Ryman Hospitality Properties, Inc. (NYSE:RHP) Q4 2023 Earnings Call Transcript

Patrick Moore: Do you mind if I add to this. The other thing that our investors need to understand is prior to this hotel arriving in Colorado. There was not another convention resort in that states that — it drove really any material group room nights into that state. And when we open this hotel, as Mark said, we were a minority partner at the time. When we opened this hotel, we had well over 1 million room nights on the books, of which the vast majority had never been to the State of Colorado before. So what we have discovered is that this market next to this airport is so attractive to the group consumer. And that is why we’ve been deploying this capital to make sure that this hotel once it’s fully completed — and by the way, we’re looking at potentially adding 300 to 400 hotel rooms here.

We’re looking at potential sound waves here. And it’s because of what we have discovered in terms of the appetite and desire of the group meeting planner to frequent this location. And what we’re trying to do with this hotel overtime is create an asset that looks a little bit like the size-wise Opryland that is so competitively superior. And that is what we’re doing here. And it’s – – this is a very exciting asset in a very good market with extraordinary tax benefits that we have that really — that really help to generate very high returns on capital. So if there are any members of our investment community that don’t understand that, we’re happy to help them. But I think Mark and our folks Jennifer the people that we may understand that what we’re doing is repositioning this hotel, into something that we believe will be quite extraordinary when it’s completed.

Smedes Rose: Great. Thanks for the answer.

Patrick Moore: Thanks Smedes.

Operator: That will conclude today’s question-and-answer session. I will now turn the call over to our presenters, for any additional or closing remarks.

Colin Reed: Hey we don’t. No. No. Look, we’ve done this earnings call this morning, but it’s on the back of a day and half of Investor Meetings we had just several weeks ago. So I think if we keep talking, we’re just repeating everything that we’ve said over the last month. I thank everyone for being on the call this morning. And if you have any additional questions, please feel free to reach out to our IR folks or Jennifer or Mark and we look forward to the – all the conferences that our team will be participating in over the next couple of months. So thank you, everyone.

Operator: This does conclude today’s conference call. Thank you for your participation. You may now disconnect.