Major Expansion at Gaylord Opryland Resort
Ryman Hospitality Properties, Inc. (NYSE: RHP) has announced a significant expansion at its flagship hotel, the Gaylord Opryland Resort & Convention Center. This initiative aims to add around 108,000 square feet of premium, carpeted meeting space and is focused on enhancing the experience for guests and corporate groups.
Expansion Details and Timeline
The planned expansion is set to deliver a modern facility, featuring a spacious 31,000-square-foot ballroom, alongside 38,000 square feet of breakout space and 39,000 square feet of pre-function space. Once completed, this project will bring Gaylord Opryland’s total meeting space to approximately 756,000 square feet, positioning it as the largest non-gaming hotel by meeting space in the United States.
Anticipated Completion and Impact
This expansion is slated for completion by spring 2027. Given Nashville’s rising reputation as a leading meetings destination, the company expects that increased visitor numbers and spending will further enhance the city’s status. Mark Fioravanti, President and CEO of Ryman Hospitality Properties, commented on the need for modern meeting spaces that support contemporary corporate requirements.
Complementary Projects in Progress
The expansion at Gaylord Opryland isn’t the only update. The company is also addressing various other transformation projects, which include:
- An approximately $17 million renovation of the Governor’s ballroom, set to wrap up by early 2025.
- A $36 million project to reconfigure the Presidential ballroom, currently underway and expected to finish by mid-2025.
- A new 550-seat sports bar, event lawn, and pavilion, with a total expected investment of around $40 million, planned for completion by late 2025.
Enhancements to Guest Experience
The ongoing improvements aim to enhance guest experiences at the resort. The new sports bar and outdoor venue will offer expanded food and beverage options, further enriching the leisure environments available to attendees.
Funding for Expansion Projects
Ryman Hospitality expects to finance the Gaylord Opryland expansion through existing cash reserves and its revolving credit facility. This strategic funding approach allows the company to maintain flexibility while pursuing significant enhancement projects.
Ryman Hospitality’s Vision
Fioravanti reiterated the company’s commitment to transforming underused areas of their properties into vibrant spaces for enhanced customer satisfaction. Gaylord Opryland has been a cherished destination for nearly 50 years, and these significant projects are anticipated to propel its growth into a new era.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) stands out as a premier real estate investment trust specializing in upscale hotels and convention centers. Its portfolio includes several top-tier properties across the United States, each catering to both leisure and business travelers. With over 11,400 rooms and extensive meeting spaces, RHP boasts significant operational capabilities in prime destinations. Notably, it maintains a controlling interest in Opry Entertainment Group, promoting iconic country music brands that complement its hospitality offerings.
Frequently Asked Questions
What is the main purpose of the expansion at Gaylord Opryland?
The expansion aims to add premium meeting space, enhancing the hotel’s capability to host larger events and corporate gatherings.
When is the Gaylord Opryland expansion expected to be completed?
The expansion is expected to be finished by spring 2027.
What other projects are part of Ryman Hospitality's improvement plan?
Projects include renovations to the Governor's and Presidential ballrooms, and the addition of a new sports bar and event spaces.
How is Ryman Hospitality funding these projects?
The expansion will be funded through cash on hand and availability under its revolving credit facility.
What is the significance of Gaylord Opryland in the hospitality industry?
It is recognized as the largest non-gaming hotel by meeting space in the U.S., making it a central hub for meetings and events.
