Ryman Hospitality Properties Results

Ryman Hospitality Properties, Inc. Reports First Quarter 2016 Results

First Quarter Net Income of $26.3 Million - Total Adjusted EBITDA of $73.4 Million - First Quarter Gross Room Nights Booked For All Future Years Increases 12.6 Percent

Ryman Hospitality Properties

Ryman Hospitality Properties, Inc. (NYSE:RHP) today reported financial results for the first quarter ended March 31, 2016.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “As we noted during our Investor and Analyst Day on March 10, our first quarter 2016 results were in line with our 2015 results despite a confluence of unfavorable events that included a shift of the Easter holiday into the first quarter and an impact from winter storm Jonas. We are pleased with how our hotels responded to these events, both anticipated and unforeseen, to deliver a quarter that was in line with our profitability expectations going into the year.

“Our bookings activity for first quarter 2016 was strong, particularly considering the record fourth quarter and full year bookings we had in 2015. The group segment continues to perform well, and we remain enthusiastic about the demand we are seeing for future years.”

First Quarter 2016 Results (As Compared to First Quarter 2015) Included the Following:

($ in thousands, except per share amounts, RevPAR and Total RevPAR)

   
Three Months Ended

March 31,

2016     2015     % ?
Total Revenue $261,497 $253,148 3.3%
 
Same-Store Hospitality Revenue (1) $242,379 $236,454 2.5%
 
Same-Store RevPAR (1) $129.50 $129.96 -0.4%
Same-Store Total RevPAR (1) $328.91 $324.43 1.4%
 
Adjusted EBITDA $73,416 $73,826 -0.6%
Adjusted EBITDA Margin 28.1% 29.2% -1.1pt
 
Same-Store Hospitality Adjusted EBITDA (1) $75,954 $75,844 0.1%
Same-Store Hospitality Adjusted EBITDA Margin (1) 31.3% 32.1% -0.8pt
 
Adjusted FFO (2) $56,550 $58,674 -3.6%
Adjusted FFO per diluted share $1.10 $1.14 -3.5%
 
Operating income $38,794 $35,890 8.1%
 
Net income (3) $26,346 $4,532 481.3%
Net income per diluted share (3) $0.51 $0.09 466.7%
 

(1)

 

Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015.

 

(2)

Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release.

 

(3)

Net income for first quarter 2015 includes a loss of $20.2 million on warrant settlements associated with our previous convertible notes.

 

For the Company’s definitions of RevPAR, Total RevPAR, Adjusted EBITDA and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO to Net Income, see “Calculation of RevPAR and Total RevPAR,” “Non-GAAP Financial Measures,” “Revised Adjusted FFO Definition” and “Supplemental Financial Results” below. Adjusted FFO for 2015 presented herein also reflects the revised Adjusted FFO definition used for 2016.

Operating Results

Hospitality Segment

For the three months ended March 31, 2016 and 2015, the Company reported the following:

($ in thousands, except for ADR, RevPAR and Total RevPAR)

   
Three Months Ended

March 31,

2016     2015     % ?

Hospitality Results

Hospitality Revenue $244,191 $236,454 3.3%
 
Hospitality Adjusted EBITDA $76,341 $75,844 0.7%
Hospitality Adjusted EBITDA Margin 31.3% 32.1% -0.8pt
 
Hospitality Performance Metrics
Occupancy 70.2% 71.0% -0.8pt
Average Daily Rate (ADR) $183.21 $183.13 0.0%
RevPAR $128.54 $129.96 -1.1%
Total RevPAR $323.69 $324.43 -0.2%
 
Gross Definite Rooms Nights Booked 386,566 343,265 12.6%
Net Definite Rooms Nights Booked 319,015 263,055 21.3%
Group Attrition (as % of contracted block) 11.0% 11.3% -0.3pt
Cancellations ITYFTY (1) 15,773 12,019 31.2%
 

Same-Store Hospitality Results (2)

