Ryman Hospitality Properties, Inc. (RHP) Stock Price & How to Invest

Ryman owns seven large resorts and two small adjacent hotels, ~12,364 rooms in total, alongside more than 3 million square feet of indoor and outdoor meeting space. Five of those properties carry the Gaylord Hotels flag (Opryland in Nashville, Palms in Kissimmee, Texan in Grapevine, National at National Harbor outside Washington, and Rockies in Aurora), and five of the seven largest non-gaming convention hotels in the country are Ryman's. Marriott manages the entire portfolio under long-term agreements, so Ryman is the owner and capital allocator rather than the operator. The revenue mix explains the business better than the room count does. In the second quarter of 2026 the hotels produced $232.4 million of rooms revenue against $296.4 million of food and beverage and $76.2 million of other hotel revenue, so banquets, catering and audiovisual services out-earned the beds. Consolidated Total RevPAR of $537.69 against RevPAR of $206.52 is the same fact expressed per available room. A second segment, Opry Entertainment Group, holds the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Category 10, Block 21 in Austin and a majority of the festival promoter Southern Entertainment.

What drives the numbers is group booking pace, and the pace set records in the second quarter. Ryman booked 768,697 gross definite room nights for all future periods at an estimated average daily rate near $310, up 8.6% year over year and an all-time quarterly high. Rate, not volume, is doing the work: same-store occupancy slipped 1.2 points to 72.8% while ADR rose 6.9% and banquet and AV revenue per group room night climbed 12.9%. Management raised full-year 2026 guidance on August 6 to same-store RevPAR growth of 3.5% to 4.5% and consolidated Adjusted EBITDAre of $878 million to $910 million, against $794.7 million delivered in 2025. Second-quarter operating income of $174.5 million carried a 23.3% margin, up 2.2 points. Four days later the company agreed to buy Grande Lakes Orlando from Trinity Investments for $1.38 billion, at a stated 12.5 times the property's trailing Adjusted EBITDAre, funding part of it with 5,865,000 new shares priced at $117.00. The market is paying for a group-demand cycle that still has rate ahead of it, financed on a balance sheet carrying ~$3.97 billion of debt against ~$6.19 billion of assets.

The concentration is unusual for a REIT of this size. Seven properties generate nearly all hotel revenue, and a single manager, Marriott International, runs all of them, so operating execution is outsourced to one counterparty across the whole portfolio. Gaylord National at National Harbor depends heavily on association and government-adjacent Washington demand, and it earned a 32.1% Adjusted EBITDAre margin in the second quarter against 45.9% at Gaylord Rockies, a spread that shows how uneven the assets are. Renovation displacement is live rather than theoretical: JW Marriott Hill Country posted a 5.8% RevPAR decline during its rooms project, which runs until March 2027, and the Gaylord Texan renovation held that property's revenue slightly negative. Leverage is the second issue. Debt stood at ~$3,969.5 million on June 30 against ~$6,191.8 million of total assets, and first-half interest expense rose to $128.0 million from $112.8 million. The March 2026 refinancing swapped $700 million of 4.75% notes due 2027 for 5.75% notes due 2034, adding roughly $7 million of annual interest and booking a $2.2 million extinguishment loss. Capital spending guidance was raised to $400 million to $500 million for 2026 against first-half operating cash flow of $321.9 million, and the REIT distribution requirement (minimum dividends of 100% of REIT taxable income) limits how much can be retained, so external capital funds growth. The Grande Lakes purchase adds closing risk, integration risk and a $50 million escrow at stake, and it deepens Florida exposure alongside Gaylord Palms. Finally, the diluted share count includes ~4.9 million equivalent shares tied to the Atairos put rights on OEG, a claim that can be settled in cash or stock at the company's option.

13 analysts publish price targets on RHP, averaging $134.15 against a $128.50 price as of August 2026, or +4.4%. The published targets run from $125.00 to $152.00, a narrow spread, and the ratings split 14 buy, 0 hold, 0 sell. Over the last six months there have been 11 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full RHP forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Ryman Hospitality Properties, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Forward bookings at record rates. Second-quarter gross definite room nights booked for all future periods reached 768,697, up 6.7% from the prior-year quarter, with net definite bookings of 589,929, up 9.3%. The most optimistic published target, $152.00, assumes this works close to its best case.

The case against. The concentration is unusual for a REIT of this size. The most pessimistic target, $125.00, is roughly what RHP is worth if this bites instead.

