Ryman Hospitality Properties Announces Ongoing Dividend Policy and $100 Million Share Repurchase Program

  Ryman Hospitality Properties Announces Ongoing Dividend Policy and $100
  Million Share Repurchase Program

Business Wire

NASHVILLE, Tenn. -- December 17, 2012

Ryman Hospitality Properties, Inc. (NYSE: RHP) today announced that its Board
of Directors has approved its dividend policy, pursuant to which the Company
plans to pay a quarterly cash dividend to shareholders in an amount equal to
at least 50% of Adjusted Funds from Operations (AFFO) or 100% of REIT taxable
income, whichever is greater. The declaration, timing and amount of dividends
will be determined by future Board action.

Ryman Hospitality Properties also announced today that its Board of Directors
has authorized a share repurchase program for up to $100 million of the
Company's common stock using cash on hand and borrowings under its revolving
credit line. The repurchases are intended to be implemented through open
market transactions on U.S. exchanges or in privately negotiated transactions,
in accordance with applicable securities laws, and any market purchases will
be made during open trading window periods or pursuant to any applicable Rule
10b5-1 trading plans. The timing, prices, and sizes of repurchases will depend
upon prevailing market prices, general economic and market conditions and
other considerations. The repurchase program does not obligate the Company to
acquire any particular amount of stock.

“After thorough analysis and in consultation with our Board of Directors, we
are putting in place a capital allocation policy that we believe is in the
best interest of our shareholders and our business. As we look towards 2013
and our successful conversion to a real estate investment trust, we believe
establishing a sustainable dividend policy and using additional capital to
repurchase our shares represents the right strategic use of capital given our
present trading multiple and hotel valuation,” said Colin Reed, chairman, CEO
and president of Ryman Hospitality Properties. “These actions reflect the
strength of our balance sheet and our continued confidence in the stability
and cash flow generation capabilities of our business model, especially as we
realize cost and revenue synergies from our transaction with Marriott. We are
committed to a disciplined capital deployment strategy to create value for our
shareholders through dividends, share repurchases, and when valuations are
compelling, asset acquisitions.”

In addition, the Company announced today that it has called for redemption at
par on January 17, 2013 all of its outstanding 6.75% senior notes due 2014,
using its revolving credit line.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (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 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 by world-class lodging operator Marriott International
under the Gaylord Hotels brand. Other owned assets managed by Marriott
International include Gaylord Springs Golf Links, the Wildhorse Saloon, the
General Jackson Showboat and The Inn at 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, the Opry’s
radio home. For additional information about Ryman Hospitality Properties,
visit www.rymanhp.com.

This press release contains “forward-looking statements” concerning the
Company’s goals, beliefs, expectations, strategies, objectives, plans, future
operating results and underlying assumptions, and other statements that are
not necessarily based on historical facts. Examples of these statements
include, but are not limited to, statements regarding the Company’s
expectation to elect REIT status and the effect of that election, future
strategy and financial performance, the expected approach to making a regular
quarterly cash dividend and the amount thereof, plans to engage in common
stock share repurchase transactions and the timing and form thereof, the
expectation of cost and revenue synergies under the Marriott management
agreements for the Company’s hotels, and the redemption of the outstanding
senior notes funded by borrowings under the Company’s revolving line of
credit. 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 economic conditions
affecting the hospitality business generally, 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 Company’s ability to execute its strategic goals as a
REIT, the effects of operating costs and business disruption related to the
Marriott management transition and the REIT conversion, the Company’s ability
to realize cost savings and revenue enhancements from the REIT conversion and
the Marriott transaction, the Company’s ability to generate cash flows to
support dividends, future board determinations regarding the timing and amount
of dividends and changes to the dividend policy, which could be made at any
time, the determination of Adjusted Funds from Operations and REIT taxable
income, and the Company’s ability to borrow funds pursuant to its credit
agreements and to refinance indebtedness. 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 the
Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March
31, 2012, June 30, 2012 and September 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.


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