Ryman Hospitality Properties reported record third-quarter revenue and higher earnings, while completing its acquisition of Grande Lakes Orlando and raising its 2026 outlook. The Nashville-based hotel and entertainment real estate company said strong group and leisure demand at its existing resorts helped drive results; its new Orlando resort adds 1,592 rooms to the portfolio.
The acquisition was funded with a public share sale and a $700 million note issuance. Ryman’s same-store figures exclude Grande Lakes, which it acquired on Sept. 1, as well as JW Marriott Desert Ridge, acquired in 2025.
Key details
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Revenue and earnings rose year over year. Third-quarter revenue increased 10.7% to $655.8 million. Net income was $39.7 million, up 16.8%, and Adjusted EBITDAre rose 10.8% to $191.8 million. Adjusted EBITDAre margin was unchanged at 29.2%.
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Both major segments set quarterly revenue records. Same-store Hospitality revenue reached $501.8 million, while Entertainment revenue was $93.0 million. Ryman attributed the hospitality performance to strong group and leisure trends, including higher meeting attendance and increased catering and audio-visual spending.
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Per-share measures also improved. Net income available to common stockholders was $40.2 million, or $0.58 per diluted share, compared with $34.9 million, or $0.53, a year earlier. Funds from operations available to common stockholders and unit holders rose 14.6% to $120.4 million, or $1.75 per diluted share and unit, versus $1.60.
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The company booked substantial future group business. During the quarter, Ryman booked more than 653,000 same-store definite room nights for future periods at an estimated average daily rate of about $293—a third-quarter record. Management said the pace of same-store group room revenue for 2027 and 2028 improved during the quarter.
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Grande Lakes Orlando expands the resort portfolio. The 1,592-room property is in a major meetings market and gives Ryman additional opportunities to rotate group customers among its resorts. The company completed the purchase on Sept. 1.
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Ryman used both equity and debt to fund the purchase. It sold about 5.9 million common shares to the public at $117 each and privately placed $700 million of senior unsecured notes bearing 6.25% interest and due in 2035. Net proceeds from those financings went toward the acquisition.
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The company raised its 2026 outlook. Ryman cited strong third-quarter performance in its same-store Hospitality portfolio and somewhat higher expectations for fourth-quarter holiday leisure room-night demand.
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Year-to-date results were higher as well. For the first nine months of 2026, revenue rose 12.5% to $2.07 billion, net income increased 22.2% to $211.2 million, and Adjusted EBITDAre climbed 17.3% to $669.4 million.
Plain-English implications
Ryman has added a large resort through a combination of new share issuance and long-term borrowing, expanding its hotel capacity while increasing both its share count and debt. The company’s reported same-store demand indicators also point to continued strength in group bookings, with management citing improving room-revenue pace for 2027 and 2028.