Ryman Hospitality Properties, Inc. (reit) · NYSE:RHP
Ryman Hospitality Properties, Inc. (reit) — Ryman Hospitality Properties — Corporate Update (July 2021)
18 slides from Ryman Hospitality Properties, Inc. (reit)'s corporate update, Jul 15, 2021
Slide 1: Investor Update July 15, 2021
Investor Update July 15, 2021
Slide 2: Forward-looking statements
This presentation contains “forward-looking statements” of Ryman Hospitality Properties, Inc. (the “Company”) that are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. You can identify these statements by the fact that they do not rela
Slide 3: Recovery continues to accelerate
Recovery continues to accelerate .. Group business continued to show strong evidence of recovery throughout Q2, building on momentum seen in Q1 .. With the Gaylord National’s reopening on July 1st, all hotels and Entertainment venues are now fully open and operational .. Organic room night productio
Slide 4: Group meeting momentum continues to build
Group meeting momentum continues to build Monthly Group Performance: 2021 YTD2 Group Rooms Revenue OTB: Rest of 2021 vs 2019 (millions) 1. ITYFTY bookings are group room nights booked for travel within the same calendar year (in this case for travel by Dec. 31, 2021) 2. Decline in group room nights
Slide 5: Cancellations decelerating, organic bookings accelerating
Cancellations decelerating, organic bookings accelerating .. Average daily cancellations by month fell to approximately 1,000 room nights in June 2021, approaching pre-COVID average (2018-2019) of approximately 600 average daily cancellations .. The trend of organic bookings is outpacing rebookings
Slide 6: Rebooked 66% of cumulative COVID-19 cancellations
Rebooked 66% of cumulative COVID-19 cancellations Rebooked Room Nights by New Arrival Year Cancelled Room Nights by Arrival Date .. From March 2020 through June 2021 the company has rebooked approximately 66% of total COVID-19 related cancelled group room nights1 far exceeding initial target of 50%
Slide 7: Corporate and association meetings continue to ramp
. Over the next six quarters, corporate and association groups are an increasing mix of on-the-books (OTB) business .. For 2H-2021, corporate and associations represent approximately 80% of group room nights OTB .. For 2022, corporate and associations rises to 89% of group room nights OTB, above the
Slide 8: Our long-term book of group business remains strong
. Rebooking efforts continue to bolster long term group occupancy OTB as contracted business approaches or exceeds pre-pandemic levels based on pacing in 2018 for 2019 .. Group average daily rate (ADR) OTB for the next five years is ahead of the same time in 2018 by an average of 6.0% per year .. Co
Slide 9: Live entertainment demand growing
Live entertainment demand growing .. Grand Ole Opry sold 80% of available seats for the month of June, including 4 full-capacity, sold-out shows with attendance above 4,400 .. For July to December of 2021, currently have 130 shows scheduled at the Ryman, which is up from 121 a month ago and compares
Slide 10: Major capital investments drive post-pandemic growth
. Since 2018, the Company has invested approximately $872 million in capital projects to capture demand, enhance competitive positioning, and drive profitability 10 Major capital investments drive post-pandemic growth Year Month Project Description Investment Segment 2018 May Texan Rooms Expansion C
Slide 11: Gaylord Texan expansion & Glass Cactus renovation
Recent capital investments –Gaylord Texan expansion & Glass Cactus renovation .. Opened May 2018 .. 303 rooms .. 88,000 sf of meeting space .. Resort pool expansion .. $110 million investment .. Expected unlevered IRR in the mid to high teens ------------------------------- .. Opened June 2019 .. 43
Slide 12: Gaylord Rockies opening & JV purchase
Planned 317-room Expansion Site Recent capital investment – Gaylord Rockies opening & JV purchase .. Gaylord Rockies opened December 2018 for total cost of $800 million .. As of June 2021, completed purchase of the remaining 35% of JV and 130 acres of surrounding development land for aggregate purch
Slide 13: Soundwaves at Gaylord Opryland
Recent capital investment –Soundwaves at Gaylord Opryland .. Indoor portion opened December 2018 while outdoor portion opened May 2019 .. 217,000 sf indoor/outdoor luxury water experience .. $90 million investment .. Expected unlevered IRR in mid to high teens 13
Slide 14: Gaylord Palms expansion
Recent capital investments –Gaylord Palms expansion .. Opened April 2021 .. 302 rooms .. 96,000 sf of meeting space .. Resort pool expansion .. 12,000 sf outdoor event lawn .. Multi-level parking garage .. $158 million investment .. Expected unlevered IRR in the mid to high teens 14
Slide 15: Gaylord National rooms renovation and F&B re-concepting
Recent capital investment –Gaylord National rooms renovation and F&B re-concepting .. Completed June 2021 in time for reopening in July 2021 .. Rooms and corridor renovation .. $63 million investment .. Reconcepting of Marketplace and National Pastime F&B underway 15
Slide 16: Cash flow turns positive in June
1. Cash burn (or “cash flow” where positive) is defined as Adjusted EBITDAre less cash interest expense and debt service, before capital expenditures. Adjusted EBITDAre is defined in the Company’s earnings release for the first quarter 2021. 2. Preliminary estimates for June 2021 and 2Q-2021, subjec
Slide 17: Inflection in cash flow supports balance sheet recovery
$700 $380 $300 $211 $490 $600 $800 $0 $400 $800 $1,200 2021 2022 2023 2024 2025 2026 2027 2028 2029 Gaylord Rockies 4.5% Sr Notes (2029) Revolver Availability Revolver TL-A TL-B 4.75% Sr Notes (2027) 1. The ATM program provides the company the ability to offer and sell through sales agents up to 4 m
Slide 18: Conclusion
Conclusion .. Group business, both room nights travelled and new organic bookings, continue trending positively year to date .. Rebooked approximately 66% of lost business due to COVID-19, positioning us well for the future .. On-the-books group business for 2022 and beyond consistent with or ahead
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