Ryman Hospitality Properties, Inc. Reports First Quarter 2016 Results
– First Quarter Net Income of
– Total Adjusted EBITDA of
– First Quarter Gross Room Nights Booked For All Future Years Increases 12.6 Percent –
“Our bookings activity for first quarter 2016 was strong, particularly considering the record fourth quarter and full year bookings we had in 2015. The group segment continues to perform well, and we remain enthusiastic about the demand we are seeing for future years.”
First Quarter 2016 Results (As Compared to First Quarter 2015) Included the Following:
($ in thousands, except per share amounts, RevPAR and Total RevPAR)
Three Months Ended March 31, |
|||||||||
2016 | 2015 | % ∆ | |||||||
Total Revenue | $261,497 | $253,148 | 3.3% | ||||||
Same-Store Hospitality Revenue (1) | $242,379 | $236,454 | 2.5% | ||||||
Same-Store RevPAR (1) | $129.50 | $129.96 | -0.4% | ||||||
Same-Store Total RevPAR (1) | $328.91 | $324.43 | 1.4% | ||||||
Adjusted EBITDA | $73,416 | $73,826 | -0.6% | ||||||
Adjusted EBITDA Margin | 28.1% | 29.2% | -1.1pt | ||||||
Same-Store Hospitality Adjusted EBITDA (1) | $75,954 | $75,844 | 0.1% | ||||||
Same-Store Hospitality Adjusted EBITDA Margin (1) | 31.3% | 32.1% | -0.8pt | ||||||
Adjusted FFO (2) | $56,550 | $58,674 | -3.6% | ||||||
Adjusted FFO per diluted share | $1.10 | $1.14 | -3.5% | ||||||
Operating income | $38,794 | $35,890 | 8.1% | ||||||
Net income (3) | $26,346 | $4,532 | 481.3% | ||||||
Net income per diluted share (3) | $0.51 | $0.09 | 466.7% | ||||||
(1) |
Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015. |
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(2) |
Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release. |
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(3) |
Net income for first quarter 2015 includes a loss of $20.2 million on warrant settlements associated with our previous convertible notes. |
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For the Company’s definitions of RevPAR, Total RevPAR, Adjusted EBITDA and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO to Net Income, see “Calculation of RevPAR and Total RevPAR,” “Non-GAAP Financial Measures,” “Revised Adjusted FFO Definition” and “Supplemental Financial Results” below. Adjusted FFO for 2015 presented herein also reflects the revised Adjusted FFO definition used for 2016.
Operating Results
Hospitality Segment
For the three months ended
($ in thousands, except for ADR, RevPAR and Total RevPAR)
Three Months Ended March 31, |
|||||||||
2016 | 2015 | % ∆ | |||||||
Hospitality Results |
|||||||||
Hospitality Revenue | $244,191 | $236,454 | 3.3% | ||||||
Hospitality Adjusted EBITDA | $76,341 | $75,844 | 0.7% | ||||||
Hospitality Adjusted EBITDA Margin | 31.3% | 32.1% | -0.8pt | ||||||
Hospitality Performance Metrics | |||||||||
Occupancy | 70.2% | 71.0% | -0.8pt | ||||||
Average Daily Rate (ADR) | $183.21 | $183.13 | 0.0% | ||||||
RevPAR | $128.54 | $129.96 | -1.1% | ||||||
Total RevPAR | $323.69 | $324.43 | -0.2% | ||||||
Gross Definite Rooms Nights Booked | 386,566 | 343,265 | 12.6% | ||||||
Net Definite Rooms Nights Booked | 319,015 | 263,055 | 21.3% | ||||||
Group Attrition (as % of contracted block) | 11.0% | 11.3% | -0.3pt | ||||||
Cancellations ITYFTY (1) | 15,773 | 12,019 | 31.2% | ||||||
Same-Store Hospitality Results (2) |
|||||||||
Same-Store Hospitality Revenue | $242,379 | $236,454 | 2.5% | ||||||
Same-Store Hospitality Adjusted EBITDA | $75,954 | $75,844 | 0.1% | ||||||
Same-Store Hospitality Adjusted EBITDA Margin | 31.3% | 32.1% | -0.8pt | ||||||
Same-Store Hospitality Performance Metrics | |||||||||
Occupancy | 70.7% | 71.0% | -0.3pt | ||||||
Average Daily Rate (ADR) | $183.26 | $183.13 | 0.1% | ||||||
