Companies: 10,796     total market cap: $144.532 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Playa Hotels & Resorts
PLYA
#5204
Rank
$1.65 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$13.48
Share price
0.00%
Change (1 day)
33.60%
Change (1 year)
๐Ÿจ Hotels๐ŸŒด Travel
Categories
  1. Playa Hotels & Resorts
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q2

Playa Hotels & Resorts - 10-Q quarterly report FY2022 Q2


Text size:
000169241212/312022Q2falsehttp://fasb.org/us-gaap/2022#AccountingStandardsUpdate201912Memberhttp://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2022#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationP1Yhttp://fasb.org/us-gaap/2022#PrepaidExpenseAndOtherAssetshttp://fasb.org/us-gaap/2022#PrepaidExpenseAndOtherAssets00016924122022-01-012022-06-3000016924122022-07-29xbrli:shares00016924122022-06-30iso4217:USD00016924122021-12-31iso4217:EURxbrli:shares0001692412plya:HotelPackageMember2022-04-012022-06-300001692412plya:HotelPackageMember2021-04-012021-06-300001692412plya:HotelPackageMember2022-01-012022-06-300001692412plya:HotelPackageMember2021-01-012021-06-300001692412plya:HotelNonPackageMember2022-04-012022-06-300001692412plya:HotelNonPackageMember2021-04-012021-06-300001692412plya:HotelNonPackageMember2022-01-012022-06-300001692412plya:HotelNonPackageMember2021-01-012021-06-300001692412plya:ManagementFeesMember2022-04-012022-06-300001692412plya:ManagementFeesMember2021-04-012021-06-300001692412plya:ManagementFeesMember2022-01-012022-06-300001692412plya:ManagementFeesMember2021-01-012021-06-300001692412plya:CostReimbursementsMember2022-04-012022-06-300001692412plya:CostReimbursementsMember2021-04-012021-06-300001692412plya:CostReimbursementsMember2022-01-012022-06-300001692412plya:CostReimbursementsMember2021-01-012021-06-3000016924122022-04-012022-06-3000016924122021-04-012021-06-3000016924122021-01-012021-06-30iso4217:USDxbrli:shares0001692412us-gaap:CommonStockMember2020-12-310001692412us-gaap:TreasuryStockCommonMember2020-12-310001692412us-gaap:AdditionalPaidInCapitalMember2020-12-310001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001692412us-gaap:RetainedEarningsMember2020-12-3100016924122020-12-3100016924122020-01-012020-12-310001692412us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001692412srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001692412srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2020-12-310001692412us-gaap:TreasuryStockCommonMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310001692412srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2020-12-310001692412us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310001692412us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310001692412srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310001692412us-gaap:RetainedEarningsMember2021-01-012021-03-3100016924122021-01-012021-03-310001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001692412us-gaap:CommonStockMember2021-01-012021-03-310001692412us-gaap:TreasuryStockCommonMember2021-01-012021-03-310001692412us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001692412us-gaap:CommonStockMember2021-03-310001692412us-gaap:TreasuryStockCommonMember2021-03-310001692412us-gaap:AdditionalPaidInCapitalMember2021-03-310001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001692412us-gaap:RetainedEarningsMember2021-03-3100016924122021-03-310001692412us-gaap:RetainedEarningsMember2021-04-012021-06-300001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001692412us-gaap:CommonStockMember2021-04-012021-06-300001692412us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001692412us-gaap:CommonStockMember2021-06-300001692412us-gaap:TreasuryStockCommonMember2021-06-300001692412us-gaap:AdditionalPaidInCapitalMember2021-06-300001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001692412us-gaap:RetainedEarningsMember2021-06-3000016924122021-06-300001692412us-gaap:CommonStockMember2021-12-310001692412us-gaap:TreasuryStockCommonMember2021-12-310001692412us-gaap:AdditionalPaidInCapitalMember2021-12-310001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001692412us-gaap:RetainedEarningsMember2021-12-310001692412us-gaap:RetainedEarningsMember2022-01-012022-03-3100016924122022-01-012022-03-310001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001692412us-gaap:CommonStockMember2022-01-012022-03-310001692412us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001692412us-gaap:CommonStockMember2022-03-310001692412us-gaap:TreasuryStockCommonMember2022-03-310001692412us-gaap:AdditionalPaidInCapitalMember2022-03-310001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001692412us-gaap:RetainedEarningsMember2022-03-3100016924122022-03-310001692412us-gaap:RetainedEarningsMember2022-04-012022-06-300001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001692412us-gaap:CommonStockMember2022-04-012022-06-300001692412us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001692412us-gaap:CommonStockMember2022-06-300001692412us-gaap:TreasuryStockCommonMember2022-06-300001692412us-gaap:AdditionalPaidInCapitalMember2022-06-300001692412us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001692412us-gaap:RetainedEarningsMember2022-06-30plya:resort0001692412plya:HotelPackageMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:HotelPackageMemberplya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:HotelPackageMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:HotelPackageMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-04-012022-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:HotelPackageMember2022-04-012022-06-300001692412plya:HotelNonPackageMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:PacificCoastSegmentMemberplya:HotelNonPackageMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:HotelNonPackageMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:HotelNonPackageMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-04-012022-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:HotelNonPackageMember2022-04-012022-06-300001692412plya:YucatanPeninsulaSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:PacificCoastSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:DominicanRepublicSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:ManagementFeesMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-04-012022-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:ManagementFeesMember2022-04-012022-06-300001692412plya:CostReimbursementsMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:CostReimbursementsMemberplya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:CostReimbursementsMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:CostReimbursementsMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-04-012022-06-300001692412plya:CostReimbursementsMemberplya:CorporateAndReconcilingItemsMember2022-04-012022-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-04-012022-06-300001692412plya:CorporateAndReconcilingItemsMember2022-04-012022-06-300001692412plya:HotelPackageMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:HotelPackageMemberplya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:HotelPackageMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:HotelPackageMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-04-012021-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:HotelPackageMember2021-04-012021-06-300001692412plya:HotelNonPackageMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:PacificCoastSegmentMemberplya:HotelNonPackageMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:HotelNonPackageMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:HotelNonPackageMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-04-012021-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:HotelNonPackageMember2021-04-012021-06-300001692412plya:YucatanPeninsulaSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:PacificCoastSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:DominicanRepublicSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:ManagementFeesMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-04-012021-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:ManagementFeesMember2021-04-012021-06-300001692412plya:CostReimbursementsMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:CostReimbursementsMemberplya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:CostReimbursementsMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:CostReimbursementsMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-04-012021-06-300001692412plya:CostReimbursementsMemberplya:CorporateAndReconcilingItemsMember2021-04-012021-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-04-012021-06-300001692412plya:CorporateAndReconcilingItemsMember2021-04-012021-06-300001692412plya:HotelPackageMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:HotelPackageMemberplya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:HotelPackageMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:HotelPackageMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-01-012022-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:HotelPackageMember2022-01-012022-06-300001692412plya:HotelNonPackageMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:PacificCoastSegmentMemberplya:HotelNonPackageMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:HotelNonPackageMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:HotelNonPackageMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-01-012022-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:HotelNonPackageMember2022-01-012022-06-300001692412plya:YucatanPeninsulaSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:PacificCoastSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:DominicanRepublicSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:ManagementFeesMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-01-012022-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:ManagementFeesMember2022-01-012022-06-300001692412plya:CostReimbursementsMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:CostReimbursementsMemberplya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:CostReimbursementsMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:CostReimbursementsMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-01-012022-06-300001692412plya:CostReimbursementsMemberplya:CorporateAndReconcilingItemsMember2022-01-012022-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-01-012022-06-300001692412plya:CorporateAndReconcilingItemsMember2022-01-012022-06-300001692412plya:HotelPackageMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:HotelPackageMemberplya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:HotelPackageMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:HotelPackageMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-01-012021-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:HotelPackageMember2021-01-012021-06-300001692412plya:HotelNonPackageMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:PacificCoastSegmentMemberplya:HotelNonPackageMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:HotelNonPackageMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:HotelNonPackageMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-01-012021-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:HotelNonPackageMember2021-01-012021-06-300001692412plya:YucatanPeninsulaSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:PacificCoastSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:DominicanRepublicSegmentMemberplya:ManagementFeesMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:ManagementFeesMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-01-012021-06-300001692412plya:CorporateAndReconcilingItemsMemberplya:ManagementFeesMember2021-01-012021-06-300001692412plya:CostReimbursementsMemberplya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:CostReimbursementsMemberplya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:CostReimbursementsMemberplya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:CostReimbursementsMemberus-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-01-012021-06-300001692412plya:CostReimbursementsMemberplya:CorporateAndReconcilingItemsMember2021-01-012021-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-01-012021-06-300001692412plya:CorporateAndReconcilingItemsMember2021-01-012021-06-300001692412plya:ThePlayaCollectionMember2022-04-012022-06-300001692412plya:ThePlayaCollectionMember2022-01-012022-06-300001692412us-gaap:LandBuildingsAndImprovementsMember2022-06-300001692412us-gaap:LandBuildingsAndImprovementsMember2021-12-310001692412us-gaap:MachineryAndEquipmentMember2022-06-300001692412us-gaap:MachineryAndEquipmentMember2021-12-310001692412us-gaap:FurnitureAndFixturesMember2022-06-300001692412us-gaap:FurnitureAndFixturesMember2021-12-310001692412us-gaap:ConstructionInProgressMember2022-06-300001692412us-gaap:ConstructionInProgressMember2021-12-310001692412plya:CapriResortMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-03-312021-03-310001692412plya:CapriResortMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-06-242021-06-2400016924122021-06-242021-06-24xbrli:pure0001692412plya:TermLoanMemberus-gaap:MediumTermNotesMember2021-06-292021-06-290001692412plya:DreamsPuertoAventurasMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-02-052021-02-050001692412srt:MinimumMember2022-06-300001692412srt:MaximumMember2022-06-300001692412srt:AffiliatedEntityMemberplya:PackageRevenueMemberplya:AppleLeisureGroupMember2022-04-012022-06-300001692412srt:AffiliatedEntityMemberplya:PackageRevenueMemberplya:AppleLeisureGroupMember2021-04-012021-06-300001692412srt:AffiliatedEntityMemberplya:PackageRevenueMemberplya:AppleLeisureGroupMember2022-01-012022-06-300001692412srt:AffiliatedEntityMemberplya:PackageRevenueMemberplya:AppleLeisureGroupMember2021-01-012021-06-300001692412srt:AffiliatedEntityMemberplya:SagicorMemberplya:CostReimbursementsMember2022-04-012022-06-300001692412srt:AffiliatedEntityMemberplya:SagicorMemberplya:CostReimbursementsMember2021-04-012021-06-300001692412srt:AffiliatedEntityMemberplya:SagicorMemberplya:CostReimbursementsMember2022-01-012022-06-300001692412srt:AffiliatedEntityMemberplya:SagicorMemberplya:CostReimbursementsMember2021-01-012021-06-300001692412srt:AffiliatedEntityMemberplya:HyattMemberplya:FranchiseFeesMember2022-04-012022-06-300001692412srt:AffiliatedEntityMemberplya:HyattMemberplya:FranchiseFeesMember2021-04-012021-06-300001692412srt:AffiliatedEntityMemberplya:HyattMemberplya:FranchiseFeesMember2022-01-012022-06-300001692412srt:AffiliatedEntityMemberplya:HyattMemberplya:FranchiseFeesMember2021-01-012021-06-300001692412srt:AffiliatedEntityMemberplya:InsurancePremiumsMemberplya:SagicorMember2022-04-012022-06-300001692412srt:AffiliatedEntityMemberplya:InsurancePremiumsMemberplya:SagicorMember2021-04-012021-06-300001692412srt:AffiliatedEntityMemberplya:InsurancePremiumsMemberplya:SagicorMember2022-01-012022-06-300001692412srt:AffiliatedEntityMemberplya:InsurancePremiumsMemberplya:SagicorMember2021-01-012021-06-300001692412plya:LeasePaymentsMembersrt:ChiefExecutiveOfficerMember2022-04-012022-06-300001692412plya:LeasePaymentsMembersrt:ChiefExecutiveOfficerMember2021-04-012021-06-300001692412plya:LeasePaymentsMembersrt:ChiefExecutiveOfficerMember2022-01-012022-06-300001692412plya:LeasePaymentsMembersrt:ChiefExecutiveOfficerMember2021-01-012021-06-300001692412plya:DavidKempnerCapitalManagementLPMembersrt:AffiliatedEntityMemberus-gaap:InterestExpenseMember2022-04-012022-06-300001692412plya:DavidKempnerCapitalManagementLPMembersrt:AffiliatedEntityMemberus-gaap:InterestExpenseMember2021-04-012021-06-300001692412plya:DavidKempnerCapitalManagementLPMembersrt:AffiliatedEntityMemberus-gaap:InterestExpenseMember2022-01-012022-06-300001692412plya:DavidKempnerCapitalManagementLPMembersrt:AffiliatedEntityMemberus-gaap:InterestExpenseMember2021-01-012021-06-300001692412plya:AMResortsMembersrt:AffiliatedEntityMemberplya:ManagementFeesMember2022-04-012022-06-300001692412plya:AMResortsMembersrt:AffiliatedEntityMemberplya:ManagementFeesMember2021-04-012021-06-300001692412plya:AMResortsMembersrt:AffiliatedEntityMemberplya:ManagementFeesMember2022-01-012022-06-300001692412plya:AMResortsMembersrt:AffiliatedEntityMemberplya:ManagementFeesMember2021-01-012021-06-300001692412plya:MarketingFeesMemberplya:AMResortsMembersrt:AffiliatedEntityMember2022-04-012022-06-300001692412plya:MarketingFeesMemberplya:AMResortsMembersrt:AffiliatedEntityMember2021-04-012021-06-300001692412plya:MarketingFeesMemberplya:AMResortsMembersrt:AffiliatedEntityMember2022-01-012022-06-300001692412plya:MarketingFeesMemberplya:AMResortsMembersrt:AffiliatedEntityMember2021-01-012021-06-300001692412us-gaap:MexicanTaxAuthorityMemberus-gaap:ForeignCountryMember2015-12-310001692412us-gaap:MexicanTaxAuthorityMemberus-gaap:ForeignCountryMember2022-01-012022-06-300001692412us-gaap:MexicanTaxAuthorityMemberus-gaap:ForeignCountryMember2022-04-012022-06-300001692412plya:RestrictedStockandPerformanceSharesMember2022-06-300001692412us-gaap:RestrictedStockUnitsRSUMember2022-06-300001692412plya:RestrictedStockandRestrictedStockUnitsRSUsMember2021-12-310001692412plya:RestrictedStockandRestrictedStockUnitsRSUsMember2022-01-012022-06-300001692412plya:RestrictedStockandRestrictedStockUnitsRSUsMember2022-06-300001692412us-gaap:PerformanceSharesMember2022-01-012022-06-300001692412plya:PerformanceSharesMarketConditionMember2022-01-012022-06-300001692412plya:PerformanceSharesPerformanceConditionMember2022-01-012022-06-300001692412srt:MinimumMemberus-gaap:PerformanceSharesMember2022-01-012022-06-300001692412srt:MaximumMemberus-gaap:PerformanceSharesMember2022-01-012022-06-300001692412plya:PerformanceSharesMarketConditionMember2022-01-042022-01-040001692412plya:PerformanceSharesPerformanceConditionMember2022-01-042022-01-040001692412us-gaap:PerformanceSharesMember2021-12-310001692412us-gaap:PerformanceSharesMember2022-06-300001692412us-gaap:PerformanceSharesMember2022-04-012022-06-300001692412us-gaap:PerformanceSharesMember2021-04-012021-06-300001692412us-gaap:PerformanceSharesMember2021-01-012021-06-300001692412us-gaap:RestrictedStockMember2022-04-012022-06-300001692412us-gaap:RestrictedStockMember2021-04-012021-06-300001692412us-gaap:RestrictedStockMember2022-01-012022-06-300001692412us-gaap:PerformanceSharesMember2022-04-012022-06-300001692412us-gaap:PerformanceSharesMember2021-04-012021-06-300001692412us-gaap:PerformanceSharesMember2022-01-012022-06-300001692412us-gaap:PerformanceSharesMember2021-01-012021-06-300001692412plya:RestrictedStockandRestrictedStockUnitsRSUsMember2022-04-012022-06-300001692412plya:RestrictedStockandRestrictedStockUnitsRSUsMember2022-01-012022-06-300001692412plya:RestrictedStockandRestrictedStockUnitsRSUsMember2021-04-012021-06-300001692412plya:RestrictedStockandRestrictedStockUnitsRSUsMember2021-01-012021-06-300001692412us-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LineOfCreditMember2022-01-012022-06-300001692412us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-06-300001692412us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-12-310001692412us-gaap:LondonInterbankOfferedRateLIBORMemberplya:TermLoanMemberus-gaap:MediumTermNotesMember2022-01-012022-06-300001692412plya:TermLoanMemberus-gaap:MediumTermNotesMember2022-06-300001692412plya:TermLoanMemberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:MediumTermNotesMember2021-12-310001692412us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2022-01-012022-06-300001692412us-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2022-06-300001692412us-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2021-12-310001692412us-gaap:MediumTermNotesMember2022-06-300001692412us-gaap:MediumTermNotesMember2021-12-310001692412plya:PropertyLoanMemberus-gaap:SecuredDebtMember2022-06-300001692412plya:PropertyLoanMemberus-gaap:SecuredDebtMember2021-12-310001692412us-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2022-01-012022-06-300001692412us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2022-01-012022-06-300001692412us-gaap:InterestRateSwapMember2022-06-30plya:derivativeContract0001692412plya:TermLoanMemberus-gaap:MediumTermNotesMember2022-05-202022-05-200001692412us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberplya:JewelDunnsRiverBeachResortSpaAndJewelRunawayBayBeachResortWaterparkMember2022-05-202022-05-200001692412us-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberplya:JewelDunnsRiverBeachResortSpaAndJewelRunawayBayBeachResortWaterparkMember2020-05-222020-05-220001692412us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-01-012022-06-300001692412us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberplya:DebtInstrumentCovenantRequirementPeriodOneMember2022-01-012022-06-300001692412us-gaap:RevolvingCreditFacilityMemberplya:DebtInstrumentCovenantRequirementPeriodTwoMemberus-gaap:LineOfCreditMember2022-01-012022-06-300001692412us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberplya:DebtInstrumentCovenantRequirementPeriodThreeMember2022-01-012022-06-300001692412plya:PropertyLoanMemberus-gaap:SecuredDebtMember2022-01-012022-06-30plya:fiscalQuarter0001692412plya:InterestRateSwapOneMember2022-06-300001692412plya:InterestRateSwapTwoMember2022-06-300001692412us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001692412us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001692412us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310001692412us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310001692412us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001692412us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001692412us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001692412us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-04-012022-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-04-012021-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-01-012022-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-01-012021-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:NondesignatedMember2022-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:NondesignatedMember2021-12-310001692412us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:NondesignatedMember2022-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:NondesignatedMember2021-12-310001692412us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001692412us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001692412us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001692412us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001692412us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001692412us-gaap:CarryingReportedAmountFairValueDisclosureMemberplya:TermLoanMemberus-gaap:MediumTermNotesMember2022-06-300001692412us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberplya:TermLoanMemberus-gaap:MediumTermNotesMember2022-06-300001692412us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberplya:TermLoanMemberus-gaap:MediumTermNotesMember2022-06-300001692412us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberplya:TermLoanMemberus-gaap:MediumTermNotesMember2022-06-300001692412us-gaap:CarryingReportedAmountFairValueDisclosureMemberplya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MediumTermNotesMember2022-06-300001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMember2022-06-300001692412us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2022-06-300001692412us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2022-06-300001692412us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2022-06-300001692412us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2022-06-300001692412us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2022-06-300001692412us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001692412us-gaap:SecuredDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-06-300001692412us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001692412us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300001692412us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001692412us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-06-300001692412us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001692412us-gaap:CarryingReportedAmountFairValueDisclosureMemberplya:TermLoanMemberus-gaap:MediumTermNotesMember2021-12-310001692412us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberplya:TermLoanMemberus-gaap:MediumTermNotesMember2021-12-310001692412us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberplya:TermLoanMemberus-gaap:MediumTermNotesMember2021-12-310001692412us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberplya:TermLoanMemberus-gaap:MediumTermNotesMember2021-12-310001692412us-gaap:CarryingReportedAmountFairValueDisclosureMemberplya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA1LoanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MediumTermNotesMember2021-12-310001692412plya:AdditionalCreditFacilityTermA2LoanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMember2021-12-310001692412us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2021-12-310001692412us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2021-12-310001692412us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2021-12-310001692412us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MediumTermNotesMemberplya:AdditionalCreditFacilityTermA3LoanMember2021-12-310001692412us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMember2021-12-310001692412us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001692412us-gaap:SecuredDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310001692412us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001692412us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001692412us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001692412us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-12-310001692412us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001692412us-gaap:InterestRateSwapMemberplya:MeasurementInputForecastedLIBORMember2022-06-3000016924122021-01-010001692412plya:YucatanPeninsulaSegmentMember2021-12-310001692412plya:YucatanPeninsulaSegmentMember2022-06-300001692412plya:PacificCoastSegmentMember2022-06-300001692412plya:PacificCoastSegmentMember2021-12-310001692412plya:DominicanRepublicSegmentMember2022-06-300001692412plya:DominicanRepublicSegmentMember2021-12-310001692412plya:JamaicaSegmentMember2021-12-310001692412plya:JamaicaSegmentMember2022-06-300001692412us-gaap:LicensingAgreementsMember2022-06-300001692412us-gaap:LicensingAgreementsMember2021-12-310001692412plya:ManagementContractMember2022-06-300001692412plya:ManagementContractMember2021-12-310001692412us-gaap:ComputerSoftwareIntangibleAssetMember2022-06-300001692412us-gaap:ComputerSoftwareIntangibleAssetMember2021-12-310001692412us-gaap:OtherIntangibleAssetsMember2022-06-300001692412us-gaap:OtherIntangibleAssetsMember2021-12-310001692412us-gaap:ComputerSoftwareIntangibleAssetMember2021-01-012021-12-310001692412us-gaap:ComputerSoftwareIntangibleAssetMember2022-01-012022-06-30plya:segment0001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2022-04-012022-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2021-04-012021-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2022-01-012022-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2021-01-012021-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2022-04-012022-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2021-04-012021-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2022-01-012022-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2021-01-012021-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2022-04-012022-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2021-04-012021-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2022-01-012022-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2021-01-012021-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMemberplya:SegmentOwnedRevenueMember2022-04-012022-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMemberplya:SegmentOwnedRevenueMember2021-04-012021-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMemberplya:SegmentOwnedRevenueMember2022-01-012022-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMemberplya:SegmentOwnedRevenueMember2021-01-012021-06-300001692412us-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2022-04-012022-06-300001692412us-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2021-04-012021-06-300001692412us-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2022-01-012022-06-300001692412us-gaap:OperatingSegmentsMemberplya:SegmentOwnedRevenueMember2021-01-012021-06-300001692412us-gaap:ProductAndServiceOtherMemberus-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001692412us-gaap:ProductAndServiceOtherMemberus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001692412us-gaap:ProductAndServiceOtherMemberus-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001692412us-gaap:ProductAndServiceOtherMemberus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001692412plya:ManagementFeesMemberus-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001692412plya:ManagementFeesMemberus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001692412plya:ManagementFeesMemberus-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001692412plya:ManagementFeesMemberus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001692412plya:CostReimbursementsMemberus-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001692412plya:CostReimbursementsMemberus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001692412plya:CostReimbursementsMemberus-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001692412plya:CostReimbursementsMemberus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001692412plya:CompulsoryTipsMemberus-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001692412plya:CompulsoryTipsMemberus-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001692412plya:CompulsoryTipsMemberus-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001692412plya:CompulsoryTipsMemberus-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001692412us-gaap:OperatingSegmentsMember2022-04-012022-06-300001692412us-gaap:OperatingSegmentsMember2021-04-012021-06-300001692412us-gaap:OperatingSegmentsMember2022-01-012022-06-300001692412us-gaap:OperatingSegmentsMember2021-01-012021-06-300001692412us-gaap:CorporateNonSegmentMember2022-04-012022-06-300001692412us-gaap:CorporateNonSegmentMember2021-04-012021-06-300001692412us-gaap:CorporateNonSegmentMember2022-01-012022-06-300001692412us-gaap:CorporateNonSegmentMember2021-01-012021-06-300001692412us-gaap:MaterialReconcilingItemsMember2022-04-012022-06-300001692412us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001692412us-gaap:MaterialReconcilingItemsMember2022-01-012022-06-300001692412us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2022-06-300001692412plya:YucatanPeninsulaSegmentMemberus-gaap:OperatingSegmentsMember2021-12-310001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2022-06-300001692412plya:PacificCoastSegmentMemberus-gaap:OperatingSegmentsMember2021-12-310001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2022-06-300001692412plya:DominicanRepublicSegmentMemberus-gaap:OperatingSegmentsMember2021-12-310001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2022-06-300001692412us-gaap:OperatingSegmentsMemberplya:JamaicaSegmentMember2021-12-310001692412us-gaap:OperatingSegmentsMember2022-06-300001692412us-gaap:OperatingSegmentsMember2021-12-310001692412us-gaap:CorporateNonSegmentMember2022-06-300001692412us-gaap:CorporateNonSegmentMember2021-12-31



