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.
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