Call Information<\/strong><\/p>\n<p align=\"justify\">Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, May 1, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations\/News &amp; Events\/Events &amp; Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.<\/p>\n<p align=\"justify\"><strong>About Ryman Hospitality Properties, Inc.<\/strong><\/p>\n<p align=\"justify\">Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company\u2019s holdings include Gaylord Opryland Resort &amp; Convention Center; Gaylord Palms Resort &amp; Convention Center; Gaylord Texan Resort &amp; Convention Center; Gaylord National Resort &amp; Convention Center; and Gaylord Rockies Resort &amp; Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort &amp; Spa and JW Marriott San Antonio Hill Country Resort &amp; Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company\u2019s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company\u2019s financial results.<\/p>\n<p align=\"justify\"><strong>Cautionary Note Regarding Forward-Looking Statements<\/strong><\/p>\n<p align=\"justify\">This press release contains statements as to the Company\u2019s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company\u2019s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company\u2019s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company\u2019s hotel properties, business levels at the Company\u2019s hotels, geopolitical uncertainty and the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company\u2019s business, including the effects on costs of labor and supplies and effects on group customers at the Company\u2019s hotels and customers in OEG\u2019s businesses, the Company\u2019s ability to remain qualified as a REIT, the Company\u2019s ability to execute our strategic goals as a REIT, the Company\u2019s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company\u2019s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and\/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company\u2019s integration of the JW Marriott Desert Ridge, the Company\u2019s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company\u2019s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.<\/p>\n<p align=\"justify\"><strong>Additional Information<\/strong><\/p>\n<p align=\"justify\">This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC\u2019s Electronic Data Gathering Analysis and Retrieval System (\u201cEDGAR\u201d) at www.sec.gov.<\/p>\n<p align=\"justify\"><strong><em>Calculation of RevPAR and Total RevPAR<\/em><\/strong><br \/>We calculate revenue per available room (\u201cRevPAR\u201d) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (\u201cTotal RevPAR\u201d) for our hotels by dividing the sum of room revenue, food &amp; beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.<\/p>\n<p align=\"justify\"><strong><em>Calculation of GAAP Margin Figures<\/em><\/strong><br \/>We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.<\/p>\n<p align=\"justify\"><strong><em>Non-GAAP Financial Measures<\/em><\/strong><br \/>We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:<\/p>\n<p align=\"justify\"><strong><em>EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition<\/em><\/strong><br \/>We calculate EBITDA<em>re, <\/em>which is defined by the National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d) in its September2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity\u2019s share of EBITDA<em>re<\/em> of unconsolidated affiliates.<\/p>\n<p align=\"justify\">Adjusted EBITDA<em>re<\/em> is then calculated as EBITDA<em>re<\/em>, plus to the extent the following adjustments occurred during the periods presented:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">preopening costs;<\/li>\n<li style=\"text-align:justify\">non-cash lease expense;<\/li>\n<li style=\"text-align:justify\">equity-based compensation expense;<\/li>\n<li style=\"text-align:justify\">impairment charges that do not meet the NAREIT definition above;<\/li>\n<li style=\"text-align:justify\">credit losses on held-to-maturity securities;<\/li>\n<li style=\"text-align:justify\">transaction costs of acquisitions;<\/li>\n<li style=\"text-align:justify\">interest income on bonds;<\/li>\n<li style=\"text-align:justify\">loss on extinguishment of debt;<\/li>\n<li style=\"text-align:justify\">pension settlement charges;<\/li>\n<li style=\"text-align:justify\">pro rata Adjusted EBITDA<em>re<\/em> from unconsolidated joint ventures; and<\/li>\n<li style=\"margin-bottom:12pt;text-align:justify\">any other adjustments we have identified herein.\n<\/li>\n<\/ul>\n<p align=\"justify\">We then exclude the pro rata share of Adjusted EBITDA<em>re<\/em> related to noncontrolling interests to calculate Adjusted EBITDA<em>re<\/em>, Excluding Noncontrolling Interest.<\/p>\n<p align=\"justify\">We use EBITDA<em>re<\/em>, Adjusted EBITDA<em>re<\/em> and Adjusted EBITDA<em>re<\/em>, Excluding Noncontrolling Interest and segment or property-level EBITDA<em>re<\/em> and Adjusted EBITDA<em>re<\/em> to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor\u2019s complete understanding of our operating performance. We make additional adjustments to EBITDA<em>re<\/em> when evaluating our performance because we believe that presenting Adjusted EBITDA<em>re<\/em> and Adjusted EBITDA<em>re<\/em>, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics.<\/p>\n<p align=\"justify\"><strong><em>Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition<\/em><\/strong><br \/>We calculate consolidated Adjusted EBITDA<em>re<\/em>, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDA<em>re<\/em>, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDA<em>re<\/em> Margin by dividing consolidated, segment-, or property-level Adjusted EBITDA<em>re<\/em> by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDA<em>re<\/em>, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDA<em>re<\/em>, Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable.<\/p>\n<p align=\"justify\"><strong><em>FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition<\/em><\/strong><br \/>We calculate FFO, which definition is clarified by NAREIT in its December2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.<\/p>\n<p align=\"justify\">To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">right-of-use asset amortization;<\/li>\n<li style=\"text-align:justify\">impairment charges that do not meet the NAREIT definition above;<\/li>\n<li style=\"text-align:justify\">write-offs of deferred financing costs;<\/li>\n<li style=\"text-align:justify\">amortization of debt discounts or premiums and amortization of deferred financing costs;<\/li>\n<li style=\"text-align:justify\">loss on extinguishment of debt;<\/li>\n<li style=\"text-align:justify\">non-cash lease expense;<\/li>\n<li style=\"text-align:justify\">credit loss on held-to-maturity securities;<\/li>\n<li style=\"text-align:justify\">pension settlement charges;<\/li>\n<li style=\"text-align:justify\">additional pro rata adjustments from unconsolidated joint ventures;<\/li>\n<li style=\"text-align:justify\">(gains) losses on other assets;<\/li>\n<li style=\"text-align:justify\">transaction costs of acquisitions;<\/li>\n<li style=\"text-align:justify\">deferred income tax expense (benefit); and<\/li>\n<li style=\"margin-bottom:12pt;text-align:justify\">any other adjustments we have identified herein.\n<\/li>\n<\/ul>\n<p align=\"justify\">FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.<\/p>\n<p align=\"justify\">We present Adjusted FFO available to common stockholders and unit holders per diluted share\/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share\/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.<\/p>\n<p align=\"justify\">We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.<\/p>\n<p align=\"justify\">We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor\u2019s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:45%;width:45%;min-width:45%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Investor Relations Contacts:<\/strong><br \/>Mark Fioravanti, President and Chief Executive Officer<br \/>(615) 316-6588<br \/>mfioravanti@rymanhp.com<\/p>\n<p>Jennifer Hutcheson, Chief Financial Officer<br \/>(615) 316-6320<br \/>jhutcheson@rymanhp.com<\/p>\n<p>Sarah Martin, Vice President, Investor Relations<br \/>(615) 316-6011<br \/>sarah.martin@rymanhp.com<\/td>\n<td style=\"max-width:55%;width:55%;min-width:55%;text-align: left;vertical-align: middle;vertical-align: top\"><strong>Media Contact:<\/strong><br \/>Shannon Sullivan, Vice President, Corporate and Brand Communications<br \/>(615) 316-6725<br \/>ssullivan@rymanhp.com<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Condensed Consolidated Statements of Operations<\/strong><br \/>Unaudited<br \/>(In thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Revenues:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:67%;width:67%;min-width:67%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Rooms<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">223,758<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">189,232<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Food and beverage<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">289,347<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">253,263<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other hotel revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">72,284<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">55,235<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Entertainment<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">79,183<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">89,550<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Total revenues<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">664,572<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">587,280<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Operating expenses:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Rooms<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">50,594<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">46,289<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Food and beverage<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">158,163<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">138,139<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other hotel expenses<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">144,622<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">123,924<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Management fees, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">20,915<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">18,463<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Total hotel operating expenses<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">374,294<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">326,815<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Entertainment<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">65,109<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">69,770<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Corporate<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">11,285<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10,770<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Preopening costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">387<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">87<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">75,701<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,717<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Total operating expenses<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">526,776<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">471,159<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">137,796<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">116,121<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest expense, net of amounts capitalized<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(64,119<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(54,283<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5,186<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5,459<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Loss on extinguishment of debt<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(2,200<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">\u2013<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Loss from unconsolidated joint ventures<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">\u2013<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(16<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(362<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(108<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Income before income taxes<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">76,301<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">67,173<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Provision for income taxes<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(6,899<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(4,159<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">69,402<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,014<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net (income) loss attributable to noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">588<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(711<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net loss attributable to other noncontrolling interests<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">485<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">658<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income available to common stockholders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">70,475<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">62,961<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Basic income per share available to common stockholders<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.12<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.05<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Diluted income per share available to common stockholders<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.03<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.00<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Weighted average common shares for the period:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Basic<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,023<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">59,919<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Diluted<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">67,663<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,813<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include 4.4 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company&#8217;s OEG business, which may be settled in cash or shares at the Company&#8217;s option.<\/sup><\/p>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"width:99.9536%;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Condensed Consolidated Balance Sheets<\/strong><br \/>Unaudited<br \/>(In thousands)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: bottom\" \/>\n<td style=\"width:0.981863%\" \/>\n<td style=\"width:1.17824%\" \/>\n<td style=\"width:12.9606%\" \/>\n<td style=\"width:0.981863%\" \/>\n<td style=\"width:1.96373%\" \/>\n<td style=\"width:1.37461%\" \/>\n<td style=\"width:12.9606%\" \/>\n<td style=\"width:0.883676%\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: bottom\" \/>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:15.1207%;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:15.2189%;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>December31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: bottom\" \/>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:15.1207%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"width:15.2189%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:67%;width:66.6685%;min-width:67%;vertical-align: bottom\">ASSETS:<\/td>\n<td style=\"max-width:1%;width:0.981863%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1.17824%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:13%;width:12.9606%;min-width:13%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.981863%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:1.96373%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1.37461%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:13%;width:12.9606%;min-width:13%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:0.883676%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Property and equipment, net of accumulated depreciation<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">5,018,898<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">4,970,429<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Cash and cash equivalents &#8211; unrestricted<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">424,021<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">471,421<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Cash and cash equivalents &#8211; restricted<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">27,264<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">28,759<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Notes receivable, net<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">52,556<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">53,503<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Trade receivables, net<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">139,335<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">105,903<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deferred income tax assets, net<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">61,957<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">67,669<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Prepaid expenses and other assets<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">187,602<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">196,798<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Intangible assets and goodwill, net<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">282,148<\/td>\n<td style=\"width:0.981863%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">286,701<\/td>\n<td style=\"width:0.883676%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Total assets<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.9606%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,193,781<\/td>\n<td style=\"width:0.981863%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.9606%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,181,183<\/td>\n<td style=\"width:0.883676%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: bottom\" \/>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;vertical-align: bottom\" \/>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;vertical-align: bottom\" \/>\n<td style=\"width:0.883676%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;text-align: justify;vertical-align: middle;vertical-align: bottom\">LIABILITIES AND EQUITY:<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Debt and finance lease obligations<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">3,968,404<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">3,976,913<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Accounts payable and accrued liabilities<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">544,482<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">517,708<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Distributions payable<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">77,906<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">78,819<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deferred management rights proceeds<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">162,507<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">162,901<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating lease liabilities<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">162,463<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">158,815<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other liabilities<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">73,808<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">74,251<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Noncontrolling interest in OEG<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">433,394<\/td>\n<td style=\"width:0.981863%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;text-align: right;vertical-align: middle;vertical-align: bottom\">422,691<\/td>\n<td style=\"width:0.883676%;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total equity<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">770,817<\/td>\n<td style=\"width:0.981863%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"width:12.9606%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">789,085<\/td>\n<td style=\"width:0.883676%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"width:66.6685%;vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Total liabilities and equity<\/td>\n<td style=\"width:0.981863%;vertical-align: bottom\" \/>\n<td style=\"width:1.17824%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.9606%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,193,781<\/td>\n<td style=\"width:0.981863%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"width:1.96373%;vertical-align: bottom\" \/>\n<td style=\"width:1.37461%;border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"width:12.9606%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">6,181,183<\/td>\n<td style=\"width:0.883676%;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"17\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td colspan=\"17\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Supplemental Financial Results<\/strong><br \/><strong>Adjusted EBITDA<\/strong><strong><em>re <\/em><\/strong><strong>Reconciliation<\/strong><br \/>Unaudited<br \/>(In thousands)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"17\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"15\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Margin<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Margin<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Consolidated:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:51%;width:51%;min-width:51%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">664,572<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">587,280<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">69,402<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10.4<\/td>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10.7<\/td>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest expense, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">58,933<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,824<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Provision for income taxes<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,899<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,159<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75,701<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,717<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Pro rata EBITDA<em>re<\/em>from unconsolidated joint ventures<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">210,936<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">31.7<\/td>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">179,715<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">30.6<\/td>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Preopening costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">387<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">943<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">889<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Equity-based compensation expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,802<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,622<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,025<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Loss on extinguishment of debt<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,200<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Transaction costs of acquisitions<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">219,293<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">33.0<\/td>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">185,502<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">31.6<\/td>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em>of noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,157<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,626<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em>, excluding noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">215,136<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">32.4<\/td>\n<td style=\"border-bottom: double black 3pt\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">179,876<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">30.6<\/td>\n<td style=\"border-bottom: double black 3pt\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Hospitality segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">585,389<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">497,730<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">145,087<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24.8<\/td>\n<td \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">116,809<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.5<\/td>\n<td \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">66,008<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,106<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">450<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">945<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,025<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">212,570<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">36.3<\/td>\n<td style=\"border-bottom: double black 3pt\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">172,974<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.8<\/td>\n<td style=\"border-bottom: double black 3pt\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Same-store Hospitality segment:<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">511,521<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">497,730<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">120,832<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.6<\/td>\n<td \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">116,809<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.5<\/td>\n<td \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,492<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,106<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">907<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">945<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,025<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">180,256<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">35.2<\/td>\n<td style=\"border-bottom: double black 3pt\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">172,974<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.8<\/td>\n<td style=\"border-bottom: double black 3pt\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Entertainment segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">79,183<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">89,550<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,253<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">5.4<\/td>\n<td \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,316<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11.5<\/td>\n<td \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,434<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,377<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Preopening costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">387<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Non-cash lease (revenue) expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">493<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(56<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,020<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">136<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Transaction costs of acquisitions<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Pro rata adjusted EBITDA<em>re<\/em>from unconsolidated joint ventures<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(16<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,681<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">19.8<\/td>\n<td style=\"border-bottom: double black 3pt\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,939<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">23.4<\/td>\n<td style=\"border-bottom: double black 3pt\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Corporate and Other segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Operating loss<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11,544<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11,004<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">259<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">234<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(361<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(243<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,688<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,602<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,958<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,411<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p>________________________________<br \/><sub>(1)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.<\/sub><\/p>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Supplemental Financial Results<\/strong><br \/><strong>Funds From Operations (\u201cFFO\u201d) and Adjusted FFO Reconciliation<\/strong><br \/>Unaudited<br \/>(In thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:67%;width:67%;min-width:67%;vertical-align: bottom\">Net income available to common stockholders<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">70,475<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">62,961<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Noncontrolling interest in OP Units<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">441<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">415<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">70,916<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,376<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75,580<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,676<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Adjustments for noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,024<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,077<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">FFO available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">143,472<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">123,975<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Right-of-use asset amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">121<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">41<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">943<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">889<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Amortization of deferred financing costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,247<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,707<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Amortization of debt discounts and premiums<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">383<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">558<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Loss on extinguishment of debt<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,200<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Adjustments for noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(42<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(282<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Transaction costs of acquisitions<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Deferred tax provision<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,754<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,933<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">156,078<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">130,896<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Basic net income per share<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.12<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.05<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Diluted net income per share<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.03<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.00<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">FFO available to common stockholders and unit holders per basic share\/unit<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.26<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.06<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders per basic share\/unit<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.46<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.17<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">FFO available to common stockholders and unit holders per diluted share\/unit<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.14<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.98<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders per diluted share\/unit<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.32<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.10<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Weighted average common shares and OP units for the period:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Basic<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,418<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60,314<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Diluted<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">68,058<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">64,208<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include 4.4 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company&#8217;s OEG business, which may be settled in cash or shares at the Company&#8217;s option.