Ryman Hospitality Properties Inc. Reports Third Quarter 2012 Results

  Ryman Hospitality Properties Inc. Reports Third Quarter 2012 Results

 - Company Completes Sale of Gaylord Hotels Brand and Hotel Management Rights
                         to Marriott International -

        - Hospitality Segment CCF Margin Increases 100 Basis Points –

Business Wire

NASHVILLE, Tenn. -- November 06, 2012

Ryman Hospitality Properties, Inc. (NYSE: RHP) today reported financial
results for the third quarter of 2012. Highlights include:

  *The transformation of Gaylord Entertainment into Ryman Hospitality
    Properties was put into motion during the third quarter.
  *Despite the disruption to the business resulting from the sale of Gaylord
    Hotels to Marriott International on October 1, 2012, consolidated revenue
    increased 1.3 percent to $228.1 million in the third quarter of 2012 from
    $225.2 million in the same period last year. The hospitality segment,
    which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord
    National and the Radisson Hotel at Opryland delivered total revenue of
    $207.9 million in the third quarter of 2012, an increase of 0.4 percent
    compared to $207.1 million in the prior-year quarter.
  *Revenue per available room^1 (“RevPAR”) for the third quarter of 2012 for
    the hospitality segment decreased 0.9 percent and total revenue per
    available room^2 (“Total RevPAR”) was flat, each compared to the third
    quarter of 2011. Total RevPAR for the third quarter of 2012 for the
    hospitality segment included attrition and cancellation fees of $1.7
    million collected during the quarter compared to $1.4 million collected in
    the prior-year quarter.
  *Loss from continuing operations was $26.7 million, or $0.57 per fully
    diluted share (based on 46.5 million weighted average shares outstanding)
    in the third quarter of 2012 compared to a loss from continuing operations
    of $1.7 million, or $0.03 per fully diluted share, in the prior-year
    quarter (based on 48.4 million weighted average shares outstanding).
    Income from continuing operations for the third quarter 2012 includes
    $51.4 million in pretax expenses related to the Company’s conversion to a
    real estate investment trust (“REIT”). REIT conversion costs for the full
    year 2012, which have been segregated from the normal operating costs of
    the Company and presented separately in the accompanying financial
    information, include conversion costs incurred in the first and second
    quarter of 2012.
  *Adjusted EBITDA^3, which includes REIT conversion costs of $51.4 million,
    was a loss of $2.7 million in the third quarter of 2012 compared to income
    of $46.2 million in the prior-year quarter.
  *Consolidated Cash Flow^4 (“CCF”) was $22.6 million in the third quarter of
    2012 compared to $48.8 million in the same period last year. CCF in the
    third quarter of 2012 included $30.3 million of costs associated with the
    REIT conversion process.
  *Gross advance group bookings in the third quarter of 2012 for all future
    periods were 338,434 room nights for the hospitality segment, a decrease
    of 22.2 percent compared to the same period last year. Net of attrition
    and cancellations, advance group bookings in the third quarter of 2012 for
    all future periods were 221,540 room nights, a decrease of 30.7 percent
    compared to the same period last year.

Colin V. Reed, chairman, chief executive officer and president of Ryman
Hospitality Properties, stated, “This was an important quarter for our
company, as we completed our transaction with Marriott and took another step
closer to officially operating under the REIT structure. In the third quarter
our focus was on achieving a smooth transition of the transfer of management
of our resort hotel properties to Marriott on October 1^st, completing the
legal and regulatory steps associated with the conversion from Gaylord
Entertainment to Ryman Hospitality Properties, establishing our new corporate
organizational structure, and executing a stock repurchase and secondary
offering. Our team has made significant progress on each of these fronts and
is well-positioned to complete the REIT conversion process and elect REIT
status effective January 1, 2013.

“Against the backdrop of the enormous change that took place across the entire
company, we are pleased with how our business performed this quarter. We
delivered an improved profitability performance at our properties, with a
hospitality segment CCF margin increase of 100 basis points compared to the
third quarter last year. We also saw slight increases in ADR and revenue in
our hospitality segment, with Gaylord Palms and Gaylord National each posting
particularly solid performances for the second consecutive quarter.

“In the third quarter we booked over 338,000 gross room nights and over
221,000 on a net room night basis. While these totals both were declines from
the same period last year, given the magnitude of the disruption to our sales
team as they prepared for integration into the Marriott system, we were
pleased with this performance. We are confident that with the transaction
behind us, the bookings performance should improve. In fact, during the month
of October, group sales leads and tentative bookings for our hospitality
segment each increased by over 20%, a solid indicator that the bookings
pipeline is filling again and sales activity is increasing.”

Segment Operating Results

Hospitality

Key components of the Company’s hospitality segment performance in the third
quarter of 2012 include:

  *Hotel properties’ RevPAR decreased 0.9 percent to $116.24 in the third
    quarter of 2012 compared to $117.25 in the prior-year quarter. Total
    RevPAR for the hotel properties was $280.49 in the third quarter of 2012
    compared to $280.56 in the prior-year quarter.
  *Hotel properties’ CCF increased 4.1 percent in the third quarter of 2012
    to $57.8 million compared to $55.5 million in the prior-year quarter.
    Hotel properties’ CCF Margin ^ increased 100 basis points to 27.8 percent
    in the third quarter of 2012 compared to 26.8 percent for the same period
    last year.
  *Attrition for our hotel properties that occurred for groups that traveled
    in the third quarter of 2012 was 10.2 percent of the agreed-upon room
    block compared to 9.4 percent for the same period in 2011. In-the-year,
    for-the-year cancellations in the third quarter of 2012 for the hotel
    properties totaled 21,912 room nights compared to 19,927 in the same
    period of 2011. Attrition and cancellation fee collections for the hotel
    properties totaled $1.7 million in the third quarter of 2012 compared to
    $1.4 million for the same period in 2011.

