-- RevPAR Increased 8.0%, Total RevPAR Increased 8.8% Compared to Second Quarter 2017 -- Net Income Increased 17.5% to $55.5 Million in Second Quarter 2018 -- Consolidated Adjusted EBITDA Increased 15.4% to $113.7 Million in Second Quarter 2018 -- Gross Room Nights Bookings for All Future Years increased 18.0%, Achieving Highest Second Quarter Booking Production in Company History -- Updates Full Year Guidance

NASHVILLE, Tenn., Aug. 07, 2018 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust ("REIT") specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the second quarter ended June 30, 2018.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “Our business delivered its strongest second-quarter performance in Company history, with impressive results across our Hospitality assets and strong revenue growth in our core Entertainment assets. Our beautiful new expansion at Gaylord Texan and our flagship Ole Red entertainment venue in the heart of downtown Nashville are both off to very good starts, and we are encouraged by the positive guest feedback we are receiving about both projects. The second half of 2018 is no less exciting for us on the development front. We anticipate opening our SoundWaves water experience at Gaylord Opryland in the fourth quarter of 2018 and expect to join our investment partners in welcoming the newest member of the Gaylord Hotels family, the magnificent Gaylord Rockies, by the end of 2018.

The first six months of 2018 will go in the record books as the strongest bookings results for the first half of any year in our Company’s history. In addition, Gaylord Rockies bookings were strong in the second quarter of 2018, with double the second quarter bookings production in 2017. The group segment continues to perform well, and we remain enthusiastic about the group demand we are seeing for future years, which gives us confidence in the capital investment projects we anticipate coming online later this year and the additional capital investments we have outlined for the next few years.”

Second Quarter and Year-to-Date 2018 Results (As Compared to Second Quarter and Year-to-Date 2017) Included the Following:

Consolidated Results ($ in thousands, except per share amounts)

Consolidated Results Three Months Ended Six Months Ended June 30, June 30, -------------------------- -------------------------- 2018 2017 % ∆ 2018 2017 % ∆ -------- -------- ----- -------- -------- ------ Total Revenue $333,934 $298,778 11.8% $622,304 $574,820 8.3% Operating Income $76,699 $64,644 18.6% $122,643 $111,619 9.9% Operating Income Margin 23.0% 21.6% 1.4pt 19.7% 19.4% 0.3pt Net Income $55,546 $47,292 17.5% $82,885 $79,912 3.7% Net Income Margin 16.6% 15.8% 0.8pt 13.3% 13.9% -0.6pt Net Income per diluted share $1.08 $0.92 17.4% $1.61 $1.56 3.2% Adjusted EBITDA $113,689 $98,488 15.4% $195,416 $179,049 9.1% Adjusted EBITDA Margin 34.0% 33.0% 1.0pt 31.4% 31.1% 0.3pt Funds From Operations (FFO) $85,509 $74,989 14.0% $141,901 $135,264 4.9% FFO per diluted share $1.66 $1.46 13.7% $2.76 $2.64 4.5% Adjusted FFO $92,761 $79,775 16.3% $153,648 $142,528 7.8% Adjusted FFO per diluted share $1.80 $1.55 16.1% $2.99 $2.78 7.6%

For the Company’s definitions of Operating Income Margin, Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, FFO, and Adjusted FFO, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDA to Net Income and a reconciliation of the non-GAAP financial measure Adjusted FFO to Net Income, see “Calculation of GAAP Margin Figures,” “Non-GAAP Financial Measures,” “Adjusted EBITDA Definition,” “Adjusted EBITDA Margin Definition,” “Adjusted FFO Definition” and “Supplemental Financial Results” below.

Operating Results Hospitality Segment For the three months and six months ended June 30, 2018 and 2017, the Company reported the following: ($ in thousands, except for ADR, RevPAR and Total RevPAR)

Hospitality Segment Results Three Months Ended Six Months Ended June 30, June 30, --------------------------- ---------------------------- 2018 2017 % ∆ 2018 2017 % ∆ -------- -------- ------ --------- --------- ------ Hospitality Revenue $291,756 $263,373 10.8% $556,867 $517,527 7.6% Hospitality Operating Income $76,149 $61,295 24.2% $129,648 $113,262 14.5% Hospitality Operating Income Margin 26.1% 23.3% 2.8pt 23.3% 21.9% 1.4pt Hospitality Adjusted EBITDA $107,841 $91,373 18.0% $192,936 $172,949 11.6% Hospitality Adjusted EBITDA Margin 37.0% 34.7% 2.3pt 34.6% 33.4% 1.2pt Hospitality Performance Metrics Occupancy 79.0% 76.7% 2.3pt 76.4% 74.7% 1.7pt Average Daily Rate (ADR) $200.16 $191.00 4.8% $197.72 $190.68 3.7% RevPAR $158.13 $146.42 8.0% $151.11 $142.37 6.1% Total RevPAR $378.94 $348.45 8.8% $366.97 $344.24 6.6% Gross Definite Rooms Nights Booked 644,472 546,208 18.0% 1,116,208 1,028,001 8.6% Net Definite Rooms Nights Booked 500,653 309,065 62.0% 845,293 696,789 21.3% Group Attrition (as % of contracted block) 15.6% 14.4% 1.2pt 14.5% 12.9% 1.6pt Cancellations ITYFTY(1) 6,280 12,544 -49.9% 21,365 32,723 -34.7% (1) "ITYFTY" represents In The Year For The Year.

For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for second quarter 2018 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA Reconciliations,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA to Hospitality Operating Income, and property-level Adjusted EBITDA to property-level Operating Income for each of the hotel properties. Highlights for second quarter 2018 for the Hospitality segment and at each property include:

-- Hospitality Segment:Total revenue increased 10.8 percent to $291.8 million in second quarter 2018 compared to second quarter 2017. RevPAR increased 8.0 percent to $158.13 in second quarter 2018 compared to second quarter 2017, driven primarily by growth in Average Daily Rate (“ADR”) accompanied by strong occupancy performance in the second quarter of 2018. Each of our hotels turned in solid performances during the second quarter and achieved quarter-over-quarter growth in almost every important metric, led by a particularly strong performance at Gaylord Opryland. On a portfolio basis, association room nights increased 17.4 percent, which was a primary driver of a solid 2.3-point increase in occupancy compared to the second quarter of 2017. Rate growth in corporate and transient primarily led to a strong 4.8 percent growth in ADR. The Easter holiday had an estimated 270 basis point favorable impact to RevPAR in the second quarter 2018 as compared to second quarter of 2017. Total RevPAR increased 8.8 percent to $378.94 in the second quarter of 2018 compared to second quarter 2017, led by the improvement in RevPAR coupled with a 9.8 percent increase in outside the room spending for food and beverage. Hospitality segment operating income for the quarter was $76.1 million, an increase of 24.2 percent over second quarter 2017. Higher attrition and cancellation fee collections aided this performance and helped to partially offset higher incentive management fees, as well as increases in sales and marketing expenses. Hospitality Adjusted EBITDA increased 18.0 percent to $107.8 million in second quarter 2018, compared to second quarter 2017.

