A REIT For Minnie Pearl

I’m warming up to Ryman and the concept of owning a portfolio of large group-oriented hotels. The supply and demand imbalance of large group hotels is a persistent moat, and the high-quality balance sheet suggests that the management team is focused on building a disciplined investment model.


  • Ryman is capitalizing on the supply dynamic by investing in its own assets.
  • The company’s model produces very attractive unlevered IRRs (18-20%) with less risk.
  • Ryman's resort assets are custom-built to serve meeting planners, resulting in a customer mix that provides visibility and protection.