Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2012 Results

  Ryman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2012
  Results

       - Company Completes Transition to Real Estate Investment Trust –

   - Despite Massive Transformation 2012 Full Year CCF Results in-line with
                                  Guidance –

Business Wire

NASHVILLE, Tenn. -- February 12, 2013

Ryman Hospitality Properties, Inc. (NYSE: RHP) today reported financial
results for the fourth quarter and full year ended December 31, 2012. The
Company completed the restructuring of its assets and operations to facilitate
its qualification as a real estate investment trust (“REIT”) and is electing
to be taxed as a REIT for the year ending December 31, 2013. Beginning October
1, 2012, Marriott International, Inc. assumed the management of the day-to-day
operations of the Company’s Gaylord Hotels properties and certain of the
Company’s attractions.

Colin V. Reed, chairman, chief executive officer and president of the Company,
stated, “2012 was a transformative year for our company, as we transferred the
management of our hotel properties and certain attractions, as well as their
employees, to Marriott and streamlined and positioned the Company to elect
REIT status for the year ending December 31, 2013. We are pleased with how
these processes unfolded, and particularly with how our partnership with
Marriott has progressed. Additionally, this quarter we established an ongoing
dividend policy and announced the approval of a share repurchase program,
which we believe is currently the appropriate strategic use of capital for our
business.”

Reed continued, “We are pleased with how our business performed, especially in
light of the massive changes that we drove in the fourth quarter from both a
systems and personnel perspective, and the negative impact of Hurricane Sandy.
In fact, after excluding REIT conversion costs, 2012 was a record year in
profitability for our company, as measured by Consolidated Cash Flow, or CCF,
as defined below.”

Highlights include:

  *Beginning in the fourth quarter of 2012, the retail operations at Gaylord
    Opryland, Gaylord National, and Gaylord Texan were outsourced to a third
    party retailer. As a result, the Company began receiving lease payments
    rather than full retail revenue and associated expense, thus lowering
    revenues on a consolidated basis and for each affected property.^(1)
    Consolidated revenue for the fourth quarter of 2012 of $266.3 million was
    slightly favorable compared to the prior-year quarter consolidated revenue
    of $265.5 million, as adjusted to reflect the elimination of $3.9 million
    in retail revenues from the prior-year period from functions that were
    outsourced in 2012, or a 1.1 percent decrease from prior-year quarter
    consolidated revenue of $269.4 million without such adjustment.
    Consolidated revenue for the full year 2012 was $986.6 million, an
    increase of 4.0 percent over $948.2 million of consolidated revenue in the
    prior year, as adjusted for retail revenues, or a 3.6 percent increase
    over prior year consolidated revenue of $952.1 million without such
    adjustment.
  *The Hospitality segment, which includes Gaylord Opryland, Gaylord Palms,
    Gaylord Texan, Gaylord National and the Inn at Opryland (formerly the
    Radisson Hotel at Opryland) delivered total revenue of $249.0 million in
    the fourth quarter of 2012, an increase of 0.4 percent compared to $248.1
    million of total revenue in the prior-year quarter, adjusted for retail
    revenues, or a decrease of 1.2 percent from the prior-year quarter total
    revenue of $252.0 million without such adjustment. For the full year 2012,
    total Hospitality segment revenue was $916.0 million, an increase of 3.8
    percent from prior year total segment revenue of $882.7 million, as
    adjusted for retail revenues, or an increase of 3.3 percent from the prior
    year total segment revenue of $886.6 million without such adjustment.
  *Revenue per available room^2 (“RevPAR”) for the Hospitality segment during
    the fourth quarter of 2012 was down 0.6 percent compared to RevPAR during
    the fourth quarter of 2011. Total revenue per available room^3 (“Total
    RevPAR”) for the fourth quarter of 2012 declined 3.5 percent compared to
    Total RevPAR during the fourth quarter of 2011, or 2.0 percent adjusted
    for retail revenues. For the full year 2012, Hospitality segment RevPAR
    increased 2.5 percent over the prior year to $123.81. Total RevPAR for the
    full year 2012 increased 1.8 percent compared to Total RevPAR for the full
    year 2011, or 2.3 percent adjusted for retail revenues. Total RevPAR for
    the Hospitality segment for the fourth quarter of 2012 included attrition
    and cancellation fees of $1.9 million collected during the quarter
    compared to $3.3 million collected in the prior-year quarter. For the full
    year 2012 attrition and cancellation fee collections totaled $6.4 million
    compared to $9.2 million in the prior year.
  *Loss from continuing operations was $14.9 million, or $0.32 per fully
    diluted share (based on 46.2 million weighted average shares outstanding)
    in the fourth quarter of 2012 compared to income from continuing
    operations of $5.1 million, or $0.10 per fully diluted share, in the
    prior-year quarter (based on 49.1 million weighted average shares
    outstanding). Loss from continuing operations for the fourth quarter of
    2012 includes $44.2 million in pretax expenses related to the Company’s
    conversion to a REIT and the impact of a $20 million pretax gain on the
    sale of brand rights to Marriott. Income from continuing operations in the
    fourth quarter of 2011 included a non-cash pre-tax charge of $4.7 million
    to dispose of fixed assets related to the development of new resort pools
    and a room renovation at Gaylord Palms. For the full year 2012, loss from
    continuing operations including REIT conversion costs was $26.6 million,
    or $0.56 per diluted share (based on 47.6 million weighted average shares
    outstanding), compared to income from continuing operations of $10.1
    million in the full year 2011, or $0.20 per diluted share (based on 49.8
    million weighted average shares outstanding). REIT conversion costs for
    the full year 2012 were $102.0 million. Income from continuing operations
    for the full year 2011 included a non-cash pre-tax charge of $8.2 million
    to dispose of fixed assets related to the development of new resort pools
    and a room renovation at Gaylord Palms.
  *Adjusted EBITDA^4 was $61.2 million in the fourth quarter of 2012,
    excluding REIT conversion costs of $44.2 million and base management fees
    of $4.3 million, compared to $54.4 million in the prior-year quarter. For
    the full year 2012, Adjusted EBITDA was $232.2 million, excluding REIT
    conversion costs of $102.0 million and base management fees of $4.3
    million, compared to $204.8 million in the prior year.
  *Consolidated Cash Flow^5 (“CCF”) was $63.0 million in the fourth quarter
    of 2012, adjusted to exclude cash-based REIT conversion costs of $31.2
    million and base management fees of $4.3 million for the quarter.
    Including cash-based REIT conversion costs and base management fees, CCF
    was $27.5 million in the fourth quarter of 2012 compared to $59.6 million
    in the same period last year. CCF for the full year 2012, excluding
    cash-based REIT conversion costs of $67.9 million and base management fees
    of $4.3 million, was $243.0 million, which was an increase of 11.9 percent
    over the prior year CCF of $217.2 million. CCF for the full year 2012,
    including cash-based REIT conversion costs and base management fees,
    decreased by 21.4 percent to $170.7 million compared to $217.2 million in
    the same period last year.
  *Gross advance group bookings in the fourth quarter of 2012 for all future
    periods were 640,831 room nights, a decrease of 12.8 percent compared to
    the same period last year. Net of attrition and cancellations, advance
    group bookings in the fourth quarter of 2012 for all future periods were
    463,884 room nights, a decrease of 20.9 percent compared to the same
    period last year. Net advance bookings for the fourth quarter of 2012 were
    impacted by 8,397 room nights of cancellations directly attributed to
    Hurricane Sandy.

