Ryman Hospitality Properties (RHP) 4 Aug 232023 Q2 Earnings call transcript

Welcome to Ryman Hospitality Properties Second Quarter 2023 Earnings Conference Call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutchison, Chief Financial Officer; Mr. Officer; Operating Chief Chaffin, and Mr. Patrick Chief Moore, Executive Officer. Patrick will for digital Opry Entertainment available call this Group, replay. be number The is XXX-XXX-XXXX ID conference required. with no listen-only At placed participants all mode. a this have time, on been

Please turn It now over Jennifer my to go is the ma'am. ahead, pleasure to conference Ms. Hutchinson.

we in statements of contain Securities affected forward-looking about identify believes are Thank for historical including SEC statements Litigation fact not performance. deemed today's be to of and including in statements to may many by Reform company's are may morning. as expected or release. statements. defined Any be today. be This joining listed Act today these Good intended may statements us in company's those as Words the which factors, statements, financial such you call all the expects that forward-looking make the Private XXXX, filings

company's The today. from results project we may or discuss materially actual results the differ

statements, We of forward-looking will a future reason. not information, or result new update any other any whether as events

We We (ph) reconcile exhibit will today's comparable most release. each measures measure to GAAP today. financial to the DIP measure non-GAAP discuss non-GAAP also and

I will Colin. over now call the to turn

to Jennifer, spending the by morning, good you, I off tradition everyone. quarter. call last Thank morning's this time earnings somewhat want the and from about breaking start of talking

us. very course, excites the it's really we're pleased that Of with the but last future quarter,

hospitality brand on you, me tell focused why? XX build years primarily let a decided group So we segment. ago, the to

people refined have over for loyalty assets backed groups We built gained consequence investors physical most was as year-by-year. of rotate and over by with market last did demand. tens hotels and know decade a market that we this us customers. been We share there the we've were of thousands those market expanded grew will this we The our our we for journey that amongst focused of time large that because had that discovered world-class build culture up to who

has been performance peers. our our substantially Financially, from different

In years, company whether significantly a each a of the one-year, has index basis, substantially the the FTSE this measurement. last sector it's outperformed when XX NAREIT look and of our at in five-year, Lodging we've the outperformed period XX-year, index, year-to-date returns fact, you same on index over three-year, average

annualized Now by a strategy higher with has The reward This us annualized because peers. loyalty. which leisure we is and and growth this large consequence is lower of provide that in they, differentiated really customers, to volatility not experiences group into their luck. have exciting earnings our customers than contracts and our enters the in with resulted turn,

So we bookings are, Mark after on a books a are the really board lead records, as volumes describe, that lifetime years and next year at following that for pandemic and the results across historical mostly levels and the that and once quite exceed impressive in posting revenue are will performance.

the COVID-decimated up of shop. evidenced created many But and others planner, stronger reengineered room organization and tremendous the in our we deployed re-bookings some company. way extraordinary went our for from to care while nights. a $XXX damage capital meeting the to canceled million nurture made it out by We in farmers achieved us new shut humanity. and almost ways, We

illustrate. years do with But We ahead. can businesses quarterly we have me company COVID our that the from stronger emerged as excites what a earnings thing is our the over

conversation and on of with suspect I be Next us. of the will years the most will week, our Board we be focused ahead

we've the attributes grow have very consequence our strong excited and products of the Our business. to hotel we sharing strength lead growth many demand. of the rate with us volumes has a and been business of Board as bookings is our Look, and our and showing forward options have

sports convention well to accommodate bar space rooms repositioning supply we on of as refine and working all and are at the several food hotels, we as existing markets, certain expansions expand our replicating as hotels in demand We're expansions building. expansion, beverage SoundWaves

and So Board. as this entertainment our mid-first we we we we give primarily I out but now next our plan proformas of what December, growth prioritization, in a Day be will plan our that to we hold an said, our sometime next also expect refining year then do quarter so and week, detail we with early plans these and opportunities will between Investor at you will that preview And of share some can glimpse lay business. business, exciting for to hotel with

that and place Country. in Marriott acquire we about creating about we've we we REIT the projects of between excludes believe to that you the the the of number we by that that strong explained to $X way, record our JW conclusion exciting. future value and Hill the somewhere a Unlike and very plans the developing for we looks grow leads right estimate XX of the that and materially plans that hospitality that have I've we're new billion Now most strategy developing sector, will identified profitability XX have shareholders the just now, us we'll that are for capital, extremely

quarter. for the Now

set areas was As we hotel, quarter Mark a shocking acquisition business. of and minute. came about, will the of Jim about by the and as JW excited in Hill that very we're in highlighted at our our operating and The will the called in quarter Colorado accident Country, talk many which plan Mark discuss, for records Marriott exactly almost our despite our

we our growth investors to Candidly, buy bondholders a the And I'd we've having this purchase. like is to purchase pleased quickly the in San at us. able incredible into the Antonio and several this the times facilitate for confidence tried last and years company city hotel who came time large to move eight with that thank are to over of characteristics. we were

during that XXXX the in Antonio the absolute country. time, and highest In States to terms the the San experienced at largest fifth of growth GDP the fact, Antonio in of population city rate San United from any 'XX, grew in

