Slides
Page 1
RYMAN HOSPITALITY PROPERTIES , INC . ACQUISITION OF GRANDE LAKES ORLANDO RESORT AUGUST 10 , 2026 RYMAN RYMAN HOSPITALITY PROPERTIES , INC . A REAL ESTATE INVESTMENT TRUST
Page 2
2 FORWARD-LOOKING STATEMENTS AND OTHER IMPORTANT INFORMATION This presentation contains “forward-looking statements” of Ryman Hospitality Properties, Inc. (the “Company”) 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, information about the pending acquisition of the JW Marriott Grande Lakes, Orlando and The Ritz-Carlton Orlando, Grande Lakes (the “Grande Lakes Orlando”), statements regarding future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the risks and uncertainties associated with the proposed acquisition of Grande Lakes Orlando (the “Grande Lakes Acquisition”), including, but not limited to, the occurrence of any event, change or other circumstance that could delay the proposed Grande Lakes Acquisition, or result in the termination of the agreement for the Grande Lakes Acquisition; adverse effects on the Company’s common stock because of the failure to complete the Grande Lakes Acquisition; economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in the Company’s Opry Entertainment Group (“OEG”) businesses, the Company’s ability to remain qualified as a real estate investment trust (“REIT”), the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, 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, changes in interest rates, the success of the Company’s investments in its hotels and of its investments in other projects, including the proposed Grande Lakes Acquisition, the Company’s ability to successfully integrate the Grande Lakes Orlando with its existing assets in an efficient and effective manner following the completion of the Grande Lakes Acquisition and realize, fully or at all, the anticipated economic benefits of the Grande Lakes Acquisition, and increased expenses due to activities related to the Grande Lakes Acquisition and integration. 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, respectively, 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. This presentation should be reviewed in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the audited consolidated financial statements, including all related notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Company’s unaudited condensed consolidated financial statements, including all related notes thereto, included in the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, respectively. This presentation is current as of August 10, 2026. Certain information contained in this presentation includes or is based on independent industry publications, United States and local government sources and reports by market research firms and other third parties. Although the information is believed to be reliable, neither the Company nor its agents have independently verified the accuracy, currency, or completeness of any of the information from third-party sources referred to in this investor presentation or ascertained from the underlying economic assumptions relied upon by such sources. The Company and its agents disclaim any responsibility or liability whatsoever in respect of any third-party sources of market and industry data or information. This presentation includes certain non-GAAP financial measures, including Adjusted EBITDAre, Net Operating Income, Cap Rate, FFO available to common shareholders, Adjusted FFO available to common shareholders and Adjusted FFO available to common shareholders per diluted share/unit. There are no specific rules or regulations for determining non-GAAP measures and, as such, they may not be comparable to measures used by other companies within the industry. These non-GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Explanations for these non-GAAP measures, and reconciliation of these non-GAAP measures to their most directly comparable GAAP measures are available in the Appendix to this presentation. This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Page 3
