Ryman Hospitality Properties Inc at JPMorgan Gaming, Lodging, Restaurant & Leisure Management Access Forum Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : And if we look past 2021, what does the book for 2022 look like? And are they equally as important? What does that look like from a rate standpoint? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 12, 2021 / 4:45PM, RHP.N - Ryman Hospitality Properties Inc at JPMorgan Gaming, Lodging, Restaurant & Leisure Management Access Forum

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : And with your conversations with meeting planners, do you get a sense that anything maybe permanent has changed? Whether the booking curve is now longer or shorter? And any sort of change now versus pre-pandemic?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : I know we talked about it a handful of times this morning, but -- already, but what is the -- in the year for the year business typically look like in a

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : And is that business, typically from a rate standpoint, higher? And I guess also, those could be thought of, is it accurate to think of those as compression nights where that rate is higher, so it should be a higher margin business as well?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Are there any different pain points now with your conversations with rebookings or even with new bookings, whether it comes to rate contract terms, rebookings or cycles and anything that might stand out?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Makes sense. Makes sense. I think another point on rebookings, and you've rebooked 60% or so of your canceled room nights, which is significantly higher than any of the lodging peers or lodging REIT peers, which are more focused on the transient business. What do you think has driven that outperformance and driven that high degree of rebookings?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Todd, you actually mentioned it, but it's actually a question that I had coming up. But looking at the Rockies property. That's one that was trending really positively prior to COVID. How does the customer base for that property -- I'd imagine it's more West Coast, maybe tech-centric, but how does that compare to the rest of the portfolio? And what have you seen from a demand standpoint from the overall portfolio for meeting planners looking to rotate in that property as well?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : And you own 62% of that property? Is there...

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : 65%, sorry, excuse me.

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Is there a path or is it once we hit our groove, once we're on the other side of this and all else clear, is there a path or at least a desire for you guys to up that to 100% or do you see the opportunity to do that?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Great. And then shifting back to the recovery. Obviously, your RevPAR, the occupancy and the ADR on the books is great and impressive, and you have a clear trajectory to getting back to 2019 levels. What has changed on the OpEx side? And I guess, another way of phrasing the question, do you need to get back to 2019 top line level in order to get to 2019 EBITDA level?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Right. And there's 2 components, right, to that top line recovery. There's the RevPAR and then there's the other RevPAR segment, right? How do those -- how do you think about the recovery of either because the other RevPAR segment can be pretty significant for you guys when looking at the total. How do you think about the recovery for each of those?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Great. And I guess, as you think about the recovery and going forward, you've done an impressive job building that leisure business or at least filling these empty rooms now with leisure business. Do you envision a scenario where as group comes back, that you can still retain a lot of this leisure business and maybe drive more compression?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : On Gaylord National, it's still closed, and you guys talked on the 4Q call plans to open it up late in the 3Q -- or late in the 2Q, excuse me, early in the 3Q. How do you think about that property's ramp relative to the rest of the portfolio?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Awesome. Maybe a couple of bigger picture questions. But as I think about some of the companies that have come out and said that they'll be at least permanent or to some extent, work from home, how do you think about that as a headwind or potential headwind or I guess, tailwind to the business as everybody's remote, but you still need to have some sort of meeting or interaction in person?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : So idea generation, problem solving, learning on fly because all these are...

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Great. Perfect. I think that if we talk about the supply demand dynamics in group hotels and large 1,000-plus room hotels, and you've obviously had tremendous success in rebooking rooms further out in the future, which I think are positives for the business. Do you think you can make the case that group hotels today may be more valuable than they were pre-pandemic given that success? And I guess, can you talk about that supply-demand dynamic and the disconnect between there from your point of view?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : I have to ask about balance sheet and capital. And we talked about the Gaylord National renovation and the on-hold Rockies renovation that's ready to go when you guys choose to, hopefully, when things recover. But what's sort of priorities for capital leverage targets and use of balance sheet going forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 12, 2021 / 4:45PM, RHP.N - Ryman Hospitality Properties Inc at JPMorgan Gaming, Lodging, Restaurant & Leisure Management Access Forum

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : So is it fair to say that, I guess, most of the difference are what's hindering these deals is best price. There's assets out there, but not at prices that sellers and buyers can agree on?

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Okay. Okay. Makes sense. And I guess now is a good tend to remind the audience, if there's any question they can submit them through the website. But while that happens, I have to ask about the one part of the business that we haven't really spoken about, which is your Entertainment segment. And it's not one that's a massive part of EBITDA. It was -- what was it, roughly 10% of your 2019 EBITDA. What do you think the future of that looks REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 12, 2021 / 4:45PM, RHP.N - Ryman Hospitality Properties Inc at JPMorgan Gaming, Lodging, Restaurant & Leisure Management Access Forum like? And what the opportunity in home for that is? I think that Colin in the past had talked about potentially or ideally being able to spin-off and be its own entity as being the healthiest way for that business itself to grow. Would be curious to hear your thoughts.

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : So -- well, with that, it brings us to 12:20, 35 minutes. Mark, Todd, I appreciate you guys taking the time.

Question: Omer Nathan Sander - JPMorgan Chase & Co, Research Division - Analyst : Absolutely. I hope to see you in person soon.