Playa Hotels & Resorts N.V. Reports First Quarter 2021 Results

Playa Hotels & Resorts N.V. announced results of operations for the three months ended March 31, 2021.

The following table presents the quarterly results for our total portfolio and for our open resorts:

Total Portfolio

Open Resorts (1)

Q1 2021

Q1 2021

Available room nights

679,245

653,055

Occupancy

31.6 %

32.9 %

Net Package ADR

$288.88

$288.88

Net Package RevPAR

$91.40

$95.07

____________________

(1)

Represents room nights that were actually available for reservation.

The following table presents the quarterly results for our segment portfolio and for our open resorts in the Yucatán Peninsula. There are no deviations from our segment portfolio compared to our open resorts for our other reportable segments during the three months ended March 31, 2021.

Yucatán Peninsula

Segment Portfolio

Open Resorts (1)

Q1 2021

Q1 2021

Available room nights

229,425

203,235

Occupancy

41.8 %

47.2 %

Net Package ADR

$290.91

$290.91

Net Package RevPAR

$121.66

$137.34

____________________

(1)

Represents room nights that were actually available for reservation.

Three Months Ended March 31, 2021 Results

  • Net Loss was $69.7 million compared to a Net Loss of $22.6 million in 2020. Net Loss for the three months ended March 31, 2021 includes $24.0 million of property and equipment impairment losses.
  • Adjusted Net Loss(1) was $50.9 million compared to Adjusted Net Income of $1.5 million in 2020.
  • Owned Resort EBITDA decreased 89.2% versus 2020 to $6.5 million.
  • Adjusted EBITDA decreased 105.0% versus 2020 to $(2.5) million.

____________________

(1)

Adjusted Net Income/(Loss) excludes special items, which are those items deemed not to be reflective of ongoing operations. See “Definitions of Non-U.S. GAAP Measures and Operating Statistics” for a description of how we compute Adjusted Net Income/(Loss) and other non-GAAP financial figures included in this press release.

“The first quarter finished on a strong note despite the change in international travel guidelines issued in January by the CDC. March was a very important milestone for Playa’s recovery journey: it was the first month since the onset of the COVID-19 pandemic that we achieved positive Adjusted EBITDA, a testament to the tremendous efforts of the entire Playa team and pent up demand from travelers. The underpinnings of our performance in March are particularly encouraging as we continued to achieve solid ADR performance while simultaneously ramping occupancy, leading to robust flow through to the bottom line. Our efforts on direct customer sourcing have been, and will continue to be, a major driver of our market share and ADR performance, which was once again displayed during the first quarter.

Elsewhere, we took several actions during the first quarter to optimize our portfolio for growth and to further enhance our liquidity. Our equity capital raise and Credit Agreement amendment addressed a significant distraction for Playa, and has enabled us to focus on delivering a best in class guest experience. The actions taken on the resort portfolio front are major steps forward on our quest to operate a fully branded portfolio of high quality resorts, and also position us well for future growth as the recent transactions have meaningful strategic implications.

Looking ahead, I am incredibly pleased with our competitive and financial positioning. Our business on the books for the second half of 2021 continues to build nicely as vaccination penetration increases, flight capacity returns, and our visibility improves as travelers are becoming more comfortable booking further in advance. With our liquidity position in a much better place than even just a few short months ago, we are keenly focused on taking market share and yielding up ADR to drive profits.”

 – Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts

COVID Update

The COVID-19 pandemic and the public health measures that have been undertaken in response have had a significant adverse impact on the global economy, the travel and hospitality industries and our business starting in the first quarter of 2020. The effects of the COVID-19 pandemic, including related government restrictions, border closings, quarantines, “shelter-in-place” orders and “social distancing,” have significantly disrupted global leisure travel, and have adversely impacted global commercial activity, contributing to worldwide economic contraction and increased unemployment. We expect that the continuing economic fallout will create headwinds for leisure travel even after the current government restrictions are lifted.

