Ryman Hospitality Properties ( (RHP) ) has released its Q3 earnings. Here is a breakdown of the information Ryman Hospitality Properties presented to its investors.
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Ryman Hospitality Properties, Inc., a leading lodging real estate investment trust (REIT), focuses on upscale convention center resorts and entertainment experiences in the United States, with notable holdings including the Grand Ole Opry and several major Gaylord Hotels.
In its recently released third quarter 2024 earnings report, Ryman Hospitality Properties showcased a robust financial performance, achieving record consolidated revenue and net income. The company highlighted strong results in its hospitality and entertainment segments, despite challenges in certain markets.
Among the key financial metrics, Ryman reported a record third-quarter net income of $60.4 million and consolidated Adjusted EBITDAre of $174.8 million, both marking significant year-over-year improvements. The company’s hospitality segment achieved notable growth, with an increase in operating income and Adjusted EBITDAre, driven by a rise in average daily rates and total revenue per available room. However, the company faced some headwinds, such as leisure transient softness in Nashville and Orlando and disruptions from Hurricane Milton.
Ryman’s entertainment segment faced a decrease in operating income due to ongoing capital investments, yet the company remains optimistic about future growth prospects with upcoming projects like the “Opry 100” centennial celebration and renovations at the W Austin Hotel. The company raised its full-year outlook for adjusted funds from operations, reflecting confidence in its strategic initiatives and financial health.
Looking ahead, Ryman Hospitality Properties remains committed to enhancing shareholder value through strategic investments and an increased dividend payout, despite adopting a more conservative outlook for certain performance metrics due to market disruptions. The company continues to focus on long-term growth opportunities in both its hospitality and entertainment sectors.