Same-Store Hospitality Revenue $242,379 $236,454 2.5%
 
Same-Store Hospitality Adjusted EBITDA $75,954 $75,844 0.1%
Same-Store Hospitality Adjusted EBITDA Margin 31.3% 32.1% -0.8pt
 
Same-Store Hospitality Performance Metrics
Occupancy 70.7% 71.0% -0.3pt
Average Daily Rate (ADR) $183.26 $183.13 0.1%
RevPAR $129.50 $129.96 -0.4%
Total RevPAR $328.91 $324.43 1.4%
 

(1)

 

"ITYFTY" represents In The Year For The Year.

 

(2)

Same-Store excludes the AC Hotel at National Harbor, which opened in April 2015.

 

Property-level results and operating metrics for first quarter 2016 are presented in greater detail below and under “Supplemental Financial Results.” Highlights for first quarter 2016 for the Hospitality segment and at each property include:

  • Hospitality Segment (Same Store): Total revenue increased 2.5 percent to $242.4 million in first quarter 2016 compared to first quarter 2015. Group performance was tempered in the first quarter of 2016 compared to 2015 due to a shift in the timing of the Easter holiday into the first quarter coupled with the impact of winter storm Jonas at Gaylord National and Gaylord Opryland. Adjusted EBITDA was flat at $76.0 million compared to first quarter 2015, and Adjusted EBITDA Margin decreased by 80 basis points. Adjusted EBITDA margin in first quarter 2015 was positively impacted by the collection of a portion of insurance proceeds related to the norovirus event at Gaylord Opryland, which made for a challenging comparison. In addition, Adjusted EBITDA for first quarter 2016 includes the accrual of approximately $1 million in additional incentive management fees payable to our operator based on full year 2016 performance expectations.
  • Gaylord Opryland: Total revenue increased 12.0 percent to $75.6 million in first quarter 2016 compared to first quarter 2015, driven by a 6.4 point occupancy increase and strong banquet performance. In first quarter 2015, a norovirus outbreak unfavorably impacted revenue, occupancy and banquet performance. Adjusted EBITDA increased 10.7 percent to $24.1 million compared to first quarter 2015. Adjusted EBITDA was unfavorably impacted by the norovirus outbreak in first quarter 2015, and $1.2 million in insurance proceeds in the first quarter of 2015 related to the norovirus disruptions partially offset that impact.
  • Gaylord Palms: Total revenue increased 4.5 percent to $55.8 million in first quarter 2016 compared to first quarter 2015, due primarily to an increase in catering revenue and higher attrition and cancellation fee collections. Adjusted EBITDA increased 4.1 percent to $20.9 million compared to first quarter 2015.
  • Gaylord Texan: Total revenue decreased 3.0 percent to $53.7 million in first quarter 2016 compared to first quarter 2015 due to an occupancy decrease of 3.1 points and a 5.3 percent reduction in ADR due to a mix shift to fewer premium corporate groups. Adjusted EBITDA decreased 7.3 percent to $19.4 million compared to first quarter 2015.
  • Gaylord National: Total revenue decreased 5.9 percent to $54.2 million in first quarter 2016 compared to first quarter 2015, driven by a 7.9 point decline in occupancy and reduced banquets spending, primarily attributable to winter storm Jonas and a shift of the Easter holiday into the first quarter impacting group bookings. Adjusted EBITDA decreased 13.4 percent to $10.9 million compared to first quarter 2015.

Reed continued, “Notwithstanding the challenges of the first quarter, our Hospitality segment profitability was right where we expected it to be. Our outlook for the remainder of the year has not changed, and we believe our hotels are on pace for another record year. Given this level of expected annual performance, we anticipated that profitability would be impacted this quarter and through the remainder of the year due to the accrual of our incentive management fee, which is based on our full year outlook.”

