RHP

Ryman Hospitality is the leading group-oriented, destination-hotel REIT, owning a network of upscale meetings-focused resorts totaling 11,869 rooms — five Gaylord Hotels and two JW Marriott properties, all managed by Marriott — plus a ~70% interest in the Opry Entertainment Group (Grand Ole Opry, Ryman Auditorium, Ole Red, Block 21). This is a hard-to-replicate portfolio of large-scale convention assets, each Gaylord carrying at least 400,000 square feet of meeting space. FY2025 revenue grew 10.2% to $2.58B, continuing a powerful post-pandemic recovery from $939M in FY2021, and operating cash flow rose 2.4% to $591M with an 18.9% operating margin and a 32.5% return on equity.

Growth is being funded and expanded through acquisition. The company acquired JW Marriott Desert Ridge in Phoenix in June 2025 (about 402 acres) and is building out the OEG entertainment platform with new Category 10 venues planned for Las Vegas (late 2026) and Universal Orlando (late 2027), plus amphitheater management deals. The asset base grew 18.5% to $6.18B and equity jumped 36.6% to $750M, aided by the May 2025 issuance of roughly 3.0 million shares.