Ryman Hospitality Properties, Inc. Announces $865 Million Acquisition of JW Marriott Desert Ridge Resort & Spa in Phoenix, Arizona

Ryman Hospitality Properties plans to acquire JW Marriott Desert Ridge for $865 million, enhancing its group-oriented hotel portfolio.

Quiver AI Summary

Ryman Hospitality Properties, Inc. announced a definitive agreement to purchase the JW Marriott Phoenix Desert Ridge Resort & Spa for $865 million, which will be managed by Marriott International. The acquisition price indicates a 12.7x Adjusted EBITDAre multiple based on the resort’s 2024 projections, though 2025 results may be affected by ongoing renovations. Ryman’s CEO, Mark Fioravanti, highlighted the resort as a key target for years, aligning with the company’s strategy of expanding group-focused assets in limited competitive markets. The resort spans 402 acres and features 950 guest rooms, extensive meeting space, and top-notch amenities. Ryman expects the deal to enhance long-term value for customers and shareholders and anticipates closing the transaction in mid to late 2025.

Potential Positives

• Ryman Hospitality Properties is set to acquire the JW Marriott Desert Ridge Resort & Spa for $865 million, a strategic addition that aligns with its focus on group-oriented, destination assets.
• This acquisition is expected to be accretive to adjusted funds from operations per share for 2026, indicating potential financial growth for shareholders.
• The JW Marriott Desert Ridge is situated in a leading meetings market with no new competitive supply, enhancing its attractiveness as an asset for future group business.
• The company can leverage synergies with existing properties managed by Marriott International to optimize operations and create additional value.

Potential Negatives

• The acquisition price of $865 million represents a high 12.7x Adjusted EBITDAre multiple, which may indicate the potential for overvaluation of the asset.
• The property’s 2025 results are expected to be negatively impacted by ongoing construction disruption, which could affect revenue and guest satisfaction.
• There are inherent risks associated with the pending acquisition, including potential delays or termination of the agreement, which could adversely affect the company’s stock value and financial stability.

FAQ

What property is Ryman Hospitality acquiring?

Ryman Hospitality is acquiring the JW Marriott Phoenix Desert Ridge Resort & Spa for $865 million.

Why is the acquisition significant for Ryman Hospitality?

This acquisition enhances their portfolio of group-oriented hotels and aligns with their growth strategy in urban and resort markets.

How will the JW Marriott Desert Ridge continue to operate?

The resort will continue to be operated under the JW Marriott brand by Marriott International after the purchase.

What is the expected impact of the acquisition on financials?

The company anticipates the acquisition will be accretive to Adjusted FFO per fully diluted share starting in 2026.

When is the acquisition of JW Marriott Desert Ridge expected to close?

The acquisition is expected to close in the second or third quarter of 2025, pending customary closing conditions.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$RHP Insider Trading Activity

$RHP insiders have traded $RHP stock on the open market 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $RHP stock by insiders over the last 6 months:

• COLIN V REED (Exec. Chairman of the Board) purchased 8,231 shares for an estimated $802,851
• ALVIN L JR BOWLES sold 473 shares for an estimated $45,896

To track insider transactions, check out Quiver Quantitative’s insider trading dashboard.

$RHP Hedge Fund Activity

We have seen 203 institutional investors add shares of $RHP stock to their portfolio, and 194 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• BLACKROCK, INC. added 4,170,436 shares (+60.8%) to their portfolio in Q1 2025, for an estimated $381,344,667
• STATE STREET CORP added 817,071 shares (+32.2%) to their portfolio in Q1 2025, for an estimated $74,712,972
• DAIWA SECURITIES GROUP INC. added 645,677 shares (+3099.7%) to their portfolio in Q1 2025, for an estimated $59,040,704
• COHEN & STEERS, INC. added 622,173 shares (+inf%) to their portfolio in Q1 2025, for an estimated $56,891,499
• VANGUARD GROUP INC added 603,936 shares (+7.3%) to their portfolio in Q1 2025, for an estimated $55,223,907
• WELLINGTON MANAGEMENT GROUP LLP removed 601,011 shares (-38.0%) from their portfolio in Q1 2025, for an estimated $54,956,445
• QUBE RESEARCH & TECHNOLOGIES LTD removed 378,750 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $34,632,900

To track hedge funds’ stock portfolios, check out Quiver Quantitative’s institutional holdings dashboard.

$RHP Analyst Ratings

Wall Street analysts have issued reports on $RHP in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

• Wedbush issued a “Outperform” rating on 05/06/2025
• CBRE issued a “Buy” rating on 01/08/2025
• BMO Capital issued a “Outperform” rating on 12/09/2024

To track analyst ratings and price targets for $RHP, check out Quiver Quantitative’s $RHP forecast page.

$RHP Price Targets

Multiple analysts have issued price targets for $RHP recently. We have seen 2 analysts offer price targets for $RHP in the last 6 months, with a median target of $121.5.

