Ryman Hospitality Anticipates $1 Billion CapEx Allocation
Skift Take
Ahead of Ryman Hospitality Properties’ Investor Day, Truist Securities upped their price target for the REIT.
The DJIA ended Friday down 118 points while Nasdaq was up 3, the S&P 500was up 4 points and the 10-year treasury yield was down .03 to 3.95%. Lodging stocks were mixed. AHT traded down to another new low.
Ahead of Ryman Hospitality Properties’ Investor Day, Truist Securities upped their price target to $134 from $124. They remain bullish on RHP due to their checks showing encouraging industry-wide future group business booking and pricing trends. Truist believes a big focus point will be detail on RHP’s allocation of the $1 billion, 5 year CapEx spend that could include high ROI room expansions at Rockies and Hill Country. They also believe RHP will give higher RevPAR guidance either at Investor Day or when they release 4Q results.
The Baird/STR Hotel Stock Index jumped 10.5% in December. For all of 2023, the index was up 38.4%. The Hotel Brand sub-in