3 TRANSACTION OVERVIEW 1. The Company has entered into a definitive agreement to acquire Grande Lakes Orlando, which is subject to customary closing condi tions. There can be no assurances that such transaction will be completed 2. In valuing Grande Lakes Orlando, the Company considered full year 2025 performance of the asset as well as anticipated 2026 r esults 3. An explanation for these non-GAAP measures and reconciliation to their most comparable GAAP measure are available in the Appendi x to this presentation. These non-GAAP measures are based on financial information provided by the seller. LTM refers to the 12 months ended June 30, 2026 Asset1 JW Marriott Orlando, Grande Lakes and The Ritz-Carlton Orlando, Grande Lakes Purchase Price2 $1,380 million LTM Adjusted EBITDAre3 $110.0 million LTM Adjusted EBITDAre Valuation Multiple3 12.5x LTM Cap Rate3 6.6% Timing Expected to close in Q3 2026 Expected Shareholder Accretion Expected to be accretive to AFFO per fully diluted share in 2027 (first full year of ownership) 3 JW MARRIOTT ORLANDO, GRANDE LAKES
Page 4
4 HIGH-CONVICTION ACQUISITION WITH MULTIPLE VALUE DRIVERS Ideal acquisition target “checks all the boxes” on our buy list Premier resort in “turnkey” condition is anticipated to add immediate scale and earnings power Would complete a nationwide rotational pattern among our owned JW Marriott hotels and introduce rotation opportunities for Ritz-Carlton group customers Expands our presence in Orlando, the #1 meetings market1 in the U.S. Opportunity to leverage our demonstrated value creation playbook based on successful integrations of JW Marriott Hill Country and JW Marriott Desert Ridge 4 1. Source: Cvent Top 50 Meeting Destinations in North America 2026 THE RITZ-CARLTON ORLANDO, GRANDE LAKES
Page 5
5 PRIMARY ACQUISITION CRITERIA JW MARRIOTT HILL COUNTRY JW MARRIOTT DESERT RIDGE GRANDE LAKES ORLANDO Large-format hotel with extensive meeting space Substantial group mix Favorable market dynamics including group and leisure appeal, airlift and constructive regulation Marriott management Value creation opportunities including asset enhancement, expansion and/or customer rotation Expected shareholder accretion GRANDE LAKES ORLANDO “CHECKS ALL THE BOXES” AS AN IDEAL ACQUISITION TARGET
Page 6
6 PREMIER “TURNKEY” RESORT ANTICIPATED TO ADD IMMEDIATE SCALE AND ATTRACTIVE PORTFOLIO CHARACTERISTICS 1. 2025 operating statistics and room night segmentation. Same-store portfolio excludes JW Marriott Desert Ridge, which was acquire d on June 10, 2025. Operating statistics for JW Desert Ridge include the partial-year period prior to our ownership. For Grande Lakes Orlando, operating metrics and room night segmentation information are based on unaudited data provided by the seller and have been calculated consistent w ith the methodology we use to calculate ADR, RevPAR and Total RevPAR for our own hotel properties 2. Average daily rate (“ADR”) is calculated by dividing rooms revenue by the number of rooms sold. Revenue per available room (“ RevPAR”) is defined as rooms revenue divided by room nights available to guests for the period. Total revenue per available room (“Total RevPAR”) is defined as the sum of rooms revenue, food and beverage, and other ancillary services revenue divided by room nights available to guests for the period. For additional information regarding how we calculate these operating metrics, see the Company's Quarterly Report on Fo rm 10-Q for the quarter ended June 30, 2026 3. SMERF refers to social, military, educational, religious and fraternal groups ASSET OVERVIEW 1,592 KEYS 320K SF MEETING SPACE 14 FOOD & BEVERAGE OUTLETS $150M+ RECENT INVESTMENT PORTFOLIO FIT Grande Lakes Orlando would generate the highest ADR, RevPAR and Total RevPAR in the portfolio Grande Lakes Orlando offers strong in- place group business including meaningful corporate group mix $265 $344 $366 Same Store Portfolio JW Hill Country & JW Desert Ridge Grande Lakes Orlando ADR COMPARISON1,2 $492 $596 $624 $184 $222 $253 Same Store Portfolio JW Hill Country & JW Desert Ridge Grande Lakes Orlando Total RevPAR RevPAR PREMIER AMENITIES Greg Norman-designed 18-hole golf course; 40,000-SF Ritz- Carlton spa & fitness center; and Grande Lakes Waterpark 61% 39% Group Leisure REVPAR COMPARISON1,2 SEGMENTATION1 GROUP SEGMENTATION1,3 69% 19% 12% Corporate Association SMERF