At the property level, Gaylord Opryland generated revenue of $63.5 million in
the third quarter of 2012, a 12.3 percent decrease compared to the prior-year
quarter of $72.4 million, driven by decreases in occupancy and Average Daily
Rate (“ADR”), and a difficult comparison as a result of a record revenue and
profitability performance at the property in the third quarter of 2011.
Occupancy for the third quarter of 2012 was down 3.7 percentage points to 69.6
percent compared to the prior-year quarter. ADR during the third quarter of
2012 decreased 2.4 percent to $149.39, compared to $153.12 in the prior-year
quarter, driven by lower-rated SMERF (Social, Military, Educational,
Religious, and Fraternal) groups. RevPAR in the third quarter of 2012
decreased 7.3 percent to $104.01 compared to $112.17 in the prior-year
quarter, as a result of the declines in occupancy and ADR. Total RevPAR
decreased 12.4 percent for the third quarter of 2012 to $239.31 compared to
$273.21 in the prior-year quarter, due to the unfavorable group mix described
above. CCF was $16.9 million for the third quarter of 2012, a 29.2 percent
decrease compared to $23.8 million in the prior-year quarter, driven by lower
outside-the-room spending in food and beverage banquets and outlets as a
result of lower-rated group business. CCF Margin was 26.6 percent in the third
quarter of 2012, a decrease of 6.3 percentage points from the prior-year
quarter.

Gaylord Palms posted revenue of $35.3 million in the third quarter of 2012, a
32.3 percent increase compared to $26.7 million in the prior-year quarter. The
increase was driven by growth in occupancy, ADR, and outside-the-room
spending. Occupancy for the third quarter of 2012 increased 7.8 percentage
points over the prior-year quarter to 74.0 percent, and was positively
impacted by an increase in group room nights. Room nights in the third quarter
of 2012 included approximately 4,000 room nights out-of-service for
renovations compared to approximately 6,340 room nights out-of-service in the
same period last year. ADR for the third quarter of 2012 increased 9.8 percent
to $144.37, compared to $131.43 in the prior-year quarter as the mix of
business at Gaylord Palms shifted to higher-rated group business. Third
quarter 2012 RevPAR increased 22.8 percent to $106.83 compared to $87.02 in
the prior-year quarter. Total RevPAR in the third quarter of 2012 increased
29.4 percent to $281.01 compared to $217.09 in the prior-year quarter driven
by the increase in outside-the-room spending as the group mix shifted to
higher-rated groups that spent more on food and beverage – most notably in
banquets. CCF in the third quarter of 2012 increased 235.6 percent to $8.1
million compared to $2.4 million in the prior-year quarter. This resulted in a
CCF Margin for the third quarter of 2012 of 22.8 percent, a 13.8 percentage
point increase compared to 9.0 percent in the prior-year quarter.

Gaylord Texan posted revenue of $46.7 million in the third quarter of 2012, a
2.0 percent decrease compared to the prior-year quarter of $47.6 million. It
is important to note that Gaylord Texan had a difficult comparison against the
third quarter of 2011 when the property achieved its best third quarter
revenue and profitability performance on record. Occupancy for the third
quarter of 2012 decreased by 0.9 percentage points to 79.0 percent compared to
the third quarter of 2011, driven by a decrease in transient room nights due
to the July 4^th holiday falling mid-week in 2012 and the resulting negative
impact on leisure transient resort pool/room night packages. ADR decreased 0.4
percent to $166.84 in the third quarter of 2012 compared to $167.51 in the
prior-year quarter, due to a decline in association group ADR. RevPAR in the
third quarter of 2012 decreased 1.5 percent to $131.82 compared to $133.82 in
the prior-year quarter. Total RevPAR decreased 2.0 percent in the third
quarter of 2012 to $335.60 from $342.55 in the prior-year quarter, driven by a
decrease in outside-the-room spending as the group mix shifted to lower-rated
groups that spent less on banquet offerings and purchased fewer banqueted
events. CCF in the third quarter of 2012 decreased 8.1 percent to $14.1
million compared to $15.3 million in the prior-year quarter, resulting in a
30.2 percent CCF Margin, a 2.0 percentage point decrease from 32.2 percent in
the prior-year quarter.

Gaylord National generated revenue of $60.0 million in the third quarter of
2012, a 3.7 percent increase compared to the prior-year quarter of $57.9
million, driven by increases in ADR and outside-the-room spending. Occupancy
for the third quarter of 2012 was down 6.0 percentage points to 69.9 percent
compared to the prior-year quarter, driven by a decrease in small executive
meetings which typically book in-the-year, for-the-year. ADR increased 6.1
percent in the third quarter of 2012 to $196.14 compared to $184.78 in the
prior-year quarter due to an increase in higher-rated corporate groups with
higher outside-the-room spending. RevPAR in the third quarter of 2012
decreased 2.3 percent to $137.07 compared to $140.25 in the prior-year
quarter, driven by the decrease in occupancy. Total RevPAR increased 3.7
percent to $326.78 in the third quarter of 2012 compared to $315.19 in the
prior-year quarter, driven by an increase in outside-the-room spending – most
notably in banquets as several groups that traveled selected especially robust
banquet packages. CCF increased to $18.2 million in the third quarter of 2012
compared to $13.3 million in the prior-year quarter. CCF in the third quarter
in 2012 included a $2.3 million marketing and maintenance expense
reimbursement associated with the municipal bonds received from Prince
George’s County in 2008 in connection with the development of the hotel.
Including the positive impact of the marketing and maintenance expense
reimbursement, CCF increased 36.4 percent to $18.2 million in the third
quarter of 2012 compared to $13.3 million in the prior year quarter. Including
the positive impact of the marketing and maintenance expense reimbursement,
CCF Margin increased 7.2 percentage points to 30.3 percent in the third
quarter of 2012 compared to 23.1 percent in the prior-year quarter, driven by
increases in ADR and continued margin management efforts at the property level
that drove favorable food costs and reduced labor costs.