RevPAR | $129.50 | $129.96 | -0.4% | ||||||
Total RevPAR | $328.91 | $324.43 | 1.4% | ||||||
(1) |
"ITYFTY" represents In The Year For The Year. |
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(2) |
Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015. |
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Property-level results and operating metrics for first quarter 2016 are presented in greater detail below and under “Supplemental Financial Results.” Highlights for first quarter 2016 for the Hospitality segment and at each property include:
-
Hospitality Segment (
Same Store ): Total revenue increased 2.5 percent to$242.4 million in first quarter 2016 compared to first quarter 2015. Group performance was tempered in the first quarter of 2016 compared to 2015 due to a shift in the timing of the Easter holiday into the first quarter coupled with the impact of winter storm Jonas at Gaylord National and Gaylord Opryland. Adjusted EBITDA was flat at$76.0 million compared to first quarter 2015, and Adjusted EBITDA Margin decreased by 80 basis points. Adjusted EBITDA margin in first quarter 2015 was positively impacted by the collection of a portion of insurance proceeds related to the norovirus event at Gaylord Opryland, which made for a challenging comparison. In addition, Adjusted EBITDA for first quarter 2016 includes the accrual of approximately$1 million in additional incentive management fees payable to our operator based on full year 2016 performance expectations. -
Gaylord Opryland: Total revenue increased 12.0 percent to
$75.6 million in first quarter 2016 compared to first quarter 2015, driven by a 6.4 point occupancy increase and strong banquet performance. In first quarter 2015, a norovirus outbreak unfavorably impacted revenue, occupancy and banquet performance. Adjusted EBITDA increased 10.7 percent to$24.1 million compared to first quarter 2015. Adjusted EBITDA was unfavorably impacted by the norovirus outbreak in first quarter 2015, and$1.2 million in insurance proceeds in the first quarter of 2015 related to the norovirus disruptions partially offset that impact. -
Gaylord Palms : Total revenue increased 4.5 percent to$55.8 million in first quarter 2016 compared to first quarter 2015, due primarily to an increase in catering revenue and higher attrition and cancellation fee collections. Adjusted EBITDA increased 4.1 percent to$20.9 million compared to first quarter 2015.
-
Gaylord Texan: Total revenue decreased 3.0 percent to
$53.7 million in first quarter 2016 compared to first quarter 2015 due to an occupancy decrease of 3.1 points and a 5.3 percent reduction in ADR due to a mix shift to fewer premium corporate groups. Adjusted EBITDA decreased 7.3 percent to$19.4 million compared to first quarter 2015. -
Gaylord National: Total revenue decreased 5.9 percent to
$54.2 million in first quarter 2016 compared to first quarter 2015, driven by a 7.9 point decline in occupancy and reduced banquets spending, primarily attributable to winter storm Jonas and a shift of the Easter holiday into the first quarter impacting group bookings. Adjusted EBITDA decreased 13.4 percent to$10.9 million compared to first quarter 2015.
Reed continued, “Notwithstanding the challenges of the first quarter, our Hospitality segment profitability was right where we expected it to be. Our outlook for the remainder of the year has not changed, and we believe our hotels are on pace for another record year. Given this level of expected annual performance, we anticipated that profitability would be impacted this quarter and through the remainder of the year due to the accrual of our incentive management fee, which is based on our full year outlook.”
