NASHVILLE, Tenn., Aug. 04, 2020 – 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 second quarter ended June 30, 2020.
Second Quarter 2020 Highlights:
- Second quarter 2020 gross advanced room night bookings of approximately 733,000 room nights for all future years
- Year to date rebooked room nights through June 30, 2020 of approximately 552,600 room nights or approximately 40% of total room nights canceled related to COVID-19
- Successfully reopened 4 of 5 Gaylord Hotels in June 2020; Gaylord National remains closed
- Successfully reopened all 4 Ole Red venues in June including the brand’s newest location in Orlando, Florida
- Ryman Auditorium and Grand Ole Opry House opened for daytime tours and retail sales. The venues remain closed for concerts and events
Colin Reed, Chairman and Chief Executive Officer of Ryman Hospitality Properties, said, “After temporarily closing all five of our Gaylord Hotels in late March, as well as all live entertainment locations, we successfully reopened most of our hospitality and entertainment operations during June. Across our locations, we have implemented enhanced cleaning standards and social distancing protocols as we move deliberately through each stage of our reopening process. We are encouraged by early business levels and the response we have received from guests across our hospitality and entertainment portfolios.
“Our unique hotel assets are serving us well through this unprecedented period, allowing us to take advantage of the large footprint and diverse amenities that each of our locations possess. In the near-term, we are focused on regional transient demand as customers seek ‘stay-cation’ opportunities to balance their desire to venture beyond their homes against the continued short-term need to restrict travel in this environment. Our pool offerings and other amenities, including the open and expansive spaces we provide, offer an important resource to families and others looking to travel safely and comfortably.
“Not surprisingly, group cancellations continue as social distancing and travel restrictions weigh on this sector, but re-bookings are gaining momentum. We have also kept expenses to a minimum and in so doing have improved our cash burn rate, benefiting our liquidity. In fact, our actual cash burn rate in the quarter was over 20% lower than our initial estimate in May and 10% lower than the estimate we provided to you in June.
“As in previous periods of great uncertainty, including September 11, the Great Financial Crisis, and the Nashville flood of 2010, our Board of Directors and management team will navigate this crisis by focusing on our core differentiators, pursuing opportunities to strengthen our relationship with meeting planners, and ensuring we have the liquidity and credit facility covenant amendments required.”