Ryman Hospitality's Q2 2025 Earnings Call: Navigating Contradictions in Market Outlook, Spend Resilience, and Growth Strategy

Lead volumes and market outlook, out-of-room spend and market demand, government exposure and market impact, capital investments and outside-the-room spend, strategic growth and asset acquisition are the key contradictions discussed in Ryman Hospitality Properties' latest 2025Q2 earnings call.



Strong Financial Performance:
- Ryman reported record consolidated revenue and the second-highest adjusted EBITDAre for their same-store hospitality segment, with the latter trailing only the second quarter of the previous year.
- The strong performance was driven by strategic acquisitions like the JW Desert Ridge and capital investments in existing assets such as Gaylord Opryland and Gaylord Texan.

Lead Volumes and Group Bookings:
- Lead volumes for the in-the-year-for-the-year period were down 16% year-over-year, but gross group room nights booked in the second quarter were up 3%.
- This was partly due to uncertainties in the macroeconomic environment, including tariffs, inflation, and interest rates, which caused some near-term group attrition and cancellations.

Nashville Market Impact:
- Transient occupancy and rates in Nashville lagged top 25 markets, impacting the performance of Gaylord Opryland.
- This was attributed to the substantial influx of new hotel supply in the market, which pressured room rates despite robust visitation and tourism.

Entertainment Segment Growth:
- The Entertainment segment saw record revenue of $143 million, driven by investments in Category 10, Block 21, and Southern Entertainment.
- Seasonality and unfavorable weather conditions impacted festival attendance, but the long-term potential remains strong due to the customer demographics and capital-light growth opportunities.