        
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________
FORM 10-Q
 _______________________________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For quarterly period ended June 30, 2022

OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

COMMISSION FILE NO. 1-38012
 Playa Hotels & Resorts N.V.
(Exact name of registrant as specified in its charter)
TheNetherlands 98-1346104
       (State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number)
Nieuwezijds Voorburgwal 104 
1012 SGAmsterdam,
theNetherlandsNot Applicable
 (Address of Principal Executive Offices) (Zip Code)
+31 6 82 55 84 30
(Registrant's Telephone Number, Including Area Code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Ordinary Shares, €0.10 par valuePLYAThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days.    Yes ☒   No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒      No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer  ☐Smaller reporting company         ☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒  

As of July 29, 2022, there were 166,029,851 shares of the registrant’s ordinary shares, €0.10 par value, outstanding.


Playa Hotels & Resorts N.V.
TABLE OF CONTENTS
   
PART I. FINANCIAL INFORMATION
Page
Item 1.
 
Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021
1
 
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021
2
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021
3
Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2022 and 2021
4
 
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021
6
 
Notes to the Condensed Consolidated Financial Statements
8
Item 2.
25
Item 3.
55
Item 4.
56
PART II. OTHER INFORMATION
Item 1.
57
Item 1A.
57
Item 2.
57
Item 3.
57
Item 4.
57
Item 5.
57
Item 6.
58


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Playa Hotels & Resorts N.V.
Condensed Consolidated Balance Sheets
($ in thousands, except share data)
(unaudited)
As of June 30,As of December 31,
20222021
ASSETS
Cash and cash equivalents$348,797 $270,088 
Restricted cash— 23,489 
Trade and other receivables, net58,948 45,442 
Accounts receivable from related parties13,708 7,981 
Inventories19,595 18,076 
Prepayments and other assets33,861 38,640 
Property and equipment, net1,558,236 1,584,574 
Derivative financial instruments706 — 
Goodwill, net61,654 61,654 
Other intangible assets7,084 7,632 
Total assets$2,102,589 $2,057,576 
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade and other payables$165,219 $160,222 
Payables to related parties7,435 5,050 
Income tax payable 540 828 
Debt915,401 944,847 
Related party debt195,860 194,472 
Derivative financial instruments — 22,543 
Other liabilities30,959 29,882 
Deferred tax liabilities71,333 68,898 
Total liabilities1,386,747 1,426,742 
Commitments and contingencies (see Note 7)
Shareholders' equity
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 168,237,855 shares issued and 166,029,851 shares outstanding as of June 30, 2022 and 166,646,284 shares issued and 164,438,280 shares outstanding as of December 31, 2021)
18,696 18,518 
Treasury shares (at cost, 2,208,004 shares as of June 30, 2022 and December 31, 2021)
(16,697)(16,697)
Paid-in capital1,183,468 1,177,380 
Accumulated other comprehensive loss(13,201)(18,671)
Accumulated deficit(456,424)(529,696)
Total shareholders' equity 715,842 630,834 
Total liabilities and shareholders' equity $2,102,589 $2,057,576 
The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.
1
Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Operations
($ in thousands, except share data)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenue
Package$180,682 $104,780 $364,791 $168,674 
Non-package37,162 22,602 69,618 35,597 
Management fees1,343 452 2,400 796 
Cost reimbursements2,080 969 4,032 1,482 
Total revenue221,267 128,803 440,841 206,549 
Direct and selling, general and administrative expenses
Direct119,125 79,534 225,965 139,755 
Selling, general and administrative41,478 28,550 78,717 53,218 
Depreciation and amortization19,628 20,017 39,128 40,900 
Reimbursed costs2,080 969 4,032 1,482 
Impairment loss— — — 24,011 
Loss on sale of assets9 375 9 648 
Direct and selling, general and administrative expenses182,320 129,445 347,851 260,014 
Operating income (loss)38,947 (642)92,990 (53,465)
Interest expense(12,892)(18,950)(22,060)(37,117)
Other income (expense)5,756 (628)5,242 (1,334)
Net income (loss) before tax31,811 (20,220)76,172 (91,916)
Income tax (provision) benefit(1,286)12,452 (2,900)14,403 
Net income (loss)$30,525 $(7,768)$73,272 $(77,513)
Earnings (loss) per share
Basic$0.18 $(0.05)$0.44 $(0.48)
Diluted$0.18 $(0.05)$0.44 $(0.48)
Weighted average number of shares outstanding during the period - Basic165,894,797 164,119,693 165,819,508 162,482,673 
Weighted average number of shares outstanding during the period - Diluted167,249,294 164,119,693 167,088,771 162,482,673 
The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.
2
Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Comprehensive Income (Loss)
($ in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income (loss)$30,525 $(7,768)$73,272 $(77,513)
Other comprehensive income, net of taxes
Gain on interest rate swaps2,926 2,926 5,820 5,820 
Release of foreign currency translation reserve related to sale of Capri Resort— 140 — 140 
Pension obligation loss(116)(82)(350)(93)
Total other comprehensive income2,810 2,984 5,470 5,867 
Comprehensive income (loss)$33,335 $(4,784)$78,742 $(71,646)
The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.
3
Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Shareholders' Equity
($ in thousands, except share data)
(unaudited)
Ordinary SharesTreasury SharesPaid-In CapitalAccumulated Other
Comprehensive Loss		Accumulated DeficitTotal
SharesAmountSharesAmount
Balance at December 31, 2020134,571,290 $14,871 2,198,796 $(16,642)$1,030,148 $(30,949)$(436,606)$560,822 
Cumulative effect of accounting changes, net of tax— — — — — — (3,408)(3,408)
Balance at January 1, 2021134,571,290 $14,871 2,198,796 $(16,642)$1,030,148 $(30,949)$(440,014)$557,414 
Net loss— — — — — — (69,745)(69,745)
Other comprehensive income— — — — — 2,883 — 2,883 
Share-based compensation, net of tax withholdings708,285 87 9,208 (55)3,092 — — 3,124 
Equity issuance, net28,750,000 3,512 — — 134,204 — — 137,716 
Balance at March 31, 2021164,029,575 $18,470 2,208,004 $(16,697)$1,167,444 $(28,066)$(509,759)$631,392 
Net loss— — — — — — (7,768)(7,768)
Other comprehensive income— — — — — 2,984 — 2,984 
Share-based compensation180,300 22 — — 3,428 — — 3,450 
Balance at June 30, 2021164,209,875 $18,492 2,208,004 $(16,697)$1,170,872 $(25,082)$(517,527)$630,058 

4
Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Shareholders' Equity (continued)
($ in thousands, except share data)
(unaudited)
Ordinary SharesTreasury SharesPaid-In CapitalAccumulated Other
Comprehensive Loss		Accumulated DeficitTotal
SharesAmountSharesAmount
Balance at December 31, 2021164,438,280 $18,518 2,208,004 $(16,697)$1,177,380 $(18,671)$(529,696)$630,834 
Net income— — — — — — 42,747 42,747 
Other comprehensive income— — — — — 2,660 — 2,660 
Share-based compensation1,339,787 152 — — 3,204 — — 3,356 
Balance at March 31, 2022165,778,067 $18,670 2,208,004 $(16,697)$1,180,584 $(16,011)$(486,949)$679,597 
Net income— — — — — — 30,525 30,525 
Other comprehensive income— — — — — 2,810 — 2,810 
Share-based compensation251,784 26 — — 2,884 — — 2,910 
Balance at June 30, 2022166,029,851 $18,696 2,208,004 $(16,697)$1,183,468 $(13,201)$(456,424)$715,842 
The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.

5
Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Cash Flows
($ in thousands)
(unaudited)
Six Months Ended June 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$73,272 $(77,513)
Adjustments to reconcile net income (loss) to net cash from operating activities
Depreciation and amortization39,128 40,900 
Amortization of debt discount and issuance costs2,053 2,036 
Share-based compensation6,266 6,629 
Gain on derivative financial instruments(17,429)(4,596)
Impairment loss— 24,011 
Deferred income taxes2,435 (15,716)
Loss on sale of assets9 648 
Amortization of key money(800)(198)
Recovery of doubtful accounts(887)(47)
Other(40)668 
Changes in assets and liabilities:
Trade and other receivables, net(12,619)(13,924)
Accounts receivable from related parties(5,727)73 
Inventories(1,519)(637)
Prepayments and other assets4,786 7,711 
Trade and other payables4,641 19,410 
Payables to related parties 2,385 (2,442)
Income tax payable(288)(224)
Other liabilities1,635 (367)
Net cash provided by (used in) operating activities97,301 (13,578)
INVESTING ACTIVITIES
Capital expenditures(11,892)(8,449)
Purchase of intangibles(103)(55)
Proceeds from the sale of assets, net25 89,064 
Net cash (used in) provided by investing activities(11,970)80,560 
FINANCING ACTIVITIES
Proceeds from ordinary shares, net of issuance costs— 137,716 
Repayments of debt(29,913)(29,429)
Repayments of borrowings on revolving credit facility— (84,667)
Repurchase of ordinary shares for tax withholdings— (55)
Principal payments on finance lease obligations(198)(45)
Net cash (used in) provided by financing activities(30,111)23,520 
INCREASE IN CASH AND CASH EQUIVALENTS55,220 90,502 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD$293,577 $172,860 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD$348,797 $263,362 
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents$348,797 $237,715 
Restricted cash— 25,647 
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH$348,797 $263,362 
The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.
6
Playa Hotels & Resorts N.V.
Condensed Consolidated Statements of Cash Flows (continued)
($ in thousands)
(unaudited)
Six Months Ended June 30,
20222021
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest$36,971 $38,701 
Cash paid for income taxes, net$820 $580 
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES
Capital expenditures incurred but not yet paid$1,239 $1,328 
Intangible assets capitalized but not yet paid$83 $111 
Par value of vested restricted share awards$178 $109 
The accompanying Notes form an integral part of the Condensed Consolidated Financial Statements.
7
Playa Hotels & Resorts N.V.
Notes to the Condensed Consolidated Financial Statements
(unaudited)
Note 1. Organization, operations and basis of presentation
Background
Playa Hotels & Resorts N.V. (“Playa” or the “Company”) is a leading owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations. We own and/or manage a portfolio of 22 resorts located in Mexico, the Dominican Republic and Jamaica. Unless otherwise indicated or the context requires otherwise, references in our condensed consolidated financial statements (our “Condensed Consolidated Financial Statements”) to “we,” “our,” “us” and similar expressions refer to Playa and its subsidiaries.
Basis of preparation, presentation and measurement
Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements as of and for the year ended December 31, 2021, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 (the “Annual Report”).
In our opinion, the unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the annual Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation.
The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2022. All dollar amounts (other than per share amounts) in the following disclosures are in thousands of United States dollars, unless otherwise indicated.
Note 2. Significant accounting policies
Standards adopted
StandardDescriptionDate of AdoptionEffect on the Financial Statements or Other Significant Matters
Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope
The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.January 2022
The adoption of ASU No. 2020-04 and ASU 2021-01 in January 2022 had no impact on our Condensed Consolidated Financial Statements for the three and six months ended June 30, 2022, as we have not modified our variable rate debt that is priced using a spread over one-month London Interbank Offered Rate (“LIBOR”).

