Ryman Hospitality Properties Inc at NAREIT REITweek: Investor Conference Transcript

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

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : I think one of the things you pointed out was the booking window. 70% of your business, on average, a three-year booking window. What is the typical booking window for business transient or leisure travelers these days? Are we talking weeks?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : And there's a rotational aspect of your business that I think you've highlighted in the past.

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : Very unique in the space. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 04, 2024 / 6:15PM, RHP.N - Ryman Hospitality Properties Inc at NAREIT REITweek: Investor Conference

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : And we, as hotel analysts, we always look at RevPAR, revenue per available room, its occupancy tax rate that spits out some magic number that you look at the growth year over year. Your business is a little different. Because of the large-group nature and because of the amenities offered by the properties, you really focus on total RevPAR. And it's a much different answer and outcome than if you just look at RevPAR. Maybe you can explain that a little bit.

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : I want to turn to fundamentals because I think everybody is looking for cracks out there with the consumer and how much is the economy slowing, is it slowing at different price points, et cetera. Maybe you can kind of shine a light on what you're seeing from a demand perspective outside the room spend trends. Any change in cancellation and attrition issues or anything like that? I think that would be helpful for everybody.

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : Mark, you and Jennifer and the team announced a sizable capital deployment plan. Four years, $1 billion while maintaining the balance sheet in the current structure that it is. Can you talk about what the intent of that is? What the expected returns on that investment are?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : What's targeted return on that investment spend?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : Yeah, attractive returns. Mark, you did something you haven't done in a long time, you acquired an asset this past year, San Antonio. It's not a Gaylord, it's not flagged to Gaylord, at least not yet. A beautiful JW Marriott Hill Country resort. Can you talk about the reasons why you bought it and what your vision is there?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : When we look at real estate, it's so much about supply and demand. We know your demand is there. Can you talk about new supply that might be out there that could kind of threaten your strategy here?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : We got about 10 minutes left, I want to turn to the folks that actually came into see us and see if there are any questions in the audience. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 04, 2024 / 6:15PM, RHP.N - Ryman Hospitality Properties Inc at NAREIT REITweek: Investor Conference Unidentified Participant For Gaylord Pacific, are you basically going to follow the same playbook? For the Rockies, meaning maybe joint venture partner? Expectation that you'll end up buying the whole thing eventually?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : In fact, you touched on the entertainment business, and you touched on an eventual spin or sale of that business. It's not an insignificant business. Maybe you could kind of -- from a sheer size perspective, I think your venture partner valued it at $1.4 billion, I believe?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : Yeah, I think it has real optionality from a balance sheet perspective if you do ultimately sell or spin that business. Certainly, the Gaylord Pacific could be an option, but reinvesting your existing portfolio, there aren't many opportunities to buy in the open market these days. You got the one that was out there, but I assume you consistently look for opportunities to grow your portfolio?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : Okay, we also have here? Go ahead. Unidentified Participant Gaylord got a good name in the conference business. Is there any broader advantage to rebranding Hill Country to Gaylord Hill Country? Does that do anything?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : Jennifer, I'd like you to take a minute or two to talk about the balance sheet. And maybe you could touch on the dividend, which has undergone dramatic growth after we came out of COVID, maybe how we should expect about the growth. I know it's a Board decision, but going forward?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : Pretty attractive yield. So I'll just wrap it up by saying if you haven't had a chance to go inside a Gaylord property and to understand why the DNA is different than nearly every other hotel you have ever been in, if you're in Orlando or Nashville or Washington, D.C. or Dallas or Denver -- am I leaving one out?

Question: Bill Crow - Raymond James & Associates, Inc. - Analyst : Dallas, yeah. If you get a chance to go in there, go and take a look around. It's a very different product, and you'll understand why they have this advantage with the groups as they do. So with that, if you'd join me in thanking Mark and Jennifer for their time.