Executives at the company formerly known as Gaylord Entertainment say their conversion to a real estate investment trust has been difficult. However, they believe the change will soon pay off for the newly re-christened Ryman Hospitality Properties.
Ryman still owns its four hotel resorts, including Gaylord Opryland, but Marriott now handles day-to-day operations. Ryman also continues to operate the Grand Ole Opry, Ryman Auditorium, and WSM-AM.
CEO Collin Reed says he’s often asked how the conversion to a real estate trust compares to the 2010 flood, which caused extensive damage at the Opry House and Opryland Hotel.
“I would say to you the flood was a breeze. What we’ve been up to with Marriott I don’t think has been done before, certainly in the last 10 years in this industry, converting four massive cities from one organization to another.”
Ryman ended 2012 with a loss of about $27 million. While most of that was due to the conversion, the company says it also saw nearly 8,400 cancellations due to Hurricane Sandy. Reed says 2013 is off to a strong start. Ryman booked twice as many room nights at its hotels in January than the same month last year.
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