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2 0 2 0 a N N U a L R E P O 2020 ANNUAL REPORT Ryman Hospitality Properties, Inc. A Real Estate Investment Trust About Us Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality One Gaylord Drive real estate investment trust, or REIT, for federal income tax purposes, that Nashville, TN 37214 specializes in upscale convention center resorts and country music entertainment 615-316-6000 RymanHP.com experiences. The Company’s core holdings* include a network of five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,412 rooms and more than 2.8 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company’s Entertainment segment includes a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture partnership with Gray Television. The Company operates its Entertainment segment as part of a taxable REIT subsidiary. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com. *The Company is the sole owner of Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; and Gaylord National Resort & Convention Center. It is the majority owner and managing member of the joint venture that owns Gaylord Rockies Resort & Convention Center. Dear Fellow Shareholders, Last year was without question the most difficult and unusual year of my long career in the hospitality industry. Here in Nashville, the year started with a series of tornadoes that created widespread destruction. Soon after those events, our nation felt the impact of the global pandemic that we now know as COVID-19. And if that’s not bad enough, here in Nashville, a Christmas Day bomb created massive damage to our historic Second Avenue downtown. This series of events was unlike anything any of us have experienced in our lifetimes, and I am very proud of the way our leaders have navigated this last year. Our team, by and large, has led this organization for almost two decades, and in that time, they have seen us successfully through many difficult periods, such as 9/11, the global financial crisis of 2008 and the great flood here in Nashville in 2010. Just like these previous crises, I expect Ryman Hospitality Properties to emerge from the current challenges a stronger and more resilient company. Whenever our Company faces difficult times, our tendency is to over-communicate with our precious stakeholders, be they shareholders, employees, communities where we operate, or bankers, and this has certainly been the case over this last year. So rather than rehash everything that occurred during 2020 that we have talked about many times, I will focus on several of the big decisions we made that I believe position us really well for the period ahead as we emerge from this COVID-inflicted environment. Let’s first address our Hospitality business. As COVID-19 took hold across the nation toward the end of the first quarter of last year, we decided, in consultation with Marriott, to temporarily close our five Gaylord Hotels properties. Perhaps the most important decision we made through this crisis was the retention of our on-property sales personnel. The reason was, in our opinion, straightforward since the meeting-planning business was undergoing massive disruption as basically every planned meeting in the country was being cancelled. Our view was that we needed to be of help in these times and, in collaboration with the meeting planners, rebook their cancelled events for some time in the future. From our outreach to you in the last year, you know that we have rebooked almost 60 percent of every group room cancelled for some time in the future. We believe this accomplishment sets us up for a quick recovery when the meetings sector comes back. As you all know, it has been a major focus of our management team to consistently improve the physical qualities of our resorts. Over the last few years, we have materially enhanced our pool and spa complexes, upgraded sports bars and restaurants, and continued to refine our leisure programming. This strategy paid dividends as we reopened most of our hotels mid-summer, and as a result, we were able to generate impressive levels of transient demand even in the height of the pandemic. In fact, our hotel businesses produced positive property-level EBITDA in the fourth quarter of 2020. Within our Entertainment business, several important steps were taken early on. Yes, just like our hotels, we temporarily shut down all our venues and bars. However, unlike our hotels, we decided to continue holding a weekly Grand Ole Opry show audience-free. Remarkably, the weekly Opry Live broadcast has been streamed over 55 million times across the United States and around the world. What’s more, in a recent survey we conducted, 56 percent of U.S. country music fans say they have seen Opry Live in the last six months on TV or the internet. Of those respondents, 69 percent indicated that after seeing Opry Live, they are more likely to visit the Opry in person at a future date. As you all know, we launched Circle on January 1, 2020. With folks locked at home from mid-March, our distribution of the platform has grown tremendously, not only through our partnerships with Gray and other local affiliates, but also on digital platforms like Roku and Peacock. At the time of writing, our Circle Network is available to about 150 million users across these digital platforms, based on publicly reported data. i Moving to our balance sheet and particularly our liquidity position, I feel our team has done a good job managing the Company’s cash burn rate as well as working with our credit facility lenders to provide covenant relief through the end of the first quarter of 2022. Subsequent to the end of the year, we completed an eight-year $600 million high yield note offering at a favorable 4.5% rate. There have been many other things we have worked on over this last year that I think will position us so well as this country recovers from the COVID-19 pandemic, so let me shift to the future, which is what is really important as we reestablish our two lines of business as best-in-class. It is our strong belief that over the coming months, consumers across this nation will be returning to the things they love, be they conventions, vacations, concerts, or watching their favorite sports teams. Certain organizations, particularly those who have treated their customers and employees well during this last year, have a chance to grow their market share. We see ourselves certainly in that group, and with the things we have learned through this ‘‘once in a lifetime’’ event, we are optimistic that we will be a stronger company in a year from now than we were a year ago. We have so many good things ahead of us as the consumer returns to our hotels, including a new expansion at Gaylord Palms; a renovated Gaylord National; and the continued maturity of Gaylord Rockies, SoundWaves at Gaylord Opryland, and the Gaylord Texan expansion. We also have a strong book of group business for the back half of this year and the following several years. In regard to our leisure offerings, our resorts’ physical attributes and programmatic qualities are exceptional and are primed to take advantage of the anticipated surge in leisure business as consumers become confident in travel. In our entertainment business, we also have lots of opportunities, be they the maturity of our Circle Network and the downstream launch of an SVOD platform or the expansion of our Ole Red brand and the continued expansion of the digital distribution of Grand Ole Opry performances. Indeed, we are very excited about our future and are quickly putting this last year behind us. Before closing, let me briefly discuss our endeavors regarding ESG. During this last year, notwithstanding the complexities of COVID, we have made ESG a priority throughout our organization and the communities in which we operate. Regarding our environmental and sustainability efforts, we have made commitments that can be reviewed in our proxy statement and in our annual ESG program report. We have also had multiple discussions with our manager, Marriott, to find new ways to expand the existing programs at our hotels. Regarding diversity and inclusion, we are committed to transforming our approach by building upon our past successes, and again, you can find a detailed recap of our programs in our proxy statement and in our annual ESG program report. Finally, as I reflect on this past year, I am extremely proud of how our Board, management team, partners and employees rose to the occasion despite the sense of loss we have all felt at different times over these past 12 months. Everyone on our team has made significant personal sacrifices that allowed us to not only navigate the early days of the crisis, but also to record some meaningful accomplishments throughout the year. I also want to thank the many Opry members and featured artists who braved COVID-19 lockdowns to keep the rich tradition of the Grand Ole Opry’s Saturday night broadcast alive and well.
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