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Ryman Hospitality Properties Offers Update On Gaylord Facilities, Says Gaylord Texan Generated Average Occupancy Of ~20% During First 15-Days Since Reopen

Ryman Hospitality Properties, Inc. (NYSE:RHP) (the “Company”) today provided the following business update: Hospitality Business Colin Reed, Chairman and Chief Executive Officer of the Company, said,

Benzinga · -

Ryman Hospitality Properties, Inc. (NYSE:RHP) (the “Company”) today provided the following business update:

Hospitality Business

Colin Reed, Chairman and Chief Executive Officer of the Company, said, “As of today, Gaylord Opryland, Gaylord Palms, Gaylord Rockies and Gaylord Texan have all re-opened with revised operating standards and enhanced cleaning procedures. 

"While very early in the re-opening process, the initial feedback from our guests at the Gaylord Texan, which re-opened on June 8, has been positive, and we are encouraged by its operating performance.  Over its first 15 days of operations since re-opening, the Gaylord Texan generated an average occupancy of approximately 20%, with an average daily rate of approximately $190.  The Gaylord Texan’s initial weekend occupancy level was approximately 40%. While leisure transient occupancy generated over 95% of room demand in the first 15 days of Gaylord Texan’s re-opening, small group meetings also accounted for approximately 300 of those room nights.  We are also encouraged by the level of bookings for the summer period across all four of our re-opened hotels. At this time, we have not made a determination about the re-opening date for Gaylord National, given the current uncertainty regarding group demand and this hotel’s primary focus as a convention hotel without a resort pool complex or other transient-focused amenities.

“We have experienced continued success in our group rebooking efforts across our Gaylord Hotels portfolio. Through June 24, 2020, we have experienced total attrition and cancellations of approximately 1.3 million net room nights, representing approximately $608 million of total revenue, and we have successfully rebooked approximately 457,000 group room nights, representing approximately $208 million in total revenue.

Entertainment Business

Reed continued, “Our existing Ole Red businesses in Tishomingo, Gatlinburg and Nashville have been open for several weeks at reduced capacities in accordance with applicable local and state health guidelines, and we opened our new Orlando Ole Red location on June 19. Nashville recently entered phase three of its four-phase re-opening plan, which allows for increased levels of operations at limited capacity in bars, restaurants and other venues. As a result, we intend to re-open the Grand Ole Opry and the Ryman Auditorium for tours today in accordance with the local health guidelines. We believe it is likely that these guidelines will continue to limit our ability to conduct concerts and other public events at the Grand Ole Opry and the Ryman Auditorium until at least early August.   

Reed continued, “We are encouraged by early business levels and the response we have received from customers across our hospitality and entertainment portfolio related to the safety measures we have put in place, and we look forward to hosting additional guests in the weeks and months ahead. While we understand that COVID-19 will have a significant impact on our ability to return to business as usual for the foreseeable future, we are confident we have ample liquidity to weather an extended period of disruption, and we remain committed to continuing to control our expenses and adapting to the current business environment.”