Due to the spread of the COVID-19 pandemic and the associated restrictions placed on international travel, we temporarily suspended operations at all of our resorts in late March 2020 and subsequently began reopening our resorts on July 1, 2020. As of March 31, 2021, all of our resorts had reopened with the exception of the Capri Resort. Our resorts account for all of our revenue. The suspension of operations at our resorts, and the severely reduced occupancy at the resorts that have reopened, has had a significant adverse effect on our liquidity. As of March 31, 2021, we had $200.4 million of available cash, excluding $25.9 million of restricted cash. For discussion of the measures that were previously taken to improve our liquidity during fiscal year 2020, please refer to our Annual Report on Form 10-K filed with the SEC on March 4, 2021. We have taken the following measures during the 2021 fiscal year to further mitigate the impact of the effects of the COVID-19 pandemic on our liquidity position:

  • raised $138.0 million, net of underwriting discounts, of additional capital in January 2021 through an underwritten public equity offering at $5.00 per share;
  • paid down the outstanding balance under our Revolving Credit Facility in February 2021 and also amended and extended our existing facility, further extending the covenant waiver period were we to draw the credit line over 35%;
  • sold the Dreams Puerto Aventuras in February 2021 for a total cash consideration of $34.5 million; and
  • entered into an agreement to sell the Capri Resort in March 2021 for a total cash consideration of $55.0 million.

We cannot predict when the effects of the pandemic will subside, and thus we cannot predict whether our resorts will be permitted to remain open or when our business will return to normalized or even to break-even levels. There also can be no guarantee that when the current effects of the pandemic subside that there will not be resurgences of the virus or its variants or that the demand for lodging, and consumer confidence in travel generally, will recover as quickly as other industries. The longer and more severe the pandemic, and the actual occurrence or even the possibility of repeat or cyclical outbreaks of the virus beyond the one currently being experienced, the greater the material adverse effect the pandemic will have on our business, results of operations, cash flows, financial condition, access to credit markets and ability to service our indebtedness.

Financial and Operating Results

The following tables set forth information with respect to the operating results of our total portfolio and comparable portfolio for the three months ended March 31, 2021 and 2020 ($ in thousands):

Total Portfolio

Three Months Ended March 31,

2021

2020

Change

Occupancy

31.6 %

66.6 %

(35.0)pts

Net Package ADR

$                 288.88

$                296.68

(2.6) %

Net Package RevPAR

$                   91.40

$                197.55

(53.7) %

Total Net Revenue (1)

$                 75,296

$              171,164

(56.0) %

Owned Net Revenue (2)

$                 74,827

$              170,504

(56.1) %

Owned Resort EBITDA (3)

$                   6,545

$                60,669

(89.2) %

Owned Resort EBITDA Margin

8.7 %

35.6 %

(26.9)pts

Other corporate

$                   9,394

$                10,971

(14.4) %

Management Fee Revenue

$                      344

$                     645

(46.7) %

Adjusted EBITDA (4)

$                 (2,505)

$                50,343

(105.0) %

Adjusted EBITDA Margin

(3.3)%

29.4 %

(32.7)pts

Comparable Portfolio (5)                                                   

Three Months Ended March 31, 

2021

2020

Change

Occupancy

31.6 %

65.8 %

(34.2)pts

Net Package ADR

$                 291.49

$                303.16

(3.8) %

Net Package RevPAR

$                   92.06

$                199.38

(53.8) %

Total Net Revenue (1)

$                 74,090

$              155,502

(52.4) %

Owned Net Revenue (2)

$                 73,621

$              154,842

(52.5) %

Owned Resort EBITDA (3)

$                   6,175

$                55,455

(88.9) %

Owned Resort EBITDA Margin

8.4 %

35.8 %

(27.4)pts

Other corporate

$                   9,394

$                10,971

(14.4) %

Management Fee Revenue

$                      344

$                     645

(46.7) %

Adjusted EBITDA (4)

$                 (2,875)

$                45,129

(106.4) %

Adjusted EBITDA Margin

(3.9)%

29.0 %

(32.9)pts

____________________

(1)

Total Net Revenue represents revenue from the sale of all-inclusive packages, which include room accommodations, food and beverage services and entertainment activities, net of compulsory tips paid to employees, as well as revenue from other goods, services and amenities not included in the all- inclusive package. Government mandated compulsory tips in the Dominican Republic are not included in this adjustment as they are already excluded from revenue in accordance with U.S. GAAP. A description of how we compute Total Net Revenue and a reconciliation of Total Net Revenue to total revenue can be found in the section “Definitions of Non-U.S. GAAP Measures and Operating Statistics” below. Total Net Revenue also includes all Management Fee Revenue.

(2)

Owned Net Revenue excludes Management Fee Revenue and MICE (meetings, incentives, conventions and events) revenue.

