Ryman Hospitality Properties Reports Q1 2017 Net Income Increased 23.8% to $32.6 Million Compared to Q1 2016
May 2, 2017 6:52am
- 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 $80.6 Million Compared to First Quarter 2016 -
- Gross Room Nights Booked for All Future Years Increased 24.6 Percent Compared to First Quarter 2016 -
NASHVILLE, Tenn., May 02, 2017 -- Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real estate investment trust ("REIT") specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the first quarter ended March 31, 2017.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, "Our businesses delivered a solid start to the year that was in line with our expectations. We are delighted with our year-over-year RevPAR and Total RevPAR growth, which our hotels translated into strong bottom-line performance in the first quarter of 2017 through effective margin management.
"Bookings for all future periods in first quarter 2017 were also strong and represented first quarter production levels that were well above our historical average. This production continues to set us up nicely for 2018 and beyond as we begin to reap the benefits of the investments we are making to further increase our competitive advantage."
First Quarter 2017 Results (As Compared to First Quarter 2016) Included the Following:
($ in thousands, except per share amounts)
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.
For the three months ended March 31, 2017 and 2016, the Company reported the following:
($ in thousands, except for ADR, RevPAR and Total RevPAR)
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:
To view full financial release and corresponding tables please click the PDF icon or visit:
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q1 2017 financial results
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
Contact: Brian Abrahamson, Vice President of Corporate
Q2 2017 Financial Reports Round Up - Part 5: Marriott, IHG, Ryman, Xenia, Belmond
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