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Opryland Three Months Ended Six Months Ended June 30, June 30, ------------------------ -------------------------- 2018 2017 % ∆ 2018 2017 % ∆ ------- ------- ----- -------- -------- ----- Revenue $94,915 $80,260 18.3% $177,660 $155,222 14.5% Operating Income $28,930 $20,630 40.2% $48,725 $36,107 34.9% Operating Income Margin 30.5% 25.7% 4.8pt 27.4% 23.3% 4.1pt Adjusted EBITDA $37,798 $29,150 29.7% $66,350 $52,889 25.5% Adjusted EBITDA Margin 39.8% 36.3% 3.5pt 37.3% 34.1% 3.2pt Occupancy 81.4% 72.8% 8.6pt 76.9% 70.6% 6.3pt Average daily rate (ADR) $193.54 $180.11 7.5% $192.07 $178.76 7.4% RevPAR $157.55 $131.07 20.2% $147.62 $126.16 17.0% Total RevPAR $361.16 $305.40 18.3% $339.87 $296.95 14.5%

-- Gaylord Opryland: Total revenue increased 18.3 percent to $94.9 million in second quarter 2018 compared to second quarter 2017, driven by strong overall performance, including occupancy over 81 percent, solid rate growth and strong outside the room spending. Occupancy increased 8.6 percentage points in the second quarter of 2018 compared to the second quarter of 2017, aided by the return to service of approximately 18,800 room nights that were out of service during the second quarter of 2017 due to a scheduled rooms renovation project. Corporate room nights increased 21.9 percent in the quarter, which helped drive both room rate and banquets performance in the second quarter of 2018. RevPAR increased 20.2 percent to $157.55 in second quarter 2018 compared to second quarter 2017, driven by the increase in occupancy and a 7.5 percent increase in ADR as compared to second quarter 2017. Transient and corporate ADR increased by 10.2 percent and 6.4 percent, respectively, in the second quarter of 2018 compared to the second quarter of 2017, while association ADR was up 6.5 percent. This performance resulted in overall ADR increasing by $13.43 for the second quarter of 2018 compared to the second quarter of 2017. Total RevPAR increased 18.3 percent to $361.16 in the second quarter of 2018 compared to second quarter 2017, driven by strong performance across the board. Operating income increased by 40.2 percent to $28.9 million compared to second quarter 2017, and Adjusted EBITDA increased by 29.7 percent to $37.8 million compared to second quarter 2017, both supported by strong flow-through in all revenue categories. SoundWaves remains on target to open in early December 2018, and this premium ticketed amenity is part of our marketing materials for the upcoming Christmas holiday season.

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Palms Three Months Ended Six Months Ended June 30, June 30, ------------------------ -------------------------- 2018 2017 % ∆ 2018 2017 % ∆ ------- ------- ----- -------- -------- ----- Revenue $50,274 $48,184 4.3% $108,170 $102,381 5.7% Operating Income $10,376 $9,387 10.5% $26,624 $22,500 18.3% Operating Income Margin 20.6% 19.5% 1.1pt 24.6% 22.0% 2.6pt Adjusted EBITDA $16,422 $15,426 6.5% $38,707 $34,614 11.8% Adjusted EBITDA Margin 32.7% 32.0% 0.7pt 35.8% 33.8% 2.0pt Occupancy 80.8% 80.3% 0.5pt 81.5% 80.1% 1.4pt Average daily rate (ADR) $188.15 $181.68 3.6% $199.48 $194.21 2.7% RevPAR $152.01 $145.91 4.2% $162.67 $155.52 4.6% Total RevPAR $390.16 $373.94 4.3% $422.05 $399.47 5.7%

-- Gaylord Palms:Total revenue increased 4.3 percent to $50.3 million in second quarter 2018 compared to second quarter 2017, driven by 3.6 percent ADR growth and solid food and beverage results against a strong comparison period in second quarter 2017. Corporate and transient ADR increased by 16.9 percent and 11.7 percent, respectively, in the second quarter of 2018, helping to drive RevPAR and Total RevPAR increases in the quarter of 4.2 percent and 4.3 percent, respectively, compared to the second quarter of 2017. Operating income and Adjusted EBITDA increased 10.5 percent and 6.5 percent to $10.4 million and $16.4 million, respectively, compared to second quarter 2017. The increases in operating income and Adjusted EBITDA were driven by all areas as flow-through for each was strong in the quarter. The previously-announced $150 million expansion project at the property is now underway, starting with construction on a new multi-story parking structure. The 303 new guest rooms and 90,000-square-foot meeting space expansion are expected to be complete in the spring of 2021.

