RHP - Ryman Hospitality Properties: Differentiated Diversified Offering But Wait Before Investing

• Ryman Hospitality Properties operates in the high-end market segment plus boasts an experiential component as part of guest offerings.
• The company has suffered drastic revenue falls due to the pandemic and is currently in a cash burn period.
• However, in contrast to other lodging properties, revenue has fallen to a lesser extent and Ryman does have some visibility as to future revenues.
• Cash burn is under control but given the high debt level, the reasons provided for the capital expenditures are not strong enough given the current level of uncertainty.
• Hence, it is better to wait for additional guidance during next quarter's results.

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