Ryman Paid $867,000 a Key and Raised Guidance the Same Day

Update to the August 10 announcement. Ryman Hospitality Properties (NYSE: RHP) closed the approximately $1.38 billion acquisition of Grande Lakes Orlando Resort from Trinity Investments on September 1.

The property spans more than 400 acres and includes a 1,010-room JW Marriott and a 582-room Ritz-Carlton — 1,592 keys — along with approximately 320,000 square feet of meeting and event space, a Greg Norman-designed 18-hole course, a waterpark and 14 food and beverage outlets. CRE360 derived: $866,834 per key and roughly 201 square feet of meeting space per key.

Ryman raised 2026 FFO guidance to $580.0–$601.0 million (midpoint $590.5 million) from $565.5–$582.0 million (midpoint $573.75 million). CRE360 derived: a raise of $16.75 million, or 2.92 percent on the prior midpoint, for four months of ownership.

Ryman is a group-box REIT. It does not buy leisure resorts for RevPAR — it buys rotation inventory, and 320,000 square feet of function space in the largest U.S. meetings market is the actual asset acquired.

Against the $110.005 million of trailing-twelve-month Adjusted EBITDAre disclosed in August, the price implies a 7.97 percent going-in yield on trailing earnings, or roughly a 12.5x multiple.

The underwriting read, derived and approximate: $16.75 million of incremental FFO across roughly four months annualizes near $50 million, against $110 million of asset-level trailing EBITDAre. Roughly 46 cents of every dollar of property earnings survives to FFO after the cost of the equity raise and the debt. That spread is the real price of the deal, and it is visible only because the company revised guidance on the closing date rather than waiting for the quarter.

Implications. At $867,000 a key this is not a hospitality trade — it is a purchase of scarce, non-replicable group infrastructure. The number to watch is not RevPAR. It is whether the acquired rotation lifts occupancy at Ryman's existing Gaylord assets.

Flag: the FFO-conversion figure is derived from disclosed guidance midpoints across an unstated ownership period; no allocation was disclosed. Treat as directional. Acreage stated by the issuer as "more than 400".