This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
The exact historical development is uncertain. The modern form visually contains 旅 and 肉, but the original component relationship is unclear.
The top 旅 (travel) and bottom 肉 (meat) suggest something related to the body during travel, but the exact meaning is unclear.
For リョ, imagine a traveler (旅) carrying a piece of meat (肉) and saying 'ryo' as a made-up word for the journey: ryo -> リョ.