Page 7
7 DEMONSTRATED PLAYBOOK PROVIDES CLEAR PATH TO VALUE CREATION 7 PLAYBOOK PROVEN JW MARRIOTT RESULTS GRANDE LAKES OPPORTUNITIES Enhance customer rotation opportunities ▪ Expanded westward distribution ▪ Established a second rotational pattern under the JW Marriott brand ▪ Rotational sales resources dedicated to our owned JW Marriotts have booked ~129,000 multiyear, rotational group room nights, representing 44% of owned JW Marriott production ▪ Establishes nationwide rotational pattern for owned JW Marriott hotels ▪ Introduces rotation potential for Ritz-Carlton customer base Deepen presence in strategic markets ▪ Expanded distribution into new attractive markets Phoenix and San Antonio ▪ Deepens our presence in the #1 U.S. meetings market1 Create value through platform integration ▪ Improved profitability under ‘group first’ strategy ▪ Achieved scale efficiencies through portfolio integration and alignment of above-property resources ▪ Created new revenue opportunities through ice! holiday programming and meeting space repositioning ▪ Expected to introduce meaningful market-level cross selling and cost synergies with Gaylord Palms ▪ Expected to improve revenue management capabilities with demand visibility across nearly 2x existing rooms inventory ▪ Expands opportunities to develop new holiday programming concepts that complement current Gaylord Palms offerings Leverage new brand insights ▪ Expanded into a new premium customer segment through the JW Marriott brand and successfully grew demand ▪ June YTD, JW Marriott Desert Ridge RevPAR Index has increased 8 percentage points, primarily demand driven 2 ▪ Introduces a new premium customer acquisition channel through the Ritz-Carlton brand ▪ Offers new customer insights that can further enhance the platform 1. Source: Cvent Top 50 Meeting Destinations in North America 2026 2. Results at JW Marriott Hill Country for the same period are impacted by construction disruption related to the rooms renovation currently underway, therefore, the RevPAR Index statistics are not comparable THE RITZ-CARLTON GOLF CLUB, GRANDE LAKES
Page 8
8 GRANDE LAKES ESTABLISHES NATIONWIDE JW MARRIOTT ROTATIONAL PATTERN… Minimal customer overlap in Orlando market ▪ Less than 17% of JW Marriott Grande Lakes meetings are also Gaylord Palms meetings 1. The Hospitality portfolio includes two overflow hotels, the 303 -key Inn at Opryland, adjacent to Gaylord Opryland in Nashville, and the 192-key AC National Harbor, adjacent to Gaylord National in Washington, DC 2. Based on 2023-2025 actual group room nights traveled for JW Marriott Hill Country, JW Marriott Desert Ridge, and JW Marriott Gra nde Lakes AS-ADJUSTED HOSPITALITY PLATFORM DISTRIBUTION1 Gaylord Opryland 2,888 rooms Gaylord National 1,996 rooms Gaylord Palms 1,718 rooms Gaylord Texan 1,814 rooms Gaylord Rockies 1,501 rooms JW Marriott Desert Ridge 950 rooms JW Marriott Hill Country 1,002 rooms Grande Lakes Orlando 1,592 rooms under contract Limited existing rotation ▪ Less than 6% of total group room nights represent business among all three JW Marriott hotels2 Critical distribution imbalance ▪ East Coast distribution creates a complete nationwide owned JW Marriott rotational pattern THE RITZ-CARLTON ORLANDO, GRANDE LAKES Gaylord Hotels JW Marriott/Ritz-Carlton As-adjusted owned JW Marriott rotational pattern with JW Marriott Orlando, Grande Lakes
Page 9
