Ryman Hits Record $2.6B Revenue on Hospitality and Entertainment Boom

NASHVILLE, Tenn. – February 23, 2026 – Ryman Hospitality Properties, Inc. (NYSE: RHP) today announced record-breaking financial results for the fourth quarter and full year of 2025, driven by the powerful performance of its dual hospitality and entertainment business engines. The company reported an all-time high consolidated revenue of $2.6 billion for the year, capping it with a record fourth quarter of $737.8 million, signaling robust demand for its upscale convention hotels and iconic entertainment brands.

The Nashville-based real estate investment trust (REIT) showcased significant strength across its portfolio. Its Hospitality segment, dominated by the sprawling Gaylord convention resorts, posted record same-store revenue, while its Opry Entertainment Group (OEG) segment achieved a record fourth quarter, underscoring the success of its diversified strategy. These results were bolstered by strategic expansion plans and a significant refinancing move that strengthens the company’s financial position for future growth.

“We are very pleased to deliver strong full year results, near the top end of our most recent guidance ranges,” said Mark Fioravanti, President and CEO of Ryman Hospitality Properties. He noted that the fourth quarter reflected “strong demand for our holiday programming in our Hospitality segment and stronger-than-anticipated volumes across our downtown Nashville Entertainment venues.”

Beyond the Ballroom: The Experiential Edge in Group Travel

The cornerstone of Ryman’s success remains its group-centric Hospitality segment. The company’s same-store portfolio, which includes its five massive Gaylord resorts, generated record full-year Revenue Per Available Room (RevPAR) of approximately $184 and record Total RevPAR—a metric that includes food, beverage, and other ancillary spending—of approximately $492. This performance highlights Ryman's ability to not only fill rooms but also maximize guest spending through its integrated resort model.

A key driver of this success is the company’s focus on creating unique, destination-worthy experiences that attract high-value group business. This was evident in the fourth quarter, where the company booked over 1.2 million gross definite room nights for future periods at a record-setting estimated average daily rate (ADR) of nearly $299. This high ADR demonstrates significant pricing power and indicates that meeting planners are willing to pay a premium for the comprehensive amenities and large-scale meeting capabilities that the Gaylord properties provide.

The company’s signature holiday programming, particularly the ICE! attraction, proved to be a powerful draw, attracting over 1.5 million ticketed guests in the fourth quarter, a 14.2% increase from the prior year. These events transform the hotels into major regional attractions, driving leisure traffic that complements the core group business and boosts high-margin ancillary revenues during a traditionally slower period for corporate travel.

This momentum underscores the effectiveness of our long-term capital deployment strategy, which we believe positions our portfolio for sustained growth,” Fioravanti commented. Looking forward, the company’s confidence is backed by strong booking trends, with projected same-store group rooms revenue for 2026 pacing approximately 6% ahead of the same time last year.

Doubling Down on Entertainment: From Nashville Icons to National Expansion

While the Gaylord hotels provide a stable foundation, Ryman’s Entertainment segment is emerging as a dynamic growth driver. Managed through its majority-owned Opry Entertainment Group, this division leverages iconic brands like the Grand Ole Opry and Ryman Auditorium to capture the robust consumer demand for live entertainment.

The company is aggressively expanding this segment beyond its Nashville stronghold. Subsequent to the quarter, OEG announced the development of a third Category 10—its immersive dining and music venue concept—at Universal Orlando Resort’s high-traffic CityWalk, with an expected opening in late 2027. This move plants the company’s flag in one of the world's premier tourist destinations, tapping into a massive and diverse audience.

Further diversifying its portfolio, OEG also secured a management agreement for the CCNB Amphitheatre in Simpsonville, South Carolina. This capital-light strategy allows the company to expand its operational footprint and revenue streams by leveraging its expertise in venue management and event booking in new regional markets.

“Demand for country music and live entertainment remains robust, and our unique portfolio of iconic brands is well-positioned for continued growth in 2026 and beyond,” Fioravanti added, highlighting recent successes and the strategic expansion into Las Vegas and Orlando.

Fortifying the Foundation for Future Growth

Underpinning its operational success and ambitious growth plans, Ryman has made significant moves to strengthen its balance sheet and enhance shareholder value. In January 2026, the company refinanced its corporate revolving credit facility, increasing its size from $700 million to $850 million and extending its maturity to 2030. This provides substantial liquidity and financial flexibility to fund its pipeline of projects without near-term refinancing pressure.

The market has taken note of this financial prudence. In December, Fitch upgraded the company’s corporate family rating to 'BB' from 'BB-', citing its strong performance and improved credit profile. This upgrade immediately lowered the interest rate on the company's Term Loan B, providing direct cost savings.

Shareholders are also seeing the benefits of the company’s strong cash flow. Ryman declared a first-quarter 2026 cash dividend of $1.20 per share, consistent with its plan to pay a minimum of $4.80 per share for the full year. As a REIT required to distribute the majority of its taxable income, the steady and growing dividend signals strong confidence from management in the sustainability of its earnings.

Charting the Course for 2026

Ryman initiated a confident outlook for 2026, projecting continued growth across its business. The company’s guidance anticipates low single-digit Adjusted EBITDAre growth for its same-store Hospitality segment and robust high single-digit growth for the Entertainment segment. This outlook is based on continued strength in its group business, a stable leisure market, and momentum from investments in its entertainment portfolio.

The company plans to invest heavily in maintaining and enhancing its assets, with projected capital expenditures of $350 million to $450 million for 2026. Major projects include the completion of room renovations at the Gaylord Texan, the beginning of a $90 million room renovation at the JW Marriott Hill Country, and the development of its new Category 10 venues in Las Vegas and Orlando. These investments are aimed at ensuring the portfolio remains competitive and can continue to command premium rates and attract high-value customers for years to come.