Ryman Hospitality Properties (RHP) 4th Annual Morgan Stanley Travel & Leisure Conference summary

Differentiation and strategic priorities

• Focus on operational flexibility and control, with a high percentage of hotels unencumbered by brand management and a significant portion operating independently, enabling better margin control and strategic asset direction.

• Emphasis on unique business models: one company operates large destination hotels for group and leisure customers, all branded and managed by a single operator, while also running a distinct entertainment business targeting the country lifestyle consumer.

• Strategic capital deployment into high-return projects and premium repositioning of assets to drive rate growth and attract higher-rated business.

• Internal management of design, construction, and renovations to control timing and value creation.

Key performance indicators and industry trends

• Booking pace is the most critical KPI, providing long-term visibility and confidence, with a focus on group behavior, lead volume, and outside-the-room spending for short-term insights.

• Industry-wide, all demand channels—business transient, leisure, and group—are currently strong, marking a return to pre-pandemic normalcy.

• Group demand is particularly robust in large segments, with growth concentrated in bigger meetings and associations.

• Limited new supply and strong group demand are expected to support positive industry fundamentals over the next few years.

Capital allocation, transactions, and ROI

• Capital recycling is active, with both asset sales and acquisitions pursued to optimize portfolio growth and returns.

• Major enhancement projects, such as significant meeting space expansions and renovations, are underway to reposition assets for premium business.

• ROI varies by asset and branding strategy, with independent and upscaled properties often delivering higher margins and returns.

• Transaction market activity has increased, with more upper-upscale and luxury assets available and heightened enthusiasm among buyers.