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- RevPAR Increased 7.6%, Total RevPAR Increased 5.0% Compared to First Quarter 2016 -

- Net Income Increased 23.8% to $32.6 Million Compared to First Quarter 2016 -

- Total Adjusted EBITDA Increased 9.7% to $80.6 Million Compared to First Quarter 2016 -

- Gross Room Nights Booked for All Future Years Increased 24.6 Percent Compared to First Quarter 2016 -

NASHVILLE, Tenn., May 02, 2017 -- Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real estate investment trust ("REIT") specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the first quarter ended March 31, 2017.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, "Our businesses delivered a solid start to the year that was in line with our expectations. We are delighted with our year-over-year RevPAR and Total RevPAR growth, which our hotels translated into strong bottom-line performance in the first quarter of 2017 through effective margin management.

"Bookings for all future periods in first quarter 2017 were also strong and represented first quarter production levels that were well above our historical average. This production continues to set us up nicely for 2018 and beyond as we begin to reap the benefits of the investments we are making to further increase our competitive advantage."

First Quarter 2017 Results (As Compared to First Quarter 2016) Included the Following:

Consolidated Results

($ in thousands, except per share amounts)

  Three Months Ended  
  March 31,  
    2017       2016     % ∆    
Total Revenue $ 276,042     $ 261,497     5.6 %    
               
Operating Income $ 47,060     $ 38,794      21.3 %    
Operating Income Margin   17.0 %     14.8 %   2.2pt    
               
Net Income  $ 32,620     $ 26,346      23.8 %    
Net Income Margin    11.8 %     10.1 %   1.7pt    
Net Income per diluted share  $ 0.63     $ 0.51      23.5 %    
               
Adjusted EBITDA  $ 80,561     $ 73,416     9.7 %    
Adjusted EBITDA Margin    29.2 %     28.1 %   1.1pt    
               
Funds From Operations (FFO) $ 60,275     $ 55,124     9.3 %    
FFO per diluted share  $ 1.17     $ 1.07     9.3 %    
               
Adjusted FFO  $ 62,753     $ 56,550     11.0 %    
Adjusted FFO per diluted share  $ 1.22     $ 1.10     10.9 %    
               

For the Company's definitions of Revenue Per Available Room (RevPAR), Total Revenue Per Available Room (Total RevPAR), Operating Income Margin, Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, FFO, and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO to Net Income, see "Calculation of RevPAR and Total RevPAR," "Calculation of GAAP Margin Figures," "Non-GAAP Financial Measures," "Adjusted EBITDA Definition," "Adjusted EBITDA Margin Definition," "Adjusted FFO Definition" and "Supplemental Financial Results" below. 
 

Operating Results

Hospitality Segment

For the three months ended March 31, 2017 and 2016, the Company reported the following:
 

($ in thousands, except for ADR, RevPAR and Total RevPAR)

             
  Three Months Ended
  March 31,
    2017       2016     % ∆  
             
Hospitality Revenue  $ 254,154     $ 244,191     4.1 %  
             
Hospitality Operating Income  $ 52,132     $ 45,459     14.7 %  
Hospitality Operating Income Margin   20.5 %     18.6 %   1.9pt  
             
Hospitality Adjusted EBITDA $ 81,576     $ 76,341     6.9 %  
Hospitality Adjusted EBITDA Margin    32.1 %     31.3 %   0.8pt  
             
Hospitality Performance Metrics         
Occupancy   72.7 %     70.2 %   2.5pt  
Average Daily Rate (ADR) $ 190.33     $ 183.21     3.9 %  
RevPAR $ 138.28     $ 128.54     7.6 %  
Total RevPAR $ 339.99     $ 323.69     5.0 %  
             
Gross Definite Rooms Nights Booked     481,793         386,566     24.6 %  
Net Definite Rooms Nights Booked     387,724         319,015     21.5 %  
Group Attrition (as % of contracted block)   11.3 %     11.0 %   0.3pt  
Cancellations ITYFTY (1)     20,179         15,773      27.9 %  
             
             
(1)  "ITYFTY" represents In The Year For The Year.     
             

Property-level results and operating metrics for first quarter 2017 are presented in greater detail below and under "Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations," which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA to Hospitality Operating Income, and property-level Adjusted EBITDA to property-level Operating Income for each of the hotel properties. Highlights for first quarter 2017 for the Hospitality segment and at each property include:
 

  • Hospitality Segment: Total revenue increased 4.1 percent to $254.2 million in first quarter 2017 compared to first quarter 2016. RevPAR increased 7.6 percent to $138.28 in first quarter 2017 compared to first quarter 2016. The RevPAR increase was split between growth in occupancy and average daily rate ("ADR"), with these increases primarily being driven by increases in room nights and ADR in the Association and Other Group category, which was offset by a decline in the Corporate group room nights. Gaylord National and Gaylord Texan led the hotel portfolio overall with RevPAR growth of 12.5 percent and 11.0 percent, respectively, compared to first quarter 2016. As detailed below, Gaylord Opryland was negatively impacted by room nights out of service due to a rooms renovation project that began in the first quarter of 2017. On a portfolio basis, the shift of the Easter holiday into the second quarter of 2017 favorably impacted first quarter 2017 RevPAR growth by approximately 380 basis points over first quarter 2016. Total RevPAR increased 5.0 percent to $339.99 in the first quarter of 2017 compared to first quarter 2016. The mix shift from Corporate group room nights to Association and Other Group room nights negatively impacted outside the room spending for banquets and catering during the first quarter 2017 compared to first quarter 2016. As a result, the growth rate in Total RevPAR trailed the corresponding growth rate in RevPAR. Also, as outlined on the fourth quarter 2016 earnings call, increases in property tax accruals, particularly at Gaylord Opryland and Gaylord Texan as described below, negatively impacted the flow through of incremental revenues to Operating Income and Adjusted EBITDA during the first quarter of 2017.


To view full financial release and corresponding tables please click the PDF icon or visit:
http://ir.rymanhp.com/phoenix.zhtml?c=72635&p=irol-irhome

About Ryman Hospitality Properties

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of four upscale, meetings-focused resorts totaling 7,811 rooms that are managed by lodging operator Marriott International, Inc. under the Gaylord Hotels brand. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music’s finest performers for over 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; and 650 AM WSM, the Opry’s radio home. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com

Contact: Mark Fioravanti, President and Chief Financial Officer

mfioravanti@rymanhp.com / (615) 316-6588

Contact: Brian Abrahamson, Vice President of Corporate Communications

babrahamson@rymanhp.com / (615) 316-6302

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