{"id":20227,"date":"2026-09-02T08:58:59","date_gmt":"2026-09-02T13:58:59","guid":{"rendered":"https:\/\/1reason.com\/re\/ryman-hospitality-properties-inc-closes-acquisition-of-grande-lakes-orlando-resort-and-updates-2026-outlook\/20227\/"},"modified":"2026-09-03T03:58:59","modified_gmt":"2026-09-03T08:58:59","slug":"ryman-hospitality-properties-inc-closes-acquisition-of-grande-lakes-orlando-resort-and-updates-2026-outlook","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/ryman-hospitality-properties-inc-closes-acquisition-of-grande-lakes-orlando-resort-and-updates-2026-outlook\/20227\/","title":{"rendered":"Ryman Hospitality Properties, Inc. Closes Acquisition of Grande Lakes Orlando Resort and Updates 2026 Outlook"},"content":{"rendered":"
\n

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, \u201cI want to thank the Ryman team for their dedication and execution in successfully completing this acquisition. I also want to recognize Trinity Investments for their collaboration throughout the transaction. The addition of Grande Lakes Orlando represents a compelling strategic fit for Ryman. This property expands our group customer rotation opportunities and further strengthens our position in the nation\u2019s largest meetings market, which we believe will enhance our ability to generate sustainable growth and long-term shareholder value.\u201d<\/p>\n

Set on more than 400 acres, Grande Lakes Orlando is one of the largest resorts in the greater Orlando area and includes two hotels, a 1,010-room JW Marriott and a 582-room Ritz-Carlton. Grande Lakes Orlando features approximately 320,000 square feet of meeting and event space and an array of world-class amenities, including the Ritz-Carlton spa & fitness center; 14 food and beverage outlets; the Grande Lakes Waterpark; and a Greg Norman-designed 18-hole golf course at The Ritz-Carlton Golf & Tennis Club, home of the PNC Championship. The purchase price for the acquisition, subject to certain purchase price adjustments, totaled approximately $1.38 billion.<\/p>\n

