Here are 1-2 brief analogies for Ryman Hospitality Properties (RHP):

• Imagine them as the Simon Property Group for massive, upscale convention hotels (often branded by Marriott) and iconic entertainment venues.

• It's like a highly specialized version of a major hotel chain, such as Marriott or Hilton, but exclusively owning and operating vast convention resorts.

• Luxury Convention Hotel Services: RHP provides premium lodging, extensive meeting and event facilities, and comprehensive resort amenities primarily for group and convention guests at its Gaylord Hotels.
• Live Entertainment Venue Operations: RHP offers concerts, shows, and cultural events through its ownership and operation of iconic venues like the Grand Ole Opry, Ryman Auditorium, and Ole Red.
• Food and Beverage Services: RHP delivers diverse dining, bar, and catering options across its portfolio of hotel and entertainment properties.

Ryman Hospitality Properties (RHP) operates a portfolio of hospitality and entertainment assets, including large convention center hotels and iconic entertainment venues. Due to the highly fragmented nature of the hospitality industry, RHP does not have a few specific "major customer companies" that account for a significant portion of its revenue. Instead, its customer base is diverse, serving both businesses and individuals across several key categories:

• Group Business (Corporate and Association Meetings & Conventions): This category represents a substantial portion of RHP's revenue, particularly for its large-scale Gaylord Hotels properties. It includes sales to other companies and organizations, such as corporations hosting conferences, training events, product launches, and incentive trips, as well as various professional, medical, and trade associations holding their annual conventions or smaller meetings. While these are business-to-business transactions, the customer base is highly diversified across thousands of different organizations annually.

• Leisure Travelers: This category includes individuals, couples, and families traveling for vacations, weekend getaways, or to attend events at RHP's entertainment venues like the Ryman Auditorium and Grand Ole Opry. These customers often seek a complete experiential stay or entertainment-focused visit.

• Transient Business Travelers: These are individuals traveling for business purposes who book stays independently rather than as part of a larger corporate group. They often choose RHP properties for their convenient locations, amenities, and loyalty program benefits while on solo work trips.

Mark Fioravanti, President & Chief Executive Officer

Mark Fioravanti has served as President and Chief Executive Officer of Ryman Hospitality Properties since January 1, 2023, and became President and a board member in March 2022. He joined the company in 2002 to oversee marketing for the Gaylord Hotels brand. His previous roles at Ryman Hospitality Properties and its predecessor, Gaylord Entertainment, include Senior Vice President (SVP) of sales and marketing, president of ResortQuest (a subsidiary he led until its sale in 2007), and SVP and treasurer. Fioravanti took on oversight of finance in 2007 and was promoted to SVP and Chief Financial Officer (CFO) in 2009. As EVP 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 strategic investment by Atairos and NBCUniversal to support the growth of Opry Entertainment Group. Prior to Ryman, Fioravanti worked for Harrah's Entertainment for 11 years in various senior corporate and property-level positions.

Jennifer Hutcheson, Executive Vice President & Chief Financial Officer

Jennifer Hutcheson has been the Executive Vice President and Chief Financial Officer of Ryman Hospitality Properties since March 2022. Before this, she was the Executive Vice President, Corporate Controller & Chief Accounting Officer from January 2013 to March 2022. She also served as the company's Vice President of Accounting and Tax from March 2006 to December 2012, and Director of Corporate Accounting from May 2004 to March 2006. Ms. Hutcheson began her career as an auditor with Ernst & Young LLP and Arthur Andersen.

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

Colin V. Reed has served as Executive Chairman of the Board of Directors since January 1, 2023, and has been a director of the company since April 2001. He was the company's Chief Executive Officer from April 2001 through December 2022 and was first elected Chairman of the Board in May 2005. Reed also served as President of the company at various times between 2001 and 2015. Upon joining the predecessor company, Gaylord Entertainment, he led a strategic reorganization including the formation of the Gaylord Hotels brand and the divestiture of over $300 million in non-core assets. He also led the company through its conversion to a Real Estate Investment Trust (REIT) in 2012 and oversaw a major strategic investment by Atairos and NBCUniversal in 2022 to bolster the growth of Opry Entertainment Group. Before joining Ryman Hospitality Properties, Reed was Chief Financial Officer and a member of the three-executive Office of the President for Harrah's Entertainment Inc. He joined Harrah's in 1977 as a financial controller for its former Holiday Inn International Division.

Patrick Chaffin, Executive Vice President & Chief Operating Officer

Patrick Chaffin has served as Ryman Hospitality's Executive Vice President and Chief Operating Officer since May 2019. In this role, he leads Asset Management, Development, Design & Construction functions, government relations, and site selection for hotel portfolio growth. He has led the reinvestment of over $1 billion of capital into the business and the $800 million acquisition of the JW Marriott San Antonio Hill Country resort. Prior to his current role, Chaffin was the company's Executive Vice President of Asset Management. He joined the company in January 2005 as head of finance for ResortQuest International, a former division of Gaylord Entertainment, and was instrumental in the 2012 REIT conversion. Before joining Gaylord Entertainment, Chaffin worked for General Motors Corporation for nine years in various corporate and manufacturing positions.