<\/sup><\/p>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"17\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Supplemental Financial Results<\/strong><br \/><strong>Hospitality Segment Adjusted EBITDA<\/strong><strong><em>re <\/em><\/strong><strong>Reconciliation and Operating Metrics<\/strong><br \/>Unaudited<br \/>(In thousands)<strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:51%;width:51%;min-width:51%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:8%;width:8%;min-width:8%\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:8%;width:8%;min-width:8%\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"15\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>March 31,<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Margin<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Margin<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Hospitality segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">585,389<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">497,730<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">145,087<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">24.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">116,809<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">66,008<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,106<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">450<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">945<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,025<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">212,570<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">36.3<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">172,974<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.8<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">68.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">69.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">295.21<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">264.40<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">201.08<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">184.21<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">324.99<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">300.31<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">526.07<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">484.52<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Same-store Hospitality segment:<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">511,521<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">497,730<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">120,832<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">116,809<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">23.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,492<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,106<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">907<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">945<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,025<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">180,256<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">35.2<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">172,974<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.8<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">67.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">69.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">277.76<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">264.40<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">188.07<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">184.21<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">309.88<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">300.31<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">497.95<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">484.52<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Gaylord Opryland:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">128,379<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">110,178<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,822<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">31.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,098<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">27.3<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,703<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,060<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">48,516<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">37.8<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">38,148<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">34.6<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">69.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">64.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">277.60<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">262.57<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">193.58<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">170.49<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">300.34<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">253.40<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">493.92<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">423.89<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Gaylord Palms:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">97,646<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">88,393<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">29,743<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">30.5<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,782<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">26.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,815<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,210<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">916<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">955<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,474<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">40.4<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,947<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">37.3<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">77.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75.9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">301.35<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">276.14<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">232.97<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">209.69<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">398.55<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">361.99<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">631.52<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">571.68<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p>________________________________<br \/><sup>(1)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquiredJune 10, 2025.<\/sup><\/p>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"17\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Supplemental Financial Results<\/strong><br \/><strong>Hospitality Segment Adjusted EBITDA<\/strong><strong><em>re <\/em><\/strong><strong>Reconciliation and Operating Metrics<\/strong><br \/>Unaudited<br \/>(In thousands)<strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:51%;width:51%;min-width:51%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:8%;width:8%;min-width:8%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;vertical-align: bottom\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:8%;width:8%;min-width:8%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;vertical-align: bottom\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"15\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March 31,<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Margin<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Margin<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Gaylord Texan:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">83,371<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">86,377<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23,805<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">28.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">27,695<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">32.1<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">7,325<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5,929<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">31,130<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">37.3<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">33,624<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">38.9<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">65.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">73.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">263.31<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">257.26<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">172.23<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">187.80<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">338.43<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">341.28<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">510.66<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">529.08<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Gaylord National:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">74,227<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">80,829<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">6,225<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">9,474<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">11.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8,492<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8,443<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1,025<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1,114<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">15,742<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">21.2<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19,031<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23.5<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">72.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">266.55<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">249.02<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">168.04<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">180.33<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">245.16<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">269.62<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">413.20<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">449.95<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Gaylord Rockies:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">72,249<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">70,948<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14,445<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">20.0<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14,823<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">20.