在沙漠中增值性增长：RHP以8.65亿美元收购950间客房的JW沙漠岭

David Katz * | Equity Analyst(212) 323-3355 | dkatz@jefferies.comRita Chen * | Equity Associate(212) 336-6693 | rita.chen@jefferies.comAnthony Berni, CFA * | Equity Associate+1 (646) 805-5496 (office) | aberni@jefferies.com Company DescriptionRyman HospitalityRyman Hospitality Properties, Inc. (NYSE: RHP) is a lodging and hospitality REIT that specializes in upscale convention center resorts andentertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & ConventionCenter; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center,as well as the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. RHPalso owns a 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection oficonic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Nashville-area attractions, andBlock 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, locatedin downtown Austin, Texas. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in theCompany’s financial results.Company Valuation/RisksRyman HospitalityPrice Target $100: 12X Lodging EBITDA, 14X Entertainment EBITDA, 13X AFFO, 14X FCFE multiples, and a 5-year DCF.Risks: Macroeconomic and other factors beyond the company’s control can reduce demand for hospitality products and services, including demandfor rooms. This is particularly impactful given the base of owned hotels. Exposure to risks and costs associated with protecting the integrity andsecurity of guests’ personal data and other sensitive information, as is the case with other consumer-facing companies. Changes in the tax lawsrelated to the treatment of REIT earnings could impact the company’s cash flows. Collective bargaining activity and/or labor shortages could disruptoperations, increase labor costs or interfere with the ability to execute business strategies. Geopolitical events could impact the business or its brands.Marriott International, Inc.We value shares of MAR on an equally weighted basis of our 2025/26 estimates using EV/EBITDA, P/FCFPS, P/E, and a five-year DCF. Risks includemacro factors impacting discretionary spending and increasing competition.Analyst Certification:I, David Katz, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Rita Chen, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Anthony Berni, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 19, 2025 , 20:31 ET.May 19, 2025 , 20:31 ET.2 Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price a