Ryman Hospitality Properties (RHP) Nareit REITweek: 2026 Investor Conference summary

Group-centric strategy and portfolio management

• Focus on large group business provides long lead times and high demand visibility, with about 70% group and 30% leisure mix.

• About 50% occupancy is typically booked under contract at the start of each year, offering stability and cancellation fee protection.

• Operating as a single platform with seven large hotels managed by Marriott enables customer retention and recurring revenue (66%).

• Capital deployment is incremental, leveraging existing infrastructure for higher returns and lower risk.

• Successful enhancements at one property are replicated across the portfolio to drive profitability.

Corporate segment strategy and demand outlook

• Strategic pivot to increase share of higher-rated corporate group business, which spends more outside the room.

• Investments in sales resources and property upgrades target corporate needs, such as carpeted breakout space and enhanced food and beverage.

• Trade-off includes shorter booking windows and higher volatility, but contracts with cancellation fees provide downside protection.

• Group demand remains strong, with higher corporate mix on the books for 2026-2028 and healthy lead volumes.

• Leisure segment (30% of business) also performing well, with strong spring and summer trends.

Cost management and technology initiatives

• Labor cost increases expected at 3.5%-4% for the year, with limited union exposure and improved insurance costs.

• Operating expense growth projected at 2.5% for 2026 at guidance midpoint.

• Exploring AI and big data for yield management, pricing, and RFP response efficiency in partnership with Marriott.

• AI also used in entertainment for marketing, dynamic pricing, and call center operations.