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord Texan Three Months Ended Six Months Ended June 30, June 30, ------------------------ --------------------------- 2018 2017 % ∆ 2018 2017 % ∆ ------- ------- ----- -------- -------- ------ Revenue $58,611 $52,772 11.1% $116,968 $109,517 6.8% Operating Income $14,953 $12,631 18.4% $28,985 $28,521 1.6% Operating Income Margin 25.5% 23.9% 1.6pt 24.8% 26.0% -1.2pt Adjusted EBITDA $21,498 $17,771 21.0% $42,112 $38,771 8.6% Adjusted EBITDA Margin 36.7% 33.7% 3.0pt 36.0% 35.4% 0.6pt Occupancy 73.0% 72.7% 0.3pt 74.6% 76.1% -1.5pt Average daily rate (ADR) $194.82 $190.73 2.1% $194.87 $189.76 2.7% RevPAR $142.18 $138.66 2.5% $145.47 $144.44 0.7% Total RevPAR $386.67 $383.79 0.8% $406.75 $400.44 1.6%

-- Gaylord Texan:Total revenue increased 11.1 percent to $58.6 million in second quarter 2018 compared to second quarter 2017, aided by the addition of 10,700 occupied room nights in the second quarter of 2018 from the recently-completed room and meeting space expansion. The new room inventory was phased in throughout the second half of the second quarter of 2018, which aided the 0.3 percentage point year-over-year occupancy increase. RevPAR increased 2.5 percent in the second quarter of 2018, supported by a positive mix shift toward more premium association room nights. The association groups helped to increase overall ADR up 2.1 percent in the second quarter 2018 compared to the second quarter 2017. This increase in association room nights also led to strong food and beverage performance for the quarter. Total RevPAR increased marginally compared to the second quarter of 2017. The growth in both RevPAR and Total RevPAR was muted on a quarter-over-quarter basis as a result of the additional room night availability during the second quarter of 2018 associated with the expansion opening. Flow-through was strong for second quarter 2018 across all revenue categories. Operating income and Adjusted EBITDA increased by 18.4 percent and 21.0 percent to $15.0 million and $21.5 million, respectively, compared to second quarter 2017.

($ in thousands, except for ADR, RevPAR and Total RevPAR)

Gaylord National Three Months Ended Six Months Ended June 30, June 30, ------------------------- --------------------------- 2018 2017 % ∆ 2018 2017 % ∆ ------- ------- ------ -------- -------- ------ Revenue $79,687 $73,995 7.7% $140,443 $136,452 2.9% Operating Income $19,529 $16,152 20.9% $22,846 $22,861 -0.1% Operating Income Margin 24.5% 21.8% 2.7pt 16.3% 16.8% -0.5pt Adjusted EBITDA $29,072 $25,869 12.4% $41,915 $42,080 -0.4% Adjusted EBITDA Margin 36.5% 35.0% 1.5pt 29.8% 30.8% -1.0pt Occupancy 78.6% 81.3% -2.7pt 74.7% 75.5% -0.8pt Average daily rate (ADR) $227.17 $214.42 5.9% $213.54 $210.19 1.6% RevPAR $178.46 $174.41 2.3% $159.46 $158.76 0.4% Total RevPAR $438.72 $407.38 7.7% $388.74 $377.69 2.9%

-- Gaylord National:Total revenue increased 7.7 percent to $79.7 million in second quarter 2018 compared to second quarter 2017, driven by strong food and beverage performance in the second quarter of 2018. RevPAR increased 2.3 percent to $178.46 in second quarter 2018 compared to second quarter 2017, driven primarily by a 5.9 percent increase in ADR. A positive mix shift toward more premium corporate and association room nights in the second quarter of 2018 helped the increase in ADR and supported higher banquet revenue for the period. Transient room night growth of 9.2 percent in the second quarter of 2018 compared to the second quarter of 2017 also positively contributed to the increase in RevPAR. Total RevPAR increased 7.7 percent to $438.72 in the second quarter of 2018 compared to second quarter 2017, driven by the strong food and beverage performance. Operating income and Adjusted EBITDA performance increased 20.9 percent and 12.4 percent to $19.5 million and $29.1 million, respectively, compared to second quarter 2017. Preparation work has commenced for the upcoming rooms refurbishment at Gaylord National, which is expected to start November 1, 2018. We anticipate this refurbishment will result in approximately 14,600 room nights out of service in the fourth quarter of 2018.

Reed continued, “Our portfolio of hotels achieved a record second quarter, with Gaylord Opryland delivering outstanding results. Gaylord Palms maintained its strong financial performance for the first half of 2018, and we are excited about the new expansion plans we announced for this hotel at the end of May. Gaylord Texan also delivered solid results, with the timely expansion of meeting space and room inventory now available to support the demand we are seeing for this property. We were also pleased with Gaylord National’s performance in the quarter, which delivered improved results compared to the second quarter of 2017. We believe an upcoming rooms renovation project beginning in the fourth quarter of 2018 will strengthen the hotel’s competitiveness within the market going into 2019 and 2020.”

Entertainment Segment For the three and six months ended June 30, 2018 and 2017, the Company reported the following:

($ in thousands)

Entertainment Segment Results Three Months Ended Six Months Ended June 30, June 30, ----------------------- ---------------------- 2018 2017 % ∆ 2018 2017 % ∆ Revenue $42,178 $35,405 19.1% $65,437 $57,293 14.2% Operating Income $8,638 $11,357 -23.9% $9,920 $14,325 -30.8% Operating Income Margin 20.5% 32.1% -11.6pt 15.2% 25.0% -9.8pt Adjusted EBITDA $11,759 $13,536 -13.1% $14,932 $18,762 -20.4% Adjusted EBITDA Margin 27.9% 38.2% -10.3pt 22.8% 32.7% -9.9pt

The Company’s investment in its Entertainment segment continued during the second quarter of 2018 with the opening of the flagship Ole Red location in downtown Nashville, and its results so far are meeting the Company’s expectations. During the second quarter of 2018, the Company acquired the remaining 50 percent joint venture interest in Opry City Stage.

Entertainment segment revenue increased 19.1 percent in the second quarter of 2018 compared to the second quarter of 2017. Operating income and Adjusted EBITDA were negatively impacted during the second quarter of 2018 due to losses associated with taking over operations of Opry City Stage, as well as increased costs related to personnel changes within the segment.

Reed continued, “We opened Ole Red in downtown Nashville this past quarter and are pleased with the reception it has received so far. We remain excited about the expansion potential of our branded restaurant, retail and entertainment venues and the unique position we are in to expand our entertainment footprint. Construction is well underway on our recently-announced third Ole Red location in the heart of Gatlinburg, Tennessee, which we anticipate will open in the spring of 2019.”

