Here are 1-3 brief analogies for Ryman Hospitality Properties (RHP):

• Imagine a company that's essentially the specialized landlord for Marriott International (MAR)'s largest, non-gaming convention resort properties.
• It's like a country music-focused version of Live Nation Entertainment (LYV), owning iconic venues such as the Grand Ole Opry and Ryman Auditorium.

• Convention Center Resorts: Provides upscale lodging, extensive meeting, and event space services primarily under the Gaylord Hotels brand.
• Live Country Music Entertainment: Offers live music experiences through iconic venues such as the Grand Ole Opry and Ryman Auditorium.
• Country Lifestyle Media: Operates a country music radio station (WSM 650 AM) and co-owns a country lifestyle media network (Circle).
• Hospitality & Dining Concepts: Develops and operates country-themed dining, bar, and entertainment venues like Ole Red.

Major Customers of Ryman Hospitality Properties (RHP)

Ryman Hospitality Properties primarily serves individuals across its diverse portfolio of upscale convention center resorts and country music entertainment experiences. Its customer base can be categorized into the following groups:

• Leisure Travelers and Resort Guests: Individuals and families seeking vacation experiences, getaways, and leisure activities at the company's Gaylord Hotels resorts and ancillary hotels. These guests utilize the resorts' accommodations, dining, attractions, and recreational facilities.
• Convention and Event Attendees: Individuals attending business conferences, corporate meetings, trade shows, and other large-scale events hosted at the Gaylord Hotels convention centers. While their attendance may be facilitated by an organization, these individuals are the direct consumers of the lodging, meeting facilities, and services provided during their stay.
• Country Music Enthusiasts and Entertainment Seekers: Individuals who purchase tickets for concerts and live performances at iconic venues like the Grand Ole Opry and Ryman Auditorium, visit Ole Red establishments for dining and entertainment, or engage with other country music brands and media networks owned by RHP.

Marriott International (MAR)

Mark Fioravanti, President & Chief Executive Officer

Mark Fioravanti assumed the role of President and Chief Executive Officer of Ryman Hospitality Properties on January 1, 2023, having also joined the company's board in March 2022. He initially joined Ryman Hospitality Properties in 2002 to oversee marketing efforts for the Gaylord Hotels brand. Throughout his tenure, he has held various key positions, including Senior Vice President of Sales and Marketing for Gaylord Entertainment, President of the former subsidiary ResortQuest, and Senior Vice President and Treasurer. Fioravanti took on oversight of finance in 2007 and was promoted to Senior Vice President and Chief Financial Officer in 2009, playing a crucial role in navigating the 2008 financial crisis. As Executive Vice President and CFO from 2011 to 2015, he was instrumental in the company's 2012 conversion to a Real Estate Investment Trust (REIT). From 2015 to 2022, as President and CFO, he led the acquisition of Block 21 in Austin, Texas, and a significant strategic investment by Atairos and NBCUniversal aimed at enhancing the growth of Opry Entertainment Group. Prior to joining Ryman Hospitality Properties, Fioravanti spent 11 years with Harrah's Entertainment, serving in various senior corporate and property-level roles. He earned his master's degree in business administration from the University of Tennessee and a bachelor's degree from The Ohio State University.

Jennifer Hutcheson, Executive Vice President & Chief Financial Officer

Jennifer Hutcheson has served as Executive Vice President and Chief Financial Officer of Ryman Hospitality Properties since March 2022. Before this, she held the position of Executive Vice President, Corporate Controller & Chief Accounting Officer from January 2013 to March 2022. Her earlier roles at the company include Vice President of Accounting and Tax from March 2006 to December 2012, and Director of Corporate Accounting from May 2004 to March 2006. Hutcheson began her career as an auditor with Ernst & Young LLP and Arthur Andersen, and is a certified public accountant. She has studied at Vanderbilt University, Leadership Nashville, and Tennessee Tech University.

