Ryman Raises 2026 Outlook After Record Third-Quarter Revenue

The Tip Desk · November 3, 2026 · 4 min read

Same-store Hospitality revenue reached a record $501.8 million as the company lifted full-year midpoints and said AFFO per diluted share is expected to grow about 10% at the midpoint.

Ryman Hospitality Properties (RHP), a lodging REIT focused on group-oriented convention-center resorts, reported record third-quarter consolidated revenue of $655.8 million, up 10.7% from $592.5 million a year earlier, and raised its full-year 2026 outlook.

The company said the lift reflected strong third-quarter performance in its same-store Hospitality portfolio and modestly higher expectations for holiday leisure room-night demand in the fourth quarter. At the midpoint of the updated outlook, adjusted funds from operations per diluted share is expected to grow approximately 10% year over year. Midpoints were raised to reflect Hospitality performance, partially offset by lower Entertainment expectations related primarily to the closure of the General Jackson Showboat.

Consolidated Adjusted EBITDAre was $191.8 million, up 10.8% from $173.1 million a year earlier, with the Adjusted EBITDAre margin holding at 29.2%. Net income was $39.7 million, and diluted earnings were $0.58 a share.

Same-store Hospitality revenue was a record $501.8 million, up 8.0% from $464.8 million a year earlier. Occupancy was 70.3%, average daily rate was $266.63, and RevPAR was a record $187.49. Total RevPAR was a record $477.82. Same-store operating income was a record $104.5 million, and same-store Adjusted EBITDAre was a record $169.5 million.

President and Chief Executive Officer Mark Fioravanti said consolidated revenue and Adjusted EBITDAre were ahead of expectations, driven by strong group and leisure trends in the same-store Hospitality business. He said higher meeting attendance and increased catering and audio-visual spending drove performance. Same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 9.7% year over year. Same-store attrition and cancellation fee revenue was approximately $8.8 million.

Gross definite room nights booked were 653,958, down 2.1% from 667,645 a year earlier. Net definite room nights booked were 501,109, up 9.0% from 459,897. Group attrition was 15.0% of the contracted block versus 16.3%. The estimated ADR for those bookings was approximately $293, a third-quarter record. The company said same-store group rooms revenue pace for 2027 and 2028 improved sequentially during the quarter.

Hospitality segment revenue was $562.8 million. Gaylord Opryland revenue was $125.0 million, with occupancy of 73.6% and RevPAR of $198.29. Gaylord Rockies revenue was $86.1 million, with operating income of $23.4 million and Adjusted EBITDAre of $38.7 million. Gaylord National revenue was $82.9 million. Gaylord Texan revenue was $80.3 million, with Adjusted EBITDAre of $26.9 million; the company completed the rooms renovation there in the third quarter. Gaylord Palms revenue was $69.7 million, with operating income of $7.7 million. JW Marriott Hill Country revenue was $50.6 million, with occupancy of 62.6% and RevPAR of $215.41. JW Marriott Desert Ridge revenue was $39.1 million, with an operating loss of $2.7 million.

On September 1, the company acquired the 1,592-room Grande Lakes Orlando Resort. For the period ended September 30, it contributed $22.0 million of revenue, an operating loss of $1.9 million, and Adjusted EBITDAre of $3.2 million. Net proceeds from an underwritten offering of approximately 5.9 million common shares at $117.00 a share and a $700 million private placement of 6.250% senior unsecured notes due 2035 funded the purchase.

Entertainment segment revenue was a record $93.0 million, up 1.5% from $91.6 million a year earlier. Operating income fell 40.9% to $7.0 million from $11.8 million. Adjusted EBITDAre was $23.8 million. Fioravanti said the Entertainment business delivered results in line with expectations in a seasonally light quarter and that Category 10 Las Vegas opened in mid-October. Corporate and Other operating loss was $12.6 million.

The updated 2026 capital-expenditure estimate is $450 million to $500 million. Through September 30, the company had spent approximately $363 million, excluding the Grande Lakes Orlando purchase. Remaining 2026 work includes the Gaylord Opryland meeting-space expansion, JW Marriott Hill Country rooms renovation, and the start of Category 10 Orlando development.