Entertainment Segment
For the three months ended
Three Months Ended March 31, |
|||||||||
($ in thousands) | |||||||||
2016 | 2015 | % ∆ | |||||||
Revenue | $17,306 | $16,694 | 3.7% | ||||||
Operating Income | $963 | $2,120 | -54.6% | ||||||
Adjusted EBITDA | $2,772 | $3,743 | -25.9% | ||||||
Adjusted EBITDA Margin | 16.0% | 22.4% | -6.4pt | ||||||
Reed continued, “Our planned investments in the Entertainment segment impacted our first quarter 2016 results. Specifically, we are investing in our people as well as dedicating more resources to areas such as social media, e-commerce, and content development so that we are able to execute on the strategies and initiatives that lay before us.
In addition, we announced in February an
Corporate and Other Segment Results
For the three months ended
Corporate Segment Results | |||||||||
Three Months Ended March 31, |
|||||||||
($ in thousands) | |||||||||
2016 | 2015 | % ∆ | |||||||
Operating Loss | ($7,628) | ($7,809) | 2.3% | ||||||
Adjusted EBITDA | ($5,697) | ($5,761) | 1.1% | ||||||
Development Update
On
Reed continued, “We are thrilled to be a part of this milestone expansion of the Gaylord Hotels brand. This hotel represents the first western destination for the Gaylord Hotels model, and we believe from our extensive research that it is something our key group customers and meeting planners have been anxious to see come to fruition. We believe this hotel will serve existing customers who are presently rotating outside of the brand when they plan their western meetings and also induce new demand into our existing properties from western-based groups. Combined with our previously-announced expansion at Gaylord Texan, we believe our Company is in an ideal position to capitalize on the future demand we are seeing in the group segment.”
Dividend Update
The Company paid its first quarter 2016 cash dividend of $0.75 per share
of common stock on
Balance Sheet/Liquidity Update
As of
Share Repurchase Update
On
Guidance
The Company is reaffirming its 2016 guidance provided on
Reed continued, “Our first quarter performance expectations were factored in the guidance we issued in February. Given that the quarter was in line with those expectations and that the pace of our in the year for the year group bookings for the rest of 2016 is also aligning with our expectations, we believe the guidance range we issued at the outset of the year remains an accurate reflection of our anticipated full year performance.”
Earnings Call Information
About
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
future performance of our business, estimated capital expenditures,
out-of-service rooms, plans to engage in common stock repurchase
transactions and the timing and form of such transactions, the expected
approach to making dividend payments, the board’s ability to alter the
dividend policy at any time 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 economic
conditions affecting the hospitality business generally, the geographic
concentration of the Company’s hotel properties, business levels at the
Company’s hotels, the effect of the Company’s election to be taxed as a
REIT for federal income tax purposes commencing with the year ended
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage and other ancillary services revenue by room nights available to guests for the period.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:
To calculate Adjusted EBITDA, we determine EBITDA, which represents net
income (loss) determined in accordance with GAAP, plus loss (income)
from discontinued operations, net; provision (benefit) for income taxes;
other (gains) and losses, net; loss on extinguishment of debt; (income)
loss from joint ventures; interest expense; and depreciation and
amortization, less interest income. Adjusted EBITDA is calculated as
EBITDA plus preopening costs; non-cash ground lease expense;
equity-based compensation expense; impairment charges; any closing costs
of completed acquisitions; interest income on Gaylord National bonds;
other gains and (losses); (gains) and losses on warrant settlements;
pension settlement charges and any other adjustments we have identified
in this release. We believe Adjusted EBITDA is useful to investors in
evaluating our operating performance because this measure helps
investors evaluate and compare the results of our operations from period
to period by removing the impact of our capital structure (primarily
interest expense) and our asset base (primarily depreciation and
amortization) from our operating results. A reconciliation of net income
(loss) to EBITDA and Adjusted EBITDA and a reconciliation of segment
operating income to segment Adjusted EBITDA are set forth below under
“Supplemental Financial Results.” Hospitality Adjusted EBITDA—Same-Store
excludes the
Revised Adjusted FFO Definition
We calculate Adjusted FFO to mean net income (loss) (computed in accordance with GAAP), excluding non-controlling interests, and gains and losses from sales of property; plus depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and impairment losses; we also exclude written-off deferred financing costs, non-cash ground lease expense, pro rata adjustments from joint ventures, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges and (gains) losses on extinguishment of debt and warrant settlements. Beginning in 2016, we are excluding the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use Adjusted FFO as one measure in determining our results after taking into account the impact of our capital structure. A reconciliation of net income (loss) to Adjusted FFO is set forth below under “Supplemental Financial Results.”