2026 Guidance <\/strong><\/p>\n

The Company is updating its 2026 business performance outlook to include the expected contribution from Grande Lakes Orlando based on information available as of September 1, 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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n\nGuidance Range<\/strong><\/td>\n\nPrior Guidance Range<\/strong><\/td>\n\n\n<\/tr>\n
(in millions, except per share figures)<\/td>\n\nFor Full Year 2026 <\/strong>(1)<\/strong><\/sup><\/td>\n\nFull Year 2026 <\/strong>(2)<\/strong><\/sup><\/td>\n\n Change to<\/strong><\/td>\n<\/tr>\n
\n\nLow<\/strong><\/td>\n\nHigh<\/strong><\/td>\n\nMidpoint<\/strong><\/td>\n\nLow<\/strong><\/td>\n\nHigh<\/strong><\/td>\n\nMidpoint<\/strong><\/td>\n\nMidpoint<\/strong><\/td>\n<\/tr>\n
Same-store Hospitality RevPAR growth(3)<\/sup><\/td>\n\n\n3.50<\/td>\n%<\/td>\n\n\n4.50<\/td>\n%<\/td>\n\n\n4.00<\/td>\n%<\/td>\n\n\n3.50<\/td>\n%<\/td>\n\n\n4.50<\/td>\n%<\/td>\n\n\n4.00<\/td>\n%<\/td>\n\n\n–<\/td>\n%<\/td>\n<\/tr>\n
Same-store Hospitality Total RevPAR growth(3)<\/sup><\/td>\n\n\n3.50<\/td>\n%<\/td>\n\n\n4.50<\/td>\n%<\/td>\n\n\n4.00<\/td>\n%<\/td>\n\n\n3.50<\/td>\n%<\/td>\n\n\n4.50<\/td>\n%<\/td>\n\n\n4.00<\/td>\n%<\/td>\n\n\n–<\/td>\n%<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Operating income:<\/u><\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Hospitality (same-store) (3)<\/sup><\/td>\n\n$<\/td>\n484.5<\/td>\n\n\n$<\/td>\n489.5<\/td>\n\n\n$<\/td>\n487.0<\/td>\n\n\n$<\/td>\n484.5<\/td>\n\n\n$<\/td>\n489.5<\/td>\n\n\n$<\/td>\n487.0<\/td>\n\n\n$<\/td>\n–<\/td>\n<\/tr>\n
JW Marriott Desert Ridge<\/td>\n\n\n35.0<\/td>\n\n\n\n37.0<\/td>\n\n\n\n36.0<\/td>\n\n\n\n35.0<\/td>\n\n\n\n37.0<\/td>\n\n\n\n36.0<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Grande Lakes Orlando<\/td>\n\n\n11.0<\/td>\n\n\n\n14.0<\/td>\n\n\n\n12.5<\/td>\n\n\n\nN\/A<\/td>\n\n\n\nN\/A<\/td>\n\n\n\nN\/A<\/td>\n\n\n\n12.5<\/td>\n<\/tr>\n
Entertainment<\/td>\n\n\n74.8<\/td>\n\n\n\n79.5<\/td>\n\n\n\n77.1<\/td>\n\n\n\n74.8<\/td>\n\n\n\n79.5<\/td>\n\n\n\n77.1<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Corporate and Other<\/td>\n\n\n(50.5<\/td>\n)<\/td>\n\n\n(49.0<\/td>\n)<\/td>\n\n\n(49.8<\/td>\n)<\/td>\n\n\n(50.5<\/td>\n)<\/td>\n\n\n(49.0<\/td>\n)<\/td>\n\n\n(49.8<\/td>\n)<\/td>\n\n\n–<\/td>\n<\/tr>\n
Consolidated operating income<\/strong><\/td>\n\n$<\/strong><\/td>\n 554.8<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 571.0<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 562.9<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 543.8<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 557.0<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 550.4<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 12.5<\/strong><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Adjusted EBITDA<\/u>re<\/u><\/em>:<\/u><\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Hospitality (same-store) (3)<\/sup><\/td>\n\n$<\/td>\n728.0<\/td>\n\n\n$<\/td>\n742.0<\/td>\n\n\n$<\/td>\n735.0<\/td>\n\n\n$<\/td>\n728.0<\/td>\n\n\n$<\/td>\n742.0<\/td>\n\n\n$<\/td>\n735.0<\/td>\n\n\n$<\/td>\n–<\/td>\n<\/tr>\n
JW Marriott Desert Ridge<\/td>\n\n\n69.0<\/td>\n\n\n\n73.0<\/td>\n\n\n\n71.0<\/td>\n\n\n\n69.0<\/td>\n\n\n\n73.0<\/td>\n\n\n\n71.0<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Grande Lakes Orlando<\/td>\n\n\n30.0<\/td>\n\n\n\n35.0<\/td>\n\n\n\n32.5<\/td>\n\n\n\nN\/A<\/td>\n\n\n\nN\/A<\/td>\n\n\n\nN\/A<\/td>\n\n\n\n32.5<\/td>\n<\/tr>\n
Entertainment<\/td>\n\n\n120.0<\/td>\n\n\n\n130.0<\/td>\n\n\n\n125.0<\/td>\n\n\n\n120.0<\/td>\n\n\n\n130.0<\/td>\n\n\n\n125.0<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Corporate and Other<\/td>\n\n\n(39.0<\/td>\n)<\/td>\n\n\n(35.0<\/td>\n)<\/td>\n\n\n(37.0<\/td>\n)<\/td>\n\n\n(39.0<\/td>\n)<\/td>\n\n\n(35.0<\/td>\n)<\/td>\n\n\n(37.0<\/td>\n)<\/td>\n\n\n–<\/td>\n<\/tr>\n
Consolidated Adjusted EBITDA<\/strong>re<\/em><\/strong><\/td>\n\n$<\/strong><\/td>\n 908.0<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 945.0<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 926.5<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 878.0<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 910.0<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 894.0<\/strong><\/td>\n\n\n$<\/strong><\/td>\n 32.5<\/strong><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Net income<\/td>\n\n$<\/td>\n276.0<\/td>\n\n\n$<\/td>\n283.5<\/td>\n\n\n$<\/td>\n279.8<\/td>\n\n\n$<\/td>\n280.5<\/td>\n\n\n$<\/td>\n285.5<\/td>\n\n\n$<\/td>\n283.0<\/td>\n\n\n$<\/td>\n(3.3<\/td>\n)<\/td>\n<\/tr>\n
Net income available to common stockholders<\/td>\n\n$<\/td>\n266.0<\/td>\n\n\n$<\/td>\n271.5<\/td>\n\n\n$<\/td>\n268.8<\/td>\n\n\n$<\/td>\n270.5<\/td>\n\n\n$<\/td>\n273.5<\/td>\n\n\n$<\/td>\n272.0<\/td>\n\n\n$<\/td>\n(3.3<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
FFO available to common stockholders and unit holders<\/td>\n\n$<\/td>\n580.0<\/td>\n\n\n$<\/td>\n601.0<\/td>\n\n\n$<\/td>\n590.5<\/td>\n\n\n$<\/td>\n565.5<\/td>\n\n\n$<\/td>\n582.0<\/td>\n\n\n$<\/td>\n573.8<\/td>\n\n\n$<\/td>\n16.8<\/td>\n<\/tr>\n
Adjusted FFO available to common stockholders and unit holders<\/td>\n\n$<\/td>\n606.8<\/td>\n\n\n$<\/td>\n636.3<\/td>\n\n\n$<\/td>\n621.5<\/td>\n\n\n$<\/td>\n592.3<\/td>\n\n\n$<\/td>\n616.8<\/td>\n\n\n$<\/td>\n604.5<\/td>\n\n\n$<\/td>\n17.0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Net income available to common stockholders per diluted share (4)<\/sup><\/td>\n\n$<\/td>\n3.90<\/td>\n\n\n$<\/td>\n3.95<\/td>\n\n\n$<\/td>\n3.93<\/td>\n\n\n$<\/td>\n4.10<\/td>\n\n\n$<\/td>\n4.11<\/td>\n\n\n$<\/td>\n4.11<\/td>\n\n\n$<\/td>\n(0.18<\/td>\n)<\/td>\n<\/tr>\n
Adjusted FFO available to common stockholders and unit holders<\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
per diluted share\/unit (4)<\/sup><\/td>\n\n$<\/td>\n8.90<\/td>\n\n\n$<\/td>\n9.26<\/td>\n\n\n$<\/td>\n9.08<\/td>\n\n\n$<\/td>\n8.98<\/td>\n\n\n$<\/td>\n9.28<\/td>\n\n\n$<\/td>\n9.13<\/td>\n\n\n$<\/td>\n(0.05<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Weighted average shares outstanding – diluted (4)<\/sup><\/td>\n\n\n70.7<\/td>\n\n\n\n70.7<\/td>\n\n\n\n70.7<\/td>\n\n\n\n68.4<\/td>\n\n\n\n68.4<\/td>\n\n\n\n68.4<\/td>\n\n\n\n2.3<\/td>\n<\/tr>\n
Weighted average shares and OP units outstanding – diluted (4)<\/sup><\/td>\n\n\n71.1<\/td>\n\n\n\n71.1<\/td>\n\n\n\n71.1<\/td>\n\n\n\n68.8<\/td>\n\n\n\n68.8<\/td>\n\n\n\n68.8<\/td>\n\n\n\n2.3<\/td>\n<\/tr>\n<\/table>\n