There's forward this rimanizing potential upside this of hotel performing and coming though in even for the the really hotel is and hotel to a we period. extremely well, lot look

Over adjacent that into for rotational in share offering gone us and months. this customers, we've you after which helps estate and be time introduce currently his we'll significantly acres high under the to purchase contract for world-class our hotel the the to are group over last this an thesis team XX asset, few with then and a expand quality to days, able of several growth Patrick building this real

our excites finally, Now tell about me entertainment me let what you business. just

our and The delivered very which all, results XX on results exclude if core adjusted Ryman. First assets, XX% continues in delivered new brand business the Block year-over-year get of to Red second also as increase increased quarter, revenue. the Old the good record XX% the did Grandeur an in by stronger you and EBITDA

that perspective, headway a the like all with XXXX, Vegas due very which early the building occur red we're we're making delay But From Las strip. permit modest to it shift looks in resolved. completely is fortunately now in our have we schedule in growth a on opening will in that a

into be deal here different quite town. four-part see we announced bars all an we you entertainer extraordinary (ph) Nashville, a destination appeal also from which will you Luke multifaceted the the Combs. and Wildhorse is As a in international with long-term entertainment complete, branding Luke will this in converting with be know, when

consolidated sheet at business the materially levels are, that we delivered So here last operating has and our over record a year. balance

Ryman by dilemma here to is levers I'm and our saying For just section of team their but and we and us, proud business grow, And I the professionalism looks we finish awfully, exciting. not we the understanding the my here future want collective how at awfully what pull have first. of extremely

second talk let's quarter. So Mark, about the

quarter The we the saw a areas. achieving the had excellent another of in record a performances with continuation of great company number Thanks, first in quarter, Colin. momentum

creation value In both presents excited addition, Hill portfolio property JW Marriott Country are the at we opportunities the about levels. and the

as Starting a period with the XX% X.X% XXXX approximately as group group prior and X% traveled Across business, both room the to in board comparable we see pre-pandemic of continue nights rate than levels. versus group hotel in we continue quarter the the in we both segment XX.X%, XXXX quarter in recovery were transient, more $XX.X and million XXX,XXX compared and quarter, the ADR up second to performance group strong XXXX. and respectively, the versus year nearly see our to and strength transient

period. Despite history, the the year X% segments in compared ago all-time quarter, continued ago to of we just adjusted new in records was record highest over Outside environment, year EBITDAre quarter quarter an uncertain second an Both company's this revenue. the $XXX.X period. delivered performance which million the behind hospitality X.X% macro hospitality set for second the spending the ADR, of increase with strength driving saw room

year, there basis was year margin the period While same this quarter. was performance prior tough XXX compared the some solid we a faced as decline quarter's comparisons point to to last

of and Coming impacted record, quarter were off incentive continued and $X the basis, down one-third quarter in the and customer. quarter, management margin driven highest fee Omnicron-related on second EBITDAre quarter Omnicron in or the by return fee re-bookings, illustrating group Attrition timing. recent collections year-over-year XXXX the by expense cancellation fees almost of million and most is part the first cancellation attrition a on the

fee levels commensurately. Likewise, increased as generated higher our portfolio of expenses management profitability, has

ago to incentive included second more year in results Our recognized quarter period. over compared million $X management fees the

are they business. signs have as comparison While the the negative more our favorable quarter in third anticipate group on and fourth. the margins, in for similarly comparisons then comparable reaching We favorable these a in a segment challenging year-over-year dynamics impact well

we were performance addition May at the ongoing In the interruption collect Gas Rockies of segment was We quarter in in incident weeks negatively $X approximately by X estimate transient we which primarily collapse hope impacted dynamics, an year-end. to the the Rockies this claim, hotels have recover. quarter the in continued system by million to HVA the indoor volumes, pool. the following these have Gaylord impacted profitability the and second incident, the to by year-over-year but impacted tragic business

addition the and reiterating outlook Hill the our back our property. will with Country of our to EBITDAre year, hospitality adjusted look As detail segment for of the the shortly. benefit the guidance thus the Jennifer year, JW we for Entertainment we're half new outlook EBITDA raising of EBITDAre remainder the the of

with quarter leading year We're gross XXX,XXX look compared group group pleased see continue we nights, X.X% no we deterioration we to indicators sales key is in we the track. again nearly production as which booked XXXX, ago in period. room the up As beyond the to