(3)

A description of how we compute Owned Resort EBITDA and a reconciliation of net income to Owned Resort EBITDA can be found in the section “Definitions of Non-U.S. GAAP Measures and Operating Statistics” below.

(4)

A description of how we compute Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA can be found in the section “Definitions of Non-U.S. GAAP Measures and Operating Statistics” below.

(5)

For the three months ended March 31, 2021, the comparable portfolio excludes the following resorts: Dreams Puerto Aventuras, which was sold in February 2021, and Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark which were sold in May 2020.

Balance Sheet

As of March 31, 2021, we held $200.4 million in cash and cash equivalents, excluding $25.9 million of restricted cash. Total interest-bearing debt was $1,177.8 million, comprised of our Senior Secured Term Loan due 2024 and Property Loan due 2025. Effective March 29, 2018, we entered into two interest rate swaps to fix LIBOR at 2.85% on $800.0 million of our variable rate Term Loan. As of March 31, 2021, there was no balance outstanding on our $85.0 million Revolving Credit Facility.

The following is a reconciliation of our cash and cash equivalents from December 31, 2020 to March 31, 2021:

Cash and Cash Equivalents 
($ in millions)

December 31 Balance

$

146.9

Less: January Cash Burn

(13.4)

Less: February Cash Burn

(6.4)

Less: March Cash Burn (1)(2)

(8.4)

Less: Project Capital Expenditures

(2.2)

Less: Maintenance Capital Expenditures

(1.3)

Less: Revolver Repayment – 5th Amendment To Credit Agreement

(85.1)

Plus: Net Equity Proceeds

137.6

Plus: Net Asset Sale Proceeds (3)

32.8

March 31 Balance

$

200.4

(1)

Includes $2.5 million principal payment on our Term Loan.

(2)

Includes $6.1 million of annual company-wide incentive bonus payments.

(3)

Includes $1.5 million of severance payments.

Playa is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations in Mexico and the Caribbean. As of March 31, 2021, Playa owned and/or managed a total portfolio consisting of 22 resorts (8,366 rooms) located in Mexico, Jamaica, and the Dominican Republic. In Mexico, Playa owns and manages Hyatt Zilara Cancún, Hyatt Ziva Cancún, Panama Jack Resorts Cancún, Panama Jack Resorts Playa del Carmen, Hilton Playa del Carmen All-Inclusive Resort, Hyatt Ziva Puerto Vallarta, Hyatt Ziva Los Cabos and Capri Resort. In Jamaica, Playa owns and manages Hyatt Zilara Rose Hall, Hyatt Ziva Rose Hall, Hilton Rose Hall Resort & Spa, Jewel Grande Montego Bay Resort & Spa and Jewel Paradise Cove Beach Resort & Spa. In the Dominican Republic, Playa owns and manages the Hilton La Romana All-Inclusive Family Resort, the Hilton La Romana All-Inclusive Adult Resort, Hyatt Zilara Cap Cana and Hyatt Ziva Cap Cana. Playa owns two resorts in the Dominican Republic that are managed by a third-party and manages three resorts on behalf of third-party owners.

Total Portfolio

Three Months Ended March 31,

2021

2020

Net Package Revenue

Comparable Net Package Revenue

$

61,435

$

134,535

Non-comparable Net Package Revenue

648

13,561

Net Package Revenue

62,083

148,096

Net Non-package Revenue

Comparable Net Non-package Revenue

12,311

20,322

Non-comparable Net Non-package Revenue

558

2,101

Net Non-package Revenue

12,869

22,423

Management Fee Revenue

Comparable Management Fee Revenue

344

645

Non-comparable Management Fee Revenue

Management Fee Revenue

344

645

Total Net Revenue

Comparable Total Net Revenue

74,090

155,502

Non-comparable Total Net Revenue

1,206

15,662

Total Net Revenue

75,296

171,164

Compulsory tips

1,937

5,114

Cost Reimbursements

513

950

Total revenue

$

77,746

$

177,228

EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Owned Resort EBITDA, and Owned Resort EBITDA Margin

We define EBITDA, a non-U.S. GAAP financial measure, as net income or loss, determined in accordance with U.S. GAAP, for the period presented, before interest expense, income tax and depreciation and amortization expense. We define Adjusted EBITDA, a non-U.S. GAAP financial measure, as EBITDA further adjusted to exclude the following items:

  • Other income or expense
  • Pre-opening expense
  • Transaction expenses
  • Severance expense
  • Other tax expense
  • Gain on property damage insurance proceeds
  • Share-based compensation
  • Loss on extinguishment of debt
  • Other items, which may include but are not limited to the following: management contract termination fees; gains or losses from legal settlements; repairs from hurricanes and tropical storms and impairment losses.

