Gaylord Comments on 2007 Hospitality Outlook
10th Annual Wachovia Real Estate, Gaming & Lodging Securities Conference
NASHVILLE, TN, December 5, 2006. Gaylord Entertainment Co. (NYSE: GET) today is expected to comment on the 2007 outlook for the hospitality segment at the 10th Annual Wachovia Real Estate, Gaming & Lodging Securities Conference.
Gaylord presently projects Hospitality Segment RevPAR1 growth of 5% to 7% and Total RevPAR2 growth of 7% to 9% over 2006. Additionally, Hospitality Segment Consolidated Cash Flow4 ("CCF") is expected to be in the range of $182 million to $190 million.
"We expect 2007 to be another strong year for our hospitality business," said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment. "Despite renovating more than 1,000 rooms at Gaylord Opryland, we expect solid growth in our hotels brand, positioning us for a breakout year in 2008."
The following outlook is based on current information as of December 5, 2006. However, the Company may update this business outlook or any portion thereof at any time for any reason.
Gaylord's 2007 outlook reflects 48,000 room nights out of service due to room renovation at Gaylord's Opryland Hotel.
Gaylord Entertainment expects to provide full Company guidance in its year end 2006 earning release. 2007 Gaylord Hotels Consolidated Cash Flow $182 - 190 Million Gaylord Hotels RevPAR Growth 5% - 7% Gaylord Hotels Total RevPAR Growth 7% - 9%
Note: A reconciliation of estimated CCF to the most directly comparable measure calculated in accordance with accounting principles generally accepted in the United States (GAAP), which is estimated hospitality segment operating income of $88.9 million to $96.9 million, is included as part of the Reconciliation of Forward-Looking Statements contained in this press release.
Additional Information
As disclosed earlier, Gaylord Entertainment will present to the attendees of the 10th Annual Wachovia Real Estate, Gaming & Lodging Securities Conference held at the New York Palace Hotel in New York City. The presentation will take place on Tuesday, December 5, 2006 at 3:05 p.m. EST. Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment will be discussing the guidance outlined in this press release.
In addition, this outlook information and the conference webcast will be posted on Gaylord Entertainment's Investor Relations Website, http://ir.gaylordentertainment.com. To listen to the live webcast, please go to the Investor Relations Website at least 15 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be made available shortly after the presentation and will run for 30 days.
Please visit the events section of Gaylord's Investor Relations Website to view a complete calendar of events and receive event reminders.
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