___________________________<\/p>\n\n\n\n\n\n\n
(1)<\/td>\nIncludes JW Marriott Desert Ridge and Grande Lakes Orlando, except as otherwise noted. Amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n
(2)<\/td>\nIncludes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.<\/td>\n<\/tr>\n
(3)<\/td>\nSame-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025 and Grande Lakes Orlando, which was acquired September 1, 2026.<\/td>\n<\/tr>\n
(4)<\/td>\nIncludes 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.<\/td>\n<\/tr>\n
\n<\/tr>\n<\/table>\n

Note: For reconciliations of Consolidated Adjusted EBITDAre<\/em> guidance to Net Income, segment-level Adjusted EBITDAre<\/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<\/p>\n

About Ryman Hospitality Properties, Inc.<\/strong><\/p>\n

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company\u2019s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & 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 the Grande Lakes Orlando Resort, the JW Marriott Phoenix Desert Ridge Resort & Spa and the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company\u2019s Gaylord Hotels properties. The Company\u2019s hotel portfolio is managed by Marriott International and includes a combined total of 13,956 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; and 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

Cautionary Note Regarding Forward-Looking Statements<\/strong><\/p>\n

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 integration of Grande Lakes Orlando and the Company\u2019s expectations for Grande Lakes Orlando, including the Company\u2019s expectations regarding the revised guidance ranges for the full year 2026. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include the risks and uncertainties associated with the Company\u2019s integration of Grande Lakes Orlando, the financial performance of Grande Lakes Orlando for the remainder of the 2026 calendar year, and ability to identify and capture strategic and operational benefits at Grande Lakes Orlando. 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, the Company\u2019s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and subsequent filings, including the Current Report on Form 8-K on August 10, 2026. 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

Additional Information<\/strong><\/p>\n

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<\/a>.<\/p>\n

Calculation of RevPAR and Total RevPAR<\/em><\/strong>
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 & 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

Calculation of GAAP Margin Figures<\/em><\/strong>
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

Non-GAAP Financial Measures<\/em><\/strong>
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:<\/p>\n

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition<\/em><\/strong>
We calculate EBITDAre, <\/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 EBITDAre<\/em> of unconsolidated affiliates.<\/p>\n

Adjusted EBITDAre<\/em> is then calculated as EBITDAre<\/em>, plus to the extent the following adjustments occurred during the periods presented:<\/p>\n