Reed continued, “Despite the massive transformation our Company went through
we ended 2012 within our guidance range for CCF of $235 - $245 million, which
excluded REIT conversion expenses and base management fees.

“In the fourth quarter we booked over 640,000 gross room nights, and over
463,000 net room nights. Although these levels reflect a decline compared to
the fourth quarter of 2011, when considering that last year’s comparable
period was a record-setting bookings quarter, as well as the continued
disruption for our hotels’ sales team as they integrated into the Marriott
system, we were encouraged by this production. For 2012 as a whole, we and
Marriott booked over 1,940,000 gross room nights, an improvement over a very
strong 2011, and a number we are very proud of given how much change our
company encountered during the second half of the year.”

Segment Operating Results

Hospitality

Key components of the Company’s hospitality segment performance in the fourth
quarter and full-year of 2012 include:

  *RevPAR for the Hospitality segment declined 0.6 percent to $123.40 in the
    fourth quarter of 2012 compared to $124.12 in the prior-year quarter.
    Total RevPAR for the Hospitality segment decreased 3.5 percent to $334.28
    in the fourth quarter of 2012 compared to $346.50 in the prior-year
    quarter, or 2.0 percent compared to prior-year quarter Total RevPAR of
    $341.13 as adjusted for retail revenues as described above. Hospitality
    segment RevPAR increased 2.5 percent to $123.81 for the full year of 2012
    compared to $120.77 for the full year of 2011. Hospitality segment Total
    RevPAR increased 1.8 percent to $310.21 for the full year of 2012 compared
    to $304.58 for the full year of 2011, or 2.3 percent compared to prior
    year Total RevPAR of $303.23 as adjusted for retail revenues.
  *Hospitality segment Adjusted CCF increased 0.3 percent in the fourth
    quarter of 2012 to $67.8 million, excluding base management fees of $4.2
    million, compared to $67.6 million in the prior year quarter. Hospitality
    segment Adjusted CCF Margin ^ was flat at 27.2 percent in the fourth
    quarter of 2012, excluding base management fees, compared to Hospitality
    segment Adjusted CCF margin of 27.2 percent for the same period last year,
    as adjusted for retail revenues. Full year 2012 Hospitality segment
    Adjusted CCF increased 8.8 percent to $270.2 million, excluding base
    management fees, compared to $248.3 million for full year 2011.
    Hospitality segment Adjusted CCF Margin ^ increased 1.4 percentage points
    to 29.5 percent for the full year of 2012, excluding base management fees,
    compared to Hospitality segment Adjusted CCF Margin of 28.1 percent for
    the full year of 2011, as adjusted for retail revenues. Hospitality
    segment and individual hotel properties’ CCF and CCF Margin figures are
    presented in this release as adjusted to exclude the effect of base
    management fees in the fourth quarter of 2012. Supplemental pages present
    both the adjusted figures as well as CCF and CCF Margins calculated
    without the adjustments for base management fees.
  *Attrition for our Hospitality segment that occurred for groups that
    traveled in the fourth quarter of 2012 was 12.5 percent of the agreed-upon
    room block, compared to 8.9 percent for the same period in 2011.
    In-the-year, for-the-year cancellations in the fourth quarter of 2012 for
    the Hospitality segment totaled 17,416 room nights (8,397 room nights of
    which are attributed to Hurricane Sandy), compared to 9,738 in the same
    period of 2011. Attrition and cancellation fee collections for the
    Hospitality segment totaled $1.9 million in the fourth quarter of 2012,
    compared to $3.3 million for the same period in 2011. Hospitality segment
    attrition that occurred for groups that traveled in the full year 2012 was
    8.3 percent of the agreed-upon room block compared to 8.7 percent for the
    full year 2011. Hospitality segment in-the-year, for-the-year
    cancellations for the full year 2012 totaled 63,142 room nights (including
    8,397 room night impact from Hurricane Sandy) compared to 67,177 for the
    full year 2011. Attrition and cancellation fee collections totaled $6.4
    million for the full year of 2012, compared to $9.2 million for the full
    year 2011.

At the property level, Gaylord Opryland generated revenue of $80.4 million in
the fourth quarter of 2012, a 6.6 percent decrease compared to the prior-year
quarter of $86.0 million, or a decrease of 3.7 percent compared to $83.5
million of revenue in the prior-year quarter after the adjustment to reflect
the elimination of $2.6 million of retail revenues at the hotel from the
prior-year period that were outsourced in 2012. This decrease was driven
primarily by a decline in corporate group business as compared to 2011. It is
important to note that the fourth quarter of 2011 represented Gaylord
Opryland’s best performance on record for both CCF and CCF Margin driven by a
very favorable corporate group mix. In fact, October 2011 was the highest
single month CCF performance on record for the hotel. As such, fourth quarter
2012 had a very difficult comparison. Occupancy for the fourth quarter of 2012
decreased 1.2 percentage points to 72.3 percent compared to 73.5 percent for
the prior-year quarter. Average Daily Rate (“ADR”) during the fourth quarter
of 2012 increased 0.9 percent to $163.80, compared to $162.38 in the
prior-year quarter, as a result of higher transient rates that offset the
decline in corporate group rooms for the quarter. RevPAR in the fourth quarter
of 2012 decreased 0.8 percent to $118.40 compared to $119.31 in the prior-year
quarter. Total RevPAR decreased 6.6 percent for the fourth quarter of 2012
from $324.57 to $303.21, or a decrease of 3.7 percent from $314.79 as adjusted
for retail revenues. The declines in outside the room spend on food and
beverage resulted from less corporate group business. The hotel’s Adjusted CCF
for the fourth quarter of 2012, excluding base management fees of $1.4
million, was $21.8 million a 6.6 percent decrease compared to $23.4 million in
the prior-year quarter. Adjusted CCF Margin, excluding base management fees,
was 27.1 percent in the fourth quarter of 2012, a decrease of 0.9 percentage
points from the prior-year quarter, as adjusted for retail revenues. Full year
2012 revenue was $288.7 million, a 1.1 percent decrease compared to prior year
revenue of $291.8 million, or a decrease of 0.2 percent compared to prior year
revenue of $289.2 million as adjusted for retail revenues. Occupancy for the
full year 2012 was 72.9 percent, compared to 72.8 percent for the full year
2011. ADR for the full year 2012 increased 1.7 percent to $156.18, compared to
$153.54 in the prior year. RevPAR for the full year 2012 increased 1.9 percent
to $113.83, compared to $111.76 in the prior year. Total RevPAR for the full
year 2012 decreased 1.4 percent from $277.61 to $273.69, or a decrease of 0.5
percent from $275.14 as adjusted for retail revenues. Full year 2012 Adjusted
CCF, excluding base management fees of $1.4 million, decreased 2.8 percent to
$85.0 million, compared to $87.4 million in the prior year, resulting in a
29.4 percent Adjusted CCF Margin, a 0.8 percentage point decrease compared to
the prior year, as adjusted for retail revenues.

