Ryman Hospitality Properties, Inc. (RHP) Form 424B5 — Aug 11, 2026
Ryman Hospitality Properties priced a follow-on offering of 5,100,000 common shares at $117.00 per share, for gross proceeds of $596.7 million and expected net proceeds of approximately $572 million. All net proceeds are earmarked to fund a portion of the approximately $1.38 billion Grande Lakes Acquisition of the JW Marriott Orlando and The Ritz-Carlton Orlando resorts, which combined offer 1,592 rooms and are priced at 12.5x trailing Adjusted EBITDAre, a 6.6% cap rate, and roughly $867,000 per key, with closing expected in Q3 2026.
Key figures
- Total Debt
- 3969453000
- Cash Position
- 397820000
- Deal Value Usd
- approximately $1.38 billion (Grande Lakes Acquisition)
- Gross Proceeds
- 596700000
- Offering Price
- 117
- Shares Offered
- 5100000
- Shares Outstanding
- 68218355
- Grande Lakes ADR
- 366
- Expected Closing
- on or about August 12, 2026 (offering); Q3 2026 (acquisition)
- Greenshoe Shares
- 765000
- Lockup Period Days
- 45
- Grande Lakes Rev PAR
- 253
- Grande Lakes Cap Rate
- 6.6%
- Net Proceeds Expected
- approximately $572 million ($658 million if greenshoe fully exercised)
- Grande Lakes Occupancy
- 69.3%
- Grande Lakes Cost Per Key
- approximately $867,000
- Grande Lakes Total Rev PAR
- 624
- Last Close Before Pricing
- 119.95
- Proceeds Before Expenses
- 574323750
- Grande Lakes Ttm Net Income
- 10414000
- Grande Lakes Ebitda Multiple
- 12.5x trailing twelve month Adjusted EBITDAre
- Quarterly Dividend Per Share
- 1.2
- Underwriting Discount Total
- 22376250
- Grande Lakes Rooms JWMarriott
- 1010
- Grande Lakes Rooms Ritz Carlton
- 582
- Grande Lakes Ttm Adjusted Ebitda
- 110005000
- Pre Offering Shares Outstanding
- 63118355
- Underwriting Discount Per Share
- 4.3875
- Shares Increase Percent Computed
- approximately 8.1% (approximately 9.3% with full greenshoe), computed from stated share counts
- Post Offering Shares With Greenshoe
- 68983355
Price after filing
Close on the filing date to close N calendar days later (from $122.07). Historical, not a forecast.
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.