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Ryman Hospitality Properties Announces $150 Million Expansion of Gaylord Palms Resort & Convention Center
Planned Expansion to Add 90,000 Square Feet of Carpeted Meeting and Pre-function Space, 303 Guest Rooms and Additional Resort Amenities
The planned expansion will add 303 guest rooms to the resort’s current 1,416 room inventory and 90,000 square feet of carpeted meeting and pre-function space. Once complete, the planned expansion will bring the total convention, meeting and pre-function space at Gaylord Palms to approximately 490,000 square feet.
The meeting space addition includes a new 30,000-square-foot ballroom, 30,000 square feet of breakout space and approximately 30,000 square feet of carpeted pre-function space. In addition, the planned expansion will include a new multi-level parking structure and an expansion to the property’s resort pool that will include a new lazy river feature and a new events lawn.
Construction on the multi-story parking structure is expected to begin in the third quarter of 2018. Construction on the meeting space, rooms expansion and pool enhancements is expected to begin following the completion of the parking structure in the spring of 2019. The planned expansion is expected be completed during the spring of 2021.
The project will be funded with cash on hand and borrowings under the Company’s revolving credit facility. In connection with the project,
Reed continued, “We are proud of our long-standing partnership with the leadership of
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the planned expansion of Gaylord Palms, the future performance of our business, estimated capital expenditures, construction project costs and completion dates, preliminary operations and financial reporting and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with construction projects, schedules, budgets, and cost estimates, cash flows, the Company’s ability to borrow funds pursuant to its credit agreement, and the process of finalizing preliminary financial and operating results. Other factors that could cause business, operating and financial results to differ are described in the filings made from time to time by the Company with the
FOR PRELIMINARY PROJECT RENDERINGS: https://www.rymanhp.com/gaylord-palms-renderings
|Investor Relations Contacts:||Media Contacts:|
|Mark Fioravanti, President and Chief Financial Officer||Shannon Sullivan, Vice President of Corporate and Brand Communications|
|Ryman Hospitality Properties, Inc.||Ryman Hospitality Properties, Inc.|
|(615) 316-6588||(615) 316-6725|
|Todd Siefert, Vice President of Corporate Finance & Treasurer||Robert Winters or Sam Gibbons|
|Ryman Hospitality Properties, Inc.||Alpha IR Group|
|(615) 316-6344||(929) 266-6315 or (312) 445-2874|
Source: Ryman Hospitality Properties, Inc.