9 …AND DEEPENS OUR PRESENCE IN THE TOP MEETINGS MARKET IN THE U.S. 6% 15% 4% Pro Forma Group RN % of Orlando Lux / UU Group RN Average RHP Group RN % of Market Lux / UU Group RN RHP Grande Lakes Orlando 10% #1 U.S. MEETINGS MARKET1 1. Source: Cvent Top 50 Meeting Destinations in North America 2026 2. For the forecast period 2026-2030. Source: CBRE Hotels Research, Hotel Horizons National and Orlando Forecasts , Q1 2026 (May 2026) 3. Source: STR. Based on 2025 group room nights traveled GRANDE LAKES ORLANDO WHY ORLANDO MATTERS AS-ADJUSTED MARKET POSITIONING Grande Lakes improves our portfolio positioning in a large and important meetings market3 3.7% UPPER-PRICED HOTEL REVPAR CAGR2 +130 bps ABOVE TOTAL U.S. AVERAGE REVPAR CAGR2
Page 10
10 Meaningful revenue synergies targeting market-level value creation Proximity to Gaylord Palms offers market-level economies of scale Demand visibility across nearly 2x existing room inventory supports more effective revenue management Group cross-selling creates ADR uplift opportunity for Gaylord Palms Leveraging our programming expertise, new and unique holiday concepts at Grande Lakes expand seasonal revenue opportunities Enhanced labor productivity Potential for scale efficiencies: Improved purchasing power More favorable third-party contract terms Centralized procurement 10 VALUE CREATION THROUGH PLATFORM INTEGRATION HIGHBALL & HARVEST AT THE RITZ-CARLTON ORLANDO, GRANDE LAKES
Page 11
11 OPPORTUNISTIC CUSTOMER ACQUISITION OPPORTUNITY THROUGH NEW BRAND EXPOSURE Ritz-Carlton attracts a strong standalone group base1 Luxury brand expands access to premium customers Planned research expected to yield actionable insights Overlap with JW Marriott is limited: only ~22% of meetings utilize both hotels; highlights meaningful Ritz-Carlton group customer growth opportunities Potential Ritz-Carlton customer rotation to owned JW Marriotts represents ADR opportunity Primary customer research and portfolio benchmarking expected to identify: Drivers of customer loyalty ‘Best of’ business model strategies Multi-brand ecosystem dynamics 1. 2025 room night segmentation and operating statistics. Operating statistics for JW Desert Ridge include the partial -year period prior to our ownership. For Grande Lakes Orlando, operating metrics and room night segmentation information are based on unaudited data provided by the seller and have been calculated consistent with the meth odology we use to calculate ADR for our own hotel properties 11 $344 $321 $451 JW Hill Country & JW Desert Ridge JW Grande Lakes RC Grande Lakes ADR COMPARISON1 61% 39% RITZ-CARLTON ROOM NIGHT SEGMENTATION1 Group room nights Leisure room nights THE RITZ-CARLTON GOLF CLUB, GRANDE LAKES
Page 12
COMPANY OVERVIEW 12 GAYLORD OPRYLAND, NASHVILLE
Page 13
13 UNIQUE ASSET AND SERVICE MODEL Difficult-to-replicate portfolio and service model solves challenges few meeting facilities can accommodate RevPAR Index underscores strong competitive position: LTM June 2026 RevPAR Index is up 6 percentage points YOY and up 20 percentage points since 20194 PREDICTABLE CASH FLOWS Strong customer retention amplifies structural advantages, driving sector-leading profitability and growth Durable financial model reinforces our confidence in reinvestment DISCIPLINED CAPITAL DEPLOYMENT Reinvestment strengthens competitive position and creates long-term value Leveraging visibility and existing physical infrastructure drives attractive risk-adjusted returns; minimum unlevered mid- teens IRR target on growth capital Model enables repeatable investment process SINGLE OPERATOR ADVANTAGES Provides continuity to drive high customer loyalty, retention and rotation across the portfolio Unique structure reinforces portfolio-level value creation Group customer retention: 66%; rotation: 30% 5 A UNIQUE GROUP CUSTOMER-FOCUSED REAL ESTATE PLATFORM… GROUP CUSTOMER SEGMENT STRUCTURAL ADVANTAGES… VISIBILITY Advance bookings provide meaningful revenue visibility 2025 average booking window: 3.1 years1 REVENUE OPPORTUNITY ‘All under one roof’ groups bring significant revenue opportunity beyond rooms OtherPAR algorithm: >1.7x RevPAR3 CONTRACTUAL PROTECTIONS Attrition and cancellation fees provide a measure of downside protection Fees collected during COVID: $181 million2 …ENABLE A POWERFUL FLYWHEEL MODEL 1. For same-store group business. The same-store portfolio excludes JW Marriott Desert Ridge, which