We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA and Adjusted FFO may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA and Adjusted FFO, and any related per share measures, should not be considered as alternative measures of our net income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA and Adjusted FFO may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that Adjusted EBITDA and Adjusted FFO can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income (loss) or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
Unaudited | ||||||||||
(In thousands, except per share data) | ||||||||||
Three Months Ended Mar. 31, |
||||||||||
2016 | 2015 | |||||||||
Revenues: |
||||||||||
Rooms | $ | 96,969 | $ | 94,721 | ||||||
Food and beverage | 122,233 | 118,331 | ||||||||
Other hotel revenue | 24,989 | 23,402 | ||||||||
Entertainment | 17,306 | 16,694 | ||||||||
Total revenues |
261,497 | 253,148 | ||||||||
Operating expenses: | ||||||||||
Rooms | 25,981 | 26,067 | ||||||||
Food and beverage | 68,257 | 65,075 | ||||||||
Other hotel expenses | 72,688 | 70,296 | ||||||||
Management fees | 5,337 | 3,512 | ||||||||
Total hotel operating expenses | 172,263 | 164,950 | ||||||||
Entertainment | 14,696 | 13,162 | ||||||||
Corporate | 6,971 | 7,094 | ||||||||
Preopening costs | - | 592 | ||||||||
Impairment and other charges | - | 2,890 | ||||||||
Depreciation and amortization | 28,773 | 28,570 | ||||||||
Total operating expenses | 222,703 | 217,258 | ||||||||
Operating income | 38,794 | 35,890 | ||||||||
Interest expense, net of amounts capitalized | (16,039 | ) | (13,813 | ) | ||||||
Interest income | 3,143 | 3,008 | ||||||||
Loss from joint ventures | (390 | ) | - | |||||||
Other gains and (losses), net | (47 | ) | (20,232 | ) | ||||||
Income before income taxes | 25,461 | 4,853 | ||||||||
Benefit (provision) for income taxes | 885 | (321 | ) | |||||||
Net income | $ | 26,346 | $ | 4,532 | ||||||
Basic net income per share | $ | 0.52 | $ | 0.09 | ||||||
Fully diluted net income per share | $ | 0.51 | $ | 0.09 | ||||||
Weighted average common shares for the period: |
||||||||||
Basic | 51,046 | 51,123 | ||||||||
Diluted | 51,398 | 51,521 | ||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES |
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Mar. 31, 2016 |
Dec. 31, 2015 |
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ASSETS: | ||||||||
Property and equipment, net of accumulated depreciation | $ | 1,967,549 | $ | 1,982,816 | ||||
Cash and cash equivalents - unrestricted | 57,150 | 56,291 | ||||||
Cash and cash equivalents - restricted | 29,958 | 22,355 | ||||||
Notes receivable | 152,365 | 152,560 | ||||||
Trade receivables, net | 61,307 | 55,033 | ||||||
Deferred income taxes, net | 344 | - | ||||||
Prepaid expenses and other assets | 74,749 | 62,379 | ||||||
Total assets | $ | 2,343,422 | $ | 2,331,434 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||
Debt and capital lease obligations | $ | 1,480,921 | $ | 1,431,710 | ||||