Additionally, our interest rate swaps mature on March 31, 2023, prior to the anticipated discontinuation of the one-month LIBOR rate on June 30, 2023. We do not expect to modify our interest rate swap contracts prior to their maturity date.
8
Note 3. Revenue

The following tables present our revenues disaggregated by geographic segment (refer to discussion of our reportable segments in Note 15) ($ in thousands):
Three Months Ended June 30, 2022
Yucatán
Peninsula
Pacific
Coast
Dominican
Republic
Jamaica
Other
Total
Package revenue$60,960 $29,739 $52,401 $37,582 $— $180,682 
Non-package revenue(1)
10,966 4,665 12,506 8,370 655 37,162 
Management fees32 — — — 1,311 1,343 
Cost reimbursements— — — 1,132 948 2,080 
Total revenue$71,958 $34,404 $64,907 $47,084 $2,914 $221,267 
Three Months Ended June 30, 2021
Yucatán
Peninsula
Pacific
Coast
Dominican
Republic
Jamaica
Other
Total
Package revenue
$38,515 $17,741 $27,918 $20,606 $— $104,780 
Non-package revenue
8,016 3,447 6,004 4,766 369 22,602 
Management fees
— — — — 452 452 
Cost reimbursements
— — — 804 165 969 
Total revenue$46,531 $21,188 $33,922 $26,176 $986 $128,803 
Six Months Ended June 30, 2022
Yucatán
Peninsula
Pacific
Coast
Dominican
Republic
Jamaica
Other
Total
Package revenue$121,526 $55,668 $112,097 $75,500 $— $364,791 
Non-package revenue(1)
20,778 8,580 22,519 16,578 1,163 69,618 
Management fees62 — — — 2,338 2,400 
Cost reimbursements— — — 2,130 1,902 4,032 
Total revenue$142,366 $64,248 $134,616 $94,208 $5,403 $440,841 
Six Months Ended June 30, 2021
Yucatán
Peninsula
Pacific
Coast
Dominican
Republic
Jamaica
Other
Total
Package revenue$67,385 $25,293 $45,381 $30,615 $— $168,674 
Non-package revenue13,824 4,809 9,436 7,034 494 35,597 
Management fees— — — — 796 796 
Cost reimbursements— — — 1,181 301 1,482 
Total revenue$81,209 $30,102 $54,817 $38,830 $1,591 $206,549 
________
(1) Non-package revenue within Other includes licensing, marketing and other support fees earned from The Playa Collection, which is a third-party owned and operated membership program. Our revenues from The Playa Collection were $0.4 million and $0.7 million for the three and six months ended June 30, 2022, respectively.

Contract assets and liabilities

We do not have any material contract assets as of June 30, 2022 and December 31, 2021 other than trade and other receivables on our Condensed Consolidated Balance Sheet. Our receivables are primarily the result of contracts with customers, which are reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected.

We record contract liabilities when cash payments are received or due in advance of guests staying at our resorts, which are presented as advance deposits (see Note 14) within trade and other payables on our Condensed Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year.
9
Note 4. Property and equipment
The balance of property and equipment, net is as follows ($ in thousands):
As of June 30,As of December 31,
20222021
Property and equipment, gross
Land, buildings and improvements$1,761,737 $1,759,837 
Fixtures and machinery (1)
84,666 84,264 
Furniture and other fixed assets207,904 205,141 
Construction in progress8,340 3,781 
Total property and equipment, gross2,062,647 2,053,023 
Accumulated depreciation(504,411)(468,449)
Total property and equipment, net$1,558,236 $1,584,574 
________
(1) Includes the gross balance of our financing lease right-of-use assets, which was $6.3 million as of June 30, 2022 and December 31, 2021.
Depreciation expense was $19.3 million and $19.7 million for the three months ended June 30, 2022 and 2021, respectively, and $38.4 million and $40.2 million for the six months ended June 30, 2022 and 2021, respectively.
Sale of Capri Resort

On March 31, 2021, we entered into an agreement to sell our equity interest in the Capri Resort, which was reported within our Yucatán Peninsula reportable segment, for $55.0 million in cash consideration. Upon entering into the agreement, we classified the resort and related deferred tax liabilities as held for sale and recorded an impairment loss of $24.0 million based on the sale price.

On June 24, 2021, we completed the sale, received total cash consideration of $55.2 million, after customary closing costs, and recognized a loss of $0.5 million within loss on sale of assets in the Condensed Consolidated Statements of Operations. We utilized 50% of the Capri Resort's net proceeds of $24.4 million, after deducting incremental expenses, to repay a portion of our Term Loan on June 29, 2021. Any remaining net proceeds, after deducting capital expenditures incurred across our portfolio for up to 18 months following the sale, are required to be used to repay our Term Loan and Term A3 Loan in December 2022.

Sale of Dreams Puerto Aventuras

On February 5, 2021, we completed the sale of the Dreams Puerto Aventuras. Upon closing, we received total cash consideration of $34.3 million, after customary closing costs. The net proceeds from the sale, after deducting incremental expenses and capital expenditures incurred across our portfolio for up to 24 months following the sale, will be used to repay our Term Loan and Term A3 Loan in February 2023.

Lessor contracts
We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one to three years. The following table presents our rental income for the three and six months ended June 30, 2022 and 2021 ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Leases2022202120222021
Operating lease income (1)
$1,076 $787 $2,302 $1,393 
________
(1) Our operating lease income, which is recorded within non-package revenue in the Condensed Consolidated Statements of Operations, includes variable lease revenue which is typically calculated as a percentage of our tenant's net sales.
10
Note 5. Income taxes
We file tax returns for our entities in key jurisdictions including Mexico, Dominican Republic, Jamaica, the United States, and the Netherlands. We are domiciled in the Netherlands and our Dutch subsidiaries are subject to a Dutch general tax rate of 25.8%. Our other operating subsidiaries are subject to tax rates up to 30% in the jurisdictions in which they are domiciled.
All of our outstanding Advanced Pricing Agreements (“APAs”) for our Dominican Republic entities expired as of December 31, 2021. We are currently in the process of renegotiating the terms of our APAs and expect that the terms will be finalized before the end of 2022. This is reflected in our estimated annual effective tax rate calculation.
We had no uncertain tax positions or unrecognized tax benefits as of June 30, 2022. We expect no significant changes in unrecognized tax benefits over the next twelve months.
Note 6. Related party transactions
Relationship with Hyatt and AMResorts
Hyatt Hotels Corporation (“Hyatt”) is considered a related party due to its ownership of our ordinary shares by its affiliated entities. Hyatt also had representation on our Board of Directors until August 18, 2021. We pay Hyatt fees associated with the franchise agreements of our resorts operating under the all-ages Hyatt Ziva and adults-only Hyatt Zilara brands and receive reimbursements for guests that pay for their stay using the World of Hyatt® guest loyalty program.
In November 2021, Hyatt completed its acquisition of Apple Leisure Group (“ALG”), which owns the brand management platform AMResorts in addition to various tour operators and travel agencies. We pay AMResorts and its affiliates, as operators of two of our resorts, management and marketing fees, and sell all-inclusive packages through ALG’s tour operators and travel agencies.
Relationship with Sagicor
Sagicor Financial Corporation Limited and its affiliated entities (collectively “Sagicor”) is considered a related party due to its ownership of our ordinary shares and representation on our Board of Directors. We pay Sagicor for employee insurance coverage at one of our Jamaica properties. Sagicor is also a part owner of the Jewel Grande Montego Bay Resort & Spa and compensates us as manager of the property.
Relationship with Davidson Kempner Capital Management L.P.
Davidson Kempner Capital Management L.P. (“DKCM”) is the investment manager of multiple affiliated funds and is considered a related party due to the DKCM funds’ ownership of our ordinary shares acquired in the public offering of our ordinary shares in January 2021. The affiliated funds managed by DKCM are also the lenders to our Property Loan and Additional Credit Facility, which consists of our Term A1, Term A2 and Term A3 loans (see Note 11). We pay DKCM periodic interest payments related to the outstanding debt.
Lease with our Chief Executive Officer
One of our offices is owned by our Chief Executive Officer and we sublease the space at that location from a third party.
11
Transactions with related parties
Transactions between us and related parties during the three and six months ended June 30, 2022 and 2021 were as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
Related PartyTransaction2022202120222021
Revenues
ALGPackage revenue$4,951 $— $10,825 $— 
Sagicor
Cost reimbursements (1)
$1,317 $858 $2,420 $1,288 
Expenses
Hyatt
Franchise fees (2)
$7,802 $4,459 $15,215 $7,975 
Sagicor
Insurance premiums (2)
$255 $203 $534 $358 
Chief Executive Officer
Lease expense (3)
$192 $188 $380 $416 
DKCM
Interest expense (4)
$5,472 $5,467 $10,877 $10,871 
AMResorts
Management fees (2)
$872 $— $1,984 $— 
AMResorts
Marketing fees (3)
$972 $— $2,055 $— 
________
(1)Equivalent amount included as reimbursed costs in the Condensed Consolidated Statements of Operations.
(2)Included in direct expense in the Condensed Consolidated Statements of Operations with the exception of certain immaterial fees associated with the Hyatt franchise agreements, which are included in selling, general, and administrative expense.
(3)Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations.
(4)Includes interest expense and amortization of deferred financing costs and discounts.
Note 7. Commitments and contingencies
We are involved in various claims and lawsuits arising in the normal course of business, including proceedings involving tort and other general liability claims, and workers’ compensation and other employee claims. Most occurrences involving liability and claims of negligence are covered by insurance with solvent insurance carriers. We recognize a liability when we believe the loss is probable and reasonably estimable. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, have a material effect on our Condensed Consolidated Financial Statements.
The Dutch corporate income tax act provides the option of a fiscal unity, which is a consolidated tax regime wherein the profits and losses of group companies can be offset against each other. With the exception of Playa Dominican Resort B.V., Playa Romana B.V., Playa Romana Mar B.V. and Playa Hotels & Resorts N.V., our Dutch companies file as a fiscal unity. Playa Resorts Holding B.V. is the head of our Dutch fiscal unity and is jointly and severally liable for the tax liabilities of the fiscal unity as a whole.
In 2015, the local taxing authorities in Mexico challenged $3.4 million of value added tax (“VAT”) receivable that was recognized in connection with the renovation of the Hyatt Ziva Cancún. During the second quarter of 2022, the tax authorities ruled in our favor resulting in receipt of the VAT and an additional $6.2 million for interest and inflation since the date the VAT refund was requested. The gain of $6.2 million is reported within other income (expense) in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022.
Note 8. Ordinary shares
As of June 30, 2022, our ordinary share capital consisted of 166,029,851 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 3,642,748 restricted shares and performance share awards and 25,326 restricted share units were outstanding under the 2017 Plan (as defined in Note 9). The holders of restricted shares and performance share awards are entitled to vote, but not dispose of, such shares until they vest. The holders of restricted share units are neither entitled to vote nor dispose of such shares until they vest.
12
Note 9. Share-based compensation
We adopted our 2017 Omnibus Incentive Plan (the “2017 Plan”) to attract and retain independent directors, executive officers and other key employees and service providers. As of June 30, 2022, there were 3,532,356 shares available for future grants under the 2017 Plan.
Restricted share awards consist of restricted shares and restricted share units that are granted to eligible employees, executives, and board members and consist of ordinary shares (or the right to receive ordinary shares).
A summary of our restricted share awards from January 1, 2022 to June 30, 2022 is as follows:
Number of SharesWeighted-Average Grant Date Fair Value
Unvested balance at January 1, 20223,006,791 $6.50 
Granted1,034,850 8.20 
Vested(1,575,150)6.88 
Forfeited(127,540)7.58 
Unvested balance at June 30, 20222,338,951 $6.94 
Performance share awards consist of ordinary shares that may become earned and vested at the end of a three-year performance period based on the achievement of performance targets adopted by our Compensation Committee. Our performance shares have market conditions where 50% of the performance share awards will vest based on the total shareholder return (“TSR”) of our ordinary shares relative to those of our peer group and 50% will vest based on the compound annual growth rate of the price of our ordinary shares. The peer shareholder return component may vest between 0% and 150% of target, with the award capped at 100% of target should Playa's TSR be negative. The growth rate component may vest up to 100% of target.
The table below summarizes the key inputs used in the Monte-Carlo simulation to determine the grant date fair value of our performance share awards ($ in thousands):
Performance Award Grant DatePercentage of Total AwardGrant Date Fair Value by Component
Volatility (1)
Interest
Rate (2)
Dividend Yield
January 4, 2022
Peer Shareholder Return50 %$1,689 67.79 %1.01 %— %
Growth Rate50 %$1,346 67.79 %1.01 %— %
________
(1) Expected volatility was determined based on our historical share prices.
(2) The risk-free rate was based on U.S. Treasury zero coupon issues with a remaining term equal to the remaining term of the measurement period.
A summary of our performance share awards from January 1, 2022 to June 30, 2022 is as follows:
Number of SharesWeighted-Average Grant Date Fair Value
Unvested balance at January 1, 20221,027,519 $5.18 
Granted374,998 8.10 
Vested(16,421)4.34 
Forfeited(56,973)4.34 
Unvested balance at June 30, 20221,329,123 $6.05 
13
Note 10. Earnings per share
Basic and diluted earnings or loss per share (“EPS”) are as follows ($ in thousands, except share data):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Numerator
Net income (loss) $30,525 $(7,768)$73,272 $(77,513)
Denominator
Denominator for basic EPS - weighted-average number of shares outstanding165,894,797 164,119,693 165,819,508 162,482,673 
Effect of dilutive securities
Unvested performance share awards481,048 — 460,336 — 
Unvested restricted share awards873,449 — 808,927 — 
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding167,249,294 164,119,693 167,088,771 162,482,673 
EPS - Basic$0.18 $(0.05)$0.44 $(0.48)
EPS - Diluted$0.18 $(0.05)$0.44 $(0.48)

