Ryman Hospitality Properties Closes $1.38 Billion Acquisition of Grande Lakes Orlando Resort from Trinity Investors

NASHVILLE, Tenn. — Sept. 1, 2026 — Ryman Hospitality Properties, Inc. (NYSE: RHP) has closed its acquisition of Grande Lakes Orlando Resort in Orlando, Florida, for approximately $1.38 billion, the company announced Monday. The seller was Trinity Investments, a hospitality-focused private equity firm that had owned the property since December 2018.

The transaction, which Ryman first announced via a definitive agreement on Aug. 10, 2026, adds a two-hotel luxury complex — comprising a 1,010-room JW Marriott and a 582-room Ritz-Carlton — to Ryman's portfolio of group-oriented, upscale convention center resorts. At 1,592 total keys and a purchase price implying roughly $867,000 per room, the deal has been characterized as the largest non-gaming U.S. resort transaction on record.

Strategic Rationale and Executive Commentary

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, framed the acquisition as a direct extension of the company's group-meetings strategy.

"I want to thank the Ryman team for their dedication and execution in successfully completing this acquisition. I also want to recognize Trinity Investments for their collaboration throughout the transaction," Fioravanti said. "The addition of Grande Lakes Orlando represents a compelling strategic fit for Ryman. This property expands our group customer rotation opportunities and further strengthens our position in the nation's largest meetings market, which we believe will enhance our ability to generate sustainable growth and long-term shareholder value."

Orlando is the largest meetings market in the United States, and Grande Lakes Orlando's approximately 320,000 square feet of meeting and event space positions the resort as a major venue for large-group business. Ryman's existing portfolio — anchored by its five Gaylord Hotels properties, which rank among the top seven largest non-gaming convention center hotels in the country by total indoor meeting space — is managed by Marriott International, as is Grande Lakes Orlando.

Property Overview: Scale and Amenities

Grande Lakes Orlando sits on more than 400 acres in Orlando at 4040 Central Florida Parkway. The complex is one of the largest resorts in the greater Orlando area and operates under two distinct luxury flags: the JW Marriott Orlando, Grande Lakes, with 1,010 rooms, and The Ritz-Carlton Orlando, Grande Lakes, with 582 rooms.

The resort's meeting infrastructure spans approximately 320,000 square feet of combined indoor and outdoor event space. The Ritz-Carlton side accounts for roughly 47,000 square feet of meeting space, including three ballrooms and multiple boardrooms and function rooms. The JW Marriott side features large ballroom inventory, including the Mediterranean Ballroom at approximately 29,666 square feet, alongside numerous breakout rooms designed for large-group events.

Beyond meetings, the property features 14 food and beverage outlets, the Grande Lakes Waterpark, a Ritz-Carlton spa and fitness center, and a Greg Norman-designed 18-hole golf course at The Ritz-Carlton Golf & Tennis Club — the home of the PNC Championship.

Ryman is acquiring the fee simple interest in the resort. The company's hotel portfolio, now including Grande Lakes Orlando, totals 13,956 rooms and more than 3 million square feet of combined indoor and outdoor meeting space across top convention and leisure destinations.

Trinity Investments' Exit and Value Creation

Trinity Investments acquired Grande Lakes Orlando in December 2018 for $870 million, backed by Elliott Investment Management. Over the following years, Trinity executed a $118 million renovation and repositioning program at the resort. In October 2023, Trinity led a joint venture that refinanced the property with a $750 million floating-rate CMBS loan, replacing a prior $650 million loan, following completion of that capital improvement plan.

The $1.38 billion sale price represents a gross value uplift of approximately $510 million over Trinity's 2018 acquisition cost, before transaction expenses and accounting for the repositioning capital deployed.

Updated 2026 Financial Guidance

Ryman updated its full-year 2026 business performance outlook to incorporate the expected contribution from Grande Lakes Orlando based on information available as of Sept. 1, 2026. The company noted it does not expect to update the guidance before its next quarterly earnings release, though it reserves the right to update or withdraw its outlook at any time.

For the Grande Lakes Orlando segment specifically, Ryman's revised 2026 guidance projects operating income in a range of $11.0 million to $14.0 million, with a midpoint of $12.5 million. Adjusted EBITDAre for the property is projected in a range of $30.0 million to $35.0 million, with a midpoint of $32.5 million — reflecting only the partial-year contribution from the Sept. 1 closing date.

At the consolidated level, Ryman raised its 2026 Adjusted EBITDAre guidance range to $908.0 million–$945.0 million (midpoint: $926.5 million), up from a prior range of $878.0 million–$910.0 million (midpoint: $894.0 million), an increase of $32.5 million at the midpoint. Consolidated operating income guidance rose to a range of $554.8 million–$571.0 million (midpoint: $562.9 million), compared to a prior midpoint of $550.4 million, a $12.5 million improvement at the midpoint.

Funds from operations (FFO) available to common stockholders and unit holders is now projected at $580.0 million–$601.0 million (midpoint: $590.5 million), versus a prior midpoint of $573.8 million. Adjusted FFO available to common stockholders and unit holders is projected at $606.8 million–$636.3 million (midpoint: $621.5 million), up from a prior midpoint of $604.5 million.

Same-store Hospitality RevPAR and Total RevPAR growth guidance for 2026 remained unchanged at 3.50%–4.50%, with a midpoint of 4.00%. Same-store metrics exclude both the JW Marriott Desert Ridge — acquired June 10, 2025 — and Grande Lakes Orlando.

Net income available to common stockholders per diluted share is now projected at $3.90–$3.95, compared to a prior range of $4.10–$4.11, reflecting the dilutive effect of additional weighted average shares outstanding — rising to 70.7 million diluted shares from a prior assumption of 68.4 million — associated with the transaction financing.

Company Background

Ryman Hospitality Properties, Inc. is a lodging real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. In addition to Grande Lakes Orlando, its hospitality holdings include Gaylord Opryland Resort & Convention Center, Gaylord Palms Resort & Convention Center, Gaylord Texan Resort & Convention Center, Gaylord National Resort & Convention Center, Gaylord Rockies Resort & Convention Center, the JW Marriott Phoenix Desert Ridge Resort & Spa, and the JW Marriott San Antonio Hill Country Resort & Spa, as well as two ancillary hotels adjacent to Gaylord Hotels properties. All hotels are managed by Marriott International.

Ryman also holds an approximate 70% controlling ownership interest in Opry Entertainment Group, which owns and operates country music and entertainment brands including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, and Block 21 in Austin, Texas.