Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. is a U.S.-based REIT that owns and operates group-oriented destination hotel assets in urban and resort markets. It also holds a controlling interest in Opry Entertainment Group, which includes live music venues, radio, festivals, and related entertainment assets centered largely in Nashville and other U.S. markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueLarge-scale destination hotels and resort properties with meeting, convention, and ancillary amenities.
Music, venue, radio, festival, and mixed-use entertainment assets operated through OEG.
Corporate-level expenses and other non-operating items.
Products
Reported · share of revenue- Hotel Food and Beverage Banquets26.4 %
- Hotel Group Rooms20.9 %
- Hotel Other13.6 %
- Hotel Food and Beverage Outlets12.2 %
- Hotel Transient Rooms10.1 %
- Other16.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Ryman serves group travel customers that need large meeting and convention facilities, including corporate meetings, conferences, and organized events. Its entertainment assets serve live music audiences, event attendees, and consumers visiting branded venues such as Ole Red and Category 10. The hotel portfolio is also used by regional leisure travelers and transient guests, but the core demand driver is group-oriented business.
Corporate, association, and event groups that book large hotels with extensive meeting and exhibit space.
Individual travelers staying at Gaylord and JW Marriott properties for leisure and destination trips.
Consumers attending concerts, shows, and branded venue experiences at Opry, Ryman, Ole Red, and Category 10.
Guests and sponsors participating in music festivals and event production activities through Southern Entertainment.
Strategy
Ryman’s strategy is to remain focused on large, group-oriented hotel assets that combine meeting space, lodging, food and beverage, and leisure amenities in one property. It also seeks to expand its hotel portfolio through acquisitions or developments that fit its destination-hotel profile, while using its entertainment assets to deepen brand reach and diversify revenue sources.
Adds scale and geographic diversity while staying within the group-hotel niche.
Integrated meeting, lodging, and amenities support group demand and pricing power.
Entertainment assets diversify revenue and reinforce the company’s Nashville-centered brand.
Geography
Ryman’s hotel portfolio is concentrated in the United States, with properties in major urban and resort markets and a focus on convention destinations. Its entertainment assets are also U.S.-based, with a strong Nashville footprint and additional locations in Austin, Charlotte, Phoenix, Las Vegas, and Orlando. Geography matters because the business depends on access to large meeting markets, destination travel demand, and local brand recognition for its venues.
Risks
Ryman is exposed to hotel demand cycles, especially group bookings, convention activity, and travel trends that affect occupancy and pricing. Its portfolio is also concentrated in Marriott-managed brands and large physical assets, which creates operating dependence on third-party management quality, brand reputation, integration execution, cybersecurity, and property-level capital needs.
- Dependence on Marriott-managed brandsImpact: HighLikelihood: Medium
Hotel performance is tied to Marriott’s management quality and brand perception.
Exposure: Gaylord Hotels and JW Marriott properties
- Cybersecurity and data protectionImpact: HighLikelihood: Medium
Hotel and entertainment operations rely on connected systems and guest data.
Exposure - Group travel and convention cyclicalityImpact: HighLikelihood: Medium
A large share of hotel demand comes from meetings and events that can fluctuate materially.
Exposure: Hospitality segment
- Integration risk for newly acquired hotelsImpact: MediumLikelihood: Medium
New markets and assets can require additional time, cost, and management attention.
Exposure: JW Marriott Desert Ridge
Accounting
Judgemental itemsLarge hotel and entertainment properties require periodic recoverability testing.
Impact: Can materially affect reported earnings if asset values decline
Recent hotel acquisitions require valuation of land, buildings, and intangibles.
Impact: Affects depreciation, amortization, and future earnings
Hospitality revenue includes fees tied to group booking behavior and event changes.
Impact: Can create quarter-to-quarter revenue volatility
Management cites these as judgmental areas in financial reporting.
Impact: May require reserves or disclosures that affect results
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Last updated: 24/09/2026