Omnicron-related exclude If last second year, you quarter from re-bookings approximately up production was year-over-year. XX% the production

our made We in group ADR leveraging the capitalizing capital segment. production, for prioritize outlook the favorable on in sales the continue supply/demand investments to we've

of the to rate all-time in XXXX of compared bookings the any continue For in our group 'XX. advantage. compared quarter second This the hotels and to on new continues the history, an to the confidence our future and of all an ongoing greater build even second strength second quarter, quarter to quarter $XXX, we to investing XX.X% for achieved stronger across up production supports company's loyalty to create an customer average our high one-of-a-kind X.X% books for and enhance years competitive revenue drive

As for end quarter, ‘XX the X.X%, the XXXX. revenue are and ‘XX T+X our respectively, and books second the the of of periods of the second T+X and on as rooms of quarter compared X.X% time to up

Colin Now of turning compelling the of to some gave of Country, of Hill the Marriott market. overview fundamentals brief you the Antonio a San the acquisition JW

closing it more working a to presents and about our opportunity with acquisition tremendous add on team Marriott the color me the June has in management little wide from terms levels Since portfolio been Let this bit service above vendors for XX, quickly scale, to us. hotel contract group and asset key our portfolio activities sales. capitalize finance, economies improve of property our revenue into and management and integrate property on leverage the

incremental implement an outside working programming Due XXXX introduction and the the programming, for including lead we time, ICE room will in drive to In addition, holiday spending XXXX. our we're initial full of its to holiday occupancy season. to create transient holiday

our significant to economic of it this hotel generate rooms long-term property an San the is while growth destination future out rest Antonio, X,XXX for property and of a further, at the value the to consider portfolio when expansion represents you the Greater capital already Austin the shareholder through region, potential investment. compare enormous substantial, Looking opportunity

subject resort master of plan transaction the To to Marriott to of to this property acquire anticipate signed including in in Committee. approval quarter. The Marriott's purchase of future associated end, the have compelling closing undeveloped believe conditions, is land will the for the agreement immediately Colin the million. Investment third development XX expansion We mentioned, to years. adjacent purchase for this and we a the diligence acres this a due an allow create Country $XX.X closing rights from by efforts our Hill as end customary us We agreement

this great of performance another the both The period. XX.X% adjusted Entertainment leading was assets $XX.X million marquee respectively, again segment Our ago our up consolidated million Entertainment way. and $XX.X the delivered XX.X%, EBITDA, and year records, Group's quarter storyline are which with of versus Nashville revenue

quarter Chief the been Moore, company's appointed that this member, Officer Patrick has announced also We Group. of Ryman former Opry Executive Entertainment Board

step and join known capabilities brings. for Patrick brings and brands Patrick We've and strategic a more most to executing management recently team years. than our addition first the him leadership as us decades growth an strategic and consultant our Patrick an as member, excited experience, long-term I in and of growth have transformative XX he important through leading and worked We're Prime our plan. is have with for to Board

And with Jennifer I'll financial results it over greater to turn our discuss detail. to that, in

the the in total Thank common Entertainment usual fully per diluted count reflects income that you, share put rights quarter held Mark. or In million the part as shareholders fully the investment. second by their of million generated and revenue our of Note $X.XX to Group as Opry $XX.X $XXX.X company quarter, Iteris share. diluted of net

the reverting any rights the in of we exercise in option also in Ryman. and are retain XX% yet would result put cash, rights settle exercise Carrols' exercisable those to any these these OEG Although ownership back not to rights

weighted We outstanding capital associated for our June with raise completed million we X.X property. a Antonio JW the shares quarter, a in in equity is which the quarter, San acquisition our Country of and successful quarter total average oversubscribed the issued this in of Hill year-to-date. shares Additionally, reflected

Total by an consolidated $XXX.X second segments. led quarter our adjusted all-time record hospitality is entertainment million, and strength was which in both EBITDAre for and continued the

financing Country statement. XX, operating acquisition and next future the quarter Hill occurring results fully starting second the in on transactions, acquisition JW income the quarter reflected balance June related With reflects fully our our sheet be will and

our mentioned, well, businesses moving Mark forward. and performing As momentum are with strength

As for reiterating property guidance full updating consolidated guidance Country the our for are of our Antonio half of the businesses such, the year and the in year addition our we same-store San year. full back Hill

our $XX million As a an million compared result, million or consolidated EBITDAre to previous guiding adjusted increase the are we at $XXX of midpoint $XXX of to guidance.

for adjusted from $XX is to We are a AFFO million to at the also year operations increasing range or our million midpoint. guidance million, $XXX funds of for $XXX which of an the increase

full our the You see can release. and changes reconciliation earnings in guidance