was acquired on June 10, 2025 2. For same-store group business excluding JW Marriott Hill Country, which was acquired in 2023. We define the COVID period as 2020 -2023 3. OtherPAR means all non-room hotel revenues per available room 4. As reported by STR. Reflects the simple average of RevPAR Index for our 5 owned Gaylord Hotels and JW Marriott Hill Country. Gaylord Rockies is included beginning in Q1 2023; JW Marriott Hill Country is included beginning in Q3 2023. JW Marriott Desert Ridge, which was acquired on June 10, 2025, is not included 5. Group customer retention is defined as percentage of group room nights booked in 2025 for our 5 owned Gaylord Hotels associat ed with meetings that traveled within the Gaylord Hotels brand, as well as the Gaylord Pacific (which is not owned by us) in the last 2 years. Group customer rotation is defined as group room nights booked in 2025 for our 5 owned Gaylord Hotels, the Inn at Opryland and the AC National Harbor under multiyear, multi-property contracts
Page 14
14 LIMITED NEW COMPETITIVE SUPPLY RHP Other U.S. Supply In Construction …BENEFITTING FROM LONG-TERM SUPPLY AND DEMAND TAILWINDS… As of July 31st, same-store projected group rooms revenue pace for T+1, T+2, T+3 and beyond and all years was 3.2%, (0.5%), 15.5% and 8.8%, respectively, relative to the same time last year for the same future periods. Pace for T+1 and T+2 reflects the impact of strategic inventory decisions related to our group remixing strategy 2 As of July 31st, same-store projected group ADR pace for T+1, T+2, T+3 and beyond and all years was 5.1%, 5.4%, 6.1% and 5.5%, respectively, relative to the same time last year for the same future periods. $489 $435 $1,012 $2,128 $505 $433 $1,169 $2,315 T+1 T+2 T+3 and beyond All years SAME-STORE PROJECTED GROUP ROOMS REVENUE ON THE BOOKS, DOLLARS IN MILLIONS1 As of 7/31/2025 As of 7/31/2026 $258 $268 $280 $269$271 $283 $297 $284 T+1 T+2 T+3 and beyond All years SAME-STORE PROJECTED GROUP ADR ON THE BOOKS1 As of 7/31/2025 As of 7/31/2026 U.S. LARGE IN-HOUSE GROUP NON-GAMING HOTEL SUPPLY3 7 HOTELS Represents 4 hotels Developed in last 10 years 24 HOTELS 1 HOTEL 1. The same-store portfolio excludes JW Marriott Desert Ridge, which was acquired on June 10, 2025 2. T+1 and T+2 group rooms revenue pace reflects inventory management decisions that increased rooms availability for shorter -booking-window corporate group business 3. Defined as U.S. non-gaming luxury and upper-upscale hotels with at least 150,000 square feet of meeting space and 500 rooms as reported by STR. Four hotels were developed in the last 10 years, including RHP- owned Gaylord Rockies. The only hotel under const ruction (or in final planning) that meets this criteria is Kalahari Resorts Spotsylvania ALL-TIME HIGH HEALTHY FUTURE DEMAND INDICATORS
Page 15
15 $184 $204 $492 $363 RHP Full-service lodging REITs Same-store RevPAR Same-store Total RevPAR $60,896 $36,958 33.9% 27.6% RHP Full-service lodging REITs 2025 SAME-STORE HOTEL EBITDA PER KEY AND ADJUSTED EBITDAre MARGIN1,3 2025 SAME-STORE REVPAR AND TOTAL REVPAR1 …DRIVES SECTOR-LEADING RESULTS LEADING OPERATING PERFORMANCE… …ENABLES SUPERIOR COMPOUND GROWTH REIT PERIOD AFFO PER SHARE CAGR2,3 REIT PERIOD DIVIDEND PER SHARE CAGR2 1. For RHP, reflects 2025 same-store Hospitality adjusted EBITDAre divided by number of rooms in same-store Hospitality segment. Same-store Hospitality segment excludes JW Marriott Desert Ridge, which was acquired on June 10, 2025. The full -service lodging REIT group includes HST, PEB, PK, SHO, DRH and XHR. Metrics for full -service lodging REIT group were obtained through public filings 2. Source: FactSet, based on public filings. REIT period means 2013-2025. CAGR means compound annual growth rate. The full-service lodging REIT group excludes PK and XHR due to IPO dates in 2017 and 2015, respectively 3. An explanation for this non-GAAP measure and a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure is available in the Appendix. AFFO per share is a non- GAAP financial measure. An explanation