Ryman Hospitality Properties Inc (NYSE:GET), a real estate investment company majoring in destination hotel, group-oriented assets in resorts and urban markets recently reported its financial results for the fourth quarter and last financial year ended December 31, 2016.
According to the latest reporting, the company delivered results in line with expectations and projections and for the quarter and led to yet another increase in net income, total revenue, Adjusted EBITDA as well as increase in bookings. The company recorded an increase in all these parameters compared to the previous year.
According to the results, the company closed the last quarter of 2016 with group bookings figures almost similar to the last quarter of the previous year. The results however solidified in 2016 as the company recorded the best room night in its entire history. Ryman Hospitality Properties Inc kicked off 2017 with a total of 6.4 million in room nights booking which apart from being a new offering for the company, its is an indicator of an alive and ripe market.
In a statement, the company affirmed its commitment and confidence in the market and the outlook of the industry. Although according to STR the industry is expected to grow by between 2% and 2.2% in 2017 and 2018 respectively, demand for hotels is rising with the new supply.
In other segments, Ryman Hospitality Properties Inc announced plans of $90 million investment towards SoundWaves, a luxury outdoor/indoor waterpark next to Gaylord Opryland Resort & Convention Center. The project includes around 111,000 square feet of water attractions and activities on three levels and an additional 106,000 square feet worthy of outdoor water amenities. Blur Workshop, a hospitality design company was contracted to develop the project concept. The project will have outdoor and indoor recreational amenities for young children, adults and families as well as private cabana rentals and dining options. Adult revelers will have access to adult-only outdoor and indoor bars, pools and lounging areas, all situated within the complex. The inside will be enclosed under a hallmark of the Gaylord Hotels brand.