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">15,188<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14,852<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">29,633<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">41.0<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">29,675<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">41.8<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">75.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">72.2<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">258.62<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">257.09<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">195.08<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">185.68<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">339.74<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">339.51<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">534.82<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">525.19<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>JW Marriott Hill Country:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">50,295<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">55,276<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">7,208<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14.3<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">10,849<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">19.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8,162<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">7,831<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">15,370<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">30.6<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">18,680<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">33.8<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">58.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">67.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">337.63<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">321.54<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">198.01<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">218.38<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">359.71<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">394.57<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">557.72<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">612.95<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"17\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td colspan=\"17\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Supplemental Financial Results<\/strong><br \/><strong>Hospitality Segment Adjusted EBITDA<\/strong><strong><em>re <\/em><\/strong><strong>Reconciliation and Operating Metrics<\/strong><br \/>Unaudited<br \/>(In thousands)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"17\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"15\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Margin<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Margin<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>JW Marriott Desert Ridge:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">73,868<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">\u2013<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:51%;width:51%;min-width:51%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">24,255<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">32.8<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">\u2013<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:6%;width:6%;min-width:6%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">N\/A<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8,516<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">\u2013<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(457<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">\u2013<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">32,314<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">43.7<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">\u2013<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">N\/A<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">73.0<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">N\/A<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">489.75<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">N\/A<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">357.42<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">N\/A<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">506.53<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">N\/A<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">863.95<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">N\/A<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>The AC Hotel at National Harbor:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,336<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,698<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating income (loss)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(217<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(9.3<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">114<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">221<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">222<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">0.2<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">336<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">12.5<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">45.7<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">54.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">247.89<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">255.03<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">113.22<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">139.70<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">22.03<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">16.44<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">135.24<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">156.14<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>The Inn at Opryland:<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3,018<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3,031<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Operating loss<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(199<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(6.6<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(26<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(0.9<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">586<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">559<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted EBITDA<em>re<\/em><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">387<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">12.8<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">533<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">17.6<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">Performance metrics:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Occupancy<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">44.2<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">43.8<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">%<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">ADR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">198.35<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">188.12<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">87.67<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">82.46<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">OtherPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">23.02<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">28.66<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Total RevPAR<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">110.69<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">111.12<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p>________________________________<br \/><sup>(1)Includes other hospitality revenue and expense.<\/sup><\/p>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"9\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Supplemental Financial Results<\/strong><br \/><strong>Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations<\/strong><br \/>Unaudited<br \/>(In thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Three Months Ended<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>March 31,<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2026<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Earnings per share:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Numerator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:67%;width:67%;min-width:67%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income available to common stockholders<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">70,475<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">62,961<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income (loss) attributable to noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(588<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">711<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income available to common stockholders &#8211; if-converted method<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">69,887<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,672<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Weighted average shares outstanding &#8211; basic<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,023<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">59,919<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Effect of dilutive equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">206<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">240<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Effect of dilutive put rights<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4,434<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3,654<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Weighted average shares outstanding &#8211; diluted<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">67,663<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,813<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Basic income per share available to common stockholders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.12<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.05<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Diluted income per share available to common stockholders<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.03<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.00<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>FFO per share\/unit:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Numerator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">FFO available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">143,472<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">123,975<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income (loss) attributable to noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(588<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">711<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">FFO adjustments for noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,651<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,633<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">FFO