Gaylord Palms posted revenue of $43.5 million in the fourth quarter of 2012,
an 8.9 percent increase compared to $39.9 million in the prior-year quarter
driven by an increase in ADR and food and beverage revenue. Occupancy for the
fourth quarter of 2012 decreased 9.6 percentage points from the prior-year
quarter to 67.9 percent. Room nights in the fourth quarter of 2011 included
17,617 room nights out-of-service for renovations. ADR for the fourth quarter
of 2012 increased 11.4 percent to $171.21, compared to $153.65 in the
prior-year quarter, driven by an increase across all customer segments. Fourth
quarter 2012 RevPAR decreased 2.3 percent to $116.27, compared to $119.03 in
the prior-year quarter, driven by the decrease in occupancy. Total RevPAR in
the fourth quarter of 2012 decreased 5.9 percent to $336.27, compared to
$357.23 in the prior-year quarter. Adjusted CCF in the fourth quarter of 2012
increased 26.1 percent to $9.7 million, after excluding base management fees
of $0.7 million, compared to $7.7 million in the prior-year quarter, despite
an approximately $1.3 million negative impact from Hurricane Sandy. Adjusted
CCF Margin for the fourth quarter of 2012, excluding base management fees,
increased 3.1 percentage points to 22.3 percent, compared to 19.2 percent in
the prior-year quarter. Room nights for the full year 2012 include 10,934 room
nights out-of-service for renovations, and full year 2011 included 23,960 room
nights out-of-service for renovations. For the full year, 2012 occupancy
increased 3.7 percentage points to 77.6 percent, compared to 73.9 percent in
2011, and ADR increased to $166.67, compared to $155.09 for full year 2011.
Full year 2012 RevPAR increased 12.8 percent to $129.28, compared to $114.58
in the full year of 2011, driven by the increase in ADR across all customer
segments. In the full year of 2012, Total RevPAR increased 13.2 percent to
$346.78, compared to $306.31 in the full year 2011. Full year 2012 revenue of
$174.7 million represents a 16.6 percent increase compared to $149.9 million
in the prior year. Adjusted CCF increased 45.4 percent to $51.7 million for
the full year 2012, after excluding base management fees of $0.7 million,
compared to $35.6 million in the prior year, resulting in an Adjusted CCF
Margin of 29.6 percent, a 5.9 percentage point increase compared to 23.7
percent in the full year 2011. The Gaylord Palms successful year is attributed
to a combination of an improving lodging market in Orlando and the completed
rooms renovation and enhanced amenities such as the sports bar, new resort
pool, and events lawn area.

Gaylord Texan posted revenue of $60.8 million in the fourth quarter of 2012, a
3.7 percent increase compared to the prior-year quarter of $58.7 million, or
an increase of 5.0 percent compared to $57.9 million of revenue in the
prior-year quarter after the adjustment to reflect the elimination of $0.7
million in retail revenues from the prior-year period that were outsourced in
2012. This increase was driven partially by an increase in food and beverage
revenue. Occupancy for the fourth quarter of 2012 increased by 3.7 percentage
points to 78.1 percent compared to 74.4 percent in the fourth quarter of 2011.
ADR decreased 4.2 percent to $177.12 in the fourth quarter of 2012 compared to
$184.89 in the prior-year quarter, driven by an increase in lower-rated
transient room nights. RevPAR in the fourth quarter of 2012 increased 0.5
percent to $138.26 compared to $137.52 in the prior-year quarter. Total RevPAR
increased 3.7 percent in the fourth quarter of 2012 from $422.09 to $437.59,
or an increase of 5.0 percent from $416.82 as adjusted for retail revenues.
The increase was driven by an increase in food and beverage revenue. Banquet
revenue was strong due to higher banquet spending by groups during the quarter
and favorable capture of local traffic to the property’s holiday program
offerings. The hotel’s Adjusted CCF in the fourth quarter of 2012, excluding
base management fees of $1.1 million, increased to $20.2 million, compared to
$19.4 million in the prior-year quarter. Adjusted CCF Margin for the fourth
quarter of 2012, excluding base management fees, was 33.3 percent, a 0.2
percentage point decrease from 33.5 percent in the prior-year quarter, as
adjusted for retail revenues. Full year 2012 revenue was $200.2 million, a 1.0
percent decrease compared to prior year revenue of $202.3 million, or a
decrease of 0.7 percent compared to prior year revenue of $201.6 million as
adjusted for retail revenues. Occupancy for the full year 2012 was 74.8
percent and represented a 0.9 percentage point decline compared to 75.7
percent in 2011. ADR for the full year 2012 decreased 2.9 percent to $173.06
from $178.32 in 2011. RevPAR in the full year of 2012 decreased 4.2 percent to
$129.38, compared to $135.03 in the prior year. Total RevPAR for the full year
2012 decreased 1.3 percent from $366.89 to $362.07, or a decrease of 1.0
percent from $365.56 as adjusted for retail revenues. Full year 2012 Adjusted
CCF, excluding base management fees, decreased 5.6 percent to $63.5 million,
compared to $67.3 million in the prior year, resulting in a 31.7 percent
Adjusted CCF Margin, a 1.7 percentage point decrease compared to the prior
year, as adjusted for retail revenues. In 2011, the Gaylord Texan recorded its
best CCF and CCF Margin performance on record as it benefited from the impact
of the Super Bowl in February 2011 and solid group performance throughout the
year driving increases in ADR, occupancy, and subsequent outside-the-room
spend, which made a particularly difficult comparison.