Read the full bull and bear case on RHP, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Ryman Hospitality Properties, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$2.74 billion for the twelve months to June 30, 2026, against $2,577.1 million in fiscal 2025 and $2,339.2 million in fiscal 2024. Second-quarter 2026 revenue of $749.0 million was an all-time quarterly record, up 13.6%, split ~81% Hospitality and ~19% Entertainment. First-half revenue reached $1,413.6 million, up 13.4%, with JW Marriott Desert Ridge (acquired June 10, 2025) contributing $134.5 million of that.
• Earnings, FFO and AFFO per share: Trailing twelve-month diluted EPS is ~$4.11 on net income available to common stockholders of ~$272 million. Fiscal 2025 diluted EPS was $3.77, down from $4.38 in 2024, even as revenue grew 10.2%, because depreciation and interest both rose. The REIT measures tell a different story: fiscal 2025 FFO was $7.93 per diluted share/unit and AFFO $8.46, versus $8.05 and $8.54 in 2024. Second-quarter 2026 FFO was $2.54 and AFFO $2.77 per diluted share/unit, up 18.7% and 17.9%.
• Operating metrics: Consolidated second-quarter occupancy was 72.7%, ADR $284.05, RevPAR $206.52 and Total RevPAR $537.69. On the same-store basis that excludes Desert Ridge, occupancy was 72.8% (down 1.2 points), ADR $277.19 (up 6.9%) and Total RevPAR $524.05 (up 6.5%). Consolidated Adjusted EBITDAre was $258.3 million at a 34.5% margin; excluding the OEG noncontrolling interest it was $241.9 million. Segment Adjusted EBITDAre: Hospitality $223.0 million, Entertainment $43.9 million, Corporate and Other negative $8.6 million.
• 2026 guidance (raised August 6, 2026): Same-store RevPAR and Total RevPAR growth of 3.50% to 4.50%, both midpoints lifted 100 basis points. Consolidated operating income of $543.8 million to $557.0 million and consolidated Adjusted EBITDAre of $878.0 million to $910.0 million, a midpoint of $894.0 million against $794.7 million in 2025. Net income available to common of $270.5 million to $273.5 million, or $4.10 to $4.11 per diluted share, and AFFO of $8.98 to $9.28 per diluted share/unit on ~68.8 million weighted diluted shares and units. Guidance predates the Grande Lakes agreement and the August share sale.
• Cash flow and balance sheet: First-half operating cash flow was $321.9 million, up from $220.7 million, against $241.2 million of property purchases. At June 30, 2026 unrestricted cash was $366.1 million and total debt $3,969.5 million net of financing costs, with nothing drawn on either revolver and $930.0 million of combined availability. The debt stack runs 7.25% notes due 2028 ($400 million), 4.50% due 2029 ($600 million), 6.50% due 2032 ($1.0 billion), 6.50% due 2033 ($625 million), 5.75% due 2034 ($700 million), a $288.4 million term loan B and a $423.1 million OEG term loan.
• Market pricing: The shares trade near $128.50 in late August 2026 against a 52-week range of $83.82 to $137.46, for a market capitalisation of ~$8.8 billion. Shares outstanding were 63.1 million at June 30; the August 12 offering of 5,865,000 shares at $117.00 (including a fully exercised greenshoe, ~$658 million net) takes that to ~69.0 million. Trailing P/E is ~31 and beta ~1.20. The quarterly dividend is $1.20, paid July 15, with 2026 aggregate minimum dividends intended at $4.80 per share, a yield of ~3.7%, following $4.65 declared in 2025.

At ~$128.50 the shares sit at roughly 14 times the $9.13 AFFO midpoint and, using June 30 debt and cash with the post-offering share count, an enterprise value near $12.5 billion against $894 million of guided Adjusted EBITDAre. Ryman itself just agreed to pay 12.5 times trailing property EBITDAre for Grande Lakes, so the public multiple and the private-market print for comparable group assets are not far apart. The trailing P/E of ~31 is a depreciation artefact and does not describe the cash the REIT distributes.

Other names that sit close to RHP: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get RHP exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so RHP sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where RHP fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

As of August 2026, RHP is priced at roughly 14 times the midpoint of its guided 2026 AFFO of ~$9.13 per diluted share/unit, with a pending $1.38 billion Orlando acquisition part-funded by an equity sale that closed on August 12 and raised ~$658 million net.

Whether RHP is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is RHP a buy or a sell?, and where the stock could go from here in the RHP stock forecast.

For income investors, whether RHP pays a dividend and how the payout looks is covered in does RHP pay a dividend? And to weigh RHP against a peer, read the full side-by-side comparisons: RHP vs PK and RHP vs PEB.