Accounts payable and accrued liabilities | 152,779 | 153,383 | ||||||
Dividends payable | 38,778 | 36,868 | ||||||
Deferred management rights proceeds | 182,361 | 183,119 | ||||||
Deferred income taxes, net | - | 1,163 | ||||||
Other liabilities | 146,288 | 145,629 | ||||||
Stockholders' equity | 342,295 | 379,562 | ||||||
Total liabilities and stockholders' equity | $ | 2,343,422 | $ | 2,331,434 | ||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||
SUPPLEMENTAL FINANCIAL RESULTS | |||||||||||||||||||
ADJUSTED EBITDA RECONCILIATION | |||||||||||||||||||
Unaudited | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Three Months Ended Mar. 31, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
$ | Margin | $ | Margin | ||||||||||||||||
Consolidated |
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Revenue | $ | 261,497 | $ | 253,148 | |||||||||||||||
Net income | $ | 26,346 | $ | 4,532 | |||||||||||||||
(Benefit) provision for income taxes | (885 | ) | 321 | ||||||||||||||||
Other (gains) and losses, net | 47 | 20,232 | |||||||||||||||||
Loss from joint ventures | 390 | - | |||||||||||||||||
Interest expense, net | 12,896 | 10,805 | |||||||||||||||||
Depreciation & amortization | 28,773 | 28,570 | |||||||||||||||||
EBITDA | 67,567 | 25.8 | % | 64,460 | 25.5 | % | |||||||||||||
Preopening costs | - | 592 | |||||||||||||||||
Non-cash lease expense | 1,311 | 1,341 | |||||||||||||||||
Equity-based compensation | 1,549 | 1,590 | |||||||||||||||||
Impairment charges | - | 2,890 | |||||||||||||||||
Interest income on Gaylord National bonds | 3,102 | 2,999 | |||||||||||||||||
Other gains and (losses), net | (47 | ) | (20,232 | ) | |||||||||||||||
Loss on warrant settlements | - | 20,186 | |||||||||||||||||
Gain on disposal of assets | (66 | ) | - | ||||||||||||||||
Adjusted EBITDA | $ | 73,416 | 28.1 | % | $ | 73,826 | 29.2 | % | |||||||||||
Hospitality segment |
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Revenue | $ | 244,191 | $ | 236,454 | |||||||||||||||
Operating income | $ | 45,459 | $ | 41,579 | |||||||||||||||
Depreciation & amortization | 26,469 | 26,443 | |||||||||||||||||
Preopening costs | - | 592 | |||||||||||||||||
Non-cash lease expense | 1,311 | 1,341 | |||||||||||||||||
Impairment charges | - | 2,890 | |||||||||||||||||
Interest income on Gaylord National bonds | 3,102 | 2,999 | |||||||||||||||||
Adjusted EBITDA | $ | 76,341 | 31.3 | % | $ | 75,844 | 32.1 | % | |||||||||||
Entertainment segment |
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Revenue | $ | 17,306 | $ | 16,694 | |||||||||||||||
Operating income | $ | 963 | $ | 2,120 | |||||||||||||||
Depreciation & amortization | 1,647 | 1,412 | |||||||||||||||||
Equity-based compensation | 162 | 211 | |||||||||||||||||
Adjusted EBITDA | $ | 2,772 | 16.0 | % | $ | 3,743 | 22.4 | % | |||||||||||
Corporate and Other segment |
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Operating loss | $ | (7,628 | ) | $ | (7,809 | ) | |||||||||||||
