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, and RIDA Development Corp. today announced plans for an
$80 million, 317-room expansion of Gaylord Rockies Resort &
Convention Center in Aurora, Colorado.
Opened in December 2018, Gaylord Rockies was the first Marriott
property to begin operations with more than 1 million net room
nights on the books for all future years. Since that time, the
85-acre resort has experienced strong demand and closed the third
quarter of 2019 with nearly 1.2 million net group room nights on
the books for all future years, a 7.4 percent increase compared to
the third quarter of 2018.
Colin Reed, Chairman and Chief Executive Officer of the Company,
said, “The initial performance at Gaylord Rockies has exceeded our
expectations for a property in its first year of operations, and
feedback from both group and leisure customers has been tremendous.
These early results, combined with the demand we are experiencing
as large group supply remains constrained nationwide, reinforce our
belief that this is the right time to increase the capacity of this
hotel.”
Construction is expected to begin in the second
quarter of 2020, and the expansion is expected to open in early
2022. Once complete, the expansion will bring the total room count
at Colorado’s largest combined resort and convention center to
1,818.
Ira Mitzner, President and Chief Executive Officer of RIDA
Development Corp., said, “We take great pride in Gaylord Rockies
creating a best-in-class large meeting destination for the state of
Colorado. To date, nearly 80 percent of the groups at Gaylord
Rockies had never met in Colorado before. We are truly growing the
pie for this state.”
Reed added, “We value the strong partnership with RIDA
Development Corp. and the city of Aurora, and we are pleased to see
our shared vision for Gaylord Rockies continue to take shape.
Similar to recent projects at Gaylord Texan and Gaylord Palms, this
expansion will allow us to accommodate the additional demand for
this property in a way that seamlessly integrates into the existing
hotel infrastructure.”
“Since the very beginning of this project we have said that the
Gaylord Rockies would be an incredible economic development
catalyst for the City of Aurora, Adams County and the State of
Colorado,” said Wendy Mitchell, President and CEO of the Aurora
Economic Development Council. “The quick timing of an
expansion further proves that this has come to fruition and means
even more positive impact for the region as we see significant
development being catalyzed in the surrounding area. We appreciate
the continued leadership and forward-thinking approach of all the
stakeholders involved and look forward to the Gaylord Rockies
delivering even more value to our community.”
Aurora Mayor Mike Coffman added, “The Gaylord Rockies is one of
Aurora’s most significant accomplishments to date and a major
driver in our growing economy. The project has put Aurora on the
map and I’m proud to see so many new visitors coming here to
experience all that our community has to offer. When we look at the
economic development success story here, it’s clear that it is a
win-win for everyone involved especially for our residents who now
have the opportunity of more than 1,500 quality jobs and counting
that were created through this deal. RIDA Development Corp., the
Company, the City of Aurora, Adams County, and the Aurora Economic
Development Council, and all others involved came together to make
the Gaylord Rockies a reality and this partnership exemplifies how
we like to do business here in Aurora.”
The planned expansion will be financed by the joint venture that
owns Gaylord Rockies with additional borrowings from its term loan,
which is set to mature in July 2023. The Company owns 62.1 percent
of the joint venture.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a real
estate investment trust for U.S. 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
upscale, meetings-focused resorts totaling 8,114 rooms that are
managed by lodging operator Marriott International,
Inc. under the Gaylord Hotels brand. The Company is also a
joint venture owner of the 1,501-room Gaylord Rockies Resort &
Convention Center, which is also managed by 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, the legendary
weekly showcase of country music’s finest performers for over 90
years; the Ryman Auditorium, the storied former home of the
Grand Ole Opry located in downtown Nashville; 650 AM WSM, the
Opry’s radio home; and Ole Red, a country lifestyle and
entertainment brand. The Company is also a joint venture owner of
Circle Media, LLC, a media network dedicated to celebrating the
country lifestyle.
About RIDA Development Corporation
RIDA Development Corporation is a full-service real estate
organization that has created and invested in over $6 Billion of
innovative and successful hospitality, residential, office,
industrial, and retail developments for more than forty-five years.
RIDA Development’s corporate headquarters is in Houston, TX with
regional offices in Orlando, FL; Denver, CO and Warsaw, Poland.
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 planned expansion of Gaylord Rockies,
the future performance of our business, estimated capital
expenditures, construction project costs and completion dates,
preliminary operations and other business or operational issues.
These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the statements made. These include the risks and uncertainties
associated with construction projects, schedules, budgets, and cost
estimates, cash flows, the Company’s ability to borrow funds
pursuant to credit agreements, and future business levels. Other
factors that could cause business, 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, 2018 and its Quarterly Reports on
Form 10-Q 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.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Financial Officer |
Shannon Sullivan, Vice President of Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
(615) 316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Todd Siefert, Vice President Corporate Finance & Treasurer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6344 |
(929) 266-6315 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com |
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