We include the non-service cost components of net periodic pension cost or benefit recorded within other income or expense in the Condensed Consolidated Statements of Operations in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations.

“Adjusted EBITDA Margin” represents Adjusted EBITDA as a percentage of Total Net Revenue.

“Owned Resort EBITDA” represents Adjusted EBITDA before corporate expenses and Management Fee Revenue. 

“Owned Resort EBITDA Margin” represents Owned Resort EBITDA as a percentage of Owned Net Revenue.

Adjusted Net (Loss) Income

“Adjusted Net (Loss) Income” represents net income or loss attributable to Playa, determined in accordance with U.S. GAAP, excluding special items which are not reflective of our core operating performance, such as one-time expenses related to transaction expenses.

Playa Hotels & Resorts N.V.
Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Owned Resort EBITDA 
($ in thousands)

The following is a reconciliation of our U.S. GAAP net loss to EBITDA, Adjusted EBITDA, Owned Resort EBITDA and Comparable Owned Resort EBITDA for the three months ended March 31, 2021 and 2020 ($ in thousands):

Three Months Ended March 31,

2021

2020

Net loss

$

(69,745)

$

(22,556)

Interest expense

18,167

20,955

Income tax (benefit) provision

(1,951)

1,111

Depreciation and amortization

20,883

24,959

EBITDA

(32,646)

24,469

Other expense (a)

706

3,906

Share-based compensation

3,179

3,223

Transaction expense (b)

579

586

Severance expense (c)

1,287

1,198

Other tax expense (d)

163

237

Impairment loss (e)

24,011

16,173

Loss on sale of assets

273

Non-service cost components of net periodic pension (cost) benefit (f)

(57)

551

Adjusted EBITDA

(2,505)

50,343

Other corporate

9,394

10,971

Management fee income

(344)

(645)

Owned Resort EBITDA

6,545

60,669

Less: Non-comparable Owned Resort EBITDA

370

5,214

Comparable Owned Resort EBITDA (g)

$                               6,175

$                            55,455

____________________

(a)

Represents changes in foreign exchange and other miscellaneous expenses or income.

(b)

Represents expenses incurred in connection with corporate initiatives, such as: debt refinancing costs; other capital raising efforts; and strategic initiatives, such as the launch of a new resort or possible expansion into new markets.

(c)

Represents expenses incurred for employee terminations.

(d)

Relates primarily to a Dominican Republic asset/revenue tax, which is an alternative tax to income tax in the Dominican Republic. We eliminate this expense from Adjusted EBITDA because it is substantially similar to the income tax provision or benefit we eliminate from our calculation of EBITDA.

(e)

Represents the property and equipment impairment loss on our Capri Resort recognized as a result of the sale agreement we entered into during the first quarter of 2021 and goodwill impairment losses recognized during the first quarter of 2020 at the Jewel Runaway Bay Beach Resort & Waterpark, Jewel Dunn’s River Beach Resort & Spa and Jewel Paradise Cove Beach Resort & Spa from the decrease in forecasted future cash flows due to COVID-19.

(f)

Represents the non-service cost components of net periodic pension (cost) benefit recorded within other expense in the Condensed Consolidated Statement of Operations. We include these for the purposes of calculating Adjusted EBITDA as they are considered part of our ongoing resort operations.

(g)

Comparable resorts for the three months ended March 31, 2021 exclude the following: Dreams Puerto Aventuras, which was sold in February 2021, and Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark which were sold in May 2020.

Playa Hotels & Resorts N.V.

Reconciliation of Net Income to Adjusted Net Income 
($ in thousands)

The following table reconciles our net loss to Adjusted Net (Loss) Income for the three months ended March 31, 2021 and 2020 ($ in thousands):

Three Months Ended March 31,

2021

2020

Net loss

$

(69,745)

$

(22,556)

Reconciling items

Transaction expense (a)

579

586

Change in fair value of interest rate swaps (b)

(2,637)

6,369

Impairment loss (c)

24,011

16,173

Severance expense (d)

1,287

1,198

Total reconciling items before tax

23,240

24,326

Income tax provision for reconciling items

(4,442)

(285)

Total reconciling items after tax

18,798

24,041

Adjusted net (loss) income 

$

(50,947)

$

1,485

____________________

(a)

Represents expenses incurred in connection with corporate initiatives, such as: debt refinancing costs; other capital raising efforts; and strategic initiatives, such as the launch of a new resort or possible expansion into new markets.