for our presentation of this non-GAAP measure, and a reconciliation of this non-GAAP measure to its most directly comparable GAAP measure is available in the Appendix. FFO and AFFO per share calculations for full -service lodging REITs and the MSCI U.S. REIT Index may include adjustments that are different from the adjustments we make to our non- GAAP financial measures, and accordingly, the non-GAAP financial measures presented by other companies or by the MSCI U.S. REIT Index may not be comparable to our non- GAAP financial measures. We believe the MSCI U.S. REIT Index's presentation of Core FFO per share (which does not deduct capital expenditures) is most comparable to our presentation of AFFO per share GAYLORD TEXAN, DALLAS 15 7.6% 6.9% 1.8% RHP (AFFO per share) MSCI U.S. REIT Index (Core FFO per share) Full-service lodging REITs (AFFO per share) 7.3% 6.7% (0.7%) RHP MSCI U.S. REIT Index Full-service lodging REITs
Page 16
16 KEY TAKEAWAYS 1 Our unique group customer-focused real estate platform drives loyalty, retention and rotation 2 We are proven capital allocators, having outperformed the lodging REIT sector and the MSCI U.S. REIT Index in both operating profitability and earnings growth since converting to a REIT1 3 We believe Grande Lakes Orlando is a “check-all-boxes” ideal acquisition target that enhances our position in the #1 U.S. meetings market and our existing rotational strategy 4 We believe our previous JW Marriott integrations provide a clear, highly successful and replicable playbook to create value through the acquisition of Grande Lakes Orlando5 6 Transaction expected to be accretive to AFFO per share in 2027 WE BELIEVE GRANDE LAKES ORLANDO WOULD BE YET ANOTHER EXCEPTIONAL ADDITION TO OUR HIGHLY DIFFERENTIATED PORTFOLIO 1. Relative to the full-service lodging REIT group including HST, PEB, SHO and DRH. See page 16 for details Favorable supply and demand dynamics create compelling tailwinds for our portfolio JW MARRIOTT ORLANDO, GRANDE LAKES
Page 17
APPENDIX 17 JW MARRIOTT ORLANDO, GRANDE LAKES
Page 18
18 Property Grande Lakes Orlando JW Marriott Desert Ridge JW Marriott Hill Country Gaylord Opryland Gaylord Palms Gaylord Texan Gaylord National Gaylord Rockies Location and Market Ranking1 Orlando, FL #1 Market Phoenix, AZ #11 Market San Antonio, TX #16 Market Nashville, TN #3 Market Orlando, FL #1 Market Dallas, TX #5 Market Washington, D.C. #10 Market Denver, CO #12 Market Date Opened 2003 2002 2010 1977 2002 2004 2008 2018 Rooms 1,592 950 1,002 2,888 1,718 1,814 1,996 1,501 Meeting Space (approx.) 320,000 S.F. 243,000 S.F. 268,000 S.F. 640,000 S.F. 467,000 S.F. 488,000 S.F. 501,000 S.F. 409,000 S.F. Meeting Space per Room 201 S.F. 256 S.F. 267 S.F. 224 S.F. 272 S.F. 269 S.F. 251 S.F. 272 S.F. Food and Beverage Outlets 14 outlets 7 outlets 8 outlets 19 outlets 11 outlets 10 outlets 5 outlets 8 outlets Resort Amenities Grande Lakes water amenity Ritz-Carlton Golf Club, home of PNC Championship 40,000 S.F. Ritz- Carlton spa & fitness center AquaRidge water amenity Wildfire Golf Club 28,000 S.F. spa & fitness center TPC San Antonio, home to the Valero Texas Open River Bluff water amenity 26,000 S.F. spa & fitness center SoundWaves indoor/outdoor water amenity Gaylord Springs Golf Links 27,000 S.F. spa & fitness center Cypress Springs water amenity South Beach resort pool 20,000 S.F. spa & fitness center Paradise Springs water amenity 25,000 S.F. spa & fitness center Indoor resort pool 20,000 S.F. spa & fitness center Arapahoe Springs indoor/outdoor water amenity 14,000 S.F. spa & fitness center 2025 Operating Statistics 2 Occupancy ADR RevPAR Total RevPAR 69.3% $366 $253 $624 61.5% $361 $222 $570 67.2% $329 $221 $621 69.1% $266 $184 $459 70.7% $258 $182 $505 69.8% $259 $181 $528 67.4% $257 $173 $462 75.9% $265 $201 $572 1. Source: Cvent Top Meetings Destinations in North America 2026 2. Operating statistics for JW Marriott Desert Ridge include the partial-year period prior to our ownership. For Grande Lakes Orlando, operating statistics are based on unaudited data provided by the seller and have been calculated consistent with the meth odology we use to calculate occupancy, ADR, RevPAR and Total RevPAR for our own hotel properties GRANDE LAKES ORLANDO IS COMPLEMENTARY TO THE EXISTING PORTFOLIO