Corporate and Other Segment Results For the three months and six months ended June 30, 2018 and 2017, the Company reported the following:

Corporate and Other Segment Results Three Months Ended Six Months Ended ($ in thousands) June 30, June 30, ----------------------- ------------------------- 2018 2017 % ∆ 2018 2017 % ∆ Operating Loss ($8,088) ($8,008) -1.0% ($16,925) ($15,968) -6.0% Adjusted EBITDA ($5,911) ($6,421) 7.9% ($12,452) ($12,662) 1.7%

Dividend Update The Company paid its second quarter 2018 cash dividend of $0.85 per share of common stock on July 16, 2018 to stockholders of record on June 29, 2018. It is the Company’s current plan to distribute total 2018 annual dividends of approximately $3.40 per share in cash in equal quarterly payments with the remaining payments occurring in October of 2018 and January of 2019. Any future dividend is subject to the Board of Director’s determinations as to the amount of quarterly distributions and the timing thereof.

Balance Sheet/Liquidity Update As of June 30, 2018, the Company had total debt outstanding of $1,674.8 million, net of unamortized deferred financing costs, and unrestricted cash of $61.8 million. As of June 30, 2018, $251.5 million of borrowings were drawn under the revolving credit line of the Company’s credit facility, and the lending banks had issued $2.4 million in letters of credit, which left $446.1 million of availability for borrowing under the credit facility.

On June 26, 2018, the Company announced the completion of an amendment to its existing Term Loan B facility, which took advantage of favorable conditions in the capital markets, as well as the Company’s continued strong performance, to lower the applicable interest rate margin under the Term Loan B facility by 25 basis points and to extend the first fiscal year with respect to which excess cash flow payments apply by one year, to the year ending December 31, 2019. The cash interest expense savings is estimated to be approximately $1.2 million on an annual basis. There was no change to the maturity date of the loan or the total available borrowing capacity available to the Company provided by this facility. This facility was previously put in place to lower the Company’s average cost of capital and create additional liquidity for the Company moving forward, which we believe provides the Company with flexibility to take advantage of strategic opportunities that may develop in the future.

Guidance The Company has raised the lower end of its guidance range for 2018 RevPAR and Total RevPAR growth to reflect strong hotel revenue performance year-to-date, as well as increased visibility into expected performance during the second half of 2018.

Reed continued, “Hospitality revenue is progressing as planned, and results for the first half of 2018 were in line with our expectations. Group room nights on the books for the remainder of 2018 are on track with the plan we had coming into the year, and we continue to believe 2018 will be another strong year for the Company. As we look to the second half of the year, we are now expecting fiscal year 2018 RevPAR growth in the range of 2.5% – 4% (from our prior guidance of 2% – 4%) and Total RevPAR growth in the range of 3.5% – 5% (from our prior guidance of 3% – 5%).

Our net income guidance range for the full year is now $155.3 to $156.0 million (from our prior guidance of $155.3 to $157.0 million). Our Adjusted EBITDA guidance range for the Hospitality segment has been raised to a range of $371.0 to $377.0 million (from our prior guidance of $365.0 to $375.0 million), which reflects how well the hotels have performed through the first half of the year, our successful opening of the expansion at Gaylord Texan and our perspective on the back half of the year.

Our 2018 Adjusted EBITDA guidance range for the Entertainment segment has been lowered to $40.0 to $44.0 million (from our prior guidance of $44.0 to $50.0 million). Our original guidance range for this segment did not contemplate the purchase of the remaining 50 percent of the Opry City Stage joint venture, which we completed in the second quarter of 2018. We feel that it is necessary to reset the guidance range for this segment now that the Company has complete ownership of the venue, given its financial performance year-to-date as well as the continued investments we are making to appropriately position this offering.

Corporate & Other guidance range for Adjusted EBITDA is now a loss of $25.0 to $24.0 million (from our prior guidance of a loss of $26.0 to $25.0 million). As a result of these changes, our guidance for 2018 Adjusted EBITDA on a consolidated basis is now $386.0 to $397.0 million (from our prior guidance of $383.0 to $400.0 million).

We remain confident in our ability to continue capitalizing on the strength of the group market in the near-term, and we are looking forward to an expected strong year of performance in 2019 when we will begin to see the benefits of recent growth investments such as Soundwaves at Gaylord Opryland and our joint venture interest in Gaylord Rockies, which are both scheduled to open in December 2018.”

The Company does not expect to update guidance before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

($ in millions, except per share figures) Revised Guidance Prior Guidance Variance to Full Year 2018 Full Year2018 Prior Midpoint -------- Low High Low High ------- ------- ------- ------- Hospitality RevPAR(1)(2) 2.5% 4.0% 2.0% 4.0% 0.3pt Hospitality Total RevPAR (1)(2) 3.5% 5.0% 3.0% 5.0% 0.3pt Net Income $ 155.3 $ 156.0 $ 155.3 $ 157.0 $ (0.5) Adjusted EBITDA Hospitality (1)(2) $ 371.0 $ 377.0 $ 365.0 $ 375.0 $ 4.0 Entertainment 40.0 44.0 44.0 50.0 (5.0) Corporate and Other (25.0) (24.0) (26.0) (25.0) 1.0 Consolidated Adjusted EBITDA $ 386.0 $ 397.0 $ 383.0 $ 400.0 $ - - ----- - ----- - ----- - ----- -------- Funds from Operations (FFO) $ 275.5 $ 278.8 $ 275.0 $ 278.3 $ 0.5 Adjusted FFO $ 300.9 $ 306.7 $ 300.0 $ 306.5 $ 0.6 Net Income per Diluted Share $ 3.01 $ 3.02 $ 3.01 $ 3.04 $ (0.01) FFO per Diluted Share $ 5.34 $ 5.40 $ 5.33 $ 5.39 $ 0.01 Estimated Diluted Shares Outstanding 51.6 51.6 51.6 51.6 -

1. Hospitality segment guidance for RevPAR, Total RevPAR, and Hospitality Adjusted EBITDA include contribution from the Gaylord Texan expansion. 2. Hospitality segment guidance assumes approximately 14,600 room nights out of service in 2018 due to the renovation of rooms at Gaylord National. The out of service rooms are included in the total available room count for calculating hotel metrics (e.g., RevPAR and Total RevPAR).

Institutional Investor and Analyst Day Information As previously announced, the Company will hold its Institutional Investor and Analyst Day on Thursday, September 13 and Friday, September 14, 2018. The event will take place at Gaylord Opryland in Nashville, Tennessee. Registration information may be found at https://www.rymanhp.com/2018-investor-analyst-day/.