We had no anti-dilutive unvested performance share awards for the three months ended June 30, 2022. For the three months ended June 30, 2021, unvested performance share awards of 1,027,519 shares were not included in the computation of diluted EPS as their effect would have been anti-dilutive. For the six months ended June 30, 2022 and 2021, unvested performance share awards in the amounts of 187,500 and 1,027,519 shares, respectively were not included in the computation of diluted EPS as their effect would have been anti-dilutive. The performance targets of our unvested performance share awards were partially achieved as of June 30, 2022 and 2021.

We had no anti-dilutive unvested restricted share awards for the three and six months ended June 30, 2022. For the three and six months ended June 30, 2021, unvested restricted share awards of 3,244,688 were not included in the computation of diluted EPS as their effect would have been anti-dilutive.


14
Note 11. Debt
Our debt consists of the following ($ in thousands):
Outstanding Balance as of
Interest RateMaturity DateJune 30, 2022December 31, 2021
Senior Secured Credit Facilities
Revolving Credit Facility (1)
LIBOR + 4.00%
January 27, 2024$— $— 
Term Loan (2)
LIBOR + 2.75%
April 27, 2024911,955 941,868 
Term A1 Loan11.4777%April 27, 202435,000 35,000 
Term A2 Loan11.4777%April 27, 202431,000 31,000 
Term A3 Loan (3)
LIBOR + 3.00%
April 27, 202427,319 27,319 
Total Senior Secured Credit Facilities (at stated value)1,005,274 1,035,187 
Unamortized discount(904)(1,153)
Unamortized debt issuance costs(3,308)(4,207)
Total Senior Secured Credit Facilities, net$1,001,062 $1,029,827 
Property Loan
Property Loan (at stated value)9.25%July 1, 2025$110,000 $110,000 
Unamortized discount(2,678)(3,107)
Unamortized debt issuance costs(2,982)(3,459)
Total Property Loan, net$104,340 $103,434 
Financing lease obligations$5,859 $6,058 
Total debt, net$1,111,261 $1,139,319 
________
(1)Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had an available balance of $68.0 million and $85.0 million as of June 30, 2022 and December 31, 2021, respectively.
(2)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 4.42% and 3.75% as of June 30, 2022 and December 31, 2021, respectively. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12).
(3)One-month LIBOR is subject to a 1.0% floor. The effective interest rate was 4.63% and 4.00% as of June 30, 2022 and December 31, 2021, respectively.

On May 20, 2022, we repaid $24.9 million of the outstanding balance on our Term Loan in addition to our quarterly principal payments as a result of the sale of the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark in May 2020. The repayment represented 100% of the net proceeds from the sale, after deducting incremental expenses and capital expenditures incurred across our portfolio for 24 months following the sale.
15
Financial maintenance covenants
We were in compliance with all applicable covenants as of June 30, 2022. A summary of our applicable covenants and restrictions is as follows:
DebtCovenant Terms
Senior Secured Credit Facility
We are subject to the following total net leverage ratio requirements if we have more than 35% drawn on the Revolving Credit Facility:

▪6.50x for the period ended March 31, 2022;
▪6.00x for the period ended June 30, 2022; and
▪4.75x for periods thereafter.
Term A1 LoanSame terms as the Senior Secured Credit Facility
Term A2 LoanNo applicable debt covenants.
Term A3 LoanNo applicable debt covenants.
Property Loan
No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive quarters.
During the second quarter of 2022, our restricted cash balance related to our Property Loan was released into unrestricted cash as the Hyatt Ziva and Hyatt Zilara Cap Cana and Hilton Rose Hall Resort & Spa properties achieved the required debt service coverage ratio for two consecutive quarters. We had no restricted cash as of June 30, 2022.
Note 12. Derivative financial instruments
Our two interest rate swaps mitigate the interest rate risk inherent to our floating rate debt, including the Revolving Credit Facility and Term Loan. The interest rate swaps are not for trading purposes and have fixed notional values of $200.0 million and $600.0 million. The fixed rate paid by us is 2.85% and the variable rate received resets monthly to the one-month LIBOR rate, which results in us fixing LIBOR at 2.85% on $800.0 million of our Term Loan. The interest rate swaps mature on March 31, 2023.

Our interest rate swaps are designated as cash flow hedges, but were deemed ineffective due to the decrease in interest rates. All changes in fair value are recognized through interest expense in the Condensed Consolidated Statements of Operations.

The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Income (Loss) and Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 ($ in thousands):
20222021
AOCI from our cash flow hedges as of January 1$14,632 $26,369 
Change in fair value— — 
Reclassification from AOCI to interest expense(2,894)(2,894)
OCI related to our cash flow hedges for the three months ended March 31(2,894)(2,894)
Change in fair value— — 
Reclassification from AOCI to interest expense(2,926)(2,926)
OCI related to our cash flow hedges for the three months ended June 30(2,926)(2,926)
AOCI from our cash flow hedges as of June 30 (1)
$8,812 $20,549 
________
(1) As of June 30, 2022, the total amount expected to be reclassified from AOCI to interest expense during the remaining nine month term is $8.8 million, which represents prior losses recognized in AOCI when our interest rate swaps were deemed effective hedges.
Derivative Instruments for Ineffective HedgesFinancial Statement ClassificationThree Months Ended June 30,Six Months Ended June 30,
2022202120222021
Interest rate swaps (1)
Interest expense$(2,077)$3,591 $(7,792)$6,402 
________
(1) Includes the (gain) loss from the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative.
16
The following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of June 30, 2022 and December 31, 2021 ($ in thousands):
Derivative Assets for Ineffective HedgesFinancial Statement ClassificationAs of June 30,As of December 31,
20222021
Interest rate swapsDerivative financial instruments$706 $— 
Derivative Liabilities for Ineffective HedgesFinancial Statement ClassificationAs of June 30,As of December 31,
20222021
Interest rate swapsDerivative financial instruments$— $22,543 

Derivative financial instruments expose us to credit risk in the event of non-performance by the counterparty under the terms of the interest rate swaps. We incorporate these counterparty credit risks in our fair value measurements (see Note 13) and believe we minimize this credit risk by transacting with major creditworthy financial institutions.
Note 13. Fair value of financial instruments
The objective of a fair value measurement is to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. U.S. GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of observability of inputs used in measuring fair value as follows:
•Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2: Unadjusted quoted prices for similar assets or liabilities in active markets, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
•Level 3: Inputs are unobservable and reflect our judgments about assumptions that market participants would use in pricing an asset or liability.
We believe the carrying value of our financial instruments, excluding our debt, approximate their fair values as of June 30, 2022 and December 31, 2021. We did not have any Level 3 instruments during any of the periods presented in our Condensed Consolidated Financial Statements.
The following tables present our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 ($ in thousands):
Financial AssetsJune 30, 2022Level 1Level 2Level 3
Fair value measurements on a recurring basis
Interest rate swaps$706 $— $706 $— 
Financial LiabilitiesDecember 31, 2021Level 1Level 2Level 3
Fair value measurements on a recurring basis
Interest rate swap$22,543 $— $22,543 $— 
17
The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of June 30, 2022 and December 31, 2021 ($ in thousands):
Carrying Value
Fair Value
As of June 30, 2022Level 1
Level 2
Level 3
Financial liabilities not recorded at fair value
Term Loan$909,542 $— $— $874,215 
Term A1 Loan34,330 — — 35,458 
Term A2 Loan30,407 — — 31,406 
Term A3 Loan26,783 — — 26,315 
Property Loan104,340 — — 111,093 
Total liabilities$1,105,402 $— $— $1,078,487 
Carrying ValueFair Value
As of December 31, 2021Level 1Level 2Level 3
Financial liabilities not recorded at fair value
Term Loan$938,788 $— $— $924,917 
Term A1 Loan34,151 — — 35,598 
Term A2 Loan30,248 — — 31,530 
Term A3 Loan26,640 — — 27,006 
Property Loan103,434 — — 111,593 
Total liabilities$1,133,261 $— $— $1,130,644 
The following table summarizes the valuation techniques used to estimate the fair value of our financial instruments measured at fair value on a recurring basis and our financial instruments not measured at fair value:
Valuation Technique
Financial instruments recorded at fair value
Interest rate swaps
The fair value of the interest rate swaps is estimated based on the expected future cash flows by incorporating the notional amount of the swaps, the contractual period to maturity, and observable market-based inputs, including interest rate curves. The fair value also incorporates credit valuation adjustments to appropriately reflect nonperformance risk. The fair value of our interest rate swaps is largely dependent on forecasted LIBOR as of the measurement date. If, in subsequent periods, forecasted LIBOR exceeds 2.85% we will recognize a gain and future cash inflows. Conversely, if forecasted LIBOR falls below 2.85% in subsequent periods we will recognize a loss and future cash outflows.
Financial instruments not recorded at fair value
Term Loans and Property LoanThe fair value of our Term Loans and Property Loan are estimated using cash flow projections over the remaining contractual period by applying market forward rates and discounting back at the appropriate discount rate.
Revolving Credit FacilityThe valuation technique of our Revolving Credit Facility is consistent with our Term Loans. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration.
18
Note 14. Other balance sheet items
Trade and other receivables, net
The following summarizes the balances of trade and other receivables, net as of June 30, 2022 and December 31, 2021 ($ in thousands):
As of June 30,As of December 31,
20222021
Gross trade and other receivables (1)
$59,751 $47,382 
Allowance for doubtful accounts(803)(1,940)
Total trade and other receivables, net$58,948 $45,442 
________
(1) The opening balance as of January 1, 2021 was $28.3 million.

