– 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