The presentation portion of the event will be webcast and can be accessed through Ryman Hospitality Properties’ website at www.rymanhp.com. To listen to the webcast, please visit the Investor Relations section of the website at least 15 minutes prior to the beginning of the scheduled presentation to register, download and install necessary multimedia streaming software. For those who cannot listen to the live broadcast, a replay will be available after the presentation and will run for 30 days.

Earnings Call Information Ryman Hospitality Properties will hold a conference call to discuss this release today at 11 a.m. ET. Investors can listen to the conference call at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings and Webcasts) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE:RHP) is a REIT 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 8,114 rooms that are managed by 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, The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland and AC Hotel Washington, DC at National Harbor, a 192-room hotel near Gaylord National. The Company also owns and operates media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music’s finest performers for over 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; 650 AM WSM, the Opry’s radio home; Ole Red, a country lifestyle and entertainment brand; and Opry City Stage, the Opry’s first home away from home, in Times Square. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com.

Cautionary Note Regarding Forward-Looking StatementsThis press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of our business, estimated capital expenditures, new projects or investments, out-of-service rooms, the expected approach to making dividend payments, the board’s ability to alter the dividend policy at any time and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effect of the Company’s election to be taxed as a REIT for federal income tax purposes commencing with the year ended December 31, 2013, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute its strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted FFO and REIT taxable income, and the Company’s ability to borrow funds pursuant to its credit agreement. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and its Quarterly Reports on Form 10-Q and subsequent filings. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional InformationThis release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent annual report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Calculation of RevPAR and Total RevPARWe calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage and other ancillary services revenue by room nights available to guests for the period.

Calculation of GAAP Margin FiguresWe calculate Net Income Margin by dividing GAAP consolidated Net Income by GAAP consolidated Total Revenue. We calculate consolidated, segment, or property-level Operating Income Margin by dividing consolidated, segment, or property-level GAAP Operating Income by consolidated, segment, or property-level GAAP Revenue.

Non-GAAP Financial MeasuresWe present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

Adjusted EBITDA DefinitionTo calculate Adjusted EBITDA, we first determine Operating Income, which represents Net Income (loss) determined in accordance with GAAP, plus, to the extent the following adjustments occurred during the periods presented: loss (income) from discontinued operations, net; provision (benefit) for income taxes; other (gains) and losses, net; loss on extinguishment of debt; (gain) loss from joint ventures; and interest expense, net. Adjusted EBITDA is then calculated as Operating Income, plus, to the extent the following adjustments occurred during the periods presented: depreciation and amortization; preopening costs; non-cash ground lease expense; equity-based compensation expense; impairment charges; any closing costs of completed acquisitions; interest income on Gaylord National bonds; other gains and (losses), net; (gains) losses on warrant settlements; pension settlement charges; pro rata Adjusted EBITDA from joint ventures, (gains) losses on the disposal of assets, and any other adjustments we have identified in this release. We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because this measure helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. A reconciliation of Net Income (loss) to Operating Income and Adjusted EBITDA and a reconciliation of segment, and property-level Operating Income to segment and property-level Adjusted EBITDA are set forth below under “Supplemental Financial Results.”

Adjusted EBITDA Margin DefinitionWe calculate consolidated Adjusted EBITDA Margin by dividing consolidated Adjusted EBITDA by GAAP consolidated Total Revenue. We calculate segment or property-level Adjusted EBITDA Margin by dividing segment, or property-level Adjusted EBITDA by segment, or property-level GAAP Revenue. We believe Adjusted EBITDA Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDA and GAAP consolidated Total Revenue or segment or property-level GAAP Revenue, as applicable.

Adjusted FFO DefinitionWe calculate Adjusted FFO to mean Net Income (loss) (computed in accordance with GAAP), excluding, to the extent the following adjustments occurred during the periods presented: non-controlling interests, and (gains) and losses from sales of property; depreciation and amortization (excluding amortization of deferred financing costs and debt discounts) and certain pro rata adjustments from joint ventures (which equals FFO). We then exclude, to the extent the following adjustments occurred during the periods presented, impairment charges; write-offs of deferred financing costs, non-cash ground lease expense, amortization of debt discounts and amortization of deferred financing cost, pension settlement charges, additional pro rata adjustments from joint ventures, (gains) losses on other assets, (gains) losses on extinguishment of debt and warrant settlements, and the impact of deferred income tax expense (benefit). We believe that the presentation of Adjusted FFO provides useful information to investors regarding the performance of our ongoing operations because it is a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use Adjusted FFO as one measure in determining our results after taking into account the impact of our capital structure. A reconciliation of Net Income (loss) to Adjusted FFO is set forth below under “Supplemental Financial Results.”

We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO, and any related per share measures, should not be considered as alternative measures of our Net Income (loss), operating performance, cash flow or liquidity. Adjusted EBITDA and Adjusted FFO may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted FFO can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as Net Income (loss), Net Income Margin, Operating Income (loss), Operating Income Margin, or cash flow from operations. In addition, you should be aware that adverse economic and market and other conditions may harm our cash flow.

Investor Relations Contacts: Media Contacts: ------------------------------------------------------ ------------------------------------------------------- Mark Fioravanti, President and Chief Financial Officer Shannon Sullivan, Vice President of Corporate and Brand Communications ------------------------------------------------------ ------------------------------------------------------- Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. ------------------------------------------------------ ------------------------------------------------------- (615) 316-6588 (615) 316-6725 ------------------------------------------------------ ------------------------------------------------------- mfioravanti@rymanhp.com ssullivan@rymanhp.com ------------------------------------------------------ ------------------------------------------------------- ~or~ ~or~ ------------------------------------------------------ ------------------------------------------------------- Todd Siefert, Vice President Corporate Finance & Robert Winters or Sam Gibbons Treasurer ------------------------------------------------------ ------------------------------------------------------- Ryman Hospitality Properties, Inc. Alpha IR Group ------------------------------------------------------ ------------------------------------------------------- (615) 316-6344 (929) 266-6315 or (312) 445-2874 ------------------------------------------------------ ------------------------------------------------------- tsiefert@rymanhp.com robert.winters@alpha-ir.com;sam.gibbons@alpha-ir.com ------------------------------------------------------ -------------------------------------------------------