(b)

Represents the change in fair value, excluding interest paid and accrued, of our interest rate swaps recognized as interest expense in our Condensed Consolidated Statements of Operations.

(c)

Represents the property and equipment impairment loss on our Capri Resort recognized as a result of the sale agreement we entered into during the first quarter of 2021 and goodwill impairment losses recognized during the first quarter of 2020 at the Jewel Runaway Bay Beach Resort & Waterpark, Jewel Dunn’s River Beach Resort & Spa and Jewel Paradise Cove Beach Resort & Spa from the decrease in forecasted future cash flows due to COVID-19.

(d)

Represents expenses incurred for employee terminations.

The following table presents the impact of Adjusted Net (Loss) Income on our diluted losses per share for the three months ended March 31, 2021 and 2020 ($ in thousands):

Three Months Ended March 31,

2021

2020

Adjusted net (loss) income

$

(50,947)

$

1,485

Losses per share – Diluted

$

(0.43)

$

(0.17)

Total reconciling items impact per diluted share

0.12

0.19

Adjusted (losses) earnings per share – Diluted

$

(0.31)

$

0.02

Playa Hotels & Resorts N.V. 
Condensed Consolidated Balance Sheet 
($ in thousands, except share data) 
(unaudited)

As of March 31,

As of December 31,

2021

2020

ASSETS

Cash and cash equivalents

$                     200,427

$                     146,919

Restricted cash

25,939

25,941

Trade and other receivables, net

27,083

25,433

Accounts receivable from related parties

3,482

3,726

Inventories

14,063

13,813

Prepayments and other assets

42,051

47,638

Property and equipment, net

1,630,006

1,727,383

Assets held for sale

55,864

34,472

Goodwill, net

61,654

61,654

Other intangible assets

8,303

8,556

Deferred tax assets

11

2,130

Total assets

$                  2,068,883

$                  2,097,665

LIABILITIES AND SHAREHOLDERS’ EQUITY

Trade and other payables

$                     117,153

$                     123,410

Payables to related parties

8,054

8,073

Income tax payable

158

348

Debt

971,999

1,251,267

Related party debt

193,064

Derivative financial instruments

40,811

46,340

Other liabilities

29,358

29,768

Liabilities held for sale

5,419

Deferred tax liabilities

64,161

70,323

Total liabilities

$                  1,430,177

$                  1,529,529

Commitments and contingencies

Shareholders’ equity

Ordinary shares (par value €0.10; 500,000,000 shares authorized, 166,237,579 shares issued and 164,029,575 shares outstanding as of March 31, 2021 and 136,770,086 shares issued and 134,571,290 shares outstanding as of December 31, 2020)

 

18,470

 

14,871

Treasury shares (at cost, 2,208,004 shares as of March 31, 2021 and 2,198,796 shares as of December 31, 2020)

 

(16,697)

 

(16,642)

Paid-in capital

1,167,444

1,030,148

Accumulated other comprehensive loss

(28,066)

(30,949)

Accumulated deficit

(502,445)

(429,292)

Total shareholders’ equity

638,706

568,136

Total liabilities and shareholders’ equity

$                  2,068,883

$                  2,097,665

Playa Hotels & Resorts N.V.

Condensed Consolidated Statements of Operations 
($ in thousands, except share data)

(unaudited)

Three Months Ended March 31,

2021

2020

Revenue

Package

$

63,894

$

153,055

Non-package

12,995

22,578

Management fees

344

645

Cost reimbursements

513

950

Total revenue

77,746

177,228

Direct and selling, general and administrative expenses

Direct

60,221

97,898

Selling, general and administrative

24,668

33,832

Depreciation and amortization

20,883

24,959

Reimbursed costs

513

950

Impairment loss

24,011

16,173

Loss on sale of assets

273

Direct and selling, general and administrative expenses

130,569

173,812

Operating (loss) income

(52,823)

3,416

Interest expense

(18,167)

(20,955)

Other expense

(706)

(3,906)

Net loss before tax

(71,696)

(21,445)

Income tax benefit (provision)

1,951

(1,111)

Net loss

$

(69,745)

$

(22,556)

Earnings per share

Losses per share – Basic

$

(0.43)

$

(0.17)

Losses per share – Diluted

$

(0.43)

$

(0.17)

Weighted average number of shares outstanding during the period – Basic

160,827,261

129,286,708

Weighted average number of shares outstanding during the period – Diluted

160,827,261

129,286,708

Playa Hotels & Resorts N.V.

