Ryman Hospitality Properties raises full-year outlook on record revenue
Consolidated revenue reached an all-time quarterly record of $749.0 million in the second quarter.
Ryman Hospitality Properties (RHP), the hospitality and entertainment real estate investment trust, reported record quarterly revenue for the second quarter of 2026. The result reflects a trajectory of growth as the company expanded its operating margins and increased its full-year financial targets.
Consolidated revenue rose 13.6% year-over-year to $749.0 million, up from $664.6 million in the first quarter of 2026. The company's consolidated operating income margin expanded 2.2 percentage points to 23.3%, compared to 21.1% in the same period last year.
Growth was driven largely by the hospitality segment, where total revenue rose 17.2% year-over-year to $605.0 million. Same-store hospitality revenue grew 6.5% to $544.3 million, while same-store revenue per available room, or RevPAR, increased 5.2% to $201.67. Total RevPAR rose 6.5% to $524.05.
These gains occurred despite a slight decline in same-store hospitality occupancy, which fell 1.2 percentage points to 72.8%. The company offset the occupancy dip through higher pricing and ancillary spending; estimated average daily rates for future same-store bookings were $310, an 8.6% increase over the prior year. Additionally, banquet and audiovisual revenue contribution per group room night rose 12.9%.
At the property level, Gaylord Palms saw operating income increase 54.5% year-over-year, though its occupancy dropped 4.7 percentage points to 70.9%. In the entertainment segment, revenue grew 0.5% to $144.0 million, while the operating income margin expanded 6.1 percentage points to 22.5%.
Ryman raised its full-year 2026 guidance midpoints for same-store and total RevPAR growth by 1.00%, moving the target from 3.00% to 4.00%. The company also increased its consolidated adjusted EBITDAre midpoint by $11.0 million to $894.0 million.
The company increased its full-year capital expenditure guidance to a range of $400 million to $500 million, up from a previous estimate of $350 million to $450 million, due to accelerated spending.