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In thousands, except per share data) Three Months Ended Six Months Ended Jun. 30, Jun. 30, ------------------- ------------------- 2018 2017 2018 2017 Revenues : Rooms $ 121,745 $ 110,674 $ 229,309 $ 214,043 Food and beverage 141,053 128,441 273,992 254,610 Other hotel revenue 28,958 24,258 53,566 48,874 Entertainment 42,178 35,405 65,437 57,293 Total revenues 333,934 298,778 622,304 574,820 --------- --------- --------- --------- Operating expenses: Rooms 30,059 28,359 58,987 56,387 Food and beverage 72,394 68,285 144,372 137,442 Other hotel expenses 76,733 73,536 152,615 147,774 Management fees 8,635 6,178 15,765 11,709 Total hotel operating expenses 187,821 176,358 371,739 353,312 Entertainment 30,254 22,135 49,620 38,986 Corporate 7,640 7,468 15,969 14,877 Preopening costs 1,525 494 3,672 710 Depreciation and amortization 29,995 27,679 58,661 55,316 Total operating expenses 257,235 234,134 499,661 463,201 --------- --------- --------- --------- Operating income 76,699 64,644 122,643 111,619 Interest expense, net of (19,625) (17,155) (36,354) (33,019) amounts capitalized Interest income 2,766 2,969 5,519 5,917 Gain (loss) from joint ventures 1,346 (943) (1,242) (1,717) Other gains and (losses), net 36 (1,324) 204 (1,396) Income before income taxes 61,222 48,191 90,770 81,404 Provision for income taxes (5,676) (899) (7,885) (1,492) Net income $ 55,546 $ 47,292 $ 82,885 $ 79,912 - ------- - ------- - ------- - ------- Basic net income per share $ 1.08 $ 0.92 $ 1.62 $ 1.56 - ------- - ------- - ------- - ------- Fully diluted net income per $ 1.08 $ 0.92 $ 1.61 $ 1.56 share - ------- - ------- - ------- - ------- Weighted average common shares for the period: Basic 51,303 51,154 51,259 51,100 Diluted 51,476 51,334 51,459 51,316

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In thousands) Jun. 30, Dec. 31, 2018 2017 ----------- ----------- ASSETS: Property and equipment, net of accumulated depreciation $ 2,121,165 $ 2,065,657 Cash and cash equivalents - unrestricted 61,779 57,557 Cash and cash equivalents - restricted 32,181 21,153 Notes receivable 113,789 111,423 Investment in Gaylord Rockies joint venture 88,993 88,685 Trade receivables, net 79,694 57,520 Deferred income taxes, net 43,056 50,117 Prepaid expenses and other assets 66,645 72,116 Total assets $ 2,607,302 $ 2,524,228 - --------- - --------- LIABILITIES AND STOCKHOLDERS' EQUITY: Debt and capital lease obligations $ 1,674,792 $ 1,591,392 Accounts payable and accrued liabilities 176,145 179,649 Dividends payable 44,552 42,129 Deferred management rights proceeds 175,541 177,057 Other liabilities 162,578 155,845 Stockholders' equity 373,694 378,156 Total liabilities and stockholders' equity $ 2,607,302 $ 2,524,228 - --------- - ---------

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION Unaudited (in thousands) Three Months Six Months Ended Ended Jun. 30, Jun. 30, 2018 2017 2018 2017 ---------------- ---------------- ----------------- ----------------- $ Margin $ Margin $ Margin $ Margin --------- ------ --------- ------ ---------- ------ ---------- ------ Consolidated Revenue $ 333,934 $ 298,778 $ 622,304 $ 574,820 Net income $ 55,546 16.6% $ 47,292 15.8% $ 82,885 13.3% $ 79,912 13.9% Provision for income taxes 5,676 899 7,885 1,492 Other (gains) and losses, net (36) 1,324 (204) 1,396 (Gain) loss from joint ventures (1,346) 943 1,242 1,717 Interest expense, net 16,859 14,186 30,835 27,102 Operating Income 76,699 23.0% 64,644 21.6% 122,643 19.7% 111,619 19.4% Depreciation & amortization 29,995 27,679 58,661 55,316 Preopening costs 1,525 494 3,672 710 Non-cash ground lease expense 1,290 1,304 2,534 2,609 Equity-based compensation expense 2,006 1,644 3,929 3,213 Interest income on Gaylord National 2,659 2,931 5,313 5,862 bonds Pro rata adjusted EBITDA from joint (670) - (1,689) - ventures Other gains and (losses), net 36 (1,324) 204 (1,396) Loss on disposal of assets 149 1,116 149 1,116 Adjusted EBITDA $ 113,689 34.0% $ 98,488 33.0% $ 195,416 31.4% $ 179,049 31.1% - ------- ------ - ------- ------ - -------- ------ - -------- ------ Hospitality segment Revenue $ 291,756 $ 263,373 $ 556,867 $ 517,527 Operating income $ 76,149 26.1% $ 61,295 23.3% $ 129,648 23.3% $ 113,262 21.9% Depreciation & amortization 27,233 25,547 53,433 50,725 Preopening costs 553 173 2,047 228 Non-cash lease expense 1,247 1,279 2,495 2,559 Interest income on Gaylord National 2,659 2,931 5,313 5,862 bonds Other gains and (losses), net - 148 - 313 Adjusted EBITDA $ 107,841 37.0% $ 91,373 34.7% $ 192,936 34.6% $ 172,949 33.4% - ------- ------ - ------- ------ - -------- ------ - -------- ------ Entertainment segment Revenue $ 42,178 $ 35,405 $ 65,437 $ 57,293 Operating income $ 8,638 20.5% $ 11,357 32.1% $ 9,920 15.2% $ 14,325 25.0% Depreciation & amortization 2,315 1,592 4,272 3,500 Preopening costs 972 321 1,625 482 Non-cash lease expense 43 25 39 50 Equity-based compensation 461 220 765 357 Pro rata adjusted EBITDA from joint (670) - (1,689) - ventures Other gains and (losses), net - (410) - (383) Loss on disposal of assets - 431 - 431 Adjusted EBITDA $ 11,759 27.9% $ 13,536 38.2% $ 14,932 22.8% $ 18,762 32.7% - ------- ------ - ------- ------ - -------- ------ - -------- ------ Corporate and Other segment Operating loss $ (8,088) $ (8,008) $ (16,925) $ (15,968) Depreciation & amortization 447 540 956 1,091 Equity-based compensation 1,545 1,424 3,164 2,856 Other gains and (losses), net 36 (1,062) 204 (1,326) Loss on disposal of assets 149 685 149 685 Adjusted EBITDA $ (5,911) $ (6,421) $ (12,452) $ (12,662) - ------- - ------- - -------- - --------

