Ryman Hospitality Properties, Inc. Q1 FY2026 earnings call

Colin noted strong first quarter performance despite geopolitical backdrop, reinforcing company's assets, business model, and capital allocation. Mark discussed hospitality business outperformance with same-store ADR increase, group demand resilience, inventory management change for corporate groups, JW Marriott Desert Ridge's strong results, entertainment business trends, and updated outlook with raised guidance midpoints. Also mentioned capital expenditures updates like completed developments and ongoing renovations.

In same-store hospitality business, grew revenue and market share, expanded margin on slightly fewer room nights. Gaylord Opryland had record first quarter revenue and adjusted EBITDA RE. Gaylord Rockies had record first quarter revenue. Gaylord Palms had record revenue and adjusted EBITDA RE. JW Marriott Desert Ridge had strong first quarter results. On entertainment, demand for live entertainment is healthy, Old Red brand resonates, and a development partnership in Indianapolis was announced.

Raised midpoints of guidance ranges due to first quarter hospitality outperformance. Outlook for rest of the year essentially unchanged. Confident in 2027 adjusted EBITDA RE targets, with forward book of business and capital investments positioning well to deliver those objectives.

Complex geopolitical backdrop, potential impact of oil price changes on leisure demand, near-term meeting planner decision-making hesitation, possible pullback in 2026 meeting budgets.

Q: Question on Dallas property and World Cup business.

A: World Cup marginally impactful to Dallas property, which is in strong position with some ADR lift.

Q: Question on guidance and leisure trends.

A: Outlook unchanged, leading indicators resilient but some storm clouds exist due to geopolitical and oil price factors.

Q: Question on cancellation and attrition rates.

A: Excluding January storm, attrition was lower for Feb-Mar, cancellations were essentially flat.

Q: Question on future group case in 27 and 28.

A: Inventory management change for premium corporate groups, positive trends in bookings.

Q: Question on corporate booking and macro headwinds.

A: Corporate profits strong, bookings continuing despite macro headwinds.

Q: Question on OEG EBITDA growth and management structure.

A: Robust pipeline for OEG, organizational additions made.

Q: Question on Marriott Desert Ridge.

A: Pleased with outperformance, long-term tweaks planned.

Q: Question on strong bookings growth.

A: Strong December carryover, acquisition and rotational business contributing.

Q: Question on incremental portfolio CapEx.

A: Interest in expanding Gaylord Rockies, studying Hill Country, Gator Texan for expansion.

Q: Question on 2027 targets surprises.

A: Same-store business outperformance, entertainment pipeline growth.

Q: Question on group booking strategy.

A: Target mix shift to premium customers, limited risk with contracted room nights