Updated
The most significant concentration Ryman Hospitality Properties, I discloses is Hospitality segment at 83%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Ryman Hospitality Properties, I’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Hospitality, Entertainment, and Corporate and Other — represented approximately 83%, 17% and 0%, respectively, of our total revenues for the fiscal year ended December 31, 2025'”
“10-K Item 1A: 'The operation and management of our current hotel properties, the operation of which generates substantially all our Hospitality segment revenue, is concentrated in Marriott.'”
The company's concentration profile is defined by two high-share exposures that are tightly coupled to one another. The Hospitality segment represented approximately 83% of total revenues for the fiscal year ended December 31, 2025 — a high-share structural concentration. With the remainder split between Entertainment and a negligible Corporate contribution, the business is substantially a hospitality enterprise, meaning conditions that affect large-group and convention hotel demand move the overwhelming majority of results. Compounding this product-level concentration is a high-share counterparty dependency: the operation and management of the hotel properties — which generates substantially all of the Hospitality segment revenue — is concentrated in Marriott. This is a dependency exposure because the relationship is governed by a management agreement whose terms, renewal provisions, and Marriott's execution quality are all beyond the company's direct control. A disruption in the management relationship, a material change in agreement terms, or a deterioration in Marriott's brand performance in the large-group segment would directly affect the 83% revenue segment it manages. The two exposures are not independent — they compound: the structural Hospitality revenue dominance and the Marriott management dependency together mean that a single management relationship governs the income-generating capacity of most of the enterprise. There are no disclosed supplier, customer, or geographic diversifiers that offset this. On balance, the Marriott relationship and convention/group travel demand conditions are the two variables that most directly determine the investment outcome.
For the engine’s reasoning on RHP’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| PK | Park Hotels & Resorts Inc. | 2 | 1 | 0 | 3 |
| DRH | Diamondrock Hospitality Company | 2 | 0 | 0 | 2 |
| RHP● | Ryman Hospitality Properties, I | 2 | 0 | 0 | 2 |
| APLE | Apple Hospitality REIT, Inc. | 1 | 0 | 0 | 1 |
| HST | Host Hotels & Resorts, Inc. | 1 | 0 | 0 | 1 |
| SHO | Sunstone Hotel Investors, Inc. | 0 | 2 | 0 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.