Turning additional is to $X.XX balance Group's of on other Opry on retained cash and capacity $XX available an had remained FF&E maintenance. million million unrestricted $XXX.X with combined of billion facilities ended for of revolver of We million a our outstanding approximately We hand letters liquidity our last restricted hand balance and of from our million revolving Entertainment after undrawn. cash projects credit $XXX $X us and revolver $XX our cash sheet. which gives unchanged quarter million of deducting $XXX.X outstanding, credit. quarter. the total The million of

from refinance as XX-month Country, times. high-yield Hill leverage quarter for On without the We meaningful Loan contribution Term we second JW basis, fund of of extend markets transactions and are completed any acquisition increase consolidated in X EBITDAre our of to about of including country. the the capital times, our ratio credit a completed facility B. but which to the Hope to quarter EBITDA net Hill EBITDA well JW is contribution total our at net closer as maturity the trailing adjusted note Country to last recently debt a X.X stood Adjusting from includes offering modest our JW

senior in (ph) through shares securities. well per our of The Country million XXXX. of demand transactions the price JW well upsized market $X.XX a principal stock, of amount the strong of acquisition at satisfy Hill very $XX.XX to common par aggregate public offering $XXX both the the of was million cases funded were placement equity and received by which of for as of of are of X.X due X.XXX% these as private share notes, Both were value

revolver and facility mortgage and XXXX credit the we refinancing, to requirements. eliminated maturity our Term our maturity to Loan On XXXX, previous successfully collateral B extended

providing we our additional to addition, million, an million In B reset $XXX liquidity. of us Term Loan $XXX

terms In swaps. of with the of end, quarter was our as rates directly either at outstanding interest of XX% rate fixed or exposure, approximately of benefit debt

swap our period. exercised reset July to and we our of loan, discussed that the term on As first XXXX out three one-year pushing Gaylord rate interest we we've X, previously, to the Rockies maturity that extensions cover

the With quarter to intention shape balance debt remains maturity business through well XXX% support and continued our our JW the finance as Hill us be our and continue to growth deployment our manage to taken to the excellent income in the opportunities this capital Country as further available acquisition of actions we've to of liquidity dividends. schedule, our re-taxable and pay sheet it

over it And I'll with that, back turn Colin. to

Thanks, Jim. Travis, questions, the call open please. up let's for

comes Instructions] [Operator Bill Raymond sir. Our Yes, from question Crow, James. first

Hey. me, Good Two morning. Thanks. questions Mark. or [indiscernible] from

groups it new been might market, Just group pretty think Vegas I'm even always has stronger. of your curious, a that when seems properties? they but inflation make to wondering you change and and how Las Marriott's it come might the impact deal like the the pace rotational good

it of changes come that know they when pace properties. our don't the I Yeah. really to

at want and research of to go years, don't. over about looked groups to the we've Vegas half As about half

into for our those us Denver rotational large us for will think, really what for hotels that to opportunities a perspective. is in is either other a more capture the part of Marriott Bonvoy I pattern. from as groups, there opens presence that up, does that opportunity presents the us think now substantial have I And essentially it

The that that have Vegas. Bill other leisure will market part access of markets massive than other other to actually it, spends Marriott that Las is in customer time gaming

think opportunity so into some of have our hotels great an leisure we I demand as And well. of getting

think be well. think also, I ultimately, the there benefits So but is will there uplift I some from right, as group side, Mark leisure is here

about Thanks. whether be capital might I'm financed just Opry monetization of for might forward. the Group. you Entertainment upon And of $X billion that going thinking and dependent be mentioned that projects Colin, potential how

to pushing round alluded cost Xs. lot companies the have new and levels business X trading and And for as sort our went No. Jennifer estimate happened I you COVID the like billion. the the and flows, certainly look is $X about down of numbers, has mid-XXs, company have, it here, But leverage about Hill It is because gone click. levels, hotel at the that up of we debt leverage What when not. when that cash Jennifer Bill of off you this, other of our into have you a Country strength a our normalize our times. mean at alluded, we're shut

And year at the bookings we same from on up after alluded for the looking we're so when the XXXX, at and paces that. group and look to books historical substantially Mark

As our REIT dividends taxable to sheet. of capital our to next by assumes will four And from we week, the our this to that are next income. increase to over lay out substantially this showing have two finance because our balance our projects these fairly three we going long-range years essentially way, plan, can board something again to is and be we the

got of that by the exciting is ourselves customers into situation here and eyes very in differentiated. we've literally the group So that customers a leisure this brand these building is a

capital to way billion look of this the our because our through pro-formas years. does growth this deploy to we're to four of period next don't over actually way, They high be good assumptions to of returning going And quality able so on $X capital underlying EBITDA we by generate go levels up expect have even the time. decline. the And the though of business, the our here to what three leverage really

is very So situation a this we've ourselves got exciting into.

