Ryman Hospitality Properties, Inc. Provides Update on Status of Gaylord National Following Water Outage in Prince George’s County Being Averted
The Washington Suburban Sanitary Commission (WSSC) has informed Ryman
Hospitality Properties that the water emergency in southern Prince
George’s County has been averted. As a result, the Company’s hotel
manager, Marriott International, began accepting guests beginning
Thursday, July 18 at 10:00 a.m. EDT. Operations will ramp up over the
course of the next few days, as water conservation efforts remain in
effect. Full operations of all facilities and services are expected to
be in place by Saturday, July 20.
As previously announced by the Company, following communication from the
WSSC that the water shutdown was a certainty, a significant effort was
made to relocate scheduled guests. Where possible, arrangements are now
being made for these guests to stay at the property as originally
planned.
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.
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 and services, which 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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