Gaylord National generated revenue of $61.9 million in the fourth quarter of
2012, a 4.7 percent decrease compared to the prior-year quarter of $65.0
million, or a decrease of 3.8% compared to $64.3 million of revenue in the
prior-year quarter after the adjustment to reflect the elimination of $0.6
million in retail revenues from the prior-year period that were outsourced in
2012. This decrease was driven by the decline in occupancy resulting from
lower group business and the impact of Hurricane Sandy. Occupancy for the
fourth quarter of 2012 was down 5.1 percentage points to 61.8 percent compared
to the prior-year quarter, impacted by Hurricane Sandy which ultimately
resulted in approximately 4,000 room cancellations. ADR increased 8.6 percent
in the fourth quarter of 2012 to $216.73 compared to $199.65 in the prior year
quarter. RevPAR in the fourth quarter of 2012 was flat at $133.88 compared to
$133.54 in the prior-year quarter, as the increase in ADR offset the occupancy
decline. Total RevPAR declined 4.7 percent from $353.78 to $337.21 in the
fourth quarter of 2012, or a decrease of 3.8 percent from $350.42 as adjusted
for retail revenues. The decrease was driven by a decline in food and beverage
particularly in banquets due to a group mix shift to less association business
as compared to 2011. The hotel’s Adjusted CCF, excluding base management fees
of $1.0 million, decreased 7.2 percent to $14.9 million in the fourth quarter
of 2012, compared to $16.0 million in the prior-year quarter, driven by an
approximately $1.5 million negative impact from Hurricane Sandy. Adjusted CCF
Margin, excluding base management fees, decreased 0.8 percentage points to
24.1 percent in the fourth quarter of 2012 compared to 24.9 percent in the
prior-year quarter, as adjusted for retail revenues. Revenue for the full year
of 2012 was $242.4 million, a 3.1 percent increase compared to prior year
revenue of $235.1 million, or an increase of 3.4 percent compared to prior
year revenues of $234.5 million as adjusted for retail revenues. Occupancy for
the full year was 68.9 percent, which was flat compared to occupancy of 68.8
percent in 2011. Full year 2012 ADR increased 3.4 percent to $202.24 compared
to $195.66 in 2011. RevPAR in the full year 2012 increased 3.6 percent to
$139.33 compared to $134.52 in the prior year. Total RevPAR for the full year
2012 increased 2.8 percent from $322.72 to $331.78, or an increase of 3.1
percent from $321.87 as adjusted for retail revenues. Total RevPAR for the
full year 2012 was positively impacted by the increase in RevPAR and
outside-the-room spending. Full year 2012 Adjusted CCF, after excluding base
management fees of $1.0 million, increased 18.8 percent to $66.9 million,
compared to $56.3 million in the prior year, resulting in a 27.6 percent
Adjusted CCF Margin, a 3.6 percentage point increase from the prior year, as
adjusted for retail revenues.

Reed continued, “This was a strong year across our properties, as we delivered
increases in RevPAR, Total RevPAR and ADR compared to 2011. I am particularly
proud of the record level of profitability our Hospitality segment produced
during this past year. This performance is especially noteworthy given the
time and energy required at the property level to ensure a smooth transition
process over the past two quarters.

“In the fourth quarter our properties performed steadily, though we felt the
impact of Hurricane Sandy in the form of cancelled group room nights and lost
revenue. Gaylord Palms had a particularly strong quarter, posting solid
increases in revenue and CCF in spite of an approximately $1.3 million profit
impact as a result of the storm. Gaylord Opryland and Gaylord National also
performed solidly, however each faced exceptionally difficult comparisons to
the fourth quarter in 2011. Gaylord Texan delivered solid increases in
revenue, occupancy and Total RevPAR in the quarter.”

Opry and Attractions

Opry and Attractions segment revenue remained flat at $17.3 million in the
fourth quarter of 2012. The segment’s CCF increased to $4.3 million in the
fourth quarter of 2012, from $3.7 million in the prior-year quarter. For the
full year of 2012, the segment’s CCF increased to $18.5 million, from $14.5
million in the prior year, which was its best performance on record.

Corporate and Other

Corporate and Other operating loss totaled $19.0 million in the fourth quarter
of 2012 compared to an operating loss of $16.0 million in the same period last
year. Corporate and Other CCF in the fourth quarter of 2012 was a loss of $9.1
million, compared to a loss of $11.4 million in the same period last year as
the Company began to realize some of the cost benefits of a smaller corporate
organization. For the full year 2012, Corporate and Other CCF was a loss of
$44.9 million, compared to a loss of $44.7 million in 2011.

Real Estate Investment Trust (REIT) Conversion

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 fourth quarter of 2012, the Company incurred
$44.2 million of costs associated with this conversion. These costs include
noncash impairment charges ($12.0 million), professional fees ($2.7 million),
employment and severance costs ($14.3 million), and various other transition
costs ($15.2 million). For the full-year 2012, the Company incurred
approximately $102.0 million in costs related to the REIT conversion,
including noncash impairment charges and stock option expense. Excluding
noncash impairment costs and stock option expense related to the conversion,
the Company incurred $31.2 million and $67.9 million in REIT conversion costs
during the fourth quarter and full year 2012, respectively.

On December 21, 2012, the Company paid a special dividend in the amount of
$6.84 per share of common stock, or an aggregate of approximately $309.8
million in connection with its plan to qualify as a REIT for federal income
tax purposes effective as of January 1, 2013. Stockholders of record had the
option to elect to receive payment of the special dividend in cash or shares
of common stock, with the total amount of cash payable to stockholders limited
to a maximum of 20 percent, or approximately $62.0 million, of the special
dividend. Cash elections exceeded the amount of cash available for
distribution, and, therefore, the available cash was prorated among those
stockholders that elected to receive cash, and the remainder of the special
dividend was paid in shares of common stock. The Company paid an aggregate of
approximately $62.0 million and issued approximately 6.7 million new shares of
common stock in connection with the payment of the special dividend.

The Company estimates that it will incur federal income taxes of between $4
million to $7 million for tax year 2012. This estimate includes the impact
associated with the receipt of the $210 million purchase price in the Marriott
sale transaction and other transactions related to the REIT conversion, net of
remaining net operating losses and credit carryforwards.

Development Update

As disclosed previously, the Company will no longer view independent,
large-scale development of resort and convention hotels as a means of growth.
As a result of its decision to convert to a REIT, in connection with the
preparation of its quarterly financial statements, the Company recorded an
impairment charge of $6.9 million to write off capitalized costs associated
with the previous development project in Aurora, Colorado. While it continues
to view Aurora as a viable market, the Company has concluded that if and when
the Company’s participation in the project moves forward, the project should
proceed under the direction and leadership of an unrelated third party who
will most likely use its own resources to complete the project. As such, the
Company does not believe that it will be able to realize its previous
investment in the project.

Dividend Policy and Share Repurchase Program

On December 17, 2012, the Company announced that its Board of Directors had
approved its current dividend policy pursuant to which the Company plans to
pay a quarterly cash dividend to stockholders in an amount equal to on an
annualized basis at least 50% of Adjusted Funds from Operations (AFFO), as
defined by the Company or 100% of REIT taxable income on an annual basis,
whichever is greater. The declaration, timing and amount of dividends will be
determined by future action of the Company’s Board of Directors, and the
dividend policy may be altered at any time by the Company’s Board of
Directors.

