Ryman Hospitality Properties, Inc. to Acquire Grande Lakes Orlando Resort for $1.38 Billion

Rhea-AI Summary

Ryman Hospitality Properties (NYSE: RHP) signed a definitive agreement to acquire the fee simple interest in Grande Lakes Orlando Resort from Trinity Investments for $1.38 billion. The 409‑acre property includes a 1,010‑room JW Marriott, a 582‑room Ritz‑Carlton and a Greg Norman‑designed 18‑hole golf course.

According to the company, Marriott International will continue operating the hotels under the JW Marriott and Ritz‑Carlton brands. The price reflects a 12.5x Adjusted EBITDAre multiple on trailing‑twelve‑month results through June 30, 2026, when Adjusted EBITDAre was $110.0 million. The resort offers 1,592 rooms and about 320,000 square feet of meeting and event space and has received roughly $150 million in recent capital investments.

Ryman expects the acquisition to be accretive to Adjusted FFO per diluted share in 2027 and anticipates closing in the third quarter of 2026, subject to customary closing conditions.

Positive

• $1.38 billion acquisition of a large-scale Orlando resort asset
• Trailing-twelve-month Adjusted EBITDAre $110.0 million implies a 12.5x purchase multiple
• Adds 1,592 rooms and about 320,000 sq. ft. of meeting space in top meetings market
• Company expects the deal to be accretive to 2027 Adjusted FFO per diluted share

Negative

• Commits to a $1.38 billion purchase price for the Grande Lakes acquisition
• Closing expected in Q3 2026 but remains subject to customary closing conditions

News Explained

Although Ryman Hospitality Properties has signed the Grande Lakes purchase agreement, the release does not disclose the consideration or funding mechanics, including whether new equity will be issued; the resulting ownership and financing effects for existing holders therefore remain undetermined.

Market Context

RHP's tag-specific acquisition history recorded an average move of -1.84%. That platform record plac...

Analysis

RHP's tag-specific acquisition history recorded an average move of -1.84%. That platform record places the Grande Lakes announcement in a comparable transaction context; key watchpoints are closing completion and the expected 2027 Adjusted FFO accretion.

Key Figures

Purchase Price: $1.38 billion Adjusted EBITDAre Multiple: 12.5x Expected Adjusted FFO Accretion: 2027 +5 more

8 metrics

Purchase Price $1.38 billion Grande Lakes Orlando Resort acquisition

Adjusted EBITDAre Multiple 12.5x Trailing twelve months through June 30, 2026

Expected Adjusted FFO Accretion 2027 Adjusted FFO per diluted share

Guest Rooms 1,592 guest rooms Grande Lakes Orlando Resort

Meeting and Event Space Approximately 320,000 square feet Grande Lakes Orlando Resort

Capital Investments Approximately $150 million Recent investments in the property

Expected Closing Third quarter of 2026 Subject to customary closing conditions

Adjusted EBITDAre $110,005 (in thousands) Twelve months ended June 30, 2026

Previous Acquisition Reports

2 past events · Latest: Jun 10 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 10	Resort acquisition closing	Positive	-1.5%	Announcement preceded a 24-hour decline of 1.48% after the acquisition closed.
May 19	Resort acquisition agreement	Positive	-2.2%	Definitive acquisition agreement preceded a 24-hour decline of 2.2% in RHP shares.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

RHP's two tag-matched acquisition events both preceded negative 24-hour price reactions.

Key Terms

REIT, fee simple interest, Adjusted EBITDAre, Adjusted FFO

4 terms

REIT financial

"a lodging real estate investment trust (“REIT”) specializing in group-oriented"

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

fee simple interest regulatory

"the Company will purchase the fee simple interest in Grande Lakes Orlando Resort"

Fee simple interest is the broadest form of private ownership in real estate, giving the holder near-complete control of land and buildings, including the right to use, sell, lease, or pass the property to heirs, subject only to laws, zoning, and taxes. For investors, it matters because fee simple ownership affects how easily a property can be valued, financed, transferred, or used as collateral—similar to holding the title to a car versus renting it.

