S&P upgrades Ryman Hospitality

S&P said it raised its ratings on Ryman Hospitality Properties Inc. to B+ from B, its senior secured debt to BB from BB- and the senior unsecured rating to BB- from B+.

“Ryman reported strong preliminary results for year-end 2023, with same-store RevPAR and same-store total RevPAR up in the low-double-digit percent area. The company also reported all-time highs for room nights booked and average daily rate (ADR). These results drove consolidated revenue growth and S&P Global Ratings-adjusted EBITDA growth 20% and 24%, respectively, year over year.

“In addition, Ryman ended the year with about $1.9 billion of room revenue on the books over the next five years, with 2024 revenue outpacing 2019 levels (for T + 1 or 2020) by about 11%. In 2024, we expect Ryman to grow total revenue in the high-single-digit percent area as it benefits from a full year of revenue from the JW Marriott Hill Country and total RevPAR to grow in the low- to mid-single-digit percent area,” the agency said in a statement.

The outlook is positive.

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