Ryman Hospitality Properties (RHP) Acquisition presentation summary

Transaction overview

• Entered definitive agreement to acquire JW Marriott and Ritz-Carlton Grande Lakes Orlando for $1.38 billion, expected to close in Q3 2026.

• LTM Adjusted EBITDAre for the asset is $110 million, with a 12.5x valuation multiple and 6.6% cap rate.

• Acquisition expected to be accretive to AFFO per share in 2027, the first full year of ownership.

• Valuation based on full year 2025 performance and anticipated 2026 results.

Strategic rationale and value drivers

• Grande Lakes Orlando is a premier, turnkey resort with immediate scale and earnings power.

• Expands presence in Orlando, the top U.S. meetings market, and completes a nationwide JW Marriott rotational pattern.

• Opportunity to leverage proven integration playbook from prior JW Marriott acquisitions.

• Asset fits primary acquisition criteria: large format, extensive meeting space, strong group mix, and Marriott management.

Asset and market positioning

• 1,592 keys, 320,000 sq. ft. meeting space, 14 F&B outlets, and premier amenities including golf and spa.

• Highest ADR, RevPAR, and Total RevPAR in the portfolio; strong in-place group business with significant corporate mix.

• Orlando market offers robust demand, with upper-priced hotel RevPAR CAGR outpacing national average.

• Minimal customer overlap with existing Orlando assets, supporting incremental growth.