Colin V. Reed, Executive Chairman of the Board of Directors

Colin V. Reed became Executive Chairman of the Board of Directors on January 1, 2023, and has been a director of Ryman Hospitality Properties since April 2001. He previously served as the company's Chief Executive Officer from April 2001 through December 2022 and was first elected Chairman of the Board in May 2005. Upon joining the predecessor company, Gaylord Entertainment, Reed spearheaded a strategic reorganization that involved divesting non-core assets and refocusing the company on its hospitality and entertainment segments, including the formation of the Gaylord Hotels brand. He also guided the company through its conversion to a Real Estate Investment Trust (REIT) in 2012 and oversaw a significant strategic investment by Atairos and NBCUniversal in 2022 to boost the growth of Opry Entertainment Group. Prior to his time at Ryman, Reed was Chief Financial Officer and a member of the three-executive Office of the President for Harrah's Entertainment Inc., where he began in 1977. His career at Harrah's included various management positions, such as financial controller for Holiday Inn International Division and CFO for Holiday Inn's Europe, Middle East, and Africa Division. From 1993 to 1995, he was responsible for developing and executing the growth strategy for Harrah's Casinos, contributing to its emergence as one of the largest casino companies in the nation.

Patrick Chaffin, Executive Vice President & Chief Operating Officer

Patrick Chaffin has served as Executive Vice President and Chief Operating Officer for Ryman Hospitality Properties since May 2019. In this role, he oversees Asset Management, Development, Design & Construction functions, state and local government relations, product enhancement, and site selection for the company's hotel portfolio. He has been instrumental in leading over $1 billion in capital reinvestment and the $800 million acquisition of the JW Marriott San Antonio Hill Country resort. Before his current position, Chaffin was the company's Executive Vice President of Asset Management. From January 2007 to December 2012, he directed strategic planning, operations analysis, and investor relations functions for Gaylord Entertainment, playing a key role in the 2012 REIT conversion. Chaffin joined the company in January 2005 as the head of finance for ResortQuest International, a former division of Gaylord Entertainment. Prior to joining Gaylord Entertainment, he spent nine years at General Motors Corporation in various corporate and manufacturing roles. He holds a Bachelor of Science degree from Lipscomb University and a Master of Business Administration from Vanderbilt University's Owen Graduate School of Management.

Scott Lynn, Executive Vice President, General Counsel & Secretary

Scott Lynn holds the position of Executive Vice President, General Counsel & Secretary at Ryman Hospitality Properties.

The key risks for Ryman Hospitality Properties (RHP) are primarily centered around its reliance on large group and convention business, and the broader sensitivity to economic conditions and discretionary spending.

1. Dependence on Group and Convention Business: Ryman Hospitality Properties' core holdings include a network of five of the top 10 largest non-gaming convention center hotels in the United States. This significant reliance on large-scale conventions, trade shows, and corporate group bookings exposes the company to substantial risks from economic downturns that can lead to reduced corporate travel and meeting budgets. Furthermore, public health crises or other events that deter large gatherings can severely impact demand for their convention center resorts.
2. Sensitivity to Economic Conditions and Discretionary Consumer Spending: Both segments of Ryman's business are highly sensitive to the overall health of the economy. The lodging and hospitality segment relies on corporate and leisure travel, which can decrease during economic contractions. Similarly, the entertainment segment, including venues like the Grand Ole Opry and Ryman Auditorium, depends on consumers' willingness and ability to spend on leisure activities and live entertainment. A decline in consumer discretionary spending directly threatens revenue streams across the company's portfolio.

Ryman Hospitality Properties (NYSE: RHP) operates in two primary market segments: upscale convention center resorts and country music entertainment experiences. The addressable markets for these main products and services, primarily within the U.S. and North America, are outlined below.

Upscale Convention Center Resorts

Ryman Hospitality Properties' Gaylord Hotels brand specializes in upscale convention center resorts. The broader market for meetings, incentives, conferences, and exhibitions (MICE) provides a direct measure of this segment's addressable market.

