Ryman Hospitality Properties Announces Expansion of Meeting Space at Gaylord Opryland Resort & Convention Center

Ryman Hospitality Properties plans to expand Gaylord Opryland's meeting space by 108,000 square feet, enhancing Nashville's convention offerings.

Quiver AI Summary

Ryman Hospitality Properties, Inc. announced plans to expand the Gaylord Opryland Resort & Convention Center in Nashville by adding approximately 108,000 square feet of premium meeting space, which will be completed by Spring 2027. The expansion will feature a new ballroom, breakout rooms, and pre-function space, increasing the venue's total meeting area to around 756,000 square feet, making it the largest non-gaming hotel in the U.S. by this metric. CEO Mark Fioravanti highlighted Nashville's growing popularity as a meetings destination and expressed confidence that the new spaces will attract more corporate groups. This project is part of a larger capital improvement plan at Gaylord Opryland, which includes several other renovations and new facilities, all funded through the company's cash reserves and credit facilities.

Potential Positives

• Announcement of a significant expansion at the Gaylord Opryland Resort & Convention Center, with an addition of approximately 108,000 square feet of premium meeting space, enhancing the resort's capabilities as a top meetings destination.
• The expansion will solidify Gaylord Opryland's status as the largest non-gaming hotel by exhibit and meeting space in the United States, making it more attractive to corporate groups.
• The project is part of a broader multi-phase capital improvement plan, indicating ongoing investment in the property that aims to enhance guest experience and drive future growth.
• Funding for the expansion through cash on hand and availability under the revolving credit facility positions the company well financially to support these enhancements without over-leveraging.

Potential Negatives

• The expansion announcement may indicate that the company is heavily investing in a single property, which could lead to financial strain or over-reliance on the success of the Gaylord Opryland if market conditions fluctuate.
• The press release includes cautionary language regarding forward-looking statements, highlighting potential risks and uncertainties that could delay project completion or increase costs, which may concern investors about the execution of plans.
• The absence of detailed financial projections or specific funding sources beyond general statements may raise questions about the company's financial strategy and ability to sustain these significant capital expenditures.

FAQ

What is the planned expansion at Gaylord Opryland Resort?

The expansion will add approximately 108,000 square feet of premium meeting space, including a 31,000-square-foot ballroom.

When is the Gaylord Opryland expansion expected to be completed?

The expansion is expected to be completed by Spring 2027.

How will the expansion impact Gaylord Opryland's meeting space?

Once complete, total meeting space will increase to approximately 756,000 square feet, solidifying its status as the largest non-gaming hotel in the U.S.

What are the other ongoing projects at Gaylord Opryland?

Current projects include a $17 million transformation of the Governor's ballroom and a $36 million renovation of the Presidential ballroom.

How is the Gaylord Opryland expansion funded?

The expansion will be funded through cash on hand and the availability under Ryman Hospitality's revolving credit facility.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$RHP Congressional Stock Trading

Members of Congress have traded $RHP stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $RHP stock by members of Congress over the last 6 months:

• REPRESENTATIVE JOSH GOTTHEIMER sold up to $15,000 on 09/09.

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$RHP Insider Trading Activity

$RHP insiders have traded $RHP stock on the open market 4 times in the past 6 months. Of those trades, 2 have been purchases and 2 have been sales.

Here’s a breakdown of recent trading of $RHP stock by insiders over the last 6 months:

• COLIN V REED (Exec. Chairman of the Board) has made 2 purchases buying 14,886 shares for an estimated $1,549,585 and 0 sales.
• FAZAL F MERCHANT sold 1,269 shares for an estimated $144,640
• ALVIN L JR BOWLES sold 900 shares for an estimated $96,588