We have not experienced any significant write-offs to our accounts receivable during the three and six months ended June 30, 2022 and 2021.
Prepayments and other assets
The following summarizes the balances of prepayments and other assets as of June 30, 2022 and December 31, 2021 ($ in thousands):
As of June 30,As of December 31,
20222021
Advances to suppliers$6,592 $8,327 
Prepaid income taxes11,521 11,101 
Prepaid other taxes (1)
4,952 7,995 
Operating lease right-of-use assets3,371 3,766 
Key money2,322 2,376 
Other assets5,103 5,075 
Total prepayments and other assets$33,861 $38,640 
________
(1) Includes recoverable value-added tax, general consumption tax, and other sales tax accumulated by our Mexico, Jamaica, Dutch and Dominican Republic entities.
Goodwill
We recognized no goodwill impairment losses on our reporting units nor any additions to goodwill during the three and six months ended June 30, 2022. The gross carrying values and accumulated impairment losses of goodwill by reportable segment (refer to discussion of our reportable segments in Note 15) as of June 30, 2022 and December 31, 2021 are as follows ($ in thousands):
Yucatán PeninsulaPacific CoastDominican RepublicJamaicaTotal
Gross carrying value$51,731 $— $— $35,879 $87,610 
Accumulated impairment losses(6,168)— — (19,788)(25,956)
Net carrying value$45,563 $— $— $16,091 $61,654 

19
Other intangible assets
Other intangible assets as of June 30, 2022 and December 31, 2021 consisted of the following ($ in thousands):
As of June 30,As of December 31,
20222021
Gross carrying value
Casino and other licenses (1)
$875 $875 
Management contract1,900 1,900 
Enterprise resource planning system (2)
6,490 6,402 
Other4,171 4,073 
Total gross carrying value13,436 13,250 
Accumulated amortization
Management contract(380)(333)
Enterprise resource planning system (2)
(2,331)(1,895)
Other(3,641)(3,390)
Total accumulated amortization(6,352)(5,618)
Net carrying value
Casino and other licenses (1)
875 875 
Management contract1,520 1,567 
Enterprise resource planning system (2)
4,159 4,507 
Other530 683 
Total net carrying value$7,084 $7,632 
________
(1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization.
(2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $0.9 million was placed into service in 2021 and is being amortized over a weighted-average amortization period of 7 years.
Amortization expense for intangible assets was $0.3 million and $0.4 million for the three months ended June 30, 2022 and 2021, respectively, and $0.7 million and $0.7 million for the six months ended June 30, 2022 and 2021, respectively.
Trade and other payables
The following summarizes the balances of trade and other payables as of June 30, 2022 and December 31, 2021 ($ in thousands):
As of June 30,As of December 31,
20222021
Trade payables$26,906 $23,843 
Advance deposits (1)
58,837 62,644 
Withholding and other taxes payable34,603 32,655 
Interest payable198 99 
Payroll and related accruals21,562 23,998 
Accrued expenses and other payables23,113 16,983 
Total trade and other payables$165,219 $160,222 
________
(1) The opening balance as of January 1, 2021 was $29.7 million.
20
Other liabilities
The following summarizes the balances of other liabilities as of June 30, 2022 and December 31, 2021 ($ in thousands):
As of June 30,As of December 31,
20222021
Pension obligation (1)(2)
$7,124 $5,990 
Operating lease liabilities3,891 4,298 
Unfavorable ground lease liability1,912 1,967 
Key money (3)
15,877 16,731 
Other2,155 896 
Total other liabilities$30,959 $29,882 
________
(1) For the three months ended June 30, 2022 and 2021, the service cost component of net periodic pension cost was $0.2 million and $0.2 million, respectively. For the six months ended June 30, 2022 and 2021, the service cost component was $0.4 million and $0.4 million, respectively. The costs are recorded within direct expense in the Condensed Consolidated Statements of Operations.
(2) For the three months ended June 30, 2022 and 2021, the non-service cost components of net periodic pension cost were $0.1 million and $0.4 million, respectively. For the six months ended June 30, 2022 and 2021, the non-service cost components were $0.5 million and $0.5 million, respectively. The costs are recorded within other income (expense) in the Condensed Consolidated Statements of Operations.
(3) Represents the unamortized balance of key money received, which is amortized as a reduction to franchise fees within direct expenses in the Condensed Consolidated Statements of Operations.
Note 15. Business segments
We consider each one of our owned resorts to be an operating segment, none of which meets the threshold for a reportable segment. We also allocate resources and assess operating performance based on individual resorts. Our operating segments meet the aggregation criteria and thus, we present four separate reportable segments by geography: (i) Yucatán Peninsula, (ii) Pacific Coast, (iii) Dominican Republic and (iv) Jamaica. For the three and six months ended June 30, 2022 and 2021, we have excluded the immaterial amounts of management fees, cost reimbursements and other from our segment reporting.
Our operating segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by our Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, all of whom represent our chief operating decision maker (“CODM”). Financial information for each reportable segment is reviewed by the CODM to assess performance and make decisions regarding the allocation of resources.
The performance of our business is evaluated primarily on adjusted earnings before interest expense, income tax (provision) benefit, and depreciation and amortization expense (“Adjusted EBITDA”) and the performance of our segments is evaluated on Adjusted EBITDA before corporate expenses and management fee income (“Owned Resort EBITDA”). Adjusted EBITDA and Owned Resort EBITDA should not be considered alternatives to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP.
We define Adjusted EBITDA as net income (loss), determined in accordance with U.S. GAAP, for the periods presented, before interest expense, income tax (provision) benefit, and depreciation and amortization expense, further adjusted to exclude the following items: (a) impairment loss; (b) loss on sale of assets; (c) other income (expense); (d) share-based compensation; (e) other tax income (expense); (f) transaction expenses; and (g) severance expenses. Adjusted EBITDA includes corporate expenses, which are overhead costs that are essential to support the operation of the Company, including the operations and development of our resorts.
There are limitations to using financial measures such as Adjusted EBITDA and Owned Resort EBITDA. For example, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named financial measures that other companies publish to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income or loss generated by our business or discretionary cash available for investment in our business and investors should carefully consider our U.S. GAAP results presented in our Condensed Consolidated Financial Statements.
21
The following table presents segment owned net revenue and a reconciliation to total revenue for the three and six months ended June 30, 2022 and 2021 ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Owned net revenue
Yucatán Peninsula$69,977 $45,067 $138,606 $78,670 
Pacific Coast33,496 20,514 62,600 29,135 
Dominican Republic64,860 33,888 134,524 54,769 
Jamaica43,758 24,134 88,022 35,856 
Segment owned net revenue (1)
212,091 123,603 423,752 198,430 
Other655 369 1,162 494 
Management fees1,343 452 2,400 796 
Cost reimbursements2,080 969 4,032 1,482 
Compulsory tips5,098 3,410 9,495 5,347 
Total revenue$221,267 $128,803 $440,841 $206,549 
________
(1) Segment owned net revenue represents total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations.
22
The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net income (loss) for the three and six months ended June 30, 2022 and 2021 ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Owned Resort EBITDA
Yucatán Peninsula$25,974 $13,022 $55,432 $20,196 
Pacific Coast13,910 7,078 26,454 7,563 
Dominican Republic20,747 7,926 49,124 9,592 
Jamaica12,142 4,072 29,300 1,292 
Segment Owned Resort EBITDA72,773 32,098 160,310 38,643 
Other corporate (1)
(12,412)(9,635)(24,063)(19,029)
Management fees1,343 452 2,400 796 
Adjusted EBITDA61,704 22,915 138,647 20,410 
Interest expense(12,892)(18,950)(22,060)(37,117)
Depreciation and amortization(19,628)(20,017)(39,128)(40,900)
Impairment loss— — — (24,011)
Loss on sale of assets(9)(375)(9)(648)
Other income (expense)5,756 (628)5,242 (1,334)
Share-based compensation(2,910)(3,450)(6,266)(6,629)
Other tax income (expense)240 2 — (161)
Transaction expenses(611)(139)(802)(718)
Severance expense— — — (1,287)
Non-service cost components of net periodic pension cost (2)
161 422 548 479 
Net income (loss) before tax31,811 (20,220)76,172 (91,916)
Income tax (provision) benefit(1,286)12,452 (2,900)14,403 
Net income (loss)$30,525 $(7,768)$73,272 $(77,513)
________
(1) Other corporate includes revenue generated by The Playa Collection of $0.4 million and $0.7 million for the three and six months ended June 30, 2022, respectively.
(2) Represents the non-service cost components of net periodic pension cost or benefit recorded within other income (expense) in the Condensed Consolidated Statements of Operations. We include these costs in calculating Adjusted EBITDA as they are considered part of our ongoing resort operations.
The following table presents segment property and equipment, gross and a reconciliation to total property and equipment, net as of June 30, 2022 and December 31, 2021 ($ in thousands):
As of June 30,As of December 31,
20222021
Segment property and equipment, gross
Yucatán Peninsula$670,825 $667,618 
Pacific Coast289,919 288,309 
Dominican Republic686,940 684,187 
Jamaica409,704 408,107 
Total segment property and equipment, gross2,057,388 2,048,221 
Corporate property and equipment, gross5,259 4,802 
Accumulated depreciation(504,411)(468,449)
Total property and equipment, net$1,558,236 $1,584,574 

23
The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the six months ended June 30, 2022 and 2021 ($ in thousands):
Six Months Ended June 30,
20222021
Segment capital expenditures
Yucatán Peninsula$3,858 $1,251 
Pacific Coast2,904 307 
Dominican Republic3,196 1,631 
Jamaica1,820 2,138 
Total segment capital expenditures (1)
11,778 5,327 
Corporate466 118 
Total capital expenditures (1)
$12,244 $5,445 
________
(1) Represents gross additions to property and equipment.
Note 16. Subsequent events
In preparing the interim Condensed Consolidated Financial Statements, there were no subsequent events since June 30, 2022.
24
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of Playa Hotels & Resorts N.V.'s (“Playa”) financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements (our “Condensed Consolidated Financial Statements”) and the notes related thereto which are included in “Item 1. Financial Statements” of this Quarterly Report on Form 10-Q. Unless the context otherwise requires, “we,” “us,” “our” and the “Company” refer to Playa and its subsidiaries.

Cautionary Note Regarding Forward-Looking Statements
This quarterly report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward looking statements. Forward-looking statements are subject to various factors that could cause actual outcomes or results to differ materially from those indicated in these statements, including the risks described under the sections entitled “Risk Factors” of our Annual Report on Form 10-K, filed with the SEC on February 24, 2022 and in this Quarterly Report on Form 10-Q as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effects of the current COVID-19 pandemic on our financial condition, results of operations and prospects, which include the airlines that service the locations where we own resorts, the short and longer-term demand for travel, the global economy and the local economies where we own resorts, and the financial markets. As a result of the COVID-19 pandemic, we experienced severely reduced occupancy levels at our resorts in 2020 and 2021 compared to historic levels, and the continued or worsening effects of the pandemic may again result in reduced occupancies. The extent to which the COVID-19 pandemic will continue to impact us and consumer behavior will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, continuing resurgences of the virus and its variants, the government actions taken to contain the pandemic or mitigate its impact, continuing effectiveness and uptake of vaccines (including boosters) and treatment therapies, and the direct and indirect economic effects of the pandemic and containment measures, including the magnitude of its impact on unemployment rates, labor-force availability, disruption in the supply chain for materials, and consumer discretionary spending, among others. The following factors, among others, could also cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:
•general economic uncertainty and the effect of general economic conditions, including inflation, on the lodging industry in particular;
•the popularity of the all-inclusive resort model, particularly in the luxury segment of the resort market;
•changes in economic, social or political conditions in the regions we operate, including changes in perception of public-safety and changes in the supply of rooms from competing resorts;
•the success and continuation of our relationships with Hyatt Hotels Corporation (“Hyatt”), Hilton Worldwide Holdings, Inc. (“Hilton”), and Wyndham Hotels & Resorts, Inc. (“Wyndham”);
•the volatility of currency exchange rates;
•uncertainty regarding the ongoing conflict between Russia and Ukraine and the related impacts on inflation, supply chains and macroeconomic conditions;
•the success of our branding or rebranding initiatives with our current portfolio and resorts that may be acquired in the future;
•our failure to successfully complete acquisitions, expansions, repair and renovation projects in the timeframes and at the costs and returns anticipated;
•changes we may make in timing and scope of our development and renovation projects;
•significant increases in construction and development costs;
•significant increases in utilities, labor or other resort costs;
•our ability to obtain and maintain financing arrangements on attractive terms or at all;
25
•our ability to obtain and maintain ample liquidity to fund operations and service debt;
•the impact of and changes in governmental regulations or the enforcement thereof, tax laws and rates, accounting guidance and similar matters in regions in which we operate;
•the ability of our guests to reach our resorts given government mandated travel restrictions or airline service/capacity issues, as well as changes in demand for our resorts resulting from government mandated safety protocols and/or health concerns;
•the effectiveness of our internal controls and our corporate policies and procedures;
•changes in personnel and availability of qualified personnel;
•extreme weather events, such as hurricanes, floods and extreme heat waves, which may increase in frequency and severity as a result of climate change, and other natural disasters;
•outbreak of widespread contagious diseases other than COVID-19;
•dependence on third parties to provide Internet, telecommunications and network connectivity to our data centers;
•the volatility of the market price and liquidity of our ordinary shares and other of our securities; and
•the increasingly competitive environment in which we operate.
 