Adjusted EBITDAre financial

"The purchase price represents a 12.5x Adjusted EBITDAre multiple"

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

Adjusted FFO financial

"acquisition of Grande Lakes to be accretive to adjusted funds from operations"

Adjusted funds from operations (FFO) is a measure of how much cash a real estate investment generates from its regular business activities, excluding certain adjustments like accounting items or non-recurring expenses. It provides a clearer picture of the company's ongoing financial health, helping investors understand its true cash-generating ability. Think of it as measuring how much money a store makes from sales, after removing one-time costs or gains, to see its steady income flow.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NASHVILLE, Tenn., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today announced a definitive agreement under which the Company will purchase the fee simple interest in Grande Lakes Orlando Resort (“Grande Lakes” or the “Property”) in Orlando, Florida, for $1.38 billion from Trinity Investments. The 409-acre complex includes two hotels, a 1,010-room JW Marriott and a 582-room Ritz-Carlton, and a Greg Norman-designed 18-hole championship golf course. The Company plans for the Property to continue to be operated by Marriott International under the JW Marriott and Ritz-Carlton brands. The purchase price represents a 12.5x Adjusted EBITDAre multiple on the Property’s trailing-twelve-month results through June 30, 2026.¹ The Company expects the acquisition of Grande Lakes to be accretive to adjusted funds from operations (“Adjusted FFO”) per diluted share for 2027.

Mark Fioravanti, President and Chief Executive Officer of the Company, said, “Grande Lakes is a terrific asset and one that fits all of our ownership criteria. The transaction strengthens our JW Marriott and Gaylord Hotels customer rotation strategies, expands our presence in the nation’s top meetings market and creates the opportunity for meaningful portfolio synergies. Building on the success of our growing JW Marriott platform, Grande Lakes establishes a nationwide rotational network for the JW Marriott brand within our hotel portfolio. Grande Lakes also introduces Ritz-Carlton as a new luxury brand within our portfolio, providing access to a high-value customer segment and unique customer insights that can further strengthen our platform and support long-term value creation across the portfolio.”

Grande Lakes Orlando Resort is one of the largest resorts in the greater Orlando area and features 1,592 guest rooms and approximately 320,000 square feet of versatile indoor and outdoor meeting and event space. Guests can enjoy an array of world-class amenities, including the 40,000-square-foot Ritz-Carlton spa & fitness center; 14 food and beverage outlets; the Grande Lakes Waterpark featuring water slides, a lazy river, and the AquaVenture aqua course; and a Greg Norman-designed 18-hole golf course at The Ritz-Carlton Golf & Tennis Club, home of the PNC Championship. The Property has recently benefitted from approximately $150 million in capital investments, encompassing all guestrooms, meeting space and core public areas across both hotels.

Orlando has consistently ranked as the top meetings destination in North America by Cvent and benefits from strong year-round leisure demand drivers. Orlando International Airport is the 7th busiest in the U.S. by total passenger volume.

The Company expects to close the Grande Lakes transaction in the third quarter of 2026, subject to customary closing conditions.

BofA Securities and J.P. Morgan acted as financial advisors to Ryman Hospitality Properties, Inc., and Bass, Berry & Sims PLC and Greenberg Traurig, LLP acted as legal advisors. 

¹ Adjusted EBITDAre is a non-GAAP financial measure. Refer to “Grande Lakes Adjusted EBITDAre” later in this press release for an explanation of this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.

Investor Presentation

The Company has made available an investor presentation containing supplemental information related to this transaction. The presentation can be found on the Investor Relations section of the Company’s website under Events & Presentations.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

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 pending Grande Lakes transaction and the Company’s expectations for Grande Lakes upon the closing of the transaction. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include the risks and uncertainties associated with the pending Grande Lakes transaction, including, but not limited to, the occurrence of any event, change or other circumstance that could delay the closing of the Grande Lakes transaction, or result in the termination of the agreement for the Grande Lakes transaction; adverse effects on Company’s common stock because of the failure to complete the Grande Lakes transaction; the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future; and changes in interest rates. 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 and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and subsequent filings. Except as required by law, 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.