available to common stockholders and unit holders &#8211; if-converted method<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">145,535<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">127,319<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Weighted average shares and OP units outstanding &#8211; basic<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,418<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">60,314<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Effect of dilutive equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">206<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">240<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Effect of dilutive put rights<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4,434<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3,654<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Weighted average shares and OP units outstanding &#8211; diluted<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68,058<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">64,208<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">FFO available to common stockholders and unit holders per basic share\/unit<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.26<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.06<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">FFO available to common stockholders and unit holders per diluted share\/unit<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.14<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1.98<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Adjusted FFO per share\/unit:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Numerator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">156,078<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">130,896<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income (loss) attributable to noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(588<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">711<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">FFO adjustments for noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,651<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,633<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO adjustments for noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">42<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">282<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders &#8211; if-converted method<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">158,183<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">134,522<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Weighted average shares and OP units outstanding &#8211; basic<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">63,418<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">60,314<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Effect of dilutive equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">206<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">240<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Effect of dilutive put rights<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4,434<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3,654<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Weighted average shares and OP units outstanding &#8211; diluted<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">68,058<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">64,208<\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders per basic share\/unit<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.46<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.17<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders per diluted share\/unit<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.32<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2.10<\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)  Diluted weighted average common shares for the three months ended March 31, 2026 and 2025 include equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company\u2019s OEG business, which may be settled in cash or shares at the Company\u2019s option. Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025.<\/sup><\/p>\n<p><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Reconciliation of Forward-Looking Statements<\/strong><br \/><strong>Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (\u201cAdjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><strong>\u201d)<\/strong><br \/>Unaudited<br \/>($ in thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Guidance Range<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>For Full Year 2026<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Low<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>High<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Consolidated:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:61%;width:61%;min-width:61%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Net income<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>271,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>279,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>275,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Provision for income taxes<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest expense, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">246,750<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">255,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">251,125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">302,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">315,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">308,750<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>831,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>862,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>847,125<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Preopening costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Equity-based compensation expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Pension settlement charge<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Loss on extinguishment of debt<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>864,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>902,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>883,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Hospitality segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>509,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>520,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>514,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">264,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">273,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">268,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>783,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>807,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>795,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Hospitality segment (same-store)<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>475,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>485,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>480,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">230,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">237,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">233,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>715,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>735,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>725,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>JW Marriott Desert Ridge<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>33,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>35,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>34,250<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">750<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>68,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>72,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>70,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Entertainment segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>74,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>79,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>77,125<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">38,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Preopening costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>120,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>130,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>125,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Corporate and Other segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating loss<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(50,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(49,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(49,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Pension settlement charge<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,750<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(39,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(35,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(37,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.<\/sup><br \/><sup>(2)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.<\/sup><\/p>\n<p align=\"justify\" style=\"text-align: justify\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Reconciliation of Forward-Looking Statements<\/strong><br \/><strong>Funds From Operations (\u201cFFO\u201d) and Adjusted FFO<\/strong><br \/>Unaudited<br \/>($ in thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Guidance Range<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>For Full Year 2026<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Low<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>High<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Consolidated:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:61%;width:61%;min-width:61%;vertical-align: bottom\"><strong>Net income available to common stockholders<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>261,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>267,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>264,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Noncontrolling interest in OP units<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1,500<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Net income available to common stockholders and unit holders<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>262,000<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>269,000<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>265,500<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">302,500<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">315,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">308,750<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjustments for noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(12,500<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(11,500<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(12,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>FFO available to common stockholders and unit holders<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>552,000<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>572,500<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>562,250<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Right-of-use