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$RHP Hedge Fund Activity

We have seen 164 institutional investors add shares of $RHP stock to their portfolio, and 160 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• PRINCIPAL FINANCIAL GROUP INC added 931,283 shares (+41.9%) to their portfolio in Q3 2024, for an estimated $99,870,788
• FMR LLC removed 775,597 shares (-27.3%) from their portfolio in Q3 2024, for an estimated $83,175,022
• T. ROWE PRICE INVESTMENT MANAGEMENT, INC. added 642,631 shares (+inf%) to their portfolio in Q3 2024, for an estimated $68,915,748
• HAMLIN CAPITAL MANAGEMENT, LLC added 624,326 shares (+inf%) to their portfolio in Q4 2024, for an estimated $65,142,174
• PGGM INVESTMENTS added 473,895 shares (+630.0%) to their portfolio in Q3 2024, for an estimated $50,820,499
• BALYASNY ASSET MANAGEMENT L.P. removed 389,302 shares (-63.6%) from their portfolio in Q3 2024, for an estimated $41,748,746
• MASSACHUSETTS FINANCIAL SERVICES CO /MA/ removed 370,580 shares (-30.9%) from their portfolio in Q3 2024, for an estimated $39,740,999

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Full Release

NASHVILLE, Tenn., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company” or “RHP”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, announced plans to add approximately 108,000 square feet of premium, carpeted meeting space to its flagship Gaylord Opryland Resort & Convention Center in Nashville, Tennessee.

The planned expansion, expected to be complete by Spring 2027, includes a new approximately 31,000-square-foot ballroom, approximately 38,000 square feet of breakout space and approximately 39,000 square feet of pre-function space. Once complete, this project will bring Gaylord Opryland’s total exhibit and meeting space to approximately 756,000 square feet and its meeting space per guest room to approximately 260 square feet, solidifying its status as the largest non-gaming hotel by exhibit and meeting space in the United States.

Mark Fioravanti, president and chief executive officer of Ryman Hospitality Properties, said, “In recent years, Nashville's popularity as a top meetings destination has skyrocketed, and we anticipate annual visitors and spending to continue this upward trajectory. Our premium group customers are seeking modern, flexible carpeted meeting space, and this expansion will deliver the high-quality experience our guests have come to expect from us. In addition, we believe this expansion will attract new corporate groups to Music City.”

The meeting space expansion is the latest in a multi-phase transformational capital improvement plan to enhance the guest experience at Gaylord Opryland. Other previously announced projects include:

• 
  An approximately $17 million transformation of the Governor’s ballroom and pre-function space, expected to be complete by the end of January 2025;
  


• 
  An approximately $36 million renovation and reconfiguration of the Presidential ballroom and pre-function space, which is currently underway and expected to be completed by mid-year 2025; and
  


• 
  An approximately $40 million new 550-seat sports bar, approximately 6,200 square-foot event lawn and approximately 3,000-square-foot pavilion, expected to be completed in late 2025.
  
  
  

The Governor’s and Presidential ballrooms and pre-function spaces are centrally located within the hotel’s convention corridor and comprise approximately 40% of the carpeted meeting space today. The sports bar reinvigorates the outdoor courtyard adjacent to the Presidential space and expands the hotel’s total food and beverage seating capacity. The Company expects to fund the Gaylord Opryland expansion, as well as other previously announced projects through cash on hand and availability under its revolving credit facility.

Fioravanti continued, “These projects leverage our deep customer relationships, strong partnership with our hotel operator and key learnings from similar recently completed projects across our portfolio, transforming previously underutilized areas on our Opryland campus into valuable space for our customers to enjoy. Gaylord Opryland has been an iconic national destination for nearly 50 years, and we expect that these transformational projects will drive its next phase of growth.”

About Ryman Hospitality Properties, Inc.



Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Category 10, Nashville-area attractions, and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

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 planned completion dates for expansions and other projects at Gaylord Opryland and the expected cost of expansions and other projects at Gaylord Opryland. 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 expansions and other projects at Gaylord Opryland, including, but not limited to, the occurrence of any event, change or other circumstance that could delay the completion of the meeting space expansion or other projects at Gaylord Opryland, or result in increased costs with respect to the meeting space expansion or other projects at Gaylord Opryland. Other factors that could cause results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.