The Company simultaneously announced that its Board of Directors had
authorized a share repurchase program for up to $100 million of the Company's
common stock using cash on hand and borrowings under the revolving credit line
of its $925 million credit facility. 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.

Liquidity

As of December 31, 2012, the Company had long-term debt outstanding, including
current portion, of $1,031.9 million and unrestricted cash of $97.2 million.
At December 31, 2012, $380.0 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 $372.0 million of availability
under the credit facility. On January 17, 2013, the Company redeemed its
remaining 6.75% senior notes at par at a cost of $152.2 million, which was
funded using operational cash flow and borrowings under the revolving credit
line of the Company’s $925 million credit facility.

Company to Provide Outlook at Upcoming Investor and Analyst Day

The Company will provide its outlook for 2013 at its Investor and Analyst Day
on Friday, February 15th. The event will take place at Gaylord National Resort
and Convention Center, just outside of Washington, DC in National Harbor, MD.
The presentation portion of the event will begin at 9 a.m. Eastern Standard
Time (EST).  Investors can view and listen to the presentation over the
Internet at www.rymanhp.com. To listen to the live event, 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.

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, Inc. (NYSE: RHP), is a REIT for 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 four
upscale, meetings-focused resorts totaling 7,797 rooms that are managed by
world-class lodging operator 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 and The Inn at Opryland, a 303-room overflow hotel adjacent to
Gaylord Opryland. The Company 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.

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 effect of the Company’s election of
REIT status, the amount of conversion or other costs relating to the
restructuring transactions, the expected approach to making dividend payments,
the board’s ability to alter the dividend policy at any time, plans to engage
in common stock repurchase transactions and the timing and form of such
transactions, development and acquisition plans 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
economic conditions affecting the hospitality business generally, the
geographic concentration of the Company’s hotel properties, business levels at
the Company’s hotels, the effect of the Company’s election to be taxed as a
REIT for federal income tax purposes effective for the year ending December
31, 2013, 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 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 our 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.

^1Under Marriott International, Inc.’s management of Gaylord Opryland, Gaylord
Texan, and Gaylord National, the retail operations of such hotels was
outsourced to a third party retailer in the fourth quarter of 2012. The
properties now receive rental lease payments rather than full retail revenue
and associated expense. The net impact of this change lowered overall retail
revenue for each affected property. During the fourth quarter of 2012 and full
year 2012 the change resulted in revenue decreases of approximately $3.6
million (Gaylord Opryland–$2.2 million, Gaylord Texan–$0.7 million, and
Gaylord National–$0.6 million). The change impacted consolidated revenue and
Hospitality segment and property revenue and CCF Margin, which is computed
based on revenue, but did not significantly impact other measures (e.g.,
Adjusted EBITDA and CCF). To enable period-over-period comparison, we have
included adjusted prior period revenue figures to reflect the elimination in
the fourth quarter of retail revenues from operations that have been
outsourced in the 2012 period. No adjustments were made to the Gaylord Palms
results due to the fact that during all periods presented retail operations
were outsourced at that property.

^2The Company calculates revenue per available room (“RevPAR”) for its hotels
by dividing room revenue by room nights available to guests for the period.

^3The 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.
Total RevPAR for the fourth quarter of 2012 and full year 2012 was impacted by
outsourcing of retail operations and resulting elimination of retail revenue
as explained in footnote 1 above.

^4Adjusted 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.

^5As discussed in footnote 4 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 former 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 has been one of the principal tools used by
management in evaluating the operating performance of the Company’s business.
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. Adjusted CCF has also been presented,
which excludes base management fees and, for the consolidated CCF calculation,
REIT conversion costs.

                                                           
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
                                                                     
                                                                     
                     Three Months Ended              Twelve Months Ended
                     Dec. 31,                        Dec. 31,
                     2012          2011            2012          2011
Revenues             $ 266,321       $ 269,399       $ 986,594       $ 952,144
Operating
expenses:
Operating              161,884         163,949         570,905         566,390
costs
Selling,
general and            43,091          50,471          182,253         179,301
administrative
Management             4,337           -               4,337           -
fees
REIT
conversion             44,165          -               101,964         -
costs
Casualty loss          139             595             858             1,225
Preopening             -               22              340             408
costs
Depreciation
and                   37,302      34,594        130,691     125,289 
amortization
Operating             (24,597 )    19,768        (4,754  )    79,531  
income (loss)
                                                                     
Interest
expense, net           (14,633 )       (14,412 )       (58,582 )       (74,673 )
of amounts
capitalized
Interest               3,051           2,772           12,307          12,460
income
Income from
unconsolidated         -               -               109             1,086
companies
Other gains
and (losses),         20,000      (422    )      22,251      (916    )
net
                                                                     
Income (loss)
before income          (16,179 )       7,706           (28,669 )       17,488
taxes
                                                                     
(Provision)
benefit for
income taxes          1,236       (2,651  )      2,034       (7,420  )
and
discontinued
operations
                                                                     
Income (loss)
from                   (14,943 )       5,055           (26,635 )       10,068
continuing
operations
                                                                     
Income (loss)
from
discontinued          (9      )    48            (9      )    109     
operations,
net of taxes
                                                                     
Net income           $ (14,952 )   $ 5,103        $ (26,644 )   $ 10,177  
(loss)
                                                                     
                                                                     
Basic net
income (loss)
per share:
Income (loss)
from                 $ (0.32   )     $ 0.10          $ (0.56   )     $ 0.21
continuing
operations
Income from
discontinued          -           0.01          -           -       
operations,
net of taxes
Net income           $ (0.32   )   $ 0.11         $ (0.56   )   $ 0.21    
(loss)
                                                                     
Fully diluted
net income
(loss) per
share:
Income (loss)
from                 $ (0.32   )     $ 0.10          $ (0.56   )     $ 0.20
continuing
operations
Income from
discontinued          -           -             -           -       
operations,
net of taxes
Net income           $ (0.32   )   $ 0.10         $ (0.56   )   $ 0.20    
(loss)
                                                                     
Weighted
average common
shares for the
period:
Basic                  46,201          48,411          47,602          48,351
Fully-diluted          46,201          49,127          47,602          49,783
                                                                     


RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
                                                             
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
                                                                   
                                                     Dec. 31,      Dec. 31,
                                                     2012          2011
ASSETS
Current assets:
  Cash and cash equivalents - unrestricted           $ 97,170      $ 44,388
  Cash and cash equivalents - restricted               6,210         1,150
  Trade receivables, net                               55,343        41,939
  Deferred income taxes                                10,688        8,641
  Other current assets                                41,834       48,538
  Total current assets                                 211,245       144,656
                                                                   