Reed continued, “Our properties performed solidly this quarter. Gaylord Palms
delivered very strong results, posting impressive ADR and occupancy increases,
which drove RevPAR and Total RevPAR growth of nearly 23 percent and over 29
percent, respectively. These results contributed to a 13.8 percentage point
increase in CCF margin. While this type of growth is not sustainable every
quarter, it is certainly an indicator that with the completed rooms renovation
and amenity enhancements, Gaylord Palms is well positioned in the Orlando
market moving forward. Gaylord Texan and Gaylord Opryland also performed
solidly. However each posted modest declines compared to the third quarter of
2011, due to exceptionally difficult comparisons, as both properties delivered
their best third quarter CCF performance of all time in 2011. Gaylord National
was a strong performer this quarter, as lower occupancy was offset by a
higher-rated group mix. This resulted in an increase in outside-the-room
spending and Total RevPAR, which along with continued cost management
contributed to a CCF margin increase. As a result of the improved performance
of the hotel, we are pleased to report that we are now receiving both the
marketing and maintenance reimbursement and cash on the accrued interest for
the Prince George’s County series “B” municipal bonds. Going forward, we
expect that the marketing and maintenance expense reimbursement will generate
an incremental $2 million of annual proceeds as evident in the third quarter
of 2012.”

Opry and Attractions

Opry and Attractions segment revenue increased 11.4 percent to $20.2 million
in the third quarter of 2012, compared to $18.1 million in the year-ago
quarter driven by increased attendance at the Grand Ole Opry. The segment’s
CCF increased to $6.0 million in the third quarter of 2012 from $4.8 million
in the prior-year quarter.

Corporate and Other

Corporate and Other operating loss totaled $14.5 million in the third quarter
of 2012 compared to an operating loss of $14.6 million in the same period last
year. Corporate and Other CCF in the third quarter of 2012 was a loss of $10.7
million compared to a loss of $11.4 million in the same period last year.
These figures exclude the REIT conversion expenses described below.

Real Estate Investment Trust (REIT) Conversion

On October 1, 2012, the Company completed the sale of the Gaylord Hotels brand
and the rights to manage its four resort hotels to Marriott International for
$210 million in cash. In addition to assuming the management responsibilities
for these hotels, Marriott also assumed the management responsibilities for
three local Nashville attractions – the General Jackson Showboat, Gaylord
Springs Golf Links and Wildhorse Saloon. In addition, the Company expects that
Marriott will assume management duties for the Radisson Hotel (to be renamed
the Inn at Opryland) on December 1, 2012. The Company will continue to manage
the Grand Ole Opry, the Ryman Auditorium and WSM-AM.

As a component of the REIT conversion, effective October 1, 2012 the Company’s
predecessor, Gaylord Entertainment Company, merged with and into its
wholly-owned subsidiary, Ryman Hospitality Properties, Inc. The merger was
approved by the stockholders of Gaylord at a special meeting of stockholders
held on September 25, 2012. As a result of the merger, each outstanding share
of Gaylord common stock converted into the right to receive one share of Ryman
Hospitality Properties common stock, and Ryman Hospitality Properties
succeeded to and began conducting, directly or indirectly, all of the business
conducted by Gaylord immediately prior to the merger. Ryman Hospitality
Properties intends to elect to be taxed as a REIT for federal income tax
purposes effective as of January 1, 2013. The Company believes it will be the
only lodging REIT whose stated focus is on group-oriented destination hotels
in urban and resort markets.

Also in conjunction with the REIT conversion, Ryman Hospitality Properties
declared a special dividend on shares of its common stock on November 2, 2012
to purge its undistributed earnings and profits attributable to taxable
periods ending prior to January 1, 2013. The special dividend will generally
be treated as a taxable distribution to stockholders. Ryman Hospitality
Properties stockholders as of the November 13, 2012 record date will have the
option to elect to receive the special dividend in the form of cash or shares
of Ryman Hospitality Properties common stock. Ryman Hospitality Properties
expects to limit the total amount of cash payable in the special dividend to a
maximum of 20% of the total value of the special dividend. The balance of the
special dividend will be in the form of shares of Ryman Hospitality Properties
common stock. If the total amount of cash elected by stockholders exceeds 20%
of the total value of the special dividend, then, in general, the available
cash will be prorated among those stockholders that elect to receive cash.
Additional details and consequences of the special dividend will be described
to stockholders in the election form and accompanying materials that will be
mailed to stockholders in connection with the special dividend.

The Company has segregated all REIT conversion costs from normal operations
and reported these amounts as REIT conversion costs in the accompanying
financial information. During the third quarter of 2012, the Company incurred
$51.4 million of various costs associated with this conversion. These costs
include noncash impairment charges ($21.3 million), professional fees ($14.0
million), employment and severance costs ($10.3 million), underwriting costs
($2.8 million), and various other transition costs ($3.0 million).

Upon completion of the REIT conversion, the Company will no longer view
independent, large-scale development of resort and convention hotels as a
means of its growth. As a result of its decision to convert to a REIT, in
connection with the preparation of its quarterly financial statements, the
Company evaluated its previously capitalized costs associated with potential
new developments and expansions of its existing properties. As discussed
above, the Company incurred an impairment charge of $14.0 million with respect
to the third quarter of 2012 to write off previously capitalized costs
associated with a potential future expansion of Gaylord Opryland and the
Company’s previous development project in Mesa, Arizona as a result of the
Company’s decision to abandon these projects. In addition, the Company will
not proceed with its previously announced Aurora, Colorado development project
in the form previously anticipated. The Company will reexamine how the Aurora
project can be completed with minimal financial commitment, although it may
not identify such opportunity. The Company also abandoned certain other
projects associated with its existing properties and recorded an additional
impairment charge of $7.3 million with respect to the third quarter of 2012 to
write off previously capitalized costs primarily associated with information
technology projects.