Page 19
19 Adjusted EBITDAre Definition for the Company The Company calculates EBITDAre, which is defined by the National Association of Real Estate Investment Trusts(“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAreof unconsolidated affiliates. Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented: preopening costs; non-cash lease expense; equity-based compensation expense; impairment charges that do not meet the NAREIT definition above; credit losses on held-to-maturity securities; transaction costs of acquisitions; interest income on bonds; loss on extinguishment of debt; pension settlement charges; pro rata Adjusted EBITDArefrom unconsolidated joint ventures; and any other adjustments the Company has identified herein. The Company uses EBITDAre, Adjusted EBITDAre and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate its operating performance. The Company believes that the presentation of these non- GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of the Company’s operating performance. The Company makes additional adjustments to EBITDArewhen evaluating its performance because the Company believes that presenting Adjusted EBITDAre provides useful information to investors regarding the Company’s operating performance and debt leverage metrics. Adjusted EBITDAre Margin Definition for the Company We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable. Adjusted EBITDAre Definition for Grande Lakes Orlando Adjusted EBITDAre for Grande Lakes Orlando is calculated as Net Income calculated in accordance with GAAP, plus interest expense, depreciation and amortization and non- operating items related to ownership structure. The Company used Adjusted EBITDAre to evaluate the operating performance of Grande Lakes Orlando, and to price Grande Lakes Orlando. Net Operating Income Definition Net Operating Income for Grande Lakes Orlando is calculated as Adjusted EBITDAre, less the furniture, fixtures & equipment (“FF&E”) reserve. The Company used Net Operating Income to evaluate the operating performance of Grande Lakes Orlando, and to price Grande Lakes Orlando. Cap Rate Definition Cap Rate for Grande Lakes Orlando is calculated as Net Operating Income divided by the purchase price of approximately $1,380 million. The Company used Capitalization Rate to evaluate the operating performance of Grande Lakes Orlando and to price Grande Lakes Orlando. NON-GAAP DEFINITIONS: EBITDAre AND ADJUSTED EBITDAre, GRANDE LAKES ORLANDO ADJUSTED EBITDAre, NET OPERATING INCOME AND CAP RATE
Page 20
20 The Company calculates FFO, which definition is clarified by NAREIT in its December 2018 white paper, as Net Income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments for unconsolidated joint venture. To calculate Adjusted FFO available to common stockholders and unit holders, the Company then excludes, to the extent the following adjustments occurred during the periods presented: right-of-use asset amortization; impairment charges that do not meet the NAREIT definition above; write-offs of deferred financing costs; amortization of debt discounts or premiums and amortization of deferred financing costs; loss on extinguishment of debt; non-cash lease expense; credit loss on held-to-maturity securities; pension settlement charges; additional pro rata adjustments from unconsolidated joint ventures; (gains) losses on other assets; transaction costs of acquisitions; deferred income tax expense (benefit); and any other adjustments the Company has identified herein. Adjusted FFO available to common stockholders and unit holders excludes the ownership portion of the joint ventures not controlled or owned by the Company. The Company presents Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of its performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). The Company