our of our the increased at has guidance, over midpoint And XX% adjusted consolidated XXXX. almost Yes. EBITDA

that has this the a Over grown years, three is business materially? last

Bill, And that Mark just that entertainment. But includes has important an point, this our is to Yeah. thing referenced. that

look take guys that of the growth last of around excludes you you growth guidance that the companies is our if of You our year company, total midpoint of all and year. sit earnings. $XXX, if these and you But apart number for RevPAR, about reflects other at talk just their this And over this Hill 'XX about X.X% over and XX% for country. this take

for midpoint, EBITDAre over the over EBITDA year, last million, the growth Most and of $XXX If the XX% the of growth is for you look Hill this at 'XX, again shows XX% guidance year. Country, at 'XX which the XX% over which excludes in same-store have of our this competitors write and that are it. that of like place, our because down. what contracts have looks in very that about about this guys the is sort and built you we of business excited we're flat And to we very, strategy

Okay.

good. Sounds both. you, Thank

you. Thank

from Citi. question Next comes Rose Smedes with

Thanks. Hi.

Just I be wanted just a clear. follow-up to that. on

talking leverage You're fact, see be investing about four and in year frame? over your three you X times same over above declining that and may $X time going billion period not to a

be It X.X through to Depending within X.X times cadence. that period. upon will the that

the for five spend period Time probably closer years. is to Yeah.

lay other. the on again, how these quickly on each depends years, but right? It we yeah, over five it projects cadence, depends

legacy could might at investment kind JW, the the be of you properties? which like then you what away a about you're And planning talk that Okay. just at scope bit sounds and your separate little would from envision of

that? want you Do Mark. Yeah, to take

really to commercial business that's Yeah. renovations be making not bit options and around efficient we and really we what the revenue us producing and potentially investments But rooms, underutilized from Country well right it space impact a the and I consumer We're perspective, to mix We're space see that meeting where lay at food just more think beverage, currently honest there's the it's out our with room think say its more you, the of longer as looking to precisely grow a mean as opportunities the we Smedes, really that early to consumers is. to potential and term, little there. to increase there. I understanding getting opportunities operations that initially, would delivering and hotel the take for Hill into increased and are feedback. amenities quickly leisure

(ph). Do in sec that you a modify weigh on just for

And you having year far, it best our to get in So time, $XXX most open convention hotel to state Antonio is, Texan this if become as Gato that were we somewhere that at we by the that sort is times the resort and Texas. $XX Hotel, hotel hope in going look We've hotel Smedes, literally convention $XX When And the between hotel can successful expanded now. baby over resort Antonio of of do and same million that second we somewhere we going San this the up, that DNA State and in million. Texas. San around that the million of EBITDA. in of see that several

X X hotel. we're why very this And over excited eight the or we about years. it to that's so, times And tried buy last

guys could out cancellation And you you ask I breaking one, appreciate the Great. of I all, fee. first just

of could looks I realize just nice room bit. it's the you like was sort it’s if was It and a X of up a was explain in little second that's months. that I cancelation? a cancellation a But think look lot I disclosure. incremental It kind wondering through the bit quite down XX% nights (ph) up quarter. like

little conditions a six about Smedes. up bit the cancellations or for come larger groups like Yes, pointed trends or our There was This that little it macroeconomic around five But at each there was It that a were no There of was of Patrick. that. we just the now bit. normal. in then. nothing concern. one anything them, than future specific to as looked cost and Hey, periods, lumpiness is canceled was

based we little that cause we concern any into what bit saw. and have don't a on larger, so And but for dug

Thank Okay. you.

question Scholes, True Our next from comes Securities. Patrick

for about X% you're Hi. said pacing this but XXXX. X% I Good you morning I everyone, plus missed around XXXX believe and earlier, if for

were since those transcript the through that. see last quarter, or numbers call Looking last do your discussed earnings where Did that improve the months I over last three you they?

You want that. take to it

morning. good Patrick,

mean, And point, to if room up, that's that and total well. the actually pace, Our both continues I to XX% it's and XXXX, give up for nights look improve. numbers revenue you improve. the you on another continue rate group data just at room over XXXX as revenue

closed couple we fact, of just year hotels really and a just some solid and for for year in the had July In T+X. bookings the end the the

continues of into us that So gives to a improve head as XXXX. we lot confidence and

of our continues a move very Additionally, mix in on top to direction. that, positive

higher corporate a stand we XXXX, have right over improvement now, of We XXXX. the where mix on business books for where for an we are

for So feel we're really heading a lot where good of reasons to about XXXX.