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this quarterly report, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements).
Overview
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 June 30, 2022, 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, we own and manage the Hyatt Zilara Cancún, Hyatt Ziva Cancún, Wyndham Alltra Cancún, Wyndham Alltra Playa del Carmen, Hilton Playa del Carmen All-Inclusive Resort, Hyatt Ziva Puerto Vallarta, and Hyatt Ziva Los Cabos;
•In Jamaica, we own and manage the 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, we own and manage the Hilton La Romana All-Inclusive Resort, the Hilton La Romana All-Inclusive Adult Resort, Hyatt Zilara Cap Cana and Hyatt Ziva Cap Cana; and
•We own two resorts in the Dominican Republic that are managed by a third-party. We also manage five resorts on behalf of third-party owners.
Playa’s strategy is to leverage its globally recognized brand partnerships and proprietary in-house direct booking capabilities to capitalize on the growing popularity of the all-inclusive resort model and reach first-time all-inclusive consumers in a cost-effective manner. We believe that this strategy should position us to generate attractive returns for our shareholders, build lasting relationships with our guests, and enhance the lives of our associates and the communities in which we operate.
For the three months ended June 30, 2022, we generated net income of $30.5 million, Total Revenue of $221.3 million, Net Package RevPAR of $271.40 and Adjusted EBITDA of $61.7 million. For the three months ended June 30, 2021, during which time our operations were negatively impacted by the effects of COVID-19, we generated a net loss of $7.8 million, Total Revenue of $128.8 million, Net Package RevPAR of $150.98 and Adjusted EBITDA of $22.9 million.
For the six months ended June 30, 2022, we generated net income of $73.3 million, Total Revenue of $440.8 million, Net Package RevPAR of $276.06 and Adjusted EBITDA of $138.6 million. For the six months ended June 30, 2021, during which time our operations were negatively impacted by the effects of COVID-19, we generated a net loss of $77.5 million, Total Revenue of $206.5 million, Net Package RevPAR of $121.05 and Adjusted EBITDA of $20.4 million.
26
Our Portfolio of Resorts
As of June 30, 2022, the following table presents an overview of our resorts and is organized by our four geographic business segments: the Yucatán Peninsula, the Pacific Coast, the Dominican Republic and Jamaica.
Name of Resort 
Location 
Brand and Type 
Operator 
Year Built; Significant RenovationsRooms
Owned Resorts
Yucatán Peninsula    
Hyatt Ziva CancúnCancún, MexicoHyatt Ziva (all ages)Playa1975; 1980; 1986; 2002; 2015547
Hyatt Zilara CancúnCancún, MexicoHyatt Zilara (adults-only)Playa2006; 2009; 2013; 2017310
Wyndham Alltra CancúnCancún, MexicoWyndham (all ages)Playa1985; 2009; 2017458
Hilton Playa del Carmen All-Inclusive ResortPlaya del Carmen, MexicoHilton (adults-only)Playa2002; 2009; 2019524
Wyndham Alltra Playa del CarmenPlaya del Carmen, MexicoWyndham (adults-only)Playa1996; 2006; 2012; 2017287
Pacific Coast    
Hyatt Ziva Los CabosCabo San Lucas, MexicoHyatt Ziva (all ages)Playa2007; 2009; 2015591
Hyatt Ziva Puerto VallartaPuerto Vallarta, MexicoHyatt Ziva (all ages)Playa1969; 1990; 2002; 2009; 2014; 2017335
Dominican Republic    
Hilton La Romana All-Inclusive ResortLa Romana, Dominican RepublicHilton (adults-only)Playa1997; 2008; 2019356
Hilton La Romana All-Inclusive ResortLa Romana, Dominican RepublicHilton (all ages)Playa1997; 2008; 2019418
Dreams Palm BeachPunta Cana,
Dominican Republic		Dreams (all ages)AMResorts1994; 2008500
Dreams Punta CanaPunta Cana,
Dominican Republic		Dreams (all ages)AMResorts2004620
Hyatt Ziva Cap CanaCap Cana,
Dominican Republic		Hyatt Ziva (all ages)Playa2019375
Hyatt Zilara Cap CanaCap Cana,
Dominican Republic		Hyatt Zilara (adults-only)Playa2019375
Jamaica
Hyatt Ziva Rose HallMontego Bay, JamaicaHyatt Ziva (all ages)Playa2000; 2014; 2017276
Hyatt Zilara Rose HallMontego Bay, JamaicaHyatt Zilara (adults-only)Playa2000; 2014; 2017344
Hilton Rose Hall Resort & SpaMontego Bay, JamaicaHilton (all ages)Playa1974; 2008; 2017495
Jewel Paradise Cove Beach Resort & SpaRunaway Bay, JamaicaJewel (adults-only)Playa2013225
Jewel Grande Montego Bay Resort & Spa (1)
Montego Bay, JamaicaJewel (all ages)Playa2016; 201788
Total Rooms Owned7,124
Managed Resorts (2)
Sanctuary Cap CanaPunta Cana,
Dominican Republic		Sanctuary (adults-only)Playa2008; 2015; 2018324
Jewel Grande Montego Bay Resort & SpaMontego Bay, JamaicaJewel (condo-hotel)Playa2016; 2017129
The Yucatán Playa del Carmen All-Inclusive ResortPlaya del Carmen, MexicoTapestry Collection by Hilton (adults-only)Playa201260
Hyatt Ziva Riviera Cancún (3)
Riviera Maya, MexicoHyatt Ziva (all ages)Playa2008, 2021438
Hyatt Zilara Riviera Maya (4)
Riviera Maya, MexicoHyatt Zilara (adults-only)Playa2003, 2021291
Total Rooms Operated1,242
Total Rooms Owned and Operated  8,366
________
(1) Represents an 88-unit tower and spa owned by us. We manage the majority of the units within the remaining two condo-hotel towers owned by Sagicor that comprise the Jewel Grande Montego Bay Resort & Spa.
(2) Owned by a third party.
(3) We entered into a management agreement to operate this resort during the first quarter of 2021. The resort opened in the third quarter of 2021.
(4) We entered into a management agreement to operate this resort during the first quarter of 2021. The resort is currently closed for renovations but is expected to open in the second half of 2022.


27
Results of Operations
Three Months Ended June 30, 2022 and 2021
The following table summarizes our results of operations on a consolidated basis for the three months ended June 30, 2022 and 2021 ($ in thousands):
Three Months Ended June 30,
Increase / Decrease
20222021
Change
% Change
Revenue
Package$180,682 $104,780 $75,902 72.4 %
Non-package37,162 22,602 14,560 64.4 %
Management fees1,343 452 891 197.1 %
Cost reimbursements2,080 969 1,111 114.7 %
Total revenue221,267 128,803 92,464 71.8 %
Direct and selling, general and administrative expenses
Direct119,125 79,534 39,591 49.8 %
Selling, general and administrative41,478 28,550 12,928 45.3 %
Depreciation and amortization19,628 20,017 (389)(1.9)%
Reimbursed costs2,080 969 1,111 114.7 %
Loss on sale of assets9 375 (366)(97.6)%
Direct and selling, general and administrative expenses182,320 129,445 52,875 40.8 %
Operating income (loss)38,947 (642)39,589 6,166.5 %
Interest expense(12,892)(18,950)6,058 32.0 %
Other income (expense)5,756 (628)6,384 1,016.6 %
Net income (loss) before tax31,811 (20,220)52,031 257.3 %
Income tax (provision) benefit(1,286)12,452 (13,738)(110.3)%
Net income (loss)$30,525 $(7,768)$38,293 493.0 %
The tables below set forth information for our total portfolio and our comparable portfolio with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Management Fee Revenue, Total Net Revenue, Adjusted EBITDA and Adjusted EBITDA Margin. For a description of these operating metrics and non-U.S. GAAP measures, see “Key Indicators of Financial and Operating Performance” below. For discussion of Adjusted EBITDA and reconciliation to the most comparable U.S. GAAP financial measures, see “Key Indicators of Financial and Operating Performance” and “Non-U.S. GAAP Financial Measures” below.
Our comparable portfolio for the three months ended June 30, 2022 excludes the Capri Resort, which was sold in June 2021.

28
Total Portfolio
Three Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy75.1 %49.9 %25.2 pts50.5 %
Net Package ADR$361.29 $302.71 $58.58 19.4 %
Net Package RevPAR$271.40 $150.98 $120.42 79.8 %
($ in thousands)
Net Package Revenue$175,941 $101,615 $74,326 73.1 %
Net Non-package Revenue36,805 22,357 14,448 64.6 %
Management Fee Revenue1,343 452 891 197.1 %
Total Net Revenue214,089 124,424 89,665 72.1 %
Adjusted EBITDA$61,704 $22,915 $38,789 169.3 %
Adjusted EBITDA Margin28.8 %18.4 %10.4 pts56.5 %
    
Comparable Portfolio
Three Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy75.1 %51.8 %23.3 pts45.0 %
Net Package ADR$361.29 $302.75 $58.54 19.3 %
Net Package RevPAR$271.40 $156.77 $114.63 73.1 %
($ in thousands)
Net Package Revenue$175,941 $101,628 $74,313 73.1 %
Net Non-package Revenue36,803 22,300 14,503 65.0 %
Management Fee Revenue1,343 452 891 197.1 %
Total Net Revenue214,087 124,380 89,707 72.1 %
Adjusted EBITDA$61,706 $23,656 $38,050 160.8 %
Adjusted EBITDA Margin28.8 %19.0 %9.8 pts51.6 %

Total Revenue and Total Net Revenue

Our Total Revenue for the three months ended June 30, 2022 increased $92.5 million, or 71.8%, compared to the three months ended June 30, 2021.