Entertainment Segment

For the three months ended March 31, 2016 and 2015, the Company reported the following:

Reed continued, “Our planned investments in the Entertainment segment impacted our first quarter 2016 results. Specifically, we are investing in our people as well as dedicating more resources to areas such as social media, e-commerce, and content development so that we are able to execute on the strategies and initiatives that lay before us.

In addition, we announced in February an $8.6 million renovation project for the Wildhorse Saloon as part of our Nashville attractions strategy. The Wildhorse Saloon’s opening more than 20 years ago was a catalyst for much of the redevelopment in the downtown entertainment district, and we are excited to unveil the improvements we are making to this unique piece of Nashville history. While the Wildhorse Saloon has remained open during construction, the renovation did impact the venue’s ability to service large groups, which had a year-over-year impact on the Entertainment segment’s results. We are on track to complete this project in time for the summer tourist season.”

Corporate and Other Segment Results

For the three months ended March 31, 2016 and 2015, the Company reported the following:

Development Update

On March 9, 2016, Ryman Hospitality Properties announced that it had acquired a 35 percent equity ownership stake in the Gaylord Rockies Resort and Convention Center project in Aurora, Colorado, with an expected aggregate investment of approximately $86 million, which will be funded with cash on hand and borrowings under the Company’s credit facility. The Company will have asset management responsibilities, and Marriott International will manage the hotel and convention center. Gaylord Rockies is currently under construction and is expected to open in late 2018.

Reed continued, “We are thrilled to be a part of this milestone expansion of the Gaylord Hotels brand. This hotel represents the first western destination for the Gaylord Hotels model, and we believe from our extensive research that it is something our key group customers and meeting planners have been anxious to see come to fruition. We believe this hotel will serve existing customers who are presently rotating outside of the brand when they plan their western meetings and also induce new demand into our existing properties from western-based groups. Combined with our previously-announced expansion at Gaylord Texan, we believe our Company is in an ideal position to capitalize on the future demand we are seeing in the group segment.”

Dividend Update

The Company paid its first quarter 2016 cash dividend of $0.75 per share of common stock on April 15, 2016 to stockholders of record on March 31, 2016. It is the Company’s current plan to distribute total 2016 annual dividends of approximately $3.00 per share in cash in equal quarterly payments with the remaining payments occurring in July and October of 2016 and January of 2017. Any future dividend is subject to the Board of Director’s determinations as to the amount of quarterly distributions and the timing thereof.

Balance Sheet/Liquidity Update

As of March 31, 2016, the Company had total debt outstanding of $1,480.9 million, net of unamortized deferred financing costs, and unrestricted cash of $57.2 million. As of March 31, 2016, $361.4 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $2.1 million in letters of credit, which left $336.5 million of availability for borrowing under the credit facility.

Share Repurchase Update

On August 20, 2015, the Board of Directors authorized a share repurchase program for up to $100 million of the Company’s common stock using cash on hand and borrowings under its revolving credit line. The repurchases are intended to be implemented through open market transactions on U.S. exchanges or in privately negotiated transactions, in accordance with applicable securities laws, and any market purchases will be made during open trading window periods or pursuant to any applicable Rule 10b5-1 trading plans. The repurchase authorization extends until December 31, 2016. The timing, prices, and sizes of repurchases will depend upon prevailing market prices, general economic and market conditions and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of stock. As of March 31, 2016, the Company had repurchased and cancelled approximately 538,700 shares of its common stock during the first quarter of 2016 for an aggregate purchase price of approximately $24.8 million, which the Company funded using cash on hand and borrowings under the revolving credit line of its credit facility.

Guidance

The Company is reaffirming its 2016 guidance provided on February 26, 2016 on a consolidated as well as on a segment basis. The Company does not expect to update the guidance before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

Reed continued, “Our first quarter performance expectations were factored in the guidance we issued in February. Given that the quarter was in line with those expectations and that the pace of our in the year for the year group bookings for the rest of 2016 is also aligning with our expectations, we believe the guidance range we issued at the outset of the year remains an accurate reflection of our anticipated full year performance.”