Including the costs incurred in the first and second quarter and the costs
noted above (but excluding non-cash impairment charges), the Company currently
estimates that it will incur approximately $73 million in one-time costs
related to the REIT conversion. The Company also anticipates that it will
incur federal income taxes associated with the receipt of the purchase price
in the Marriott sale transaction and other transactions related to the REIT
conversion, net of remaining net operating losses, of approximately $10
million to $20 million. In addition, the Company will be required to make the
special dividend on or before December 31, 2012 to be eligible to elect to be
taxed as a REIT effective January 1, 2013.

Reed stated, “We are excited to have completed the Marriott transaction, and
our relationship with Marriott to date has been an excellent one. The ongoing
transition process is progressing smoothly and the Board and the management
team would like to thank our employees, our partners at Marriott, and our
stockholders for their ongoing efforts and support as we move through this
challenging period. Looking towards the future we believe that our company
will be well-positioned for sustained growth, and that with our focus on the
group and meeting segment, we will offer a unique value proposition within the
REIT sector.”

Development Update

As a REIT, the Company will no longer view large scale development of resort
and convention center hotels as a means for growth. As a result, the Company
will not proceed with its previously announced development projects in the
form previously anticipated. In the third quarter, the Company informed the
Mayor of Mesa, Arizona as well as DMB Associates, the land owner in Mesa that
it will not be participating in the development phase of the Mesa project.
Ryman Hospitality Properties is reexamining how the previously announced
Aurora, Colorado project could be completed with minimal financial commitment
through the development phase. This examination will be undertaken with
investor expectations at the forefront, and management will keep investors
informed as the process evolves.

Liquidity

As of September 30, 2012, the Company had long-term debt outstanding,
including current portion, of $1,148.5 million and unrestricted cash of $24.2
million. At September 30, 2012, $260.0 million of borrowings were undrawn
under the Company’s $925.0 million credit facility, and the lending banks had
issued $8.0 million in letters of credit, which left $252.0 million of
availability under the credit facility. Subsequent to the end of the quarter,
the Company received $210 million from Marriott International upon the closing
of the sale transaction. In addition, the Company expects to distribute up to
approximately $61.9 million in cash during the fourth quarter of 2012 as part
of the special dividend.

Outlook

The following business performance outlook is based on current information as
of November 6, 2012. The Company does not expect to update the guidance
provided below 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 concluded, “The transformation that our company has been undergoing
negatively impacted our short-term bookings production for the second half of
the year. Additionally, we have seen short-term cancellations at our four
large hotels as a result of Hurricane Sandy’s landfall on October 29^th. While
these cancellations were minor at Gaylord Opryland, Gaylord Palms received a
cancellation notice from a 6,000+ room night military group whose attendees
were unable to depart from the Washington, D.C. area due to the storm. Gaylord
National received cancellations that totaled over 7,000 room nights as a
result of the storm. We estimate the total CCF impact from the storm at
approximately $3 million. As a result of the impact of this storm, coupled
with the temporary slowdown in our bookings during the transition process, we
believe it is appropriate to revise our guidance to more appropriately reflect
our expectations for the remainder of the year. We are tightening the top end
of our guidance for Hospitality Segment RevPAR from an increase of 3 percent
to 6 percent to an increase of 3 percent to 4 percent, and we are revising our
guidance for Total RevPAR from an increase of 3 percent to 6 percent to an
increase of 3 percent to 4 percent year-over-year. While Hurricane Sandy has
negatively impacted our hospitality segment results, we are achieving improved
performance in our Opry and Attractions segment as well as our Corporate and
Other segment. Therefore, we are tightening the top end of our consolidated
guidance to reflect a total Company CCF range of $235 million to $245 million
in 2012. We anticipate that we will provide guidance as a REIT for 2013 when
we report our fourth quarter and 2012 full year results in February of 2013.”

                                                       
                                     Previous                 Revised
                                     Full Year                Full Year
                                     2012 Guidance            2012 Guidance
Consolidated Cash Flow
Ryman Hospitality Properties         $235 - 252 million       $235 - 245
                                                              million
                                                                             
Hospitality Segment RevPAR           3% - 6%                  3% - 4%
Hospitality Segment Total            3% - 6%                  3% - 4%
RevPAR
                                                                             

Note: The guidance above assumes 10,811 room nights out of service in 2012 due
to the renovation of rooms at Gaylord Palms and a revised room count at
Gaylord Opryland of 2,882 for 2012. As we have outlined in previous releases,
the guidance above includes $3.1 million of expense incurred in the first
quarter of 2012 as part of our effort to explore opportunities to unlock
shareholder value, but excludes the $3.4 million of expense incurred in the
second quarter of 2012, $30.3 million of expense incurred in the third quarter
and any additional expenses that may be incurred in the fourth quarter of 2012
as part of the REIT conversion process. The guidance above does not include
the potential impact on fourth quarter results from Marriott management fees,
Marriott centralized/shared service fees or revenue and expense synergies that
may be realized now that Marriott is managing the resorts.

Webcast and Replay

Ryman Hospitality Properties will hold a conference call to discuss this
release today at 10:00 a.m. ET. Investors can listen to the conference call
over the Internet at www.rymanhp.com. To listen to the live call, please go to
the Investor Relations section of the website (Investor
Relations/Presentations, Earnings, and Webcasts) at least 15 minutes prior to
the call to register, download and install any necessary audio software. For
those who cannot listen to the live broadcast, a replay will be available
shortly after the call and will run for at least 30 days.

