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RHP’s group business has never looked better as evidenced by the solid Q3 2014 results and strong Q4 2014 and 2015 outlooks. Estimates look like they are going higher aided in part by a too high share count embedded in Street estimates. The bears are grasping to the one negative datapoint – gross bookings declined sequentially. In this regard, however, RHP is a victim of its own success – Q2 was phenomenal and the Q4 pace is accelerating again. Besides, net bookings were still positive and at significantly higher rates. Bottom line: the number of nights on the books is a huge number. We recommend investors take advantage of today’s weakness.

Please see our note:  http://docs.hedgeye.com/HE_RHP_Outlook_11.4.14.pdf