Ryman Hospitality Properties, Inc. (NYSE:RHP) Q2 2023 Earnings Call Transcript

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Patrick Chaffin: Yes. And just to your question, we continue to be very interested in the long-term plans for expansion at Rockies. I would remind you that we’re in the midst of some pretty substantial investment right now. The Grand Lodge or what you’d call an Atrium and one of our other hotels is currently under full renovation, and it’s going to completely transform that area into really the hub of the hotel as well as the addition of a new group Pavilion outside. So from a cadence perspective, I really can’t get going on the expansion until we got some of these other projects done. So we remain very interested in that, but we’re just trying to make sure that we go about it in an appropriate process.

Colin Reed: Yeah. I think you talked about the Rocky Shaun, but I think, Mark, our appetite at that hotel is only sort of strengthened over the last year or two, it hasn’t waned at all. COVID hasn’t sort of given us any thoughts of should we deemphasize room expansions. We’re very excited about the Rockies.

Shaun Kelley: When you look at the rebooking characteristics of that coming out of COVID – with strongest in the brand.

Mark Fioravanti: Yeah. Well, 75%, right, that’s very good. Shaun, any other questions?

Shaun Kelley: Yeah. Just one more, Mark, sorry, I didn’t mean to leave your name out of there on my first list. But just big picture, and this is not meant to sound greedy or unthankful because I actually think the whole country asset is a fantastic addition. But sort of your very high-level question to maybe wrap up would be, are there more Hill countries out there? I mean clearly, this is something you’ve underwritten on time and again, but yet for probably many of us in the investment community, it’s always still a little bit of like aha like it’s kind of hidden in plain sight. So without naming names, because obviously, that does not want to benefit. But do you think there are more opportunities of similar scope and scale, $500 million-plus big assets that could be impactful to the portfolio that look or feel like this because it does feel to be at least absolutely spot on for probably what you’re looking to do for the portfolio?

Mark Fioravanti: Yeah. I think the general answer to the question is yes, but it is a short list. And to your point, our focus around acquisitions has been we want to buy things that check every box for us. we have a very specific focused strategy, as Colin outlined at the beginning of the call. And any hotels that we bring to our portfolio, we want them to be consistent with that strategy and ultimately be able to drive value not only at that property level but also be able to drive value across the portfolio. That’s the critical thing for us.

Shaun Kelley: Thank you very much.

Colin Reed: Thanks Shaun. Okay, Travis, thank you. And for the investors that have been on this morning, thank you for your time and effort. If you have any other questions, you know how to get hold of us here and upward and onward. We’ve got an exciting company on our hands and we expect to create tons of value here over the years ahead. So thank you, everyone.

Operator: This does conclude today’s program. Thank you for your participation. You may disconnect at any time.

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