About Ryman Hospitality Properties, Inc.:

Ryman Hospitality Properties (NYSE: RHP), formerly known as Gaylord
Entertainment Company, a leading hospitality and entertainment company based
in Nashville Tennessee, is in the process of restructuring its assets and
operations in order to elect to be taxed as a real estate investment trust
(REIT) for federal income tax purposes effective as of January 1, 2013, at
which time, Ryman Hospitality Properties intends to specialize in
group-oriented, destination hotel assets in urban and resort markets. Ryman
Hospitality Properties’ owned assets include a network of four upscale,
meetings-focused resorts totaling 7,795 rooms that are managed, as of October
1, 2012, by world-class lodging operator Marriott International under the
Gaylord Hotels brand. Other owned assets, managed or to be managed by an
independent third-party manager prior to the REIT election, include Gaylord
Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat and the
Radisson Hotel Opryland, a 303-room overflow hotel adjacent to Gaylord
Opryland. Ryman Hospitality Properties also owns and operates a number of
media and entertainment assets including the Grand Ole Opry (opry.com), the
legendary weekly showcase of country music’s finest performers for nearly 90
years; the Ryman Auditorium, the storied former home of the Grand Ole Opry
located in downtown Nashville; and WSM-AM. For additional information about
Ryman Hospitality Properties, visit www.rymanhp.com.

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 Marriott sale transaction, the
Company’s expectation to elect REIT status, the timing and effect of that
election, the amount of conversion or other costs relating to the
transactions, 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 refinancing our indebtedness prior to its
various maturities, economic conditions affecting the hospitality business
generally, rising labor and benefits costs, the geographic concentration of
the Company’s hotel properties, business levels at the Company’s hotels, the
Company’s ability to elect and qualify for REIT status and the timing and
effect(s) of that election, the Company’s ability to remain qualified as a
REIT, the expected form, timing and amount of the special distribution of the
Company’s accumulated earnings and profits, the effects of operating costs and
business disruption related to the Marriott sale transaction and the REIT
conversion, and the Company’s ability to realize cost savings and revenue
enhancements from the proposed REIT conversion and the Marriott sale
transaction. Other factors that could cause 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
described in the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2011 and our Quarterly Report on Form 10-Q for the fiscal
quarters ended March 31, 2012 and June 30, 2012. 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.

^1The Company calculates revenue per available room (“RevPAR”) for its hotels
by dividing room revenue by room nights available to guests for the period.

^2The Company calculates total revenue per available room (“Total RevPAR”) for
its hotels by dividing the sum of room revenue, food & beverage, and other
ancillary services revenue by room nights available to guests for the period.

^3 Adjusted EBITDA (defined as earnings before interest, taxes, depreciation,
amortization, as well as certain unusual items) is a non-GAAP financial
measure which is used herein because we believe it allows for a more complete
analysis of operating performance by presenting an analysis of operations
separate from the earnings impact of capital transactions and without certain
items that do not impact our ongoing operations such as gains on the sale of
assets. In accordance with generally accepted accounting principles, these
items are not included in determining our operating income. The information
presented should not be considered as an alternative to any measure of
performance as promulgated under accounting principles generally accepted in
the United States (such as operating income, net income, or cash from
operations), nor should it be considered as an indicator of overall financial
performance. Adjusted EBITDA does not fully consider the impact of investing
or financing transactions, as it specifically excludes depreciation and
interest charges, which should also be considered in the overall evaluation of
our results of operations. Our method of calculating Adjusted EBITDA may be
different from the method used by other companies and therefore comparability
may be limited. A reconciliation of Adjusted EBITDA to net income (loss) is
presented in the Supplemental Financial Results contained in this press
release.

^4As discussed in footnote 3 above, Adjusted EBITDA is used herein as
essentially operating income/(loss) plus depreciation and amortization.
Consolidated Cash Flow (which is used in this release as that term is defined
in the Indentures governing the Company’s 6.75 percent senior notes) is a
non-GAAP financial measure which also excludes the impact of impairment
charges, preopening costs, the non-cash portion of the Florida ground lease
expense, stock option expense, the non-cash gains and losses on the disposal
of certain fixed assets, and adds (subtracts) other gains (losses). The
Consolidated Cash Flow measure is one of the principal tools used by
management in evaluating the operating performance of the Company’s business
and represents the method by which the Indentures calculate whether or not the
Company can incur additional indebtedness (for instance in order to incur
certain additional indebtedness, Consolidated Cash Flow for the most recent
four fiscal quarters as a ratio to debt service must be at least 2 to 1). The
calculation of these amounts as well as a reconciliation of those amounts to
net income (loss) or segment operating income (loss) is included as part of
the Supplemental Financial Results contained in this press release. CCF Margin
is defined as CCF divided by revenue.