calculates Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period. The Company believes that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of the Company’s ongoing operations because each presents a measure of the Company’s operations without regard to specified non- cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which the Company believes are not indicative of the performance of its underlying hotel properties. The Company believes that these items are more representative of its asset base than its ongoing operations. The Company also uses these non-GAAP financial measures as measures in determining its results after considering the impact of its capital structure. The Company cautions investors that non-GAAP financial measures that the Company presents may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures the Company presents, and any related per share measures, should not be considered as alternative measures of the Company’s net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for the Company’s discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although the Company believes that these non-GAAP financial measures can enhance an investor’s understanding of the Company’s results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations. NON-GAAP DEFINITIONS: FFO AND AFFO
Page 21
21 NON-GAAP RECONCILIATION Year Ended Trailing Twelve Months Year Ended Dec. 31, 2025 Ending June 30, 2026 Dec. 31, 2025 (thousands) (thousands) Net Income 2,486$ 10,414$ Revenue 2,051,503$ Interest Expense, net 61,686 57,754 Operating Income 462,956$ Depreciation Expense 39,844 39,844 Depreciation and amortization 220,754 Non-Operating Items Related to Ownership Structure 2,169 1,993 Non-cash lease expense 3,784 Adjusted EBITDAre 106,185$ 110,005$ Interest income on Gaylord National Bonds 4,277 FF&E Reserve (18,206) (18,833) Other gains and (losses), net 3,299 Net Operating Income 87,979$ 91,172$ Adjusted EBITDAre 695,070$ Cap Rate 6.4% 6.6% Same-store keys 11,414 Hotel EBITDA per key 60,896$ Adjusted EBITDAre margin 33.9% Grande Lakes Orlando Ryman Hospitality Properties Same-Store Hospitality
Page 22
22 NON-GAAP RECONCILIATION 1. For 2013, FFO adjustments in other (gains) and losses, net include gains on sale of real estate assets and loss on call sprea d modification related to convertible notes. AFFO adjustments in other (gains) and losses, net include impairment charges; write -off of deferred financing costs; noncash tax benefit resulting from REIT conversion; and REIT conversion costs (tax effected) 2. For 2025, includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolli ng interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option Year Ended Year Ended Dec. 31, 2013 Dec. 31, 2025 (thousands) Net income available to common stockholders 113,483$ 243,425$ Noncontrolling interest in OP units - 1,555 Net income available to common stockholders and unit holders 113,483 244,980 Depreciation and amortization 116,528 277,728 Adjustments for noncontrolling interest - (12,147) Other (gains) and losses, net (1) 4,817 - FFO available to common stockholders and unit holders 234,828$ 510,561$ Right-of-use asset amortization - 372 Non-cash lease expense 5,595 4,743 Pension settlement charge - 773 Pro rata adjustments from JVs - 9,927 (Gain) loss on other assets 1,296 Amortization of deferred financing costs 5,525 11,926 Amortization of debt discounts and premiums 13,816 1,762 Loss on extinguishment of debt 4,181 2,922 Adjustments for noncontrolling interest - (7,226) Transaction costs of acquisitions 106 Deferred tax provision - 2,430 Other (gains) and losses, net (1) (43,970) - Adjusted FFO available to common stockholders and unit holders 219,975$ 539,592$ Net income available to common stockholders per diluted share (2) 1.81$ 3.77$ Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) 3.50$ 8.46$ Estimated weighted average shares outstanding - diluted (in millions) (2) 62.8 66.0 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2) 62.8 66.4 Ryman Hospitality Properties