Depreciation & amortization | 657 | 715 | |||||||||||||||||
Equity-based compensation | 1,387 | 1,379 | |||||||||||||||||
Other gains and (losses), net | (47 | ) | (20,232 | ) | |||||||||||||||
Loss on warrant settlements | - | 20,186 | |||||||||||||||||
Gain on disposal of assets | (66 | ) | - | ||||||||||||||||
Adjusted EBITDA | $ | (5,697 | ) | $ | (5,761 | ) | |||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION Unaudited (in thousands, except per share data) |
||||||||||
Three Months Ended Mar. 31, | ||||||||||
2016 | 2015 | |||||||||
Consolidated |
||||||||||
Net income | $ | 26,346 | $ | 4,532 | ||||||
Depreciation & amortization | 28,773 | 28,570 | ||||||||
Pro rata adjustments from joint ventures | 5 | - | ||||||||
FFO | 55,124 | 33,102 | ||||||||
Non-cash lease expense | 1,311 | 1,341 | ||||||||
Impairment charges | - | 2,890 | ||||||||
Pro rata adjustments from joint ventures | 394 | - | ||||||||
Loss on warrant settlements | - | 20,186 | ||||||||
Gain on other assets | (34 | ) | - | |||||||
Amortization of deferred financing costs | 1,216 | 1,396 | ||||||||
Deferred tax benefit | (1,461 | ) | (241 | ) | ||||||
Adjusted FFO (1) | $ | 56,550 | $ | 58,674 | ||||||
Capital expenditures (2) | (13,696 | ) | (12,435 | ) | ||||||
Adjusted FFO less maintenance capital expenditures | $ | 42,854 | $ | 46,239 | ||||||
FFO per basic share | $ | 1.08 | $ | 0.65 | ||||||
Adjusted FFO per basic share | $ | 1.11 | $ | 1.15 | ||||||
FFO per diluted share | $ | 1.07 | $ | 0.64 | ||||||
Adjusted FFO per diluted share | $ | 1.10 | $ | 1.14 | ||||||
(1) |
Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release. |
|
(2) |
Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties. |
|
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS Unaudited (in thousands, except operating metrics) |
||||||||||
Three Months Ended Mar. 31, | ||||||||||
2016 | 2015 | |||||||||
HOSPITALITY OPERATING METRICS: | ||||||||||
Hospitality Segment |
||||||||||
Occupancy | 70.2 | % | 71.0 | % | ||||||
Average daily rate (ADR) | $ | 183.21 | $ | 183.13 | ||||||
RevPAR | $ | 128.54 | $ | 129.96 | ||||||
OtherPAR | $ | 195.15 | $ | 194.47 | ||||||
Total RevPAR | $ | 323.69 | $ | 324.43 | ||||||
Revenue | $ | 244,191 | $ | 236,454 | ||||||
Adjusted EBITDA | $ | 76,341 | $ | 75,844 | ||||||
Adjusted EBITDA Margin | 31.3 | % | 32.1 | % | ||||||
Same-Store Hospitality Segment (1) |
||||||||||
Occupancy | 70.7 | % | 71.0 | % | ||||||
Average daily rate (ADR) | $ | 183.26 | $ | 183.13 | ||||||
RevPAR | $ | 129.50 | $ | 129.96 | ||||||
OtherPAR | $ | 199.41 | $ | 194.47 | ||||||
Total RevPAR | $ | 328.91 | $ | 324.43 | ||||||
Revenue | $ | 242,379 | $ | 236,454 | ||||||
Adjusted EBITDA | $ | 75,954 | $ | 75,844 | ||||||
Adjusted EBITDA Margin | 31.3 | % | 32.1 | % | ||||||
Gaylord Opryland |
||||||||||
Occupancy | 71.5 | % | 65.1 | % | ||||||
Average daily rate (ADR) | $ | 165.88 | $ | 163.59 | ||||||
RevPAR | $ | 118.59 | $ | 106.51 | ||||||
OtherPAR | $ | 169.82 | $ | 153.91 | ||||||