asset amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">\u2013<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">500<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">250<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3,250<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">5,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4,125<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Pension settlement charge<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4,500<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">4,250<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Loss on extinguishment of debt<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">3,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,500<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjustments for noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(5,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(4,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">(4,500<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Amortization of deferred financing costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">12,500<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">14,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">13,250<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Amortization of debt discounts and premiums<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">1,500<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,500<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">2,000<\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deferred tax provision<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">7,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">9,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\">8,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Adjusted FFO available to common stockholders and unit holders<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>577,250<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>607,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>592,125<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Net income available to common stockholders per diluted share<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>3.96<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>4.02<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>3.99<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Adjusted FFO available to common stockholders and unit holders per diluted share\/unit<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>8.77<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>9.14<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>8.96<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Estimated weighted average shares outstanding &#8211; diluted (in millions)<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>68.4<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>68.4<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>68.4<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Estimated weighted average shares and OP units outstanding &#8211; diluted (in millions)<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>68.8<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>68.8<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\"><strong>68.8<\/strong><\/td>\n<td style=\"text-align: left;vertical-align: middle;padding-left: 0;padding-right: 0;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.<\/sup><br \/><sup>(2)Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company\u2019s OEG business, which may be settled in cash or shares at the Company\u2019s option.<\/sup><\/p>\n<p align=\"justify\" style=\"text-align: justify\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Reconciliation of Forward-Looking Statements<\/strong><br \/><strong>Earnings Per Share and Adjusted FFO Per Share<\/strong><br \/>Unaudited<br \/>(dollars in thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Guidance Range<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>For Full Year 2026<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Low<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>High<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:61%;width:61%;min-width:61%;vertical-align: bottom\"><strong><u>Earnings per share:<\/u><\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Numerator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income available to common stockholders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">261,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">267,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">264,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income attributable to noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">9,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income available to common stockholders &#8211; if-converted method<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">271,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">275,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">273,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Estimated weighted average shares outstanding &#8211; diluted (in millions)<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Diluted income per share available to common stockholders<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3.96<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>4.02<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3.99<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong><u>Adjusted FFO per share:<\/u><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Numerator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">577,250<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">607,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">592,125<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income attributable to noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">FFO adjustments for noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,500<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO Adjustments for noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders &#8211; if-converted method<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">603,250<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">629,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">616,125<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Estimated weighted average shares and OP units outstanding &#8211; diluted (in millions)<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Adjusted FFO available to common stockholders and unit holders per diluted share\/unit<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>8.77<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9.14<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>8.96<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Basic and diluted weighted average common shares for the three months ended March 31, 2026 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company\u2019s OEG business, which may be settled in cash or shares at the Company\u2019s option.<\/sup> <\/p>\n<p align=\"justify\" style=\"text-align: justify\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Reconciliation of Forward-Looking Statements<\/strong><br \/><strong>Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (\u201cAdjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><strong>\u201d)<\/strong><br \/>Unaudited<br \/>($ in thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Prior Guidance Range<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>For Full Year 2026<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Low<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>High<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Consolidated:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:61%;width:61%;min-width:61%;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Net income<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>260,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>273,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>266,500<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Provision for income taxes<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,750<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest expense, net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">246,750<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">257,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">252,125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">296,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">312,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">304,250<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>813,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>855,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>834,625<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Preopening costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Equity-based compensation expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Pension settlement charge<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Loss on extinguishment of debt<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>846,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>895,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>870,500<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Hospitality segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>497,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>516,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>506,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">258,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">270,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">264,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>765,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>800,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>782,500<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Hospitality segment (same-store)<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>466,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>483,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>475,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">224,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">234,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">229,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Interest income on Gaylord National bonds<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>700,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>730,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>715,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>JW Marriott Desert Ridge<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>30,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>33,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>31,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">750<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>65,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>70,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>67,500<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Entertainment segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>74,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>79,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>77,125<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">38,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Non-cash lease revenue<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Preopening costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>120,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>130,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>125,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Corporate and Other segment:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Operating loss<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(50,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(49,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(49,750<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Equity-based compensation<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Pension settlement charge<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 25.0px;vertical-align: bottom\">Other gains and (losses), net<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,750<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\"><strong>Adjusted EBITDA<\/strong><strong><em>re<\/em><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(39,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(35,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>(37,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers. <\/sup><br \/><sup>(2)Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.