Ryman Hospitality Properties is a REIT that owns and operates a portfolio of large, group-focused convention resort hotels under the Gaylord Hotels brand and two JW Marriott-branded properties. The core product is a self-contained destination resort combining hotel rooms, extensive meeting and exhibition space, food and beverage, entertainment, and amenities under one roof — designed so that conference and convention attendees never need to leave the property. The five Gaylord Hotels are located in Nashville, the D.C. area, Dallas, Orlando, and Denver, ranging from roughly 1,500 to 2,900 rooms each. All properties are managed by Marriott under long-term management agreements. Ryman's primary customers are corporate and association meeting planners booking large group events, often years in advance, providing strong forward booking visibility. Beyond room revenue, Ryman earns heavily from out-of-room spending — banquet, catering, AV, and food and beverage — which can exceed $500 per attendee per day for corporate groups. Ryman also owns roughly 70% of Opry Entertainment Group, which operates the Grand Ole Opry, Ryman Auditorium, Ole Red and Category 10 branded venues, ACL Live in Austin, and music festivals. Ryman is actively investing over $1B across its hotel portfolio through 2027, targeting mid-teens unlevered returns, and is evaluating a potential future spin-off of the entertainment business.