Property and equipment, net of accumulated             2,148,999     2,209,127
depreciation
Notes receivable, net of current portion               138,975       142,567
Long-term deferred financing costs                     11,347        15,947
Other long-term assets                                 32,245        50,713
Long-term assets of discontinued operations           328          390
                                                                   
  Total assets                                       $ 2,543,139   $ 2,563,400
                                                                   
                                                                   
                                                                   
                                                                   
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current portion of long-term debt and capital      $ 130,358     $ 755
  lease obligations (a)
  Accounts payable and accrued liabilities             218,224       168,975
  Current liabilities of discontinued operations      237          186
  Total current liabilities                            348,819       169,916
                                                                   
Long-term debt and capital lease obligations, net      901,505       1,073,070
of current portion
Deferred income taxes                                  99,626        108,219
Deferred management rights proceeds                    186,346       -
Other long-term liabilities                            152,794       166,209
Long-term liabilities of discontinued operations       451           451
Stockholders' equity                                  853,598      1,045,535
                                                                   
  Total liabilities and stockholders' equity         $ 2,543,139   $ 2,563,400
                                                                   

    Reflects a portion of the Company's $360 million 3.75% Convertible Notes
(a) being classified as current at December 31, 2012 as a result of their
    convertibility at that time. These notes were not convertible at December
    31, 2011.
    

                                                                                                   
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
                                                                                                               
                                                                                                               
                                                                                                               
Adjusted
Earnings Before
Interest,
Taxes,
Depreciation
and
Amortization
("Adjusted
EBITDA")
and
Consolidated
Cash Flow               Three Months Ended Dec. 31,                     Twelve Months Ended Dec. 31,
("CCF")
reconciliation:
                        2012                    2011                    2012                     2011
                         $         Margin     $         Margin     $          Margin     $         Margin
Consolidated
Revenue (b)             $ 266,321     100.0 %   $ 269,399     100.0 %   $ 986,594      100.0 %   $ 952,144     100.0 %
                                                                                                               
Net income              $ (14,952 )   -5.6  %   $ 5,103       1.9   %   $ (26,644  )   -2.7  %   $ 10,177      1.1   %
(loss)
(Income) loss
from
discontinued              9           0.0   %     (48     )   0.0   %     9            0.0   %     (109    )   0.0   %
operations, net
of taxes
Provision
(benefit) for             (1,236  )   -0.5  %     2,651       1.0   %     (2,034   )   -0.2  %     7,420       0.8   %
income taxes
Other (gains)             (20,000 )   -7.5  %     422         0.2   %     (22,251  )   -2.3  %     916         0.1   %
and losses, net
Income from
unconsolidated            -           0.0   %     -           0.0   %     (109     )   0.0   %     (1,086  )   -0.1  %
companies
Interest                 11,582    4.3   %    11,640    4.3   %    46,275     4.7   %    62,213    6.5   %
expense, net
Operating                 (24,597 )   -9.2  %     19,768      7.3   %     (4,754   )   -0.5  %     79,531      8.4   %
income (loss)
Depreciation &           37,302    14.0  %    34,594    12.8  %    130,691    13.2  %    125,289   13.2  %
amortization
Adjusted EBITDA           12,705      4.8   %     54,362      20.2  %     125,937      12.8  %     204,820     21.5  %
Preopening                -           0.0   %     22          0.0   %     340          0.0   %     408         0.0   %
costs
Impairment                12,004      4.5   %     332         0.1   %     33,291       3.4   %     332         0.0   %
charges
Other non-cash            1,427       0.5   %     4,050       1.5   %     5,706        0.6   %     8,409       0.9   %
expenses
Stock option              1,346       0.5   %     860         0.3   %     3,176        0.3   %     3,252       0.3   %
expense
Other gains and           20,000      7.5   %     (422    )   -0.2  %     22,251       2.3   %     (916    )   -0.1  %
(losses), net
(Gain) loss on           (20,000 )  -7.5  %    422       0.2   %    (20,000  )  -2.0  %    917       0.1   %
sales of assets
CCF (b)                 $ 27,482    10.3  %   $ 59,626    22.1  %   $ 170,701    17.3  %   $ 217,222   22.8  %
                                                                                                               
Hospitality
segment (a)
Revenue (b)             $ 249,005     100.0 %   $ 252,027     100.0 %   $ 916,041      100.0 %   $ 886,634     100.0 %
Operating                 35,803      14.4  %     34,313      13.6  %     149,870      16.4  %     130,531     14.7  %
income
Depreciation &            26,366      10.6  %     30,567      12.1  %     107,343      11.7  %     109,521     12.4  %
amortization
Preopening                -           0.0   %     22          0.0   %     340          0.0   %     408         0.0   %
costs
Other non-cash            1,427       0.6   %     2,407       1.0   %     5,706        0.6   %     6,766       0.8   %
expenses
Stock option              -           0.0   %     264         0.1   %     461          0.1   %     1,040       0.1   %
expense
Other gains and           -           0.0   %     (206    )   -0.1  %     2,251        0.2   %     (655    )   -0.1  %
(losses), net
Loss on sales            -         0.0   %    206       0.1   %    -          0.0   %    656       0.1   %
of assets
CCF (b)                 $ 63,596    25.5  %   $ 67,573    26.8  %   $ 265,971    29.0  %   $ 248,267   28.0  %
                                                                                                               
Opry and
Attractions
segment (a)
Revenue                 $ 17,309      100.0 %   $ 17,342      100.0 %   $ 70,463       100.0 %   $ 65,386      100.0 %
Operating                 2,935       17.0  %     2,039       11.8  %     13,215       18.8  %     8,760       13.4  %
income
Depreciation &            1,294       7.5   %     1,293       7.5   %     5,119        7.3   %     5,261       8.0   %
amortization
Other non-cash            -           0.0   %     360         2.1   %     -            0.0   %     360         0.6   %
expenses
Stock option             35        0.2   %    48        0.3   %    126        0.2   %    167       0.3   %
expense
CCF                     $ 4,264     24.6  %   $ 3,740     21.6  %   $ 18,460     26.2  %   $ 14,548    22.2  %
                                                                                                               
Corporate and
Other segment
(a)
Revenue                 $ 7                     $ 30                    $ 90                     $ 124
Operating loss            (19,031 )               (15,989 )               (65,017  )               (58,535 )
Depreciation &            9,642                   2,734                   18,229                   10,507
amortization
Other non-cash            -                       1,283                   -                        1,283
expenses
Stock option              338                     548                     1,842                    2,045
expense
Other gains and           20,000                  (216    )               20,000                   (261    )
(losses), net
(Gain) loss on           (20,000 )              216                   (20,000  )              261     
sales of assets
CCF                     $ (9,051  )             $ (11,424 )             $ (44,946  )             $ (44,700 )
                                                                                                               
REIT Conversion
Costs (a)
Operating loss          $ (44,165 )             $ -                     $ (101,964 )             $ -
Impairment                12,004                  -                       33,291                   -
charges
Stock option             973                   -                     747                    -       
expense
CCF                     $ (31,188 )             $ -                    $ (67,926  )             $ -       
                                                                                                               
Casualty Loss
(a)
Casualty loss           $ (139    )             $ (595    )             $ (858     )             $ (1,225  )
Insurance                -                     -                     -                      -       
proceeds
Operating loss            (139    )               (595    )               (858     )               (1,225  )
Impairment               -                     332                   -                      332     
charges
CCF                     $ (139    )             $ (263    )             $ (858     )             $ (893    )
                                                                                                               

(a) Individual segments exclude effect of REIT Conversion Costs and Casualty
Loss, which is shown separately.