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of four upscale, meetings-focused resorts totaling 7,795 rooms that are managed by lodging operator Marriott International, Inc. under the Gaylord Hotels brand. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music’s finest performers for 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; and 650 AM WSM, the Opry’s radio home.

Calculation of RevPAR and Total RevPAR

We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage and other ancillary services revenue by room nights available to guests for the period.

Non-GAAP Financial Measures

We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

To calculate Adjusted EBITDA, we determine EBITDA, which represents net income (loss) determined in accordance with GAAP, plus loss (income) from discontinued operations, net; provision (benefit) for income taxes; other (gains) and losses, net; loss on extinguishment of debt; (income) loss from joint ventures; interest expense; and depreciation and amortization, less interest income. Adjusted EBITDA is calculated as EBITDA plus preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges; any closing costs of completed acquisitions; interest income on Gaylord National bonds; other gains and (losses); (gains) and losses on warrant settlements; pension settlement charges and any other adjustments we have identified in this release. We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because this measure helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. A reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and a reconciliation of segment operating income to segment Adjusted EBITDA are set forth below under “Supplemental Financial Results.” Hospitality Adjusted EBITDA—Same-Store excludes the AC Hotel at National Harbor.

Revised Adjusted FFO Definition

We calculate Adjusted FFO to mean net income (loss) (computed in accordance with GAAP), excluding non-controlling interests, and gains and losses from sales of property; plus depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and impairment losses; we also exclude written-off deferred financing costs, non-cash ground lease expense, pro rata adjustments from joint ventures, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges and (gains) losses on extinguishment of debt and warrant settlements. Beginning in 2016, we are excluding the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use Adjusted FFO as one measure in determining our results after taking into account the impact of our capital structure. A reconciliation of net income (loss) to Adjusted FFO is set forth below under “Supplemental Financial Results.”

We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA and Adjusted FFO may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA and Adjusted FFO, and any related per share measures, should not be considered as alternative measures of our net income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA and Adjusted FFO may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that Adjusted EBITDA and Adjusted FFO can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income (loss) or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.

       
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
 
Three Months Ended

Mar. 31,

2016 2015

Revenues:

Rooms $ 96,969 $ 94,721
Food and beverage 122,233 118,331
Other hotel revenue 24,989 23,402
Entertainment   17,306         16,694  

Total revenues

  261,497         253,148  
 
Operating expenses:
Rooms 25,981 26,067
Food and beverage 68,257 65,075
Other hotel expenses 72,688 70,296
Management fees   5,337         3,512  
Total hotel operating expenses 172,263 164,950
Entertainment 14,696 13,162
Corporate 6,971 7,094
Preopening costs - 592
Impairment and other charges - 2,890
Depreciation and amortization   28,773         28,570  
Total operating expenses   222,703         217,258  
 
Operating income 38,794 35,890
 
Interest expense, net of amounts capitalized (16,039 ) (13,813 )
Interest income 3,143 3,008
Loss from joint ventures (390 ) -
Other gains and (losses), net   (47 )       (20,232 )
Income before income taxes 25,461 4,853
 
Benefit (provision) for income taxes   885         (321 )
Net income $ 26,346       $ 4,532  
       
Basic net income per share $ 0.52       $ 0.09  
Fully diluted net income per share $ 0.51       $ 0.09  
 

Weighted average common shares for the period:

Basic 51,046 51,123
Diluted 51,398 51,521
 
 

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands)

       
Mar. 31,

2016

Dec. 31,

2015

 
ASSETS:
Property and equipment, net of accumulated depreciation $ 1,967,549 $ 1,982,816
Cash and cash equivalents - unrestricted 57,150 56,291
Cash and cash equivalents - restricted 29,958 22,355
Notes receivable 152,365 152,560
Trade receivables, net 61,307 55,033
Deferred income taxes, net 344 -
Prepaid expenses and other assets   74,749   62,379
Total assets $ 2,343,422 $ 2,331,434
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY:
Debt and capital lease obligations $ 1,480,921 $ 1,431,710
Accounts payable and accrued liabilities 152,779 153,383
Dividends payable 38,778 36,868
Deferred management rights proceeds 182,361 183,119
Deferred income taxes, net - 1,163
Other liabilities 146,288 145,629
Stockholders' equity   342,295   379,562
Total liabilities and stockholders' equity $ 2,343,422 $ 2,331,434
 
