Ryman Hospitality Properties, a leading lodging and entertainment REIT, completed a private placement of $700 million in senior notes due 2034. The proceeds will be used to redeem existing 4.750 % senior notes due 2027 and related fees, extending the company’s debt maturity profile and providing liquidity for its capital program.
The new notes are senior unsecured obligations of RHP’s operating partnership and finance corporation, guaranteed by the company and its subsidiaries, and are offered only to qualified institutional buyers under Rule 144A and Regulation S. By issuing debt that matures in 2034, Ryman replaces a 2027 obligation with a longer‑dated instrument, potentially securing a lower interest rate in a favorable market environment and reducing near‑term refinancing risk.
Ryman’s recent financial results underscore the company’s strong operating foundation. In the fourth quarter of 2025, consolidated revenue rose 13.9 % to $737.8 million, while Adjusted EBITDAre climbed 18.9 % to $224.3 million. The Hospitality segment generated $578.2 million in same‑store revenue, driven by robust demand and higher average daily rates, and the Entertainment segment added $109.5 million, reflecting record volumes at venues such as the Grand Ole Opry and Ryman Auditorium.
President and CEO Mark Fioravanti said the company remains confident in its long‑term capital deployment strategy, citing strong demand for holiday programming and higher‑than‑expected volumes at downtown Nashville venues. He added that the new debt issuance supports continued investment in the company’s portfolio of upscale convention‑center resorts and entertainment assets, including five Gaylord Hotels and two JW Marriott resorts.
Investors reacted to the announcement with concern about Ryman’s leverage. The company’s debt load was nearly $4.0 billion at the end of 2025, and the addition of new senior notes raised the debt‑to‑equity ratio, prompting a market focus on balance‑sheet health. Despite the company’s solid revenue growth, the market weighed the impact of increased debt on future cash‑flow flexibility.
In addition to the new notes, Ryman recently increased its corporate revolving credit facility to $850 million, extending its maturity to January 2030, and declared a $1.20 per‑share dividend for the first quarter of 2026. The company also completed the acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa for approximately $865 million, funded through a mix of equity, senior notes, and cash, further expanding its portfolio of high‑margin properties.
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