(b) For figures reflecting adjustments to retail revenue and adjustments to
CCF and CCF Margin to exclude base management fees, as described in this
release, see below under "Reconciliation of Adjusted Results."

                                                    
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
                                                           
                                                                 
                        Three Months Ended Dec. 31,     Twelve Months Ended Dec.
                                                        31,
                        2012            2011            2012            2011
                                                                        
HOSPITALITY
OPERATING
METRICS:
                                                                        
Hospitality
Segment
                                                                        
Occupancy                 69.5    %       72.2    %       72.6    %       72.2    %
Average
daily rate              $ 177.48        $ 171.85        $ 170.48        $ 167.27
(ADR)
RevPAR                  $ 123.40        $ 124.12        $ 123.81        $ 120.77
OtherPAR                $ 210.88        $ 222.38        $ 186.40        $ 183.81
Total                   $ 334.28        $ 346.50        $ 310.21        $ 304.58
RevPAR
                                                                        
Revenue (a)             $ 249,005       $ 252,027       $ 916,041       $ 886,634
CCF (a)                 $ 63,596        $ 67,573        $ 265,971       $ 248,267
CCF Margin                25.5    %       26.8    %       29.0    %       28.0    %
(a)
                                                                        
Gaylord
Opryland
                                                                        
Occupancy                 72.3    %       73.5    %       72.9    %       72.8    %
Average
daily rate              $ 163.80        $ 162.38        $ 156.18        $ 153.54
(ADR)
RevPAR                  $ 118.40        $ 119.31        $ 113.83        $ 111.76
OtherPAR                $ 184.81        $ 205.26        $ 159.86        $ 165.85
Total                   $ 303.21        $ 324.57        $ 273.69        $ 277.61
RevPAR
                                                                        
Revenue (a)             $ 80,393        $ 86,043        $ 288,693       $ 291,781
CCF (a)                 $ 20,451        $ 23,376        $ 83,581        $ 87,396
CCF Margin                25.4    %       27.2    %       29.0    %       30.0    %
(a)
                                                                        
Gaylord
Palms (b)
                                                                        
Occupancy                 67.9    %       77.5    %       77.6    %       73.9    %
Average
daily rate              $ 171.21        $ 153.65        $ 166.67        $ 155.09
(ADR)
RevPAR                  $ 116.27        $ 119.03        $ 129.28        $ 114.58
OtherPAR                $ 220.00        $ 238.20        $ 217.50        $ 191.73
Total                   $ 336.27        $ 357.23        $ 346.78        $ 306.31
RevPAR
                                                                        
Revenue (a)             $ 43,455        $ 39,916        $ 174,662       $ 149,859
CCF (a)                 $ 8,938         $ 7,671         $ 51,003        $ 35,590
CCF Margin                20.6    %       19.2    %       29.2    %       23.7    %
(a)
                                                                        
Gaylord
Texan
                                                                        
Occupancy                 78.1    %       74.4    %       74.8    %       75.7    %
Average
daily rate              $ 177.12        $ 184.89        $ 173.06        $ 178.32
(ADR)
RevPAR                  $ 138.26        $ 137.52        $ 129.38        $ 135.03
OtherPAR                $ 299.33        $ 284.57        $ 232.69        $ 231.86
Total                   $ 437.59        $ 422.09        $ 362.07        $ 366.89
RevPAR
                                                                        
Revenue (a)             $ 60,830        $ 58,675        $ 200,235       $ 202,310
CCF (a)                 $ 19,194        $ 19,420        $ 62,442        $ 67,268
CCF Margin                31.6    %       33.1    %       31.2    %       33.2    %
(a)
                                                                        
Gaylord
National
                                                                        
Occupancy                 61.8    %       66.9    %       68.9    %       68.8    %
Average
daily rate              $ 216.73        $ 199.65        $ 202.24        $ 195.66
(ADR)
RevPAR                  $ 133.88        $ 133.54        $ 139.33        $ 134.52
OtherPAR                $ 203.33        $ 220.24        $ 192.45        $ 188.20
Total                   $ 337.21        $ 353.78        $ 331.78        $ 322.72
RevPAR
                                                                        
Revenue (a)             $ 61,922        $ 64,966        $ 242,379       $ 235,113
CCF (a)                 $ 13,861        $ 16,049        $ 65,846        $ 56,292
CCF Margin                22.4    %       24.7    %       27.2    %       23.9    %
(a)
                                                                        
The Inn at
Opryland
(c)
                                                                        
Occupancy                 59.4    %       63.7    %       61.7    %       62.6    %
Average
daily rate              $ 102.67        $ 96.21         $ 103.70        $ 98.24
(ADR)
RevPAR                  $ 60.99         $ 61.31         $ 63.99         $ 61.52
OtherPAR                $ 25.28         $ 25.75         $ 26.83         $ 21.95
Total                   $ 86.27         $ 87.06         $ 90.82         $ 83.47
RevPAR
                                                                        
Revenue (a)             $ 2,405         $ 2,427         $ 10,072        $ 7,571
CCF (a)                 $ 1,152         $ 1,057         $ 3,099         $ 1,721
CCF Margin                47.9    %       43.6    %       30.8    %       22.7    %
(a)
                                                                        

(a) For figures reflecting adjustments to retail revenue and adjustments to
CCF and CCF Margin to exclude base management fees, as described in this
release, see below under "Reconciliation of Adjusted Results."

(b) Excludes 123 and 10,934 room nights that were taken out of service during
the three months and twelve months ended December 31, 2012, respectively, and
17,617 and 23,960 room nights taken out of service during the three months and
twelve months ended December 31, 2011, respectively, as a result of a rooms
renovation program at Gaylord Palms.

(c) Includes other hospitality revenue and expense.