summer and half year. the you. seeing obviously, pressure hotel the Thank business back on then Okay. like And of the leisure your certainly, ownership companies and in from other REITs and here, vacation

to something I folks, about for can you ice tell think think the holiday events, not which it's when if probably Europe. that and is transfer I to going everyone more about, leisure music me country easily

pressures? do you it think ski relates to about as not with probably [indiscernible], resort resort lost those how business leisure the features So or apples-to-apples a

Let part just of peak XX,XXX Patrick, this. do the me I start, feet want to

but music the we're really here doesn't when hotels Palms. music Opryland, the or affects Nashville at of the attributes you ago of Yes, And One have assets. put that when country years really we've hotels, over years. the hotels leisure look seeing country Washington that the these and three in world-class impact to four demands was things these and built we an we did and into added to last Texan, continued facilities leisure Aurora, that we embellish in these these

pretty quality just you leisure. Patrick. SoundWaves too, into enormous in specialized talk a don't and programming a Nashville demand have we that on had about But impact place you Chaffin, of putting Patrick well lot for because programs why just do that when we like the But put asset here, leisure. it the has things we induced an does of

absolutely. Yeah,

you're think saying this, to what Just quarter local Colin anticipating is a traveler. of fourth to already really build regional holiday your and is traveler I Patrick, because on point more our

transient that's the into but international bit absolutely pool And leisure little we the level think into gone that summer been And saw on the so tied softening the would which lot say back we incident of some hotel. same states, production was we in travel necessarily put seeing damper that, into a though, out of I complex not coming of the a business. that agree states. a Gilead the Rockies, obviously at there's

folks that local again impacted families we've put the about but are get the many together. year back regional solution. talked year, times, especially coming to So a the that for provides ICE last looking summer, in place, as and solution programs move holidays, as towards returning for with this And we we've

so regional softening we're will that the strong that summer quarter quarter the of into we hopeful local the for continue very fourth fourth and still traveler saw And not the this year. will be

occasion These Europe. stays, Patrick, different And for for are vacation weeks. our a structural substitutable correct. regional trip week going trip or you're short is versus a They're Europe with The going not ways. hotels family or somewhere to really to two

ICE in acquisition planning this you the Texas, in for Maybe Understood. that holiday you are like past, at to hotel? said your in events have but put the Yeah.

we ICE be of acquired for set 'XX Yes. we type to We completely and Because for into do ready it by holiday up XXXX, us do get offering, some to time 'XX. everything in all holiday have We're the offering property as the not ICE a on property June tent we and to we are and programming from programming anticipate approach. there's an phased going believe up. XX, that move going the but step we'll

little a to year the give going then in to we're in ‘XX full taste complement. we're be bringing of going them ‘XX and what this So

the Okay. you And then programs that any that ICE? other at of would segment entertainment introduce besides hotel

opportunities customer that the That's earlier. Mark's at That best to back looking we're to it. in what and given is and trying and and hotel, base something studying market point that the that around then fits understand

Got your Okay. color. you you. for Thank

Patrick. Thanks,

next Bank. Deutsche comes Chris Woronka, question Our from

the for Thanks guys. morning, details Good far. Hey. all so

which JW, your about can a So a talked think maybe intro to great I is comments Colin, term. we back the go rimanizing minute,

there question how probably we a but guys at this on of different much if some group is of You getting a -- it. lot in buckets, these trademark or know kind the efficiencies high-level to high this versus kind what's the were a versus bucket changes, to of of is, revenue getting But thoughts new much how level, (ph)? level of that's of difficulty I maybe level operational streams. process the

good. And answer above. that how short the think the the into with just inducing want that is of market. Patrick, about we demand of which yes, working you is process of new The been then to we've on, Marriott do all some all stuff

and once your stepping generating more alluded sizable yield We there question higher specifically, and year the be in so advantage of out as a Absolutely. can opportunities. economies into opportunities, Mark The parking or converting kind of to of touched are ourselves holiday programming we really up and bring whatever or revenue getting about contracts, might it six talked on do beyond Patrick But this really we rimanize today. moment space Mark the ADR there, in XX contracts then want towards this And to just initial spaces focus a studying ago, get what audiovisual XXXX. the to level into scale there's whether getting is portfolio similar Wi-Fi, month be, on to that cetera. take now get we short-term month it introducing the contracts, think initial vendor we already. retail new right it then very contracts, et it's asking a it property Gaylord. those to with of

because leisure but XX this The of do it additional is has the with and want acres, business, acquisition a we potentially us opportunities amount we respect rooms. do meeting some drives tremendous tremendous of continue it at believe leisure that property believe today growing to there's we well look to as for some space as from where pool additionally and the to capabilities,

would digging my then team already the asking architects long this think to to with property is start we so what in property potentially term. grow And the make level property and we do had visiting sense it ourselves to

