Playa Hotels & Resorts N.V. Reports Fourth Quarter and Full Year 2024 Results

Core Viewpoint - Playa Hotels & Resorts N.V. reported its operational results for the fourth quarter and the full year of 2024, highlighting a mixed performance influenced by external factors such as Hurricane Beryl and foreign currency fluctuations, while also announcing a tender offer from Hyatt Hotels Corporation for its shares at $13.50 each [1][7]. Financial and Operating Results - For the three months ended December 31, 2024, occupancy increased to 74.0% from 72.9% in 2023, with a net package average daily rate (ADR) of$ 439.94, up 6.4% year-over-year [8][9]. - Total net revenue for Q4 2024 was $210.3 million, a decrease of 7.4% compared to$ 227.1 million in Q4 2023 [8][10]. - Net income for Q4 2024 was $9.0 million, significantly higher than$ 1.0 million in the same quarter of 2023, while adjusted net income rose to $9.8 million from$ 6.0 million [9][10]. - For the year ended December 31, 2024, net income was $73.8 million, compared to$ 53.9 million in 2023, with adjusted net income increasing to $81.2 million from$ 66.3 million [9][10]. Adjusted EBITDA and Margins - Adjusted EBITDA for Q4 2024 decreased by 8.3% to $55.8 million, with an adjusted EBITDA margin of 26.5%, down 0.3 percentage points from 2023 [9][10]. - For the full year 2024, adjusted EBITDA was$ 258.0 million, a decline of 5.1% from $271.9 million in 2023, with an adjusted EBITDA margin of 28.5%, down 0.6 percentage points year-over-year [9][10]. Impact of External Factors - The company faced challenges due to Hurricane Beryl, which negatively impacted results in Jamaica, leading to a year-over-year decline in adjusted EBITDA for 2024 [6][9]. - Foreign currency fluctuations provided a tailwind, helping to offset some of the construction disruptions related to renovations on the Pacific Coast [6][9]. Shareholder Transaction - Playa's Board of Directors approved a tender offer from Hyatt Hotels Corporation for all outstanding shares at$ 13.50 per share, which the executive team believes is an attractive outcome for stakeholders [7][9]. Balance Sheet Overview - As of December 31, 2024, the company held $189.3 million in cash and cash equivalents, with total interest-bearing debt of$ 1,078.0 million [14].