About Mark Fioravanti
Mark Fioravanti, president and CEO of Ryman Hospitality Properties, stated in January 2025 that the company owns five of the ten largest non-gaming convention resorts in the U.S. and is undertaking a $1 billion capital improvement plan over four years. He described supply-demand dynamics as "quite positive" in the large group space, with group business having recovered from the COVID-19 pandemic. Fioravanti noted that the company's balance sheet is in "terrific shape," with net leverage under four times and $1.5 billion in liquidity, and said all planned capital improvements can be financed from operating cash flow. He acknowledged short-term disruption from the expansions but said the long-term value creation is "quite compelling for shareholders."
In September 2024, Fioravanti said business levels had returned to pre-pandemic levels for room nights sold, with third-quarter revenue up 39% and profitability up 44% compared to the same period in 2019. He reported that group bookings for 2024 were 10% ahead of the prior year and 12% ahead for 2025. Fioravanti attributed the sustainability of pricing to investments made during the pandemic, when the company deployed approximately $1.7 billion in capital across enhancements, expansions, and acquisitions. He said the pandemic reinforced the importance of bringing large groups together for culture and strategy, driving a strong return to in-person meetings.
Source: AI-verified profile updated from Mark Fioravanti's recent appearances.
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Transcript (6 segments)
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Interviewer0:00
In terms of our positioning, we own five of the 10 largest non-gaming convention resorts in the country, and we're undertaking right now about a $1 billion capital improvement plan over the next four years to continue to enhance our competitive position. Joining me today is Mark Fioravanti, President and CEO of Ryman Hospitality Properties. Mark, welcome. Good morning. So Mark, how would you describe fundamentals in your sector and how is Ryman positioned to respond?
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Mark Fioravanti0:30
Well, from a fundamentals perspective, supply-demand is quite positive right now in the large group space. We don't see a lot of new supply, particularly in larger hotels, and on the demand side, group has recovered nicely from COVID. In terms of our positioning, we own five of the 10 largest non-gaming convention resorts in the country, and we're undertaking right now about a $1 billion capital improvement plan over the next four years to continue to enhance our competitive position.
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Interviewer1:05
And how would you describe the capital markets landscape for Ryman today, and how is it impacting your plans for the year ahead?
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Mark Fioravanti1:10
Capital markets have continued to improve. Our equity has traded quite well post-COVID. We've also had the ability to basically refinance our entire balance sheet as rates have come in. As we look forward, our balance sheet is in terrific shape. We'll finish the year just under four times net leverage. We've got about a billion and a half dollars of liquidity, and all of our capital improvements that we have in our plans today we can finance from our operating cash flow.
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Interviewer1:49
And where do you see the strongest opportunities and potential challenges for Ryman in 2025?
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Mark Fioravanti1:54
From an opportunities perspective, we're really focused on continued growth. Given the supply-demand dynamic that we see in our sector, there is a real opportunity for us to deploy capital at high returns to continue to drive AFFO per share. And the challenge, I think, is that with this type of capital deployment, these expansions and enhancements that we're making across our portfolio, there is some short-term capital and business disruption that we have to deal with. Our teams are managing that quite well, and while there is some of that short-term challenge and pain, the long-term value creation we think is quite compelling for shareholders.