Scott Bailey, President, Opry Entertainment Group

Scott Bailey is the President of Opry Entertainment Group, a subsidiary of Ryman Hospitality Properties. Opry Entertainment Group includes brands such as the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, and Ole Red.

The key risks to Ryman Hospitality Properties (RHP) are:

1. High Sensitivity to Economic Downturns and Business Travel Fluctuations: Ryman Hospitality Properties' revenue is largely dependent on group travel and the broader corporate travel sector. Adverse macroeconomic conditions, such as economic uncertainties or downturns, can significantly impact the company's business by reducing demand for large-scale conventions and events, leading to decreased occupancy rates and average daily rates (ADR) at its properties. This sensitivity can affect overall revenue, profitability, and the stability of dividend payouts.
2. High Debt Load and Interest Rate Risks: The company carries a significant amount of debt. A high debt load, especially in an environment of persistent labor cost inflation and potentially higher interest rates, could put pressure on RHP's margins and free cash flow. While the company has undertaken refinancing efforts to stabilize interest costs, an elevated net debt level introduces financial risk, particularly if there is a downturn in its cyclical business.
3. Concentration Risk in Geographic Markets and Renovation Disruptions: Ryman Hospitality Properties' portfolio of convention center hotels is concentrated in a few key markets, including Nashville, Orlando, and Washington D.C. This geographic concentration makes the company vulnerable to local economic downturns, natural disasters, or other adverse conditions specific to these regions. Additionally, ongoing renovations at some of its major properties can lead to temporary disruptions, impacting RevPAR (revenue per available room) and overall segment operating income.

The sustained adoption and increasing sophistication of virtual and hybrid meeting technologies, which could structurally reduce the long-term demand for large-scale, in-person conventions and associated room nights, food and beverage, and event space rentals.

Ryman Hospitality Properties (RHP) operates primarily in two main segments: large-scale, group-oriented convention center resorts and iconic entertainment venues. The addressable markets for these services are sized for the U.S. region.

For RHP's convention center resorts, which fall under the broader hospitality and corporate events markets:

• The U.S. Hotels & Motels market size is estimated at approximately $286.5 billion in 2025.
• The U.S. corporate event market, which encompasses conferences, trade shows, and other business gatherings, was valued at $95.3 billion in 2020 and is estimated to reach approximately $510.9 billion by 2030.

For RHP's entertainment venues, which are part of the country music and broader location-based entertainment markets:

• The U.S. country music industry generated approximately $1.4 billion in revenue in 2022.
• The U.S. family/indoor entertainment centers market was valued at approximately $5.25 billion in 2024 and is estimated to reach about $10.56 billion by 2034.

• Strong Group Bookings and Pricing Power: Ryman Hospitality Properties is experiencing record levels of future group bookings with impressive average daily rates (ADR). For instance, same-store group rooms revenue on the books for 2026 is pacing approximately 8% ahead compared to the same time last year for 2025, and for 2027, it's up about 7% compared to the same period last year for 2026. ADR growth is projected to continue in the mid-single digits. This indicates the company's ability to drive revenue through increased occupancy and higher pricing within its hospitality segment.
• Strategic Capital Investments and Acquisitions: The company is making ongoing capital investments, such as meeting space upgrades at its Gaylord properties, and has completed recent acquisitions, including the JW Marriott Desert Ridge. These investments aim to enhance offerings, attract more large-scale experiential travel and gatherings, and ultimately support revenue growth and long-term cash flow.
• Growth in the Entertainment Segment: Ryman's Entertainment segment, which includes Opry Entertainment Group (OEG), is contributing to overall revenue growth. Management anticipates approximately 6% year-over-year growth for the Entertainment segment's adjusted EBITDAre. Strategic entertainment initiatives are driving brand exposure and performance.
• Resurgence in Large-Scale Experiential Travel and Gatherings: Ryman Hospitality Properties is well-positioned to capitalize on a renewed appetite for large-scale experiential travel and gatherings. The company's unique "all-under-one-roof" offerings are designed to capture out-of-room spending and gain market share, benefiting from the robust demand in the hospitality industry for group events.

Share Issuance

• In May 2025, Ryman Hospitality Properties completed an upsized public offering of 2.99 million shares of common stock at $96.20 per share, generating approximately $275 million in net proceeds.
• The proceeds from this share issuance were primarily used to partially fund the $865 million acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa.

Outbound Investments

• Ryman Hospitality Properties entered into a definitive agreement to acquire the JW Marriott Phoenix Desert Ridge Resort & Spa in Phoenix, Arizona, for $865 million. The acquisition is expected to close in mid to late 2025.
• In January 2025, Ryman's Opry Entertainment Group (OEG) acquired a majority interest in Southern Entertainment, a company that manages various music festivals.

Capital Expenditures

• Ryman Hospitality Properties reported significant capital expenditures of $112.7 million in Q1 2025.
• The company consistently invests in property, plant, and equipment.
• The acquired JW Marriott Desert Ridge Resort & Spa is expected to undergo ongoing renovations, which may impact 2025 results, implying a focus on property enhancements.