• The global MICE market is projected to exceed $1.8 trillion by the early 2030s, with North America expected to capture the largest share of this market.
• More specifically for the United States, the conferences, concert, and event market was valued at approximately USD 423.60 billion in 2024. This market is projected to grow to nearly USD 676.97 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 4.80% between 2025 and 2034.
• The U.S. hotels, resorts, and cruise lines market, which encompasses properties like Ryman's, was estimated at USD 345.96 billion in 2024 and is expected to grow at a CAGR of 6.8% from 2025 to 2030.

Country Music Entertainment Experiences

The company's Entertainment segment, including brands like the Grand Ole Opry and Ryman Auditorium, targets the country music and live entertainment markets.

• The U.S. country music industry had an overall valuation of $7.2 billion. In 2022, country music generated $2.4 billion in U.S. revenue.
• Live country music events across North America generated $1.8 billion in ticket sales in 2023.
• More broadly, the United States live music market was valued at USD 18.51 billion in 2025 and is estimated to grow to USD 26.93 billion by 2031, with a CAGR of 6.45% during that period.
• The total U.S. music industry, encompassing recording, live, and publishing segments, generated approximately $39 billion in total revenue.

• Expansion and Renovation of Gaylord Hotels Meeting Space: The company is undertaking significant capital improvement projects, including a $131 million expansion at the Gaylord Opryland Resort & Convention Center set to complete by Spring 2027. This expansion will add approximately 108,000 square feet of premium meeting space, solidifying its status as the largest non-gaming hotel by exhibit and meeting space in the U.S. and attracting new corporate groups. Ongoing renovations at other Gaylord properties also contribute to enhancing guest experience and capacity.
• Growth in Group Business and Average Daily Rate (ADR): Ryman Hospitality is forecasting a 6% increase in same-store group rooms revenue for 2026, accompanied by expected mid-single-digit ADR growth. The company has already reported record room night and ADR bookings for future periods, indicating strong demand in its convention-focused hospitality segment.
• Expansion of the Entertainment Segment: The Entertainment segment is poised for high single-digit Adjusted EBITDAre growth in 2026. This growth is fueled by new ventures, such as the development of a new Category 10 venue at Universal Orlando Resort's CityWalk, anticipated to open in late 2027, and the management of the CCNB Amphitheatre in Simpsonville, South Carolina, starting in February 2026. Ongoing brand expansions, like those with Luke Combs in Las Vegas and Orlando, further contribute to this segment's growth.
• Strategic Acquisition of JW Marriott Desert Ridge: The acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa in June 2025 is expected to drive revenue growth by adding a turnkey asset in a top-tier group meetings market. This acquisition creates additional rotation opportunities for group customers within the JW Marriott brand.
• Continued Investments in Existing Properties and Amenities: Beyond meeting space, Ryman Hospitality is making substantial capital investments to enhance the overall guest experience. This includes multi-phase capital improvement plans at Gaylord Opryland, such as the new Foundry Fieldhouse sports bar opening in April 2026, and other amenity upgrades. These investments across the portfolio aim to create durable demand and position the business for sustained performance.

Share Issuance

• In May 2025, Ryman Hospitality Properties closed an upsized public offering of 2,990,000 shares of its common stock, generating approximately $275 million in net proceeds.
• The proceeds from this offering were intended to fund a portion of the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa.

Outbound Investments

• The company acquired the JW Marriott Phoenix Desert Ridge Resort & Spa in Phoenix, Arizona, for approximately $865 million, with the acquisition pending in May 2025.
• Opry Entertainment Group (OEG) announced the development of a new Category 10 venue at Universal Orlando Resort's CityWalk, anticipated to open in late 2027.
• OEG also secured the bid to manage the CCNB Amphitheatre in Simpsonville, South Carolina, with management commencing in February 2026.

Capital Expenditures

• For the full year 2025, capital expenditures totaled approximately $358.2 million, primarily directed towards the Hospitality business.
• The company anticipates investing between $350 million and $450 million in capital expenditures during 2026, with the primary focus remaining on its hospitality business.
• Capital expenditures are continuously made for periodic renovations and to undertake expansions or new features at existing hotel properties, such as the ongoing Gaylord Opryland expansion, to maintain competitiveness.