Here are some recent targets:

• Jay Kornreich from Wedbush set a target price of $110.0 on 05/06/2025
• Ari Klein from BMO Capital set a target price of $133.0 on 12/09/2024

Full Release

NASHVILLE, Tenn., May 19, 2025 (GLOBE NEWSWIRE) — Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today announced a definitive agreement under which the Company will purchase the JW Marriott Phoenix Desert Ridge Resort & Spa (“JW Marriott Desert Ridge”) in Phoenix, Arizona, for $865 million. The Company plans for the resort to continue to be operated by Marriott International under the JW Marriott flag. The purchase price represents a 12.7x Adjusted EBITDA

re

multiple on JW Marriott Desert Ridge’s 2024 results.

¹

The property’s 2025 results are expected to be impacted by construction disruption related to the meeting space renovation currently underway and ongoing through the third quarter of 2025. The Company expects the acquisition of the JW Marriott Desert Ridge to be accretive to adjusted funds from operations (“Adjusted FFO”) per fully diluted share for 2026.

Mark Fioravanti, President and Chief Executive Officer of the Company, said, “The JW Marriott Desert Ridge has been one of our top acquisition targets for many years. Given the limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire this resort. Considering the strength of our forward bookings, the durable nature of our group business model and our early success with the 2023 acquisition of the JW Marriott Hill Country, we believe this is the right transaction for creating long-term customer and shareholder value.

Located in a thriving, highly-rated meetings market with no new competitive supply under development, this ‘all under one roof’ resort expands our hotel distribution in the Western U.S. for both our Gaylord Hotels and JW Marriott rotational customers. Working with Marriott to align the resources of this complementary property with those already dedicated to our existing portfolio, creates opportunities to drive operating synergies at the property and portfolio level. Furthermore, consistent with previous investments, we look forward to pursuing both near and long-term value creation opportunities at this property, which over time we believe will further improve the customer value proposition and enhance shareholder returns.”

Situated on approximately 402 acres of Arizona’s Sonoran Desert, the JW Marriott Desert Ridge is one of largest hotels in the greater Phoenix/Scottsdale area and features 950 guest rooms, including 81 suites, and approximately 243,000 square feet of versatile indoor and outdoor meeting and event space. Guests enjoy an array of world-class amenities, including the 28,000-square-foot Revive Spa; seven food and beverage outlets; the 140,000-square-foot AquaRidge water amenity featuring water slides, a lazy river, and an adult-only island; and two renowned golf courses at Wildfire Golf Club—the Nick Faldo-designed Championship Course and the Arnold Palmer-designed Signature Course. The property has recently benefitted from nearly $100 million in capital investments, including a complete renovation of rooms and suites, an enhanced lobby and arrival experience, upgraded water amenities, and reimagined food and beverage outlets.

Phoenix, the nation’s fifth most populous city, and the largest in Arizona, is a top 10 meetings market in North America with strong leisure demand drivers. Phoenix-Sky Harbor Airport is the 14th busiest in the U.S. by total enplanements and deplanements with plans for further long-term expansion.

The Company expects to close the JW Marriott Desert Ridge transaction in the second or third quarter of 2025, subject to customary closing conditions.

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Adjusted EBITDA

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is a non-GAAP financial measure. Refer to “JW Marriott Desert Ridge Adjusted EBITDA

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” later in this press release for an explanation of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Note to Ryman Hospitality Properties Shareholders:

The Company has provided a presentation containing supplemental information related to this transaction. The presentation is located on the Company’s website under Investor Relations/News & Events/Events & Presentations.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas; and a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the pending JW Marriott Desert Ridge transaction and the Company’s expectations for the JW Marriott Desert Ridge upon the closing of the transaction. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include the risks and uncertainties associated with the pending JW Marriott Desert Ridge transaction, including, but not limited to, the occurrence of any event, change or other circumstance that could delay the closing of the JW Marriott Desert Ridge transaction, or result in the termination of the agreement for JW Marriott Desert Ridge transaction; adverse effects on Company’s common stock because of the failure to complete the JW Marriott Desert Ridge transaction, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, and changes in interest rates. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

JW Marriott Desert Ridge Adjusted EBITDA

re

Adjusted EBITDA

re

is calculated and presented by the Company based on unaudited information provided to the Company from the seller or an affiliate of the seller. Adjusted EBITDA

re

, a non-GAAP financial measure, is calculated as Net Income calculated in accordance with GAAP plus interest expense, depreciation and amortization and non-cash lease expense and other. Below is a reconciliation of Adjusted EBITDA

re

to Net Income, the most directly comparable GAAP figure for Adjusted EBITDA

re

. The Company used Adjusted EBITDA

re

to evaluate the operating performance of the property and to price the JW Marriott Desert Ridge acquisition.

		12 Months Ended
		December 31,
(in thousands)		2024
Net income		$	23,479
Interest			14,513
Depreciation and Amortization			29,368
Non-Cash Lease Expense and Other			896
Adjusted EBITDA re		$	68,256

Investor Relations Contacts: Mark Fioravanti, President and Chief Executive Officer (615) 316-6588 mfioravanti@rymanhp.com Jennifer Hutcheson, Chief Financial Officer (615) 316-6320 jhutcheson@rymanhp.com Sarah Martin, Vice President, Investor Relations (615) 316-6011 sarah.martin@rymanhp.com

Media Contact: Shannon Sullivan, Vice President, Corporate and Brand Communications (615) 316-6725 ssullivan@rymanhp.com

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