                                                              
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
                                                                           
                                                                           
                                                                           
                     Three Months Ended                  Nine Months Ended
                     Sep. 30,                            Sep. 30,
                      2012         2011            2012         2011    
Revenues             $ 228,129         $ 225,232         $ 720,273         $ 682,745
Operating
expenses:
Operating              134,822           135,817           409,021           402,441
costs
Selling,
general and            44,510            42,704            139,162           128,830
administrative
REIT
conversion             51,371            -                 57,799            -
costs
Casualty loss          173               162               719               630
Preopening             1                 345               340               386
costs
Depreciation
and                   30,701       32,367          93,389       90,695  
amortization
Operating             (33,449 )     13,837          19,843       59,763  
income (loss)
                                                                           
Interest
expense, net           (15,136 )         (18,075 )         (43,949 )         (60,261 )
of amounts
capitalized
Interest               3,081             3,199             9,256             9,688
income
Income from
unconsolidated         -                 761               109               1,086
companies
Other gains
and (losses),         2,251        (444    )        2,251        (494    )
net
                                                                           
Income (loss)
before income          (43,253 )         (722    )         (12,490 )         9,782
taxes
                                                                           
(Provision)
benefit for
income taxes          16,581       (937    )        798          (4,769  )
and
discontinued
operations
                                                                           
Income (loss)
from                   (26,672 )         (1,659  )         (11,692 )         5,013
continuing
operations
                                                                           
Income (loss)
from
discontinued          (2      )     53              -            61      
operations,
net of taxes
                                                                           
Net income           $ (26,674 )    $ (1,606  )       $ (11,692 )    $ 5,074   
(loss)
                                                                           
                                                                           
Basic net
income (loss)
per share:
Income (loss)
from                 $ (0.57   )       $ (0.03   )       $ (0.24   )       $ 0.10
continuing
operations
Income from
discontinued          -            -               -            -       
operations,
net of taxes
Net income           $ (0.57   )    $ (0.03   )       $ (0.24   )    $ 0.10    
(loss)

Fully diluted
net income
(loss) per
share:
Income (loss)
from                 $ (0.57   )       $ (0.03   )       $ (0.24   )       $ 0.10
continuing
operations
Income from
discontinued          -            -               -            -       
operations,
net of taxes
Net income           $ (0.57   )    $ (0.03   )       $ (0.24   )    $ 0.10    
(loss)
                                                                           
Weighted
average common
shares for the
period:
Basic                  46,546            48,399            48,073            48,331
Fully-diluted          46,546            48,399            48,073            50,613
                                                                                     

                                             
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
                                                               
                                                 Sep. 30,          Dec. 31,
                                                  2012             2011
ASSETS
Current assets:
Cash and cash equivalents - unrestricted         $ 24,230          $ 44,388
Cash and cash equivalents - restricted             1,150             1,150
Trade receivables, net                             60,369            41,939
Deferred income taxes                              546               8,641
Other current assets                              53,167           48,538
Total current assets                               139,462           144,656
                                                                   
Property and equipment, net of accumulated         2,172,788         2,209,127
depreciation
Notes receivable, net of current portion           137,542           142,567
Long-term deferred financing costs                 12,572            15,947
Other long-term assets                             46,736            50,713
Long-term assets of discontinued                  346              390
operations
                                                                   
Total assets                                     $ 2,509,446       $ 2,563,400
                                                                   
                                                                   
                                                                   
                                                                   
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and            $ 99,537          $ 755
capital lease obligations
Accounts payable and accrued liabilities           196,245           168,975
Current liabilities of discontinued               217              186
operations
Total current liabilities                          295,999           169,916
                                                                   
Long-term debt and capital lease                   1,048,924         1,073,070
obligations, net of current portion
Deferred income taxes                              98,345            108,219
Other long-term liabilities                        172,052           166,209
Long-term liabilities of discontinued              451               451
operations
Stockholders' equity                              893,675          1,045,535
                                                                   
Total liabilities and stockholders' equity       $ 2,509,446       $ 2,563,400
                                                                   

                                                                                                       
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
                                                                                                                        
                                                                                                                        
Adjusted
Earnings Before
Interest,
Taxes,
Depreciation
and
Amortization        Three Months Ended Sep. 30,                             Nine Months Ended Sep. 30,
("Adjusted
EBITDA") and
Consolidated
Cash Flow
("CCF")
reconciliation:
                    2012                        2011                        2012                        2011
                     $          Margin       $          Margin       $          Margin       $          Margin
Consolidated
Revenue             $ 228,129       100.0 %     $ 225,232       100.0 %     $ 720,273       100.0 %     $ 682,745       100.0 %
                                                                                                                        
Net income          $ (26,674 )     -11.7 %     $ (1,606  )     -0.7  %     $ (11,692 )     -1.6  %     $ 5,074         0.7   %
(loss)
(Income) loss
from
discontinued          2             0.0   %       (53     )     0.0   %       -             0.0   %       (61     )     0.0   %
operations, net
of taxes
Provision
(benefit) for         (16,581 )     -7.3  %       937           0.4   %       (798    )     -0.1  %       4,769         0.7   %
income taxes
Other (gains)         (2,251  )     -1.0  %       444           0.2   %       (2,251  )     -0.3  %       494           0.1   %
and losses, net
Income from
unconsolidated        -             0.0   %       (761    )     -0.3  %       (109    )     0.0   %       (1,086  )     -0.2  %
companies
Interest             12,055     5.3   %      14,876     6.6   %      34,693     4.8   %      50,573     7.4   %
expense, net
Operating             (33,449 )     -14.7 %       13,837        6.1   %       19,843        2.8   %       59,763        8.8   %
income (loss)
Depreciation &       30,701     13.5  %      32,367     14.4  %      93,389     13.0  %      90,695     13.3  %
amortization
Adjusted EBITDA       (2,748  )     -1.2  %       46,204        20.5  %       113,232       15.7  %       150,458       22.0  %
Preopening            1             0.0   %       345           0.2   %       340           0.0   %       386           0.1   %
costs
Impairment            21,287        9.3   %       -             0.0   %       21,287        3.0   %       -             0.0   %
charges
Other non-cash        1,427         0.6   %       1,453         0.6   %       4,279         0.6   %       4,359         0.6   %
expenses
Stock option          334           0.1   %       797           0.4   %       1,830         0.3   %       2,392         0.4   %
expense
Other gains and       2,251         1.0   %       (444    )     -0.2  %       2,251         0.3   %       (494    )     -0.1  %
(losses), net
Loss on sales        -          0.0   %      445        0.2   %      -          0.0   %      495        0.1   %
of assets
CCF                 $ 22,552     9.9   %     $ 48,800     21.7  %     $ 143,219    19.9  %     $ 157,596    23.1  %
                                                                                                                        