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO RECONCILIATION Unaudited (in thousands, except per share data) Three Months Ended Six Months Ended Jun. 30, Jun. 30, 2018 2017 2018 2017 -------- -------- --------- --------- Consolidated Net income $ 55,546 $ 47,292 $ 82,885 $ 79,912 Depreciation & amortization 29,995 27,679 58,661 55,316 Pro rata adjustments from joint ventures (32) 18 355 36 FFO 85,509 74,989 141,901 135,264 Non-cash lease expense 1,290 1,304 2,534 2,609 Pro rata adjustments from joint ventures (2,786) 79 (2,729) 176 Loss on other assets 80 1,116 80 1,116 Write-off of deferred financing costs 1,956 925 1,956 925 Amortization of deferred financing costs 1,426 1,304 2,841 2,567 Deferred tax (benefit) expense 5,286 58 7,065 (129) Adjusted FFO $ 92,761 $ 79,775 $ 153,648 $ 142,528 - ------ - ------ - ------- - ------- Capital expenditures (1) (16,062) (13,583) (31,138) (28,495) Adjusted FFO less maintenance capital expenditures $ 76,699 $ 66,192 $ 122,510 $ 114,033 - ------ - ------ - ------- - ------- Basic net income per share $ 1.08 $ 0.92 $ 1.62 $ 1.56 Fully diluted net income per share $ 1.08 $ 0.92 $ 1.61 $ 1.56 FFO per basic share $ 1.67 $ 1.47 $ 2.77 $ 2.65 Adjusted FFO per basic share $ 1.81 $ 1.56 $ 3.00 $ 2.79 FFO per diluted share $ 1.66 $ 1.46 $ 2.76 $ 2.64 Adjusted FFO per diluted share $ 1.80 $ 1.55 $ 2.99 $ 2.78 (1) Represents FF&E reserve for managed properties and maintenance capital expenditures for non-managed properties.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL RESULTS HOSPITALITY SEGMENT ADJUSTED EBITDA RECONCILIATIONS AND OPERATING METRICS Unaudited (in thousands) Three Months Ended Jun. 30, Six Months Ended Jun. 30, ---------------------------------- ---------------------------------- 2018 2017 2018 2017 ---------------- ---------------- ---------------- ---------------- $ Margin $ Margin $ Margin $ Margin --------- ------ --------- ------ --------- ------ --------- ------ Hospitality segment Revenue $ 291,756 $ 263,373 $ 556,867 $ 517,527 Operating Income $ 76,149 26.1% $ 61,295 23.3% $ 129,648 23.3% $ 113,262 21.9% Depreciation & amortization 27,233 25,547 53,433 50,725 Preopening costs 553 173 2,047 228 Non-cash lease expense 1,247 1,279 2,495 2,559 Interest income on Gaylord National 2,659 2,931 5,313 5,862 bonds Other gains and (losses), net - 148 - 313 Adjusted EBITDA $ 107,841 37.0% $ 91,373 34.7% $ 192,936 34.6% $ 172,949 33.4% - ------- ------ - ------- ------ - ------- ------ - ------- ------ Occupancy 79.0% 76.7% 76.4% 74.7% Average daily rate (ADR) $ 200.16 $ 191.00 $ 197.72 $ 190.68 RevPAR $ 158.13 $ 146.42 $ 151.11 $ 142.37 OtherPAR $ 220.81 $ 202.03 $ 215.86 $ 201.87 Total RevPAR $ 378.94 $ 348.45 $ 366.97 $ 344.24 Gaylord Opryland Revenue $ 94,915 $ 80,260 $ 177,660 $ 155,222 Operating Income $ 28,930 30.5% $ 20,630 25.7% $ 48,725 27.4% $ 36,107 23.3% Depreciation & amortization 8,859 8,373 17,537 16,470 Preopening costs 9 - 88 - Other gains and (losses), net - 147 - 312 Adjusted EBITDA $ 37,798 39.8% $ 29,150 36.3% $ 66,350 37.3% $ 52,889 34.1% - ------- ------ - ------- ------ - ------- ------ - ------- ------ Occupancy 81.4% 72.8% 76.9% 70.6% Average daily rate (ADR) $ 193.54 $ 180.11 $ 192.07 $ 178.76 RevPAR $ 157.55 $ 131.07 $ 147.62 $ 126.16 OtherPAR $ 203.61 $ 174.33 $ 192.25 $ 170.79 Total RevPAR $ 361.16 $ 305.40 $ 339.87 $ 296.95 Gaylord Palms Revenue $ 50,274 $ 48,184 $ 108,170 $ 102,381 Operating Income $ 10,376 20.6% $ 9,387 19.5% $ 26,624 24.6% $ 22,500 22.0% Depreciation & amortization 4,799 4,759 9,588 9,554 Non-cash lease expense 1,247 1,279 2,495 2,559 Other gains and (losses), net - 1 - 1 Adjusted EBITDA $ 16,422 32.7% $ 15,426 32.0% $ 38,707 35.8% $ 34,614 33.8% - ------- ------ - ------- ------ - ------- ------ - ------- ------ Occupancy 80.8% 80.3% 81.5% 80.1% Average daily rate (ADR) $ 188.15 $ 181.68 $ 199.48 $ 194.21 RevPAR $ 152.01 $ 145.91 $ 162.67 $ 155.52 OtherPAR $ 238.15 $ 228.03 $ 259.38 $ 243.95 Total RevPAR $ 390.16 $ 373.94 $ 422.05 $ 399.47 Gaylord Texan Revenue $ 58,611 $ 52,772 $ 116,968 $ 109,517 Operating Income $ 14,953 25.5% $ 12,631 23.9% $ 28,985 24.8% $ 28,521 26.0% Depreciation & amortization 6,001 5,140 11,168 10,250 Preopening costs 544 - 1,959 - Adjusted EBITDA $ 21,498 36.7% $ 17,771 33.7% $ 42,112 36.0% $ 38,771 35.4% --------- ------ --------- ------ --------- ------ --------- ------ Occupancy 73.0% 72.7% 74.6% 76.1% Average daily rate (ADR) $ 194.82 $ 190.73 $ 194.87 $ 189.76 RevPAR $ 142.18 $ 138.66 $ 145.47 $ 144.44 OtherPAR $ 244.49 $ 245.13 $ 261.28 $ 256.00 Total RevPAR $ 386.67 $ 383.79 $ 406.75 $ 400.44 Gaylord National Revenue $ 79,687 $ 73,995 $ 140,443 $ 136,452 Operating Income $ 19,529 24.5% $ 16,152 21.8% $ 22,846 16.3% $ 22,861 16.8% Depreciation & amortization 6,884 6,613 13,756 13,129 Preopening costs - 173 - 228 Interest income on Gaylord National 2,659 2,931 5,313 5,862 bonds Adjusted EBITDA $ 29,072 36.5% $ 25,869 35.0% $ 41,915 29.8% $ 42,080 30.8% - ------- ------ - ------- ------ - ------- ------ - ------- ------ Occupancy 78.6% 81.3% 74.7% 75.5% Average daily rate (ADR) $ 227.17 $ 214.42 $ 213.54 $ 210.19 RevPAR $ 178.46 $ 174.41 $ 159.46 $ 158.76 OtherPAR $ 260.26 $ 232.97 $ 229.28 $ 218.93 Total RevPAR $ 438.72 $ 407.38 $ 388.74 $ 377.69 The AC Hotel at National Harbor Revenue $ 3,511 $ 3,679 $ 5,882 $ 6,138 Operating Income $ 1,078 30.7% $ 1,378 37.5% $ 1,209 20.6% $ 1,757 28.6% Depreciation & amortization 328 322 655 647 Adjusted EBITDA $ 1,406 40.0% $ 1,700 46.2% $ 1,864 31.7% $ 2,404 39.2% - ------- ------ - ------- ------ - ------- ------ - ------- ------ Occupancy 78.6% 82.5% 69.6% 72.4% Average daily rate (ADR) $ 227.80 $ 224.19 $ 211.90 $ 214.09 RevPAR $ 179.03 $ 184.85 $ 147.57 $ 154.94 OtherPAR $ 21.92 $ 25.77 $ 21.69 $ 21.70 Total RevPAR $ 200.95 $ 210.62 $ 169.26 $ 176.64 The Inn at Opryland(1) Revenue $ 4,758 $ 4,483 $ 7,744 $ 7,817 Operating Income $ 1,283 27.0% $ 1,117 24.9% $ 1,259 16.3% $ 1,516 19.4% Depreciation & amortization 362 340 729 675 Adjusted EBITDA $ 1,645 34.6% $ 1,457 32.5% $ 1,988 25.7% $ 2,191 28.0% - ------- ------ - ------- ------ - ------- ------ - ------- ------ Occupancy 83.9% 81.9% 73.7% 76.9% Average daily rate (ADR) $ 158.06 $ 152.73 $ 145.70 $ 142.07 RevPAR $ 132.63 $ 125.07 $ 107.32 $ 109.26 OtherPAR $ 39.82 $ 37.49 $ 33.84 $ 33.24 Total RevPAR $ 172.45 $ 162.56 $ 141.16 $ 142.50 (1) Includes other hospitality revenue and expense

