Ryman Hospitality Posts Record Q1 Revenue $664.6M and Net Income $69.4M
Ryman Hospitality Properties reported record Q1 consolidated revenue of $664.6 million and net income of $69.4 million, with Adjusted EBITDAre rising to $219.3 million. The company secured 460,000 same-store room nights at a $303 ADR (+6.7%), refinanced $700 million of debt and raised its full-year guidance.
1. Q1 Financial Performance
Ryman Hospitality delivered record consolidated revenue of $664.6 million for Q1, up 13.2% year-over-year, and generated net income of $69.4 million, a 10.1% increase. Adjusted EBITDAre reached $219.3 million (+18.2%), while FFO per diluted share rose to $2.14, up 8.1%.
2. Booking Volume and ADR Growth
The company booked over 460,000 same-store room nights for future periods with an average daily rate of $303, marking a 6.7% increase on prior-year bookings. Strong group mix and resilient meeting planner demand drove the highest Q1 group bookings since 2018.
3. Debt Refinancing
A private placement issued $700 million of senior unsecured notes maturing in 2034, and proceeds were used, alongside cash on hand, to redeem the $700 million notes due 2027. This refinancing extends the company's debt maturity profile and optimizes its capital structure.
4. Guidance Raise and New Development
Following the robust Q1 performance, Ryman raised its full-year financial outlook. Additionally, Opry Entertainment Group plans to develop a seventh Ole Red location in downtown Indianapolis, set to open in late 2027.