Ryman Hospitality Properties Inc. published the transcript of its Q4 2025 earnings conference call (Feb. 24, 2026). Corporate participants included Executive Chairman Colin Reed, President and CEO Mark Fioravanti, CFO Jennifer Hutcheson, Hotels COO Patrick Chaffin, and Opry Entertainment Group CEO Patrick Moore, alongside analysts from firms including Wells Fargo, Truist, Citi, Jefferies, Evercore ISI, Deutsche Bank, BMO, J.P. Morgan, Barclays, BofA, CBRE, Cantor Fitzgerald, Green Street, and Morgan Stanley. Management said results came in ahead of expectations, helped by holiday programming and improved volumes in downtown Nashville entertainment venues. Reed said the company delivered “full year results above the midpoints of our guidance ranges,” and highlighted that “the fourth quarter came in ahead of our expectations… due to strong reception for our holiday programming… and better-than-expected volumes in our Downtown Nashville entertainment venues.” In hotels, executives pointed to strong holiday demand, including ICE! ticket sales rising more than 14% to a record 1.5 million, and improving group booking trends. Fioravanti said December produced “record room night revenue and ADR bookings production for all future years,” with December booking ADR up more than 10% versus December 2024. Looking to 2026, the company issued initial guidance reflecting a measured demand outlook amid macro uncertainty; Fioravanti said “we believe a measured view of demand is prudent.” Ryman also discussed portfolio investment and growth initiatives, including continued capital work at Gaylord Opryland and integration of the JW Marriott Desert Ridge acquisition. Reed noted Opryland’s new Foundry Fieldhouse sports bar development “will open in April of this year,” while Hutcheson said 2026 capital expenditures are expected to be $350 million to $450 million. Hutcheson also announced a quarterly dividend of $1.20 payable April 15, 2026, adding, “It remains our intention to continue to pay 100% of our REIT taxable income through dividends.” In entertainment, management reported double-digit fourth-quarter growth and emphasized expansion opportunities in venues and branded concepts. Reed said live entertainment is “a very valuable asset in this day and age,” and added, “we see a lot of growth in this business over the next three, four, five years.” The full transcript can be accessed through the link below.
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