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RHP Hospitality REIT · REIT · Hotels · Live entertainment · Thesis updated June 14, 2026

Group demand is back, but macro still matters

01 Running thesis

Bookings heal the 2025 worry

Ryman is a bet on big meetings coming back and staying healthy. The latest evidence helped the bull case. Management said the high attrition and cancellation issues from 2025 have largely normalized, excluding the January hit from Winter Storm Fern.

The forward book also looks better. Gross group room nights booked in Q1 rose nearly 27% year over year, and same-store net definite group room nights booked for future periods rose 18.1% versus Q1 2025. That matters because these hotels are built to host large groups that spend on rooms, food, meeting space, and events in one place.

The harder part is timing. Ryman is holding more inventory for higher-rate corporate groups that book later than associations. That can make 2027 and 2028 pacing look softer for now, even if the plan works. If the economy weakens, the same shift could make results more jumpy because late-booking corporate demand can disappear faster.

May 2026▲Q1 2026 eased the main 2025 concern. Management said high attrition and cancellations have largely normalized, while gross group room nights booked rose nearly 27% year over year.
May 2026▲The Q1 2026 filing showed stronger forward demand, with same-store net definite group room nights booked for future periods up 18.1% from Q1 2025. JW Marriott Desert Ridge also added $73.9 million of revenue.
Feb 2026▲The Q4 2025 call shifted the debate away from a clear downturn. Management cited record December group production and said same-store group rooms revenue on the books for 2026 was up about 6%.
Feb 2026▼The 2025 10-K confirmed the Desert Ridge acquisition but also showed a 10.5% decline in same-store net definite group room nights booked in 2025. ADR on future bookings was still pacing up 5.3%.
Nov 2025→Q3 2025 kept the long-term hotel case alive, with same-store group rooms revenue on the books for 2026 pacing about 8% ahead. At the same time, downtown Nashville entertainment volumes softened.
Aug 2025▼Q2 2025 showed near-term booking pressure, with same-store net definite group room nights down 16.7% in the quarter. Management framed the weakness as mostly tied to 2025, while later-year demand stayed healthier.
02 Business model

Big hotels, full wallets

Ryman makes most of its money from large hotels designed for meetings and conventions. Its Gaylord properties use an all-under-one-roof model, where a group can sleep, meet, eat, and hold events without leaving the resort. The goal is not only to sell rooms. It is to capture the spending around the room too.

The company has added a second path with JW Marriott resorts. JW Marriott San Antonio Hill Country and JW Marriott Phoenix Desert Ridge give meeting planners another rotation pattern, so a group can move between Ryman properties over several years.

Management is now managing inventory more tightly. It wants to keep enough space open inside the roughly 24-month corporate booking window so it can win higher-rate corporate business. This could lift ADR, or average daily rate, but it also means the booking pace can look noisy before that demand shows up.

Entertainment gives Ryman a second source of demand and brand value. The Grand Ole Opry, Ryman Auditorium, Ole Red, Category 10, WSM-AM, Southern Entertainment festivals, and managed venues help tie the company to Nashville and country music. That segment can grow, but it also depends on local crowds and consumer spending.

03 Product portfolio

What Ryman owns

Cash cow

Gaylord Hotels

The core portfolio includes Gaylord Opryland, Palms, Texan, National, and Rockies. These large group hotels are the center of the all-under-one-roof model.

Growth engine

JW Marriott resorts

JW Marriott San Antonio Hill Country and JW Marriott Phoenix Desert Ridge add high-end resort meeting space. Desert Ridge was acquired in June 2025 and contributed $73.9 million of Q1 2026 revenue.

Steady

Overflow hotels

The Inn at Opryland and AC Hotel at National Harbor support the main convention properties. They help capture extra demand around major group events.

Cash cow

Grand Ole Opry and Ryman Auditorium

These are the company’s best-known entertainment assets. They anchor Ryman’s music brand and help drive Nashville demand.

Growth engine

Ole Red and Category 10

Ole Red and the Luke Combs-themed Category 10 are country lifestyle venues. A new Ole Red in Indianapolis was announced with the Indiana Pacers and Fever.

Option

Southern Entertainment and venue management

Southern Entertainment adds music festivals, while management agreements include venues such as Ascend Amphitheater. These can expand the brand, but weather and attendance can pressure margins.

04 Business segments

Q1 revenue mix

Hospitality88%modest
Entertainment12%declining

The mix is from the three months ended March 31, 2026. Ryman is highly concentrated in Hospitality, which supplied 88% of revenue in the period.

05 Risk factors

What could break the story

Corporate travel cuts

High impact · Medium odds

Ryman is leaning harder into higher-rate corporate groups. If companies cut travel and meeting budgets, those bookings may not arrive or may spend less once they travel. That would hurt room revenue and out-of-room spending at the same time.

We watchSame-store net definite group room nights, group ADR, and actual group spending versus rooms on the books.

Shorter booking window volatility

Medium impact · Medium odds

Management is holding inventory for corporate groups that book later than associations and SMERF groups. That can improve rates when demand is strong. It can also leave the company with less time to replace lost demand if the economy weakens.

We watch2027 and 2028 booking pace, plus management comments on how much inventory is being held for corporate groups.

Nashville hotel supply

Medium impact · High odds

New hotel supply in Nashville has pressured transient occupancy and rates. Gaylord Opryland is group-heavy, but weaker leisure pricing can still hurt periods not filled by conventions. This is most important when group calendars have gaps.

We watchNashville transient rate trends and Gaylord Opryland leisure occupancy.

Entertainment crowd softness

Medium impact · Medium odds

Entertainment revenue fell as a share of total revenue in Q1 2026, partly because the prior year had Grand Ole Opry 100-year celebration content and January weather hurt Nashville venues. The more lasting risk is softer downtown Nashville volumes as new live entertainment supply competes for visitors.

We watchAttendance, per-guest spending, and EBITDAre commentary for downtown Nashville venues.

Desert Ridge integration

Medium impact · Medium odds

JW Marriott Desert Ridge is already large enough to matter, with $73.9 million of Q1 2026 revenue. The deal can help Ryman win more rotating group business. But integration, capital needs, or weaker-than-expected demand could reduce the expected benefit.

We watchDesert Ridge RevPAR, Total RevPAR, margin contribution, and multi-year group bookings tied to the JW Marriott portfolio.
06 Quick answers

In one breath

What does Ryman Hospitality Properties do?

Ryman owns large group-focused hotels and entertainment assets. Its main hotel brands are Gaylord Hotels and JW Marriott resorts, and its music assets include the Grand Ole Opry and Ryman Auditorium.

Why do group bookings matter so much for RHP?

Group bookings fill large blocks of rooms and often bring food, meeting space, and event spending. That makes them more valuable than just selling a room for one night.

What changed in the latest RHP update?

Management said the 2025 cancellation and attrition problem has largely normalized. It also said Q1 gross group room nights booked rose nearly 27% year over year, which supports the demand recovery view.

What is the biggest risk for RHP stock?

The biggest risk is a macro slowdown that cuts corporate travel and meeting budgets. That would challenge Ryman’s shift toward later-booking, higher-rate corporate groups.