                                                               
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED RESULTS
Unaudited
(in thousands, except operating metrics)
                                                                  
                          Three Months Ended Dec.       Twelve Months Ended Dec. 31,
                          31,
                          2012         2011            2012            2011
Consolidated:
Revenue                   $ 266,321     $ 269,399       $ 986,594       $ 952,144
Less: Retail
Inventory                  -          (3,940  )      -            (3,940    )
Adjustment
Adjusted                  $ 266,321     $ 265,459       $ 986,594       $ 948,204
Revenue
                                                                        
Adjusted                  $ 12,705      $ 54,362        $ 125,937       $ 204,820
EBITDA
Add: Base
Management                  4,337         -               4,337           -
Fee
Add: REIT
Conversion                 44,165      -             101,964       -         
Costs
Revised
Adjusted                  $ 61,207      $ 54,362        $ 232,238       $ 204,820
EBITDA
                                                                        
Total CCF                 $ 27,482      $ 59,626        $ 170,701       $ 217,222
Add: Base
Management                  4,337         -               4,337           -
Fee
Add: REIT
Conversion                 31,188     -             67,926       -         
Costs
Adjusted CCF              $ 63,007      $ 59,626        $ 242,964       $ 217,222
                                                                        
Hospitality
Segment:
Revenue                   $ 249,005     $ 252,027       $ 916,041       $ 886,634
Less: Retail
Inventory                  -          (3,940  )      -            (3,940    )
Adjustment
Adjusted                  $ 249,005     $ 248,087       $ 916,041       $ 882,694
Revenue
Available                  744,893     727,246       2,952,934     2,910,959 
Room Nights
Adjusted                  $ 334.28      $ 341.13        $ 310.21        $ 303.23
Total RevPAR
                                                                        
Total CCF                 $ 63,596      $ 67,573        $ 265,971       $ 248,267
Add: Base
Management                 4,208       -             4,208         -         
Fee
Adjusted CCF              $ 67,804      $ 67,573        $ 270,179       $ 248,267
CCF Margin                  25.5    %     26.8    %       29.0      %     28.0      %
Adjusted CCF                27.2    %     27.2    %       29.5      %     28.1      %
Margin
                                                                        
Gaylord
Opryland:
Revenue                   $ 80,393      $ 86,043        $ 288,693       $ 291,781
Less: Retail
Inventory                  -          (2,592  )      -            (2,592    )
Adjustment
Adjusted                  $ 80,393      $ 83,451        $ 288,693       $ 289,189
Revenue
Available                   265,144       265,099         1,054,812       1,051,065
Room Nights
Adjusted                  $ 303.21      $ 314.79        $ 273.69        $ 275.14
Total RevPAR
                                                                        
Total CCF                 $ 20,451      $ 23,376        $ 83,581        $ 87,396
Add: Base
Management                 1,375       -             1,375         -         
Fee
Adjusted CCF              $ 21,826      $ 23,376        $ 84,956        $ 87,396
CCF Margin                  25.4    %     27.2    %       29.0      %     30.0      %
Adjusted CCF                27.1    %     28.0    %       29.4      %     30.2      %
Margin
                                                                        
Gaylord
Palms:
Revenue                   $ 43,455      $ 39,916        $ 174,662       $ 149,859
Less: Retail
Inventory                  -          -             -            -         
Adjustment
Adjusted                  $ 43,455      $ 39,916        $ 174,662       $ 149,859
Revenue
Available                   129,228       111,736         503,662         489,232
Room Nights
Adjusted                  $ 336.27      $ 357.23        $ 346.78        $ 306.31
Total RevPAR
                                                                        
Total CCF                 $ 8,938       $ 7,671         $ 51,003        $ 35,590
Add: Base
Management                 733         -             733           -         
Fee
Adjusted CCF              $ 9,671       $ 7,671         $ 51,736        $ 35,590
CCF Margin                  20.6    %     19.2    %       29.2      %     23.7      %
Adjusted CCF                22.3    %     19.2    %       29.6      %     23.7      %
Margin
                                                                        
Gaylord
Texan:
Revenue                   $ 60,830      $ 58,675        $ 200,235       $ 202,310
Less: Retail
Inventory                  -          (732    )      -            (732      )
Adjustment
Adjusted                  $ 60,830      $ 57,943        $ 200,235       $ 201,578
Revenue
Available                   139,012       139,012         553,026         551,419
Room Nights
Adjusted                  $ 437.59      $ 416.82        $ 362.07        $ 365.56
Total RevPAR
                                                                        
Total CCF                 $ 19,194      $ 19,420        $ 62,442        $ 67,268
Add: Base
Management                 1,050       -             1,050         -         
Fee
Adjusted CCF              $ 20,244      $ 19,420        $ 63,492        $ 67,268
CCF Margin                  31.6    %     33.1    %       31.2      %     33.2      %
Adjusted CCF                33.3    %     33.5    %       31.7      %     33.4      %
Margin
                                                                        
Gaylord
National:
Revenue                   $ 61,922      $ 64,966        $ 242,379       $ 235,113
Less: Retail
Inventory                  -          (617    )      -            (617      )
Adjustment
Adjusted                  $ 61,922      $ 64,349        $ 242,379       $ 234,496
Revenue
Available                   183,632       183,632         730,536         728,540
Room Nights
Adjusted                  $ 337.21      $ 350.42        $ 331.78        $ 321.87
Total RevPAR
                                                                        
Total CCF                 $ 13,861      $ 16,049        $ 65,846        $ 56,292
Add: Base
Management                 1,037       -             1,037         -         
Fee
Adjusted CCF              $ 14,898      $ 16,049        $ 66,883        $ 56,292
CCF Margin                  22.4    %     24.7    %       27.2      %     23.9      %
Adjusted CCF                24.1    %     24.9    %       27.6      %     24.0      %
Margin
                                                                        
Inn at
Opryland (and
Other
Hospitality):
Revenue                   $ 2,405       $ 2,427         $ 10,072        $ 7,571
Less: Retail
Inventory                  -          -             -            -         
Adjustment
Adjusted                  $ 2,405       $ 2,427         $ 10,072        $ 7,571
Revenue
Available                   27,876        27,876          110,898         90,705
Room Nights
Adjusted                  $ 86.27       $ 87.06         $ 90.82         $ 83.47
Total RevPAR
                                                                        
Total CCF                 $ 1,152       $ 1,057         $ 3,099         $ 1,721
Add: Base
Management                 14          -             14            -         
Fee
Adjusted CCF              $ 1,166       $ 1,057         $ 3,113         $ 1,721
CCF Margin                  47.9    %     43.6    %       30.8      %     22.7      %
Adjusted CCF                48.5    %     43.6    %       30.9      %     22.7      %
Margin
                                                                        

Contact:

Investor Relations:
Ryman Hospitality Properties, Inc.
Mark Fioravanti, 615-316-6588
Executive Vice President and Chief Financial Officer
mfioravanti@rymanhp.com
or
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 or Dan Zacchei
212-446-1892 or 212-446-1882
jhochberg@sloanepr.com
dzacchei@sloanepr.com
 
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