Ryman Hospitality Properties, Inc. Provides Update on Impact of Impending Water Outage in Prince George’s County on Gaylord National
Ryman Hospitality Properties, Inc. (NYSE: RHP) today provided
information on the impact to Gaylord National of the impending water
shutdown in southern Prince George’s County, Md. The Washington Suburban
Sanitary Commission (WSSC) has informed the Company and the public that
a section of pipe in a vital 54-inch concrete pipeline appears to be
failing, and significant parts of Prince George’s County, including all
of National Harbor, will be without water for several days while repairs
are made to the water main by the WSSC. As a result, the Company’s hotel
manager, Marriott International, is planning to suspend operations of
the Gaylord National at Noon EDT tomorrow, July 17, 2013.
The WSSC has stated that it estimates water flow will be restored in
three to five days. Marriott International has informed the Company that
based on this estimate, the property expects to accommodate guests
planning to check in on Sunday, July 21, 2013. It is important to note
that this schedule is subject to change as the situation develops.
Marriott has informed the Company that it is working to relocate guests
for the remainder of the week. At this time, it is too early to assess
the financial impact of the loss of revenue and profitability associated
with the temporary suspension of operations at the Gaylord National on
Ryman Hospitality Properties’ results as a whole. The Company plans to
provide an update after the Company determines its estimates of the
financial impact based on the extent and duration of the outage.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP), is a real estate
investment trust for federal income tax purposes, specializing in
group-oriented, destination hotel assets in urban and resort markets.
The Company’s owned assets include a network of four upscale,
meetings-focused resorts totaling 7,795 rooms that are managed by
world-class lodging operator Marriott International, Inc. under the
Gaylord Hotels brand. Other owned assets managed by Marriott
International, Inc. include Gaylord Springs Golf Links, the Wildhorse
Saloon, the General Jackson Showboat and the Inn at Opryland, a 303-room
overflow hotel adjacent to Gaylord Opryland. The Company also owns and
operates a number of media and entertainment assets, including the Grand
Ole Opry (opry.com), the legendary weekly showcase of country music’s
finest performers for nearly 90 years; the Ryman Auditorium, the storied
former home of the Grand Ole Opry located in downtown Nashville; and
WSM-AM, the Opry’s radio home.
This press release contains statements as to the Company's beliefs
and expectations of the outcome of future events, including the expected
timing of reopening the hotel, that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from the statements
made. These include the risks and uncertainties associated with the
suspension of operations at the Gaylord National hotel and the timing of
reopening, which will depend on the actions of third parties including
The Washington Suburban Sanitary Commission and Prince George’s County,
Maryland and the difficulty, timing and success of their water main
repair effort; the extent and amount of any costs or losses incurred by
the Company in connection with the suspension of operations and
reopening; and potential damage to the business and reputation of the
hotel or the Company related to the interruption of business. Other
factors that could cause operating and financial results to differ are
described in the filings made from time to time by the Company with the
Securities and Exchange Commission and include the risk factors
described in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2012 and Quarterly Reports on Form 10-Q. The Company does
not undertake any obligation to release publicly any revisions to
forward-looking statements made by it to reflect events or circumstances
occurring after the date hereof or the occurrence of unanticipated
events.
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