of So longer and out future. side. then on figuring this group going to lot what ongoing, to we're bring do strength short-term talking more also we the it of know JW and what that things some been will But be integrity has how that from do, after the term, but we'll to that maintain to about in a the be able how

well? we very you It's successful there's Pat, on as of that overhauling well think as just hotel. a food beverage in there touch hotel as may about want great potential to well our thoughts and because the

us hotel in that XX the emerge we this months differentiator. XX months we of fed. and mean as as had experience, I a Gaylord leisure attendees over they an beverage about continues the to not see to you've to And our be Yeah. heard just more past that Hotels brand. food the leaving a area got guests and saying they and more culinary want talking

to have the and concepts. they the the We the there's think what upside number Country Gaylords, food be type potential that. just on going those side. And innovation we're so and like continue perspective, and they the Hill substantial of to seats we JW have into the refine doing restaurant banqueting has around in the opportunity on we creativity And there. We're offering digging some think of beverage

the up about was a think all a I And go JW hoping Okay. Very back the helpful. at something But or I then a kind talk because hotel, color to got one about there. it doing if seem to rooms Nashville and X,XXX talked we luxury the and silly in follow-up, about I lot right? But a people for then the they go know you've think different of across now. like time, expansion, as and lot you hotels, had Rockies Appreciate that. first a like may of of family to include kind street. And of oriented question more

just that point? So Opryland for thoughts itself? possible I expansion at the mean, is some any on

expand to when the day then yes. wake And triggers that And saying, and you up The the cannot one induce again, because we want We is we expand we here's because that's answer to don't reason why it. demand, we question what be fulfill nice demand. expand. to

expansion, this ready were be meeting which to hotel expansion back pro-formas us XXXX quite And 'XX an space because rooms was so plug rooms rightly into occupancy. in for in the going we had to say, looking X,XXX as our almost were was and as XX% on expansion in operating 'XX year COVID, we before you pull over for that

deployment so And returns. really capital very generate to really, good efficient of

in the thing on going growing. of building business segment is halo other and Now in our The of city that's is overall is group course, really leisure here, is the and as back is Nashville stronger the getting Nashville in but stronger. growing,

hotel, question beverage the here. is, re-overhaul this answer complete both this. at looking bar to your big looking we're and we investment beverage, a investments major and on and are food on expanding And So also space. potentially group We're in at sports food rooms yes, on at major looking potentially

very whether leisure it's are frankly, if it's extremely markets across that they're to business friendly, are be look Nashville, it's or group those you markets continuing all economically. term appear markets where in And Denver, a we Chris, fortunate our these whether and we're grow that long portfolio, in very, markets. strong are are to Orlando, whether Texas

Chris, And are long was that it's just do expansions Opryland, went can built when here as soon put point let XX we few existed. fine the on there. because coming we Opryland pretty And excited years and me far upon towards meeting of disadvantage first how the what more that's with Opryland a they Opryland’s phenomenal of about planner. premium at the very space terms the guest halls. the space per that of needs somewhat And through, they've carpeted the has focus have, been customer done to in was job a available but exhibit room and as

rebalance at potentially And and groups an giving more its space look we we there's into a little going think and think hotels, for playing more that to of the level more upside hotel sister substantial opportunity by carpeted with opportunities, as bit hotel. type we a Opryland this the of so adding the field creates

Okay. Thanks,, Outstanding, guys. helpful. very

Thanks, Chris.

from. Our comes next question

Travis, let down we'll a with go questions, (ph). get people and shut it and couple we'll do more then live on

next Our from Kesten, Wells Fargo. question comes Dori

at QX talk association, bookings Can about morning. MRF, there the demand Is you rate? you have $XXX either that between million. corporate or notable Good Thanks. anything on

Hi, I corporate to you. really, that of hear your a strong Good couple growth on Dori. stand alluding one, the there's QX rate, bookings, really And really of saw was Tt's to Number bookings in from strong Yeah. point, The earlier, to the like Patrick. me. things rate. out terms again, really, sector. to we

talking the One volume months lead to the so, that a and for funnel growth been over current the past of is and the TX. most me things or is about we've in-the-year as TX, as for-the-year the well XX the lot encouraging business TX in funnel

the T fill up window had The are association of short-term that's some re-bookings that longer-range really seeing lot groups see to amount X is needs, substantial for us back perspective. but that booking we did, growth reason of a a now we beyond. we had We of start starting the in and funnel with from further. our we we're meeting booking cycle concerned a to were that skipped maybe book the And out of that definitely funnel because plus encouraging to

business, getting investments, long-term and that really business about it had the CapEx as but confidence filling is really bookings really more the by up and up and we we're that just business, excited we talk even and pleased the so us more we're fill to mix gives funnel that fact And these of the for that back for greater visibility book the opportunities the future. more of with rate the we're

your have apologize from summer? missed I I ICE, Historically, then I that guest this. guest found one if repeat guess And more thing Okay. a ICE the is on you and

a them and holiday year Christmas of regional do programming the it's lot around of them ICE holidays. at time. a tradition more coming lot go From a sound you example there's perspective, a come traveler, to to a Opryland in then not have are because the guests say, to traveler, back great The of the returning is a are summertime would local just type yes, that I because onetime whole options to the for for waves

family. regional is for customer. more say they bring This would the of a the come once is in, gather local I all traveler So is traveler the repeat a The time whole a where holidays.