Total RevPAR | $ | 288.41 | $ | 260.42 | ||||||
Revenue | $ | 75,640 | $ | 67,547 | ||||||
Adjusted EBITDA | $ | 24,089 | $ | 21,766 | ||||||
Adjusted EBITDA Margin | 31.8 | % | 32.2 | % | ||||||
Gaylord Palms |
||||||||||
Occupancy | 81.8 | % | 82.9 | % | ||||||
Average daily rate (ADR) | $ | 194.37 | $ | 194.57 | ||||||
RevPAR | $ | 159.05 | $ | 161.20 | ||||||
OtherPAR | $ | 276.75 | $ | 260.64 | ||||||
Total RevPAR | $ | 435.80 | $ | 421.84 | ||||||
Revenue | $ | 55,759 | $ | 53,380 | ||||||
Adjusted EBITDA | $ | 20,898 | $ | 20,074 | ||||||
Adjusted EBITDA Margin | 37.5 | % | 37.6 | % | ||||||
Gaylord Texan |
||||||||||
Occupancy | 73.0 | % | 76.1 | % | ||||||
Average daily rate (ADR) | $ | 185.47 | $ | 195.94 | ||||||
RevPAR | $ | 135.39 | $ | 149.10 | ||||||
OtherPAR | $ | 254.94 | $ | 257.66 | ||||||
Total RevPAR | $ | 390.33 | $ | 406.76 | ||||||
Revenue | $ | 53,671 | $ | 55,315 | ||||||
Adjusted EBITDA | $ | 19,352 | $ | 20,881 | ||||||
Adjusted EBITDA Margin | 36.1 | % | 37.7 | % | ||||||
Gaylord National |
||||||||||
Occupancy | 60.5 | % | 68.4 | % | ||||||
Average daily rate (ADR) | $ | 210.06 | $ | 198.89 | ||||||
RevPAR | $ | 127.00 | $ | 136.08 | ||||||
OtherPAR | $ | 171.15 | $ | 184.35 | ||||||
Total RevPAR | $ | 298.15 | $ | 320.43 | ||||||
Revenue | $ | 54,155 | $ | 57,562 | ||||||
Adjusted EBITDA | $ | 10,911 | $ | 12,606 | ||||||
Adjusted EBITDA Margin | 20.1 | % | 21.9 | % | ||||||
The AC Hotel at National Harbor (2) |
||||||||||
Occupancy | 48.9 | % | n/a | |||||||
Average daily rate (ADR) | $ | 180.26 | n/a | |||||||
RevPAR | $ | 88.12 | n/a | |||||||
OtherPAR | $ | 15.57 | n/a | |||||||
Total RevPAR | $ | 103.69 | n/a | |||||||
Revenue | $ | 1,812 | n/a | |||||||
Adjusted EBITDA | $ | 387 | n/a | |||||||
Adjusted EBITDA Margin | 21.4 | % | n/a | |||||||
The Inn at Opryland (3) |
||||||||||
Occupancy | 66.6 | % | 62.9 | % | ||||||
Average daily rate (ADR) | $ | 124.98 | $ | 115.16 | ||||||
RevPAR | $ | 83.21 | $ | 72.38 | ||||||
OtherPAR | $ | 31.21 | $ | 24.75 | ||||||
Total RevPAR | $ | 114.42 | $ | 97.13 | ||||||
Revenue | $ | 3,154 | $ | 2,650 | ||||||
Adjusted EBITDA | $ | 704 | $ | 517 | ||||||
Adjusted EBITDA Margin | 22.3 | % | 19.5 | % | ||||||
(1) |
Same-store excludes the AC Hotel at National Harbor. |
|
(2) |
The AC Hotel at National Harbor opened in April 2015. |
|
(3) |
Includes other hospitality revenue and expense. |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160503006147/en/
Source:
Investor Relations:
Ryman Hospitality Properties, Inc.
Mark
Fioravanti, 615-316-6588
President and Chief Financial Officer
mfioravanti@rymanhp.com
~or~
Ryman
Hospitality Properties, Inc.
Todd Siefert, 615-316-6344
Vice
President of Corporate Finance & Treasurer
tsiefert@rymanhp.com
or
Media:
Ryman
Hospitality Properties, Inc.
Brian Abrahamson, 615-316-6302
Vice
President of Corporate Communications
babrahamson@rymanhp.com
~or~
Sloane
& Company
Josh Hochberg or Dan Zacchei
212-446-1892 or
212-446-1882
jhochberg@sloanepr.com;
dzacchei@sloanepr.com