<\/sup><\/p>\n<p align=\"center\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Reconciliation of Forward-Looking Statements<\/strong><br \/><strong>Funds From Operations (\u201cFFO\u201d) and Adjusted FFO<\/strong><br \/>Unaudited<br \/>($ in thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Prior Guidance Range<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>For Full Year 2026<\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Low<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>High<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Consolidated:<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:61%;width:61%;min-width:61%;vertical-align: bottom\"><strong>Net income available to common stockholders<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>250,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>261,000<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>255,500<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Noncontrolling interest in OP units<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Net income available to common stockholders and unit holders<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>251,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>263,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>257,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">296,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">312,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">304,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjustments for noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(12,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>FFO available to common stockholders and unit holders<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>535,000<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>563,500<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>549,250<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Right-of-use asset amortization<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2013<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Non-cash lease expense<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,125<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Pension settlement charge<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Loss on extinguishment of debt<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjustments for noncontrolling interest<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Amortization of deferred financing costs<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,250<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Amortization of debt discounts and premiums<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Deferred tax provision<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,000<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Adjusted FFO available to common stockholders and unit holders<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>559,250<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>597,000<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>578,125<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Net income available to common stockholders per diluted share<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3.80<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3.93<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3.87<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Adjusted FFO available to common stockholders and unit holders per diluted share\/unit<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>8.50<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9.00<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>8.75<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Estimated weighted average shares outstanding &#8211; diluted (in millions)<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>68.4<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>68.4<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>68.4<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\"><strong>Estimated weighted average shares and OP units outstanding &#8211; diluted (in millions)<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>68.8<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>68.8<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>68.8<\/strong><\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers. <\/sup><br \/><sup>(2)Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company\u2019s OEG business, which may be settled in cash or shares at the Company\u2019s option.<\/sup><\/p>\n<p align=\"center\"><\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"13\" style=\"text-align: center;vertical-align: middle\"><strong>Ryman Hospitality Properties, Inc. and Subsidiaries<\/strong><br \/><strong>Reconciliation of Forward-Looking Statements<\/strong><br \/><strong>Earnings Per Share and Adjusted FFO Per Share<\/strong><br \/>Unaudited<br \/>(dollars in thousands, except per share data)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Prior Guidance Range<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>For Full Year 2026<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Low<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>High<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Midpoint<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:61%;width:61%;min-width:61%;vertical-align: bottom\"><strong><u>Earnings per share:<\/u><\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Numerator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income available to common stockholders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">250,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">261,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">255,500<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income attributable to noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">10,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">8,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">9,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income available to common stockholders &#8211; if-converted method<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">260,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">269,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">264,500<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Estimated weighted average shares outstanding &#8211; diluted (in millions)<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Diluted income per share available to common stockholders<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3.80<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3.93<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>3.87<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong><u>Adjusted FFO per share:<\/u><\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Numerator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">559,250<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">597,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">578,125<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income attributable to noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">8,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">9,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">FFO adjustments for noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">11,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">10,500<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO Adjustments for noncontrolling interest in OEG<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">5,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,000<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">4,500<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Adjusted FFO available to common stockholders and unit holders &#8211; if-converted method<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">585,250<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">619,000<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">$<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">602,125<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Denominator:<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Estimated weighted average shares and OP units outstanding &#8211; diluted (in millions)<sup>(1)<\/sup><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">68.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Adjusted FFO available to common stockholders and unit holders per diluted share\/unit<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>8.50<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>9.00<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\"><strong>$<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\"><strong>8.75<\/strong><\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\">________________________________<br \/><sup>(1)Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company\u2019s OEG business, which may be settled in cash or shares at the Company\u2019s option.<\/sup> <\/p>\n<p><img alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/YWI5NWUxOWEtMDE1Yy00YTAzLWFmODEtNzBjMzQ5OTIxNjNkLTEwMjI5OTItMjAyNi0wNC0zMC1lbg==\/tiny\/Ryman-Hospitality-Properties-I.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"justify\">NASHVILLE, Tenn., April 30, 2026 (GLOBE NEWSWIRE) &#8212; Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (\u201cREIT\u201d) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three months ended March 31, 2026.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18789"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=18789"}],"version-history":[{"count":0,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/18789\/revisions"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=18789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=18789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=18789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}