Ryman Hospitality Offers Updates on Events at Its Properties
Ryman Hospitality Properties, Inc.’s RHP meeting-focused resorts are likely to be relieved with the new government-mandated increase in group capacities for events and conventions in Nashville.
Specifically, as part of Nashville’s phase 3 of the COVID-19 reopening plan, conventions and other group events are allowed to expand to a capacity of up to 500 people, with approval from the Nashville Health Department, beginning Oct 1. Nonetheless, the local-mask mandate and other social-distancing directives remain in effect.
This will facilitate the company’s resorts to host a higher number of convention and group customers. Moreover, it noted that such patrons have indicated their interest to resume in-person meeting again.
In fact, at Gaylord Opryland and Gaylord Rockies, the company will be able to organize group events of up to 500 and 100 people, respectively. Moreover, at Gaylord Texan, such events can be hosted at 50% of stated capacity and at Gaylord Palms it can arrange events of any capacity.
Moreover, the city’s new Phase 3 reopening will allow the company to organize Opry performances, with a capacity of 500 people at the Grand Ole Opry House, concerts at Ryman Auditorium and entertain a higher number of patrons at Ole Red Nashville.
Notably, the rampant coronavirus outbreak is weakening travel demand, while the restriction on travel is resulting in a sharp decline in group, business and leisure travel. Moreover, delays or cancellation of conventions and conferences, and other large public gatherings, which are demand drivers at the company’s properties, have been affecting its performance.
Notably, its projected average monthly cash burn rate for the third quarter amounts to $25 million and the same for the December-end quarter is estimated to be $22-$24 million. This is expected to impact the company’s near-term performance.
It carries a Zacks Rank of 5 (Strong Sell) at present. Shares of the company have lost 57.4% compared with the industry’s decline of 13.4% over the past year.
Stocks to Consider
Alpine Income Property Trust, Inc.’s PINE funds from operations (FFO) per share estimates for 2020 have been revised 4.4% upward to $1.18 over the past month. It currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Duke Realty Corporation’s DRE Zacks Consensus Estimate for 2020 FFO per share has been revised 3.5% upward to $1.49 over the past two months. The company currently carries a Zacks Rank of 2.
Sabra Healthcare REIT, Inc.’s SBRA FFO per share estimates for the ongoing year have been revised 1.2% upward to $1.74 over the past month. The company currently carries a Zacks Rank of 2.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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