                 
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
ADJUSTED EBITDA RECONCILIATION
Unaudited
(in thousands)
 
Three Months Ended Mar. 31,
2016   2015  
  $       Margin   $       Margin

Consolidated

Revenue $ 261,497 $ 253,148
Net income $ 26,346 $ 4,532
(Benefit) provision for income taxes (885 ) 321
Other (gains) and losses, net 47 20,232
Loss from joint ventures 390 -
Interest expense, net 12,896 10,805
Depreciation & amortization   28,773     28,570  
EBITDA 67,567 25.8 % 64,460 25.5 %
Preopening costs - 592
Non-cash lease expense 1,311 1,341
Equity-based compensation 1,549 1,590
Impairment charges - 2,890
Interest income on Gaylord National bonds 3,102 2,999
Other gains and (losses), net (47 ) (20,232 )
Loss on warrant settlements - 20,186
Gain on disposal of assets   (66 )         -        
Adjusted EBITDA $ 73,416       28.1 % $ 73,826       29.2 %
 

Hospitality segment

Revenue $ 244,191 $ 236,454
Operating income $ 45,459 $ 41,579
Depreciation & amortization 26,469 26,443
Preopening costs - 592
Non-cash lease expense 1,311 1,341
Impairment charges - 2,890
Interest income on Gaylord National bonds   3,102           2,999        
Adjusted EBITDA $ 76,341       31.3 % $ 75,844       32.1 %
 

Entertainment segment

Revenue $ 17,306 $ 16,694
Operating income $ 963 $ 2,120
Depreciation & amortization 1,647 1,412
Equity-based compensation   162           211        
Adjusted EBITDA $ 2,772       16.0 % $ 3,743       22.4 %
 

Corporate and Other segment

Operating loss $ (7,628 ) $ (7,809 )
Depreciation & amortization 657 715
Equity-based compensation 1,387 1,379
Other gains and (losses), net (47 ) (20,232 )
Loss on warrant settlements - 20,186
Gain on disposal of assets   (66 )   -  
Adjusted EBITDA $ (5,697 ) $ (5,761 )
 
 
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION

Unaudited

(in thousands, except per share data)

       
Three Months Ended Mar. 31,
2016   2015

Consolidated

Net income $ 26,346 $ 4,532
Depreciation & amortization 28,773 28,570
Pro rata adjustments from joint ventures   5     -  
FFO 55,124 33,102
 
Non-cash lease expense 1,311 1,341
Impairment charges - 2,890
Pro rata adjustments from joint ventures 394 -
Loss on warrant settlements - 20,186
Gain on other assets (34 ) -
Amortization of deferred financing costs 1,216 1,396
Deferred tax benefit   (1,461 )   (241 )
Adjusted FFO (1) $ 56,550   $ 58,674  
Capital expenditures (2)   (13,696 )   (12,435 )
Adjusted FFO less maintenance capital expenditures $ 42,854   $ 46,239  
 
 
FFO per basic share $ 1.08 $ 0.65
Adjusted FFO per basic share $ 1.11 $ 1.15
 
FFO per diluted share $ 1.07 $ 0.64
Adjusted FFO per diluted share $ 1.10 $ 1.14
 

(1)

 

Adjusted FFO for both periods is presented using the 2016 definition of Adjusted FFO contained in this release.

(2)

Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties.