Ryman Hospitality Properties, Inc. and Subsidiaries Reconciliation of Forward-Looking Statements Unaudited (in thousands) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") and Adjusted Funds From Operations ("AFFO") reconciliation: GUIDANCE RANGE FOR FULL YEAR 2018 Low High ---------- ---------- Ryman Hospitality Properties, Inc. Net Income $ 155,300 $ 156,000 Provision (benefit) for income taxes 15,000 16,000 Loss from Joint Ventures 4,100 6,000 Other (gains) and losses, net (1,400) (2,000) Interest expense 76,000 78,300 Interest income (10,500) (10,500) Operating Income 238,500 243,800 Depreciation and amortization 119,900 122,400 Non-cash lease expense 5,000 5,000 Preopening expense 5,000 6,400 Pro Rata Adj. EBITDA from Joint Ventures (2,500) (2,000) Equity based compensation 7,500 7,800 Pension settlement charge, Other 1,700 1,500 Other gains and (losses), net 400 1,600 Interest income on Gaylord National Bonds 10,500 10,500 Adjusted EBITDA $ 386,000 $ 397,000 - -------- - -------- Hospitality Segment Operating Income $ 245,000 $ 247,500 Depreciation and amortization 107,000 108,500 Non-cash lease expense 5,000 5,000 Preopening expense 3,000 4,000 Pro Rata Adj. EBITDA from Joint Ventures (1,500) (1,000) Other gains and (losses), net 2,000 2,500 Interest income on Gaylord National Bonds 10,500 10,500 Adjusted EBITDA $ 371,000 $ 377,000 - -------- - -------- Entertainment Segment Operating Income $ 27,500 $ 30,200 Depreciation and amortization 10,400 11,000 Preopening expense 2,000 2,400 Pro Rata Adj. EBITDA from Joint Ventures (1,000) (1,000) Equity based compensation 1,100 1,400 Adjusted EBITDA $ 40,000 $ 44,000 - -------- - -------- Corporate and Other Segment Operating Loss $ (34,000) $ (33,900) Depreciation and amortization 2,500 2,900 Equity based compensation 6,400 6,400 Pension settlement charge, Other 1,700 1,500 Other gains and (losses), net (1,600) (900) Adjusted EBITDA $ (25,000) $ (24,000) - -------- - -------- Ryman Hospitality Properties, Inc. Net income $ 155,300 $ 156,000 Pro Rata FFO from Joint Ventures 300 400 Depreciation & amortization 119,900 122,400 Funds from Operations (FFO) 275,500 278,800 Pro Rata AFFO from Joint Ventures (2,500) (1,500) Non-cash lease expense 5,000 5,000 Amortization of DFC 5,700 6,200 Write-Off of Deferred Financing Costs 2,000 2,200 Deferred tax expense (benefit) 13,500 14,500 Pension settlement charge 1,700 1,500 Adjusted FFO $ 300,900 $ 306,700 - -------- - --------