Consolidated Debt Summary – As of March 31, 2021 

($ in millions)

Maturity

Applicable

LTM

Debt

Date

# of Years

Balance

Rate

Interest (5) 

   Revolving credit facility ($68.0 million) (1)

Jan-24

2.8

$

4.15 %

$

2.0

   Revolving credit facility ($17.0 million) (1)

Apr-22

1.1

3.15 %

0.5

   Term loan (2)

Apr-24

3.1

973.8

5.27 %

58.5

   Term loan (Additional $94.0 million) (3)

Apr-24

3.1

94.0

9.25 %

7.1

   Property loan

Jul-25

4.3

110.0

9.25 %

7.9

Total debt

$

1,177.8

6.00 %

$

76.0

   Less: cash and cash equivalents (4)  

200.4

Net debt (face)

$

977.4

____________________

(1)

As of March 31, 2021, the total available borrowing capacity under our Revolving Credit Facility was $85.0 million. The interest rate on any outstanding balances of our $68.0 million Revolving Credit Facility is L+400 bps with no LIBOR floor. The interest rate on any outstanding balances of our $17.0 million Revolving Credit Facility is L+300 bps with no LIBOR floor. As of March 31, 2021, the commitment fee on undrawn balances of our Revolving Credit Facility was 0.5%. See “COVID Update” for discussion of the February 2021 amendment to our Revolving Credit Facility, which included modifications to the interest rate on future outstanding balances.

(2)

The interest rate on our Term Loan is L+275 bps with a LIBOR floor of 1%. The interest rate on our Term Loan was 5.27% as of March 31, 2021, which includes the LIBOR rate that was locked in March for the 1-month period. Effective March 29, 2018, we entered into two interest rate swaps to mitigate the long-term interest rate risk inherent in our variable rate Term Loan. The interest rate swaps have an aggregate fixed notional value of $800.0 million. The fixed rate paid by us is 2.85% and the variable rate received resets monthly to the one-month LIBOR rate.

(3)

Effective June 12, 2020, we entered into $94.0 million of additional senior secured credit facility term loans. The additional $94.0 million is broken into three tranches: $35.0 million term loan at a fixed rate of 11.4777%, $31.0 million term loan at a fixed rate of 11.4777%, and $28.0 million term loan at our option of either a base rate plus a margin of 2.00% or LIBOR plus 3.00% with a LIBOR floor of 1%. The weighted average interest rate is 9.25%.

(4)

Based on cash balances on hand as of March 31, 2021.

(5)

Represents last twelve months interest expense and commitment fee. The impact of amortization of deferred financing costs and discounts, capitalized interest and the change in fair market value of our interest rate swaps before we elected hedge accounting is excluded.

Playa Hotels & Resorts N.V.
Reportable Segment Operating Statistics – Three Months Ended March 31, 2021 and 2020

Occupancy 

Net Package ADR

Net Package RevPAR

Owned Net Revenue

Owned Resort EBITDA

Owned Resort EBITDA Margin

Pts

%

%

%

%

Pts

Total Portfolio

Rooms

2021

2020

Change

2021

2020

Change

2021

2020

Change

2021

2020

Change

2021

2020

Change

2021

2020

Change

Yucatán Peninsula

2,417

41.8 %

74.1 %

(32.3) pts

$ 290.91

$     299.22

(2.8) %

$    121.66

$       221.58

(45.1) %

$     33,603

$     62,317

(46.1) %

$         7,174

$      24,935

(71.2) %

21.3 %

40.0 %

(18.7) pts

Pacific Coast

926

28.0 %

62.4 %

(34.4) pts

$ 311.06

$     344.28

(9.6) %

$       87.20

$       214.92

(59.4) %

8,621

21,155

(59.2) %

485

8,872

(94.5) %

5.6 %

41.9 %

(36.3) pts

Dominican Republic

2,644

26.0 %

57.3 %

(31.3) pts

$ 282.27

$     227.33

24.2 %

$       73.33

$       130.21

(43.7) %

20,881

35,596

(41.3) %

1,666

7,789

(78.6) %

8.0 %

21.9 %

(13.9) pts

Jamaica

1,428

26.3 %

70.8 %

(44.5) pts

$ 279.87

$     349.22

(19.9) %

$       73.57

$       247.17

(70.2) %

11,722

51,436

(77.2) %

(2,780)