 
 
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL RESULTS

Unaudited

(in thousands, except operating metrics)

       
       
Three Months Ended Mar. 31,
2016 2015
 
HOSPITALITY OPERATING METRICS:
 

Hospitality Segment

 
Occupancy 70.2 % 71.0 %
Average daily rate (ADR) $ 183.21 $ 183.13
RevPAR $ 128.54 $ 129.96
OtherPAR $ 195.15 $ 194.47
Total RevPAR $ 323.69 $ 324.43
 
Revenue $ 244,191 $ 236,454
Adjusted EBITDA $ 76,341 $ 75,844
Adjusted EBITDA Margin 31.3 % 32.1 %
 

Same-Store Hospitality Segment (1)

 
Occupancy 70.7 % 71.0 %
Average daily rate (ADR) $ 183.26 $ 183.13
RevPAR $ 129.50 $ 129.96
OtherPAR $ 199.41 $ 194.47
Total RevPAR $ 328.91 $ 324.43
 
Revenue $ 242,379 $ 236,454
Adjusted EBITDA $ 75,954 $ 75,844
Adjusted EBITDA Margin 31.3 % 32.1 %
 

Gaylord Opryland

 
Occupancy 71.5 % 65.1 %
Average daily rate (ADR) $ 165.88 $ 163.59
RevPAR $ 118.59 $ 106.51
OtherPAR $ 169.82 $ 153.91
Total RevPAR $ 288.41 $ 260.42
 
Revenue $ 75,640 $ 67,547
Adjusted EBITDA $ 24,089 $ 21,766
Adjusted EBITDA Margin 31.8 % 32.2 %
 

Gaylord Palms

 
Occupancy 81.8 % 82.9 %
Average daily rate (ADR) $ 194.37 $ 194.57
RevPAR $ 159.05 $ 161.20
OtherPAR $ 276.75 $ 260.64
Total RevPAR $ 435.80 $ 421.84
 
Revenue $ 55,759 $ 53,380
Adjusted EBITDA $ 20,898 $ 20,074
Adjusted EBITDA Margin 37.5 % 37.6 %
 

Gaylord Texan

 
Occupancy 73.0 % 76.1 %
Average daily rate (ADR) $ 185.47 $ 195.94
RevPAR $ 135.39 $ 149.10
OtherPAR $ 254.94 $ 257.66
Total RevPAR $ 390.33 $ 406.76
 
Revenue $ 53,671 $ 55,315
Adjusted EBITDA $ 19,352 $ 20,881
Adjusted EBITDA Margin 36.1 % 37.7 %
 

Gaylord National

 
Occupancy 60.5 % 68.4 %
Average daily rate (ADR) $ 210.06 $ 198.89
RevPAR $ 127.00 $ 136.08
OtherPAR $ 171.15 $ 184.35
Total RevPAR $ 298.15 $ 320.43
 
Revenue $ 54,155 $ 57,562
Adjusted EBITDA $ 10,911 $ 12,606
Adjusted EBITDA Margin 20.1 % 21.9 %
 

The AC Hotel at National Harbor (2)

 
Occupancy 48.9 % n/a
Average daily rate (ADR) $ 180.26 n/a
RevPAR $ 88.12 n/a
OtherPAR $ 15.57 n/a
Total RevPAR $ 103.69 n/a
 
Revenue $ 1,812 n/a
Adjusted EBITDA $ 387 n/a
Adjusted EBITDA Margin 21.4 % n/a
 

The Inn at Opryland (3)

 
Occupancy 66.6 % 62.9 %
Average daily rate (ADR) $ 124.98 $ 115.16
RevPAR $ 83.21 $ 72.38
OtherPAR $ 31.21 $ 24.75
Total RevPAR $ 114.42 $ 97.13
 
Revenue $ 3,154 $ 2,650
Adjusted EBITDA $ 704 $ 517
Adjusted EBITDA Margin 22.3 % 19.5 %
 

(1)

 

Same-store excludes the AC Hotel at National Harbor.

(2)

The AC Hotel at National Harbor opened in April 2015.

(3)

Includes other hospitality revenue and expense.

 



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