Mark Fioravanti, president and CEO of Ryman Hospitality Properties, Inc. (NYSE: RHP), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas, on Nov. 18-21.
Fioravanti highlighted strong fundamentals in the hospitality sector, particularly in the large hotel and convention resort segment. He noted that limited new supply and recovering group demand post-COVID have created favorable conditions.
"We own five of the 10 largest non-gaming convention resorts in the country," Fioravanti said, emphasizing the company’s competitive edge.
To strengthen its market position, Ryman has embarked on a $1 billion capital improvement plan over the next four years. This initiative aims to enhance its resort portfolio and sustain long-term growth.
Discussing the financial landscape, Fioravanti pointed to improved capital markets and a solid balance sheet: "We’ve also had the ability to basically refinance our entire balance sheet as rates have come in.”
The company expects to close the year with net leverage just under four times and approximately $1.5 billion in liquidity, ensuring all planned improvements are funded through operating cash flow.