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– Net Income Increased 24 Percent to $48.1 Million for the Quarter and 43 Percent to $159.4 Million for the Year over 2015 periods –

 – Reports Full Year Consolidated Adjusted EBITDA of $350.2 Million, an Increase of 7.7 Percent Over Full Year 2016 – 

 – Achieved Record Gross Advanced Group Bookings in 2016, Surpassing 2015 Previous Record by 9.9 Percent – 

 – Declares First Quarter 2017 Dividend of $0.80 Per Share; Intends to Pay $3.20 Per Share Annualized Dividend in 2017, a 7 Percent Increase Over Full Year 2016 – 

 – Issues Full Year 2017 Guidance – 

NASHVILLE, Tenn., Feb. 28, 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 fourth quarter and full year ended December 31, 2016.

Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “Our businesses delivered fourth quarter 2016 results that were in line with our expectations going into the quarter and contributed to another record year for our company from a total revenue, net income, Adjusted EBITDA, and hospitality gross group bookings perspective.  Full year 2016 results for these measures exceeded last year’s performance by 5.2 percent, 42.9 percent, 7.7 percent, and 9.9 percent, respectively. 

We closed fourth quarter 2016 with gross group bookings results that nearly matched our record Q4 2015 production. This strong close solidified 2016 as the best gross room night production year in brand history. We began 2017 with 6.4 million gross room nights on the books for all future years, which, in addition to being a new high-water mark for the brand, is further indication that the group market is alive and well. We remain confident in our market position and the outlook for this segment. While overall industry supply according to STR is expected to grow by a modest 2.0 percent and 2.2 percent in 2017 and 2018, respectively, the demand for hotels of our size and group-oriented nature is robust with little new competitive supply in the pipeline for the foreseeable future.”
 

Fourth Quarter and Full Year 2016 Results (As Compared to Fourth Quarter and Full Year 2015) Included the Following:
Consolidated Results                
($ in thousands, except per share amounts, RevPAR and Total RevPAR)                
                       
  Three Months Ended   Twelve Months Ended
  Dec 31,   Dec 31,
  2016   2015   % ∆   2016   2015   % ∆
Total Revenue $ 319,775     $ 312,120     2.5 %   $ 1,149,207     $ 1,092,124     5.2 %
                           
Operating Income (1) $ 61,499     $ 36,389      69.0 %   $ 213,805     $ 162,062     31.9 %
Operating Income Margin   19.2 %     11.7 %   7.5pt       18.6 %     14.8 %   3.8pt  
                           
Net Income (1) $ 48,096     $ 38,899      23.6 %   $ 159,366     $ 111,511      42.9 %
Net Income Margin (1)   15.0 %     12.5 %   2.5pt       13.9 %     10.2 %   3.7pt  
Net Income per diluted share (1) $ 0.94     $ 0.75      25.3 %   $ 3.11     $ 2.16      44.0 %
                           
Adjusted EBITDA  $ 94,674     $ 88,298     7.2 %   $ 350,194     $ 325,068     7.7 %
Adjusted EBITDA Margin    29.6 %     28.3 %   1.3pt       30.5 %     29.8 %   0.7pt  
                           
Same-Store Hospitality Revenue (2) $ 289,544     $ 285,320     1.5 %   $ 1,029,651     $ 987,631     4.3 %
                           
Same-Store Hospitality RevPAR (2) $ 145.32     $ 148.38     -2.1 %   $ 138.67     $ 134.80     2.9 %
Same-Store Hospitality Total RevPAR (2) $ 387.92     $ 382.97     1.3 %   $ 346.99     $ 334.14     3.8 %
                           
Same-Store Hospitality Operating Income (2) $ 62,959     $ 39,838     58.0 %   $ 215,693     $ 168,833     27.8 %
Same-Store Hospitality Operating Income Margin (2)   21.7 %     14.0 %   7.7pt       20.9 %     17.1 %   3.8pt  
                           
Same-Store Hospitality Adjusted EBITDA (2) $ 91,454     $ 86,857     5.3 %   $ 333,796     $ 312,970     6.7 %
Same-Store Hospitality Adjusted EBITDA Margin (2)   31.6 %     30.4 %   1.2pt       32.4 %     31.7 %   0.7pt  
                           
Funds From Operations (FFO) $ 76,046     $ 67,815     12.1 %   $ 269,241     $ 225,894     19.2 %
FFO per diluted share  $ 1.48     $ 1.31     13.0 %   $ 5.25     $ 4.38     19.9 %
                           
Adjusted FFO (3)  $ 77,745     $ 72,112     7.8 %   $ 281,499     $ 259,887     8.3 %
Adjusted FFO per diluted share (3)  $ 1.51     $ 1.40     7.9 %   $ 5.49     $ 5.04     8.9 %
                         
                       
(1) Net income for three and twelve months ended December 31, 2016 includes a loss of $0.7 million and $2.8 million, respectively, on joint ventures.
Net income and operating income for three and twelve months ended December 31, 2015 includes an impairment charge of $16.3 million and $19.2 million, respectively. 
Net income for twelve months ended December 31, 2015 includes a loss of $20.2 million on warrant settlements associated with our previous convertible notes.
Net income for three and twelve months ended December 31, 2015 includes a $6.9 million gain associated with the reimbursement of costs that were previously incurred related to a proposed Gaylord Rockies development. 
                       
(2) Same-Store Hospitality excludes the AC Hotel at National Harbor, which opened in April 2015.     
                       
(3) Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release.            
             

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.  Adjusted FFO for 2015 presented herein reflects the Adjusted FFO definition used for 2016.

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-newsArticle&ID=2250129

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: Investor Relations: Todd Siefert, Vice President of Corporate Finance & Treasurer

tsiefert@rymanhp.com / (615) 316-6344

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