19,073

(114.6) %

(23.7) %

37.1 %

(60.8) pts

Total Portfolio

7,415

31.6 %

66.6 %

(35.0)pts

$ 288.88

$     296.68

(2.6)%

$       91.40

$       197.55

(53.7)%

$     74,827

$   170,504

(56.1)%

$         6,545

$      60,669

(89.2)%

8.7 %

35.6 %

(26.9)pts

Occupancy

Net Package ADR 

Net Package RevPAR

Owned Net Revenue

Owned Resort EBITDA

Owned Resort EBITDA Margin

Pts

%

%

%

%

Pts

Comparable Portfolio

Rooms

2021

2020

Change

2021

2020

Change

2021

2020

Change

2021

2020

Change

2021

2020

Change

2021

2020

Change

Yucatán Peninsula

2,417

42.2 %

73.4 %

(31.2) pts

$ 296.97

$     314.60

(5.6) %

$     125.32

$       230.99

(45.7) %

$     32,491

$     57,613

(43.6) %

$         7,133

$      23,927

(70.2) %

22.0 %

41.5 %

(19.5) pts

Pacific Coast

926

28.0 %

62.4 %

(34.4) pts

$ 311.06

$     344.28

(9.6) %

$       87.20

$       214.92

(59.4) %

8,621

21,155

(59.2) %

485

8,872

(94.5) %

5.6 %

41.9 %

(36.3) pts

Dominican Republic

2,644

26.0 %

57.3 %

(31.3) pts

$ 282.27

$     227.33

24.2 %

$       73.33

$       130.21

(43.7) %

20,881

35,596

(41.3) %

1,666

7,789

(78.6) %

8.0 %

21.9 %

(13.9) pts

Jamaica

1,428

26.3 %

70.7 %

(44.4) pts

$ 279.95

$     373.25

(25.0) %

$       73.59

$       263.87

(72.1) %

11,628

40,478

(71.3) %

(3,109)

14,867

(120.9) %

(26.7) %

36.7 %

(63.4) pts

Total Comparable Portfolio

7,415

31.6 %

65.8 %

(34.2)pts

$ 291.49

$     303.16

(3.8)%

$       92.06

$       199.38

(53.8)%

$     73,621

$   154,842

(52.5)%

$         6,175

$      55,455

(88.9)%

8.4 %

35.8 %

(27.4)pts

Highlights

The decreases listed below are a result of the reduced occupancy at all of our resorts in the first quarter as a result of the COVID-19 pandemic.

Yucatán Peninsula

  • Comparable Net Package RevPAR decreased 45.7% over the same period in the prior year, driven by a decrease in Occupancy of 3,120 basis points and decrease in Net Package ADR of 5.6%.
  • Comparable Owned Resort EBITDA decreased $16.8 million, or 70.2%, over the prior year.

Pacific Coast

  • Comparable Net Package RevPAR decreased 59.4% over the same period in the prior year, driven by a decrease in Occupancy of 3,440 basis points and a decrease in Net Package ADR of 9.6%. Net Package ADR in the segment was negatively impacted by a significant decrease in MICE room nights compared to the same period in the prior year.
  • Comparable Owned Resort EBITDA decreased $8.4 million, or 94.5%, over the prior year.

Dominican Republic

  • Comparable Net Package RevPAR decreased 43.7% over the same period in prior year, driven by a decrease in Occupancy of 3,130 basis points and partially offset by an increase in Net Package ADR of 24.2%. Net Package ADR in the segment was positively impacted by the performance of the Hyatt Ziva and Zilara Cap Cana.
  • Comparable Owned Resort EBITDA decreased $6.1 million, or 78.6%, over the prior year.

Jamaica

  • Comparable Net Package RevPAR decreased 72.1% over the same period in prior year, driven by a decrease in Occupancy of 4,440 basis points and a decrease in Net Package ADR of 25.0%. Net Package ADR in the segment was negatively impacted by a higher mix of Occupancy at our lower chain scale resorts.
  • Comparable Owned Resort EBITDA decreased $18.0 million, or 120.9%, over the prior year.

SOURCE Playa Management USA, LLC