Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (REIT) focused on group-oriented hotels in urban and resort destinations, announced its financial results for the fourth quarter and full year ending December 31, 2024. The company's performance showcased significant growth, with record revenue figures and strong booking trends, despite facing some challenges during the holiday season.

1. Fourth Quarter 2024 Highlights

Ryman Hospitality Properties achieved several key milestones in the fourth quarter:

Record Revenue: The company reported an all-time quarterly consolidated revenue of $647.6 million, driven by record hospitality revenue of $549.5 million and entertainment revenue of $98.2 million.

Net Income and EBITDA: Ryman generated a net income of $72.3 million, with consolidated Adjusted EBITDAre reaching $188.6 million, demonstrating the company’s robust operational performance.

Booking Trends: Ryman booked nearly 1.3 million same-store Gross Definite Room Nights for future years at a record estimated average daily rate (ADR) of approximately $284, indicating strong demand for its offerings.

Debt Restructuring: The company successfully repriced its Term Loan B, lowering the applicable interest rate margin on SOFR loans from 225 basis points to 200 basis points, with potential for further reductions based on performance criteria.

Dividend Announcement: Ryman declared a cash dividend of $1.15 per share for the first quarter of 2025, payable on April 15, 2025, to stockholders of record as of March 31, 2025.

2. Full Year 2024 Results

For the full year, Ryman reported impressive financial metrics:

Total Revenue: The company achieved record full-year consolidated revenue of $2.3 billion, marking an 8.4% increase from $2.16 billion in 2023.

Net Income: Net income for the year stood at $280.2 million, although this represented an 18% decline compared to the previous year, largely attributed to construction disruptions affecting operations.

Impact of Construction Disruptions: Ryman estimated that construction disruptions had a significant impact on its same-store Hospitality segment, reducing RevPAR growth by approximately 320 basis points and Total RevPAR by approximately 220 basis points, equating to a $27 million hit to segment operating income and Adjusted EBITDAre.

Booking Performance: The company booked over 2.9 million same-store Gross Definite Room Nights for all future years at a record ADR of approximately $282, showcasing strong forward-looking demand.

Dividend Growth: Ryman declared total dividends of $4.45 per share for 2024, reflecting a 15.6% increase from 2023, and intends to pay a minimum aggregate dividend of $4.60 per share in 2025, subject to Board approval.

3. CEO Comments

Mark Fioravanti, President and Chief Executive Officer, commented on the mixed results for the fourth quarter, stating, “Our fourth quarter results were below expectations, primarily due to softness in holiday leisure demand during the last two weeks of December, particularly at Gaylord Texan and Gaylord Opryland. Despite the fourth quarter shortfall, we are proud of our full-year results, including approximately 10% growth in consolidated Adjusted EBITDAre and record same-store bookings production in the year for all future years.”

4. Conclusion

Ryman Hospitality Properties has demonstrated resilience and strong operational capabilities in 2024, achieving record revenues and solid booking trends. While facing challenges in the fourth quarter, the company remains poised for future growth, underlined by its strategic initiatives and a commitment to returning value to shareholders through increased dividends. As the hospitality sector continues to recover, Ryman's focus on group-oriented travel and destination assets positions it well for sustained success in the coming years.

Original press release