you. Thank Okay.

please. All question right, Travis. more One

Yes, sir..

Bank comes question final of America Our Shaun from Kelley,

for me Thanks putting here. everyone. morning, Good on Hi.

radar Colin, any billion think the off, side through CapEx particularly the more we start out, on in something to and about we're screen the the plans or breaks, $X Just on cadence the Do you recovery. been Rockies? have explicit maybe given first at the laid a So is its some it more of point because right now or have know And just kind trying for ground where to here that in Patrick, Colin. the and timing medium color that to we as get the the going think there around at to I those precision the get portfolio time while, development is near term?

at. and way, does at, The next last I this our will by have Good I The be Mark the regular room with the I, said, Thursday and that their XX basically looking And we're through magnitude is off said, tails going really Board which working Patrick we're as starting as is months, process looking projects. answer billion Yeah. process XX and six he raffle Directors. $X projects Board refurbs. on scheduled been of somewhere question. and literally morning with include of not new our over first, the are between I team that his that

to this plan then we're capital way it Mark confident but do cadence a get Day really and to that. the be deploy out going thinking to we've is want is refine Nashville, get build Jen impossible. of markets high-quality that that's process our IR the and holidays, we over with a Investor in that months And to done trying us got we going been of before have time the through each for three go that the two, with But were next to to figuring Board, with the in we're scheduled, the everything

frame. play. the Jen thinking February type these that are out late markets of are early you're be the priority January, I And sort that is pull Day, what Shaun, would Patrick, These trigger then, the really order suspect, that high on will doing be or we projects may I now But deploying will between the and of Relations think we capital time I now Investor think, for are and IR these, like. that we Day, Mark, of laying in, be really this though, two us. we and And one

of area as an the you'd and hotel the into going hotels transform midst we what our of question, completely outside. that the that your continue now. Lodge Pavilion to I addition remind of in to under some one is be call the or to we're in other The really it's Atrium for just interested the and you hub currently would And full Grand very investment Yes. of long-term new Rockies. at well as plans pretty right expansion renovation, a substantial group

expansion until So can't the I on going other from done. got really get some perspective, projects of we cadence a these

in trying we that make appropriate remain that, in very we an but sure just about process. go to we're it interested So

Yeah.

at talked the sort COVID about hotel Rocky expansions. year we I that sort of waned any you but Shaun, given over strengthened only excited is all. the appetite thoughts of think or hasn't I two, very Rockies. it think, the last our hasn't Mark, We're room of us about at should deemphasize

at the rebooking of in coming look COVID – with that you characteristics brand. strongest When out the of

questions? other any Shaun, good. very that's right, XX%, Well, Yeah.

Yeah.

first didn't addition. not picture, mean greedy to one Just is just this to leave and sound big more, my I meant your out on But Mark, list. or of unthankful name there sorry, actually there I to up countries high-level there? very a out Hill asset your think the are fantastic be, question wrap sort of more But maybe is would whole because country

of clearly, a underwritten in you've the many hidden of time community, on like kind like this but yet something sight. mean still is it's probably again, and I bit of investment it's always in for plain us little aha

spot big and to feel the that that on the impactful could assets But you're for names, feel similar be obviously, million-plus does want think to probably are naming you like portfolio? do of what do that look there not without portfolio absolutely scope at to benefit. or because $XXX opportunities looking to it least So more does scale, be because this for

Yeah.

and question the And across only buy also that the able at at your be every the yes, for to is of we a is specific That's hotels to consistent our box think any that drive able answer strategy, level general we beginning ultimately list. the value us. but for to us. short property the been that be portfolio, thing it I has focus be to And critical but them as value bring strategy check very have not to want portfolio. to focused call. things drive our acquisitions outlined we the to want with we a around point, Colin that

Thank much. you very

Shaun. Thanks

that have Travis, time for this Okay, and been thank you. the on you effort. morning, investors thank And for your

If got have any We've to tons of get us you years hold the questions, here over other and of company value expect an how know here on and you and create onward. exciting ahead. upward our hands we to

you, So thank everyone.

your Thank This does for conclude participation. you today's program.

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