Hospitality
segment (a)
Revenue             $ 207,941       100.0 %     $ 207,092       100.0 %     $ 667,036       100.0 %     $ 634,607       100.0 %
Operating             27,947        13.4  %       25,092        12.1  %       114,067       17.1  %       96,218        15.2  %
income
Depreciation &        26,095        12.5  %       28,388        13.7  %       80,977        12.1  %       78,954        12.4  %
amortization
Preopening            1             0.0   %       345           0.2   %       340           0.1   %       386           0.1   %
costs
Other non-cash        1,427         0.7   %       1,453         0.7   %       4,279         0.6   %       4,359         0.7   %
expenses
Stock option          67            0.0   %       240           0.1   %       461           0.1   %       776           0.1   %
expense
Other gains and       2,251         1.1   %       (446    )     -0.2  %       2,251         0.3   %       (449    )     -0.1  %
(losses), net
Loss on sales        -          0.0   %      447        0.2   %      -          0.0   %      450        0.1   %
of assets
CCF                 $ 57,788     27.8  %     $ 55,519     26.8  %     $ 202,375    30.3  %     $ 180,694    28.5  %
                                                                                                                        
Opry and
Attractions
segment (a)
Revenue             $ 20,166        100.0 %     $ 18,108        100.0 %     $ 53,154        100.0 %     $ 48,044        100.0 %
Operating             4,687         23.2  %       3,498         19.3  %       10,280        19.3  %       6,721         14.0  %
income
Depreciation &        1,262         6.3   %       1,296         7.2   %       3,825         7.2   %       3,968         8.3   %
amortization
Stock option         33         0.2   %      47         0.3   %      91         0.2   %      119        0.2   %
expense
CCF                 $ 5,982      29.7  %     $ 4,841      26.7  %     $ 14,196     26.7  %     $ 10,808     22.5  %
                                                                                                                        
Corporate and
Other segment
(a)
Revenue             $ 22                        $ 32                        $ 83                        $ 94
Operating loss        (14,539 )                   (14,591 )                   (45,986 )                   (42,546 )
Depreciation &        3,344                       2,683                       8,587                       7,773
amortization
Stock option          460                         510                         1,504                       1,497
expense
Other gains and       -                           2                           -                           (45     )
(losses), net
(Gain) loss on       -                         (2      )                  -                         45      
sales of assets
CCF                 $ (10,735 )                 $ (11,398 )                 $ (35,895 )                 $ (33,276 )
                                                                                                                        
REIT Conversion
Costs (a)
Operating loss      $ (51,371 )                 $ -                         $ (57,799 )                 $ -
Impairment            21,287                      -                           21,287                      -
charges
Stock option         (226    )                  -                         (226    )                  -       
expense
CCF                 $ (30,310 )                 $ -                        $ (36,738 )                 $ -       
                                                                                                                        
Casualty Loss
(a)
Casualty loss       $ (173    )                 $ (162    )                 $ (719    )                 $ (630    )
Insurance            -                         -                         -                         -       
proceeds
Operating loss       (173    )                  (162    )                  (719    )                  (630    )
CCF                 $ (173    )                 $ (162    )                 $ (719    )                 $ (630    )
                                                                                                                        
(a) Individual segments exclude effect of REIT Conversion Costs and Casualty Loss, which is shown separately.
                                                                                                                        

                                                  
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
                                                              
                                                               
                  Three Months Ended Sep. 30,         Nine Months Ended Sep. 30,
                  2012              2011              2012              2011
                                                                        
HOSPITALITY
OPERATING
METRICS:
                                                                        
Hospitality
Segment
                                                                        
Occupancy           71.8    %         73.6    %         73.6    %         72.2    %
Average
daily rate        $ 161.93          $ 159.25          $ 168.25          $ 165.75
(ADR)
RevPAR            $ 116.24          $ 117.25          $ 123.89          $ 119.66
OtherPAR          $ 164.25          $ 163.31          $ 178.04          $ 170.96
Total             $ 280.49          $ 280.56          $ 301.93          $ 290.62
RevPAR
                                                                        
Revenue           $ 207,941         $ 207,092         $ 667,036         $ 634,607
CCF               $ 57,788          $ 55,519          $ 202,375         $ 180,694
CCF Margin          27.8    %         26.8    %         30.3    %         28.5    %
                                                                        
Gaylord
Opryland
                                                                        
Occupancy           69.6    %         73.3    %         73.1    %         72.6    %
Average
daily rate        $ 149.39          $ 153.12          $ 153.65          $ 150.51
(ADR)
RevPAR            $ 104.01          $ 112.17          $ 112.30          $ 109.21
OtherPAR          $ 135.30          $ 161.04          $ 151.48          $ 152.55
Total             $ 239.31          $ 273.21          $ 263.78          $ 261.76
RevPAR
                                                                        
Revenue           $ 63,452          $ 72,364          $ 208,300         $ 205,738
CCF               $ 16,861          $ 23,826          $ 63,130          $ 64,020
CCF Margin          26.6    %         32.9    %         30.3    %         31.1    %
                                                                        
Gaylord
Palms (a)
                                                                        
Occupancy           74.0    %         66.2    %         80.9    %         72.8    %
Average
daily rate        $ 144.37          $ 131.43          $ 165.35          $ 155.55
(ADR)
RevPAR            $ 106.83          $ 87.02           $ 133.77          $ 113.26
OtherPAR          $ 174.18          $ 130.07          $ 216.64          $ 177.98
Total             $ 281.01          $ 217.09          $ 350.41          $ 291.24
RevPAR
                                                                        