Investor Relations Contacts: Mark Fioravanti, President and Chief Executive Officer (615) 316-6588 mfioravanti@rymanhp.com Jennifer Hutcheson, Chief Financial Officer (615) 316-6320 jhutcheson@rymanhp.com Sarah Martin, Vice President, Investor Relations (615) 316-6011 sarah.martin@rymanhp.com	Media Contact: Shannon Sullivan, Vice President, Corporate and Brand Communications (615) 316-6725 ssullivan@rymanhp.com

Grande Lakes Adjusted EBITDAre

Adjusted EBITDAre is calculated and presented by the Company based on unaudited information provided to the Company from the seller or an affiliate of the seller. Adjusted EBITDAre, a non-GAAP financial measure, is calculated as Net Income calculated in accordance with GAAP plus interest expense, depreciation and amortization and non-operating items related to ownership structure. Below is a reconciliation of Adjusted EBITDAre to Net Income, its most directly comparable GAAP figure. The Company used Adjusted EBITDAre to evaluate the operating performance of the property and to price the acquisition.

			12 Months Ended
			June 30,
(in thousands)			2026
Net Income		$	10,414
Interest expense, net			57,754
Depreciation expense			39,844
Non-Operating Items Related to Ownership Structure			1,993
Adjusted EBITDAre		$	110,005

FAQ

What is Ryman Hospitality Properties (NYSE:RHP) acquiring with the Grande Lakes Orlando Resort deal?

Ryman Hospitality Properties is acquiring the fee simple interest in Grande Lakes Orlando Resort, a 409-acre complex in Orlando. According to Ryman, the property includes a 1,010-room JW Marriott, a 582-room Ritz-Carlton and a Greg Norman-designed 18-hole championship golf course.

How much is Ryman Hospitality Properties (RHP) paying for Grande Lakes and what EBITDAre multiple is implied?

Ryman Hospitality Properties agreed to pay $1.38 billion for Grande Lakes Orlando Resort. According to Ryman, the price equates to a 12.5x Adjusted EBITDAre multiple on the property’s trailing-twelve-month results through June 30, 2026, when Adjusted EBITDAre was $110.0 million.

When is the Grande Lakes Orlando acquisition by Ryman Hospitality Properties (RHP) expected to close?

The Grande Lakes Orlando acquisition is expected to close in the third quarter of 2026. According to Ryman Hospitality Properties, the closing remains subject to customary closing conditions, so the timing could be affected if those conditions are not satisfied as planned.

Will Marriott continue to manage Grande Lakes Orlando after Ryman Hospitality Properties (RHP) acquires it?

Yes, Marriott International is expected to continue operating Grande Lakes Orlando under the JW Marriott and Ritz-Carlton brands. According to Ryman Hospitality Properties, the transaction does not change the management operator, preserving existing brand positioning and guest recognition at the resort’s two hotels.

How will the Grande Lakes acquisition impact Ryman Hospitality Properties’ (RHP) Adjusted FFO per share?

Ryman Hospitality Properties expects the Grande Lakes acquisition to be accretive to Adjusted FFO per diluted share in 2027. According to Ryman, this expectation is based on the property’s trailing financial performance and its Adjusted EBITDAre of $110.0 million for the twelve months ended June 30, 2026.

What are the key features and recent investments at Grande Lakes Orlando Resort being acquired by RHP?

Grande Lakes offers 1,592 guest rooms and about 320,000 square feet of indoor and outdoor meeting and event space. According to Ryman, the resort recently benefited from approximately $150 million in capital investments across guestrooms, meeting areas and core public spaces at both hotels.