Revenue           $ 35,322          $ 26,704          $ 131,207         $ 109,943
CCF               $ 8,064           $ 2,403           $ 42,065          $ 27,919
CCF Margin          22.8    %         9.0     %         32.1    %         25.4    %
                                                                        
Gaylord
Texan
                                                                        
Occupancy           79.0    %         79.9    %         73.5    %         76.2    %
Average
daily rate        $ 166.84          $ 167.51          $ 171.61          $ 176.16
(ADR)
RevPAR            $ 131.82          $ 133.82          $ 126.06          $ 134.19
OtherPAR          $ 203.78          $ 208.73          $ 209.76          $ 214.09
Total             $ 335.60          $ 342.55          $ 335.82          $ 348.28
RevPAR
                                                                        
Revenue           $ 46,653          $ 47,585          $ 139,405         $ 143,635
CCF               $ 14,091          $ 15,331          $ 43,248          $ 47,848
CCF Margin          30.2    %         32.2    %         31.0    %         33.3    %
                                                                        
Gaylord
National
                                                                        
Occupancy           69.9    %         75.9    %         71.3    %         69.4    %
Average
daily rate        $ 196.14          $ 184.78          $ 198.03          $ 194.37
(ADR)
RevPAR            $ 137.07          $ 140.25          $ 141.16          $ 134.85
OtherPAR          $ 189.71          $ 174.94          $ 188.80          $ 177.40
Total             $ 326.78          $ 315.19          $ 329.96          $ 312.25
RevPAR
                                                                        
Revenue           $ 60,006          $ 57,879          $ 180,457         $ 170,147
CCF               $ 18,196          $ 13,342          $ 51,985          $ 40,243
CCF Margin          30.3    %         23.1    %         28.8    %         23.7    %
                                                                        
Nashville
Radisson
(b)
                                                                        
Occupancy           58.8    %         63.7    %         62.5    %         62.1    %
Average
daily rate        $ 101.96          $ 101.31          $ 104.03          $ 99.16
(ADR)
RevPAR            $ 59.97           $ 64.49           $ 65.00           $ 61.62
OtherPAR          $ 32.05           $ 27.18           $ 28.97           $ 19.83
Total             $ 92.02           $ 91.67           $ 93.97           $ 81.45
RevPAR
                                                                        
Revenue           $ 2,508           $ 2,560           $ 7,667           $ 5,144
CCF               $ 576             $ 617             $ 1,947           $ 664
CCF Margin          23.0    %         24.1    %         25.4    %         12.9    %
                                                                        
(a) Excludes 4,003 and 10,811 room nights that were taken out of service during the
three months and nine months ended September 30, 2012, respectively, and 6,343 room
nights taken out of service during the three months and nine months ended September
30, 2011, as a result of a rooms renovation program at Gaylord Palms.
                                                                        
(b) Includes other hospitality revenue and expense.
                                                                        

                                                         
Ryman Hospitality Properties and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
                                                                      
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("Adjusted EBITDA") and Consolidated Cash Flow ("CCF") reconciliation:
                                                                      
                      PREVIOUS GUIDANCE RANGE         REVISED GUIDANCE RANGE
                      FOR FULL YEAR 2012              FOR FULL YEAR 2012
                                                                      
Ryman
Hospitality
Properties,
Inc.
Estimated
Operating             $ 104,950       $ 118,450       $ 104,950       $ 111,450
Income/(Loss)
Estimated
Depreciation &         119,900        122,400        119,900        122,400
Amortization
Estimated             $ 224,850       $ 240,850       $ 224,850       $ 233,850
Adjusted EBITDA
Estimated
Pre-Opening           $ 1,300         $ 1,400         $ 1,300         $ 1,400
Costs
Estimated
Non-Cash Lease        $ 5,800         $ 5,900         $ 5,800         $ 5,900
Expense
Estimated Stock         3,050           3,850           3,050           3,850
Option Expense
Estimated
Gains/(Losses),        0              0              0              0
Net
Estimated CCF         $ 235,000       $ 252,000       $ 235,000       $ 245,000
                                                                      
                                                                      
Note: The guidance above assumes 10,811 room nights out of service in 2012 due
to the renovation of rooms at Gaylord Palms and a revised room count at Gaylord
Opryland of 2,882 for 2012. As we have outlined in previous releases, the
guidance above includes $3.1 million of expense incurred in the first quarter
of 2012 as part of our effort to explore opportunities to unlock shareholder
value, but excludes the $3.4 million of expense incurred in the second quarter
of 2012, $30.3 million of expense incurred in the third quarter and any
additional expenses that may be incurred in the fourth quarter of 2012 as part
of the REIT conversion process. The guidance above does not include the
potential impact on fourth quarter results from Marriott management fees,
Marriott centralized/shared service fees or revenue and expense synergies that
may be realized now that Marriott is managing the resorts.
                                                                      

Contact:

Investor Relations:
Ryman Hospitality Properties, Inc.
Mark Fioravanti, 615-316-6588
Executive Vice President and Chief Financial Officer
mfioravanti@rymanhp.com
~or~
Ryman Hospitality Properties, Inc.
Todd Siefert, 615-316-6344
Vice President of Corporate Finance & Treasurer
tsiefert@rymanhp.com
~or~
Media:
Ryman Hospitality Properties, Inc.
Brian Abrahamson, 615-316-6302
Vice President of Corporate Communications
babrahamson@rymanhp.com
~or~
Sloane & Company
Josh Hochberg, 212-446-1892
jhochberg@sloanepr.com
~or~
Dan Zacchei, 212-446-1882
dzacchei@sloanepr.com