Our Total Net Revenue for the three months ended June 30, 2022 increased $89.7 million, or 72.1%, compared to the three months ended June 30, 2021. The increase was due to the following:
•an increase in demand as a result of increased vaccination levels, easing of government travel restrictions, and pent-up demand for leisure travel compared to the three months ended June 30, 2021;
•a 19.4% increase in Net Package ADR as a result of direct booking contributions, increasing management, incentives, conventions, and events (“MICE”) group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts;
•continued strength in Net Non-package Revenue spend per guest driven by improvements in our product offering across our resorts; and
•an incremental $4.66 favorable Net Package ADR impact compared to the three months ended June 30, 2021 as a result of the change in billing methodology of an online travel agency (“OTA”), which requires Playa to present this revenue gross of commissions under U.S. GAAP. Excluding this adjustment, Net Package ADR would have been $356.63.
Compared to the same period in 2019, for our current portfolio of resorts, which excludes the Dreams Puerto Aventuras, Capri Resort, Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, Comparable Net Package ADR for the three months ended June 30, 2022 increased by $92.69, or 34.5%. Excluding the aforementioned adjustment for the OTA billing methodology, the increase would have been $84.82, or 31.6%.
29
The following table shows a reconciliation of comparable Net Package Revenue, Net Non-package Revenue and Management Fee Revenue to total revenue for the three months ended June 30, 2022 and 2021 ($ in thousands):
Three Months Ended June 30,Increase/Decrease
20222021Change % Change
Net Package Revenue
Comparable Net Package Revenue$175,941 $101,628 $74,313 73.1 %
Non-comparable Net Package Revenue— (13)13 100.0 %
Net Package Revenue175,941 101,615 74,326 73.1 %
Net Non-package Revenue
Comparable Net Non-package Revenue36,803 22,300 14,503 65.0 %
Non-comparable Net Non-package Revenue2 57 (55)(96.5)%
Net Non-package Revenue36,805 22,357 14,448 64.6 %
Management Fee Revenue
Comparable Management Fee Revenue1,343 452 891 197.1 %
Non-comparable Management Fee Revenue— — — — %
Management Fee Revenue1,343 452 891 197.1 %
Total Net Revenue
Comparable Total Net Revenue214,087 124,380 89,707 72.1 %
Non-comparable Total Net Revenue2 44 (42)(95.5)%
Total Net Revenue214,089 124,424 89,665 72.1 %
Compulsory tips5,098 3,410 1,688 49.5 %
Cost Reimbursements2,080 969 1,111 114.7 %
Total revenue$221,267 $128,803 $92,464 71.8 %
Direct Expenses
The following table shows a reconciliation of our direct expenses to Net Direct Expenses for the three months ended June 30, 2022 and 2021 ($ in thousands):
Three Months Ended June 30,Increase/Decrease
20222021Change % Change
Direct expenses$119,125 $79,534 $39,591 49.8 %
Less: compulsory tips5,098 3,410 1,688 49.5 %
Net Direct Expenses$114,027 $76,124 $37,903 49.8 %
Our direct expenses include resort expenses, such as food and beverage, salaries and wages, utilities and other ongoing operational expenses. Our Net Direct Expenses were $114.0 million, or 53.3% of Total Net Revenue, for the three months ended June 30, 2022 and $76.1 million, or 61.2% of Total Net Revenue, for the three months ended June 30, 2021. Direct operating expenses fluctuate based on various factors, including changes in occupancy, labor costs, utilities, repair and maintenance costs and license and property taxes. Management fees and franchise fees, which are computed as a percentage of revenue, increase or decrease as a result of changes in revenues.
Net Direct Expenses for the three months ended June 30, 2022 increased $37.9 million, or 49.8%, compared to the three months ended June 30, 2021. As a percentage of Owned Net Revenue, Net Direct Expenses decreased to 53.8%, compared to 61.6% for the three months ended June 30, 2021. Net Direct Expenses at our comparable properties increased $38.3 million, or 50.6%, compared to the three months ended June 30, 2021 primarily due to the following:
•The corresponding recovery in our operations compared to the three months ended June 30, 2021;
30
•A higher rate of expense inflation in the second quarter of 2022 as compared to 2021. See the “Inflation” section for additional discussion;
•Increase in food and beverage expenses on a per guest basis, primarily driven by our initiative to deliver an exceptional customer experience across our portfolio and higher food and beverage prices due to supply constraints; and
•Increase in utilities expenses driven by a global rise in energy prices.
Net Direct Expenses consists of the following ($ in thousands):
Total Portfolio
Three Months Ended June 30,Increase/Decrease
20222021Change % Change
Food and beverages$27,203 $16,517 $10,686 64.7 %
Guest costs7,986 6,598 1,388 21.0 %
Salaries and wages39,689 28,387 11,302 39.8 %
Repairs and maintenance6,012 3,983 2,029 50.9 %
Utilities and sewage12,118 8,632 3,486 40.4 %
Licenses and property taxes418 750 (332)(44.3)%
Incentive and management fees872 287 585 203.8 %
Franchise / license fees10,194 5,737 4,457 77.7 %
Transportation and travel expenses1,384 997 387 38.8 %
Laundry and cleaning expenses1,532 1,074 458 42.6 %
Property and equipment rental expense1,829 454 1,375 302.9 %
Entertainment expenses and decoration2,931 1,706 1,225 71.8 %
Office supplies336 239 97 40.6 %
Other operational expenses1,523 763 760 99.6 %
Total Net Direct Expenses$114,027 $76,124 $37,903 49.8 %
Comparable Portfolio
Three Months Ended June 30,Increase/Decrease
20222021Change % Change
Food and beverages$27,206 $16,517 $10,689 64.7 %
Guest costs7,986 6,580 1,406 21.4 %
Salaries and wages39,680 28,188 11,492 40.8 %
Repairs and maintenance6,012 3,940 2,072 52.6 %
Utilities and sewage12,118 8,570 3,548 41.4 %
Licenses and property taxes417 716 (299)(41.8)%
Incentive and management fees872 287 585 203.8 %
Franchise / license fees10,194 5,737 4,457 77.7 %
Transportation and travel expenses1,384 991 393 39.7 %
Laundry and cleaning expenses1,532 1,073 459 42.8 %
Property and equipment rental expense1,829 453 1,376 303.8 %
Entertainment expenses and decoration2,931 1,706 1,225 71.8 %
Office supplies336 239 97 40.6 %
Other operational expenses1,523 714 809 113.3 %
Total Net Direct Expenses$114,020 $75,711 $38,309 50.6 %
Selling, General and Administrative Expenses
Our selling, general and administrative expenses for the three months ended June 30, 2022 increased $12.9 million, or 45.3%, compared to the three months ended June 30, 2021. The higher levels of occupancy from the ongoing recovery at our resorts during
31
the three months ended June 30, 2022 resulted in a $4.5 million increase in commissions expenses, a $1.9 million increase in advertising expenses, and a $1.6 million increase in credit card commissions. In addition, we had a $2.0 million increase in corporate personnel costs and a $0.9 million increase in professional fees. The increase in commissions expenses includes an additional $2.8 million that was a result of a change in billing methodology of an OTA, which requires Playa to present the commissions on a gross basis under U.S. GAAP.
Depreciation and Amortization Expense
Our depreciation and amortization expense for the three months ended June 30, 2022 decreased $0.4 million, or 1.9%, compared to the three months ended June 30, 2021 primarily due to fully depreciated assets which did not recognize depreciation expense in the current period.
Interest Expense
Our interest expense for the three months ended June 30, 2022 decreased $6.1 million, or 32.0%, compared to the three months ended June 30, 2021. The decrease in interest expense was driven primarily by a $4.3 million benefit over the period related to the change in fair value of our interest rate swaps, which was driven by the increase in forecasted interest rates.
Cash interest paid was $18.8 million for the three months ended June 30, 2022, representing a $1.2 million, or 5.8% decrease as compared to the three months ended June 30, 2021. The decrease in cash interest paid was primarily driven by a $1.9 million reduction in the interest paid on our Senior Secured Credit Facility due to the effect of our interest rate swaps, as interest rates moved closer to our 1.0% LIBOR floor during the three months ended June 30, 2022. This was partially offset by an $0.8 million increase in cash interest paid on our Property Loan due to the timing of interest payments during the three months ended June 30, 2022.
Income Tax Provision
For the three months ended June 30, 2022, our income tax provision was $1.3 million, compared to a $12.5 million income tax benefit for the three months ended June 30, 2021. The increase in our income tax provision of $13.8 million was primarily driven by:
•a $9.1 million increased tax provision due to higher pre-tax book income from our taxpaying entities;
•a $4.3 million decreased tax benefit related to the sale of the Capri Resort in 2021; and
•a $1.0 million increased tax provision associated with foreign exchange rate fluctuations, primarily for our Mexican entities.
These increases were partially offset by:

•a $0.9 million decreased tax provision related to valuation allowances recognized for our Jamaica and Mexico entities.
32
Results of Operations
Six Months Ended June 30, 2022 and 2021
The following table summarizes our results of operations on a consolidated basis for the six months ended June 30, 2022 and 2021 ($ in thousands):
Six Months Ended June 30,
Increase / Decrease
20222021
Change
% Change
Revenue
Package$364,791 $168,674 $196,117 116.3 %
Non-package69,618 35,597 34,021 95.6 %
Management fees2,400 796 1,604 201.5 %
Cost reimbursements4,032 1,482 2,550 172.1 %
Total revenue440,841 206,549 234,292 113.4 %
Direct and selling, general and administrative expenses
Direct225,965 139,755 86,210 61.7 %
Selling, general and administrative78,717 53,218 25,499 47.9 %
Depreciation and amortization39,128 40,900 (1,772)(4.3)%
Reimbursed costs4,032 1,482 2,550 172.1 %
Impairment loss— 24,011 (24,011)(100.0)%
Loss on sale of assets9 648 (639)(98.6)%
Direct and selling, general and administrative expenses347,851 260,014 87,837 33.8 %
Operating income (loss)92,990 (53,465)146,455 273.9 %
Interest expense(22,060)(37,117)15,057 40.6 %
Other income (expense)5,242 (1,334)6,576 493.0 %
Net income (loss) before tax76,172 (91,916)168,088 182.9 %
Income tax (provision) benefit(2,900)14,403 (17,303)(120.1)%
Net income (loss)$73,272 $(77,513)$150,785 194.5 %
The tables below set forth information for our total portfolio and comparable portfolio with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Management Fee Revenue, Total Net Revenue, Adjusted EBITDA and Adjusted EBITDA Margin. For a description of these operating metrics and non-U.S. GAAP measures, see “Key Indicators of Financial and Operating Performance” below. For discussion of Adjusted EBITDA and reconciliation to the most comparable U.S. GAAP financial measures, see “Key Indicators of Financial and Operating Performance” and “Non-U.S. GAAP Financial Measures” below.
Our comparable portfolio for the six months ended June 30, 2022 excludes Dreams Puerto Aventuras, which was sold in February 2021, and the Capri Resort, which was sold in June 2021.
33
Total Portfolio
Six Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy73.7 %40.7 %33.0 pts81.1 %
Net Package ADR$374.35 $297.31 $77.04 25.9 %
Net Package RevPAR$276.06 $121.05 $155.01 128.1 %
($ in thousands)
Net Package Revenue$355,967 $163,698 $192,269 117.5 %
Net Non-package Revenue68,947 35,226 33,721 95.7 %
Management Fee Revenue2,400 796 1,604 201.5 %
Total Net Revenue427,314 199,720 227,594 114.0 %
Adjusted EBITDA$138,647 $20,410 $118,237 579.3 %
Adjusted EBITDA Margin32.4 %10.2 %22.2 pts217.6 %
Comparable Portfolio
Six Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy73.7 %42.4 %31.3 pts73.8 %
Net Package ADR$374.36 $298.41 $75.95 25.5 %
Net Package RevPAR$276.06 $126.46 $149.60 118.3 %
($ in thousands)
Net Package Revenue$355,967 $163,066 $192,901 118.3 %
Net Non-package Revenue68,946 34,711 34,235 98.6 %
Management Fee Revenue2,400 796 1,604 201.5 %
Total Net Revenue427,313 198,573 228,740 115.2 %
Adjusted EBITDA$138,469 $21,713 $116,756 537.7 %
Adjusted EBITDA Margin32.4 %10.9 %21.5 pts197.2 %
Total Revenue and Total Net Revenue
Our Total Revenue for the six months ended June 30, 2022 increased $234.3 million, or 113.4%, compared to the six months ended June 30, 2021.
Our Total Net Revenue for the six months ended June 30, 2022 increased $227.6 million, or 114.0%, compared to the six months ended June 30, 2021. The increase was due to the following:
•an increase in demand as a result of increased vaccination levels, easing of government travel restrictions, and pent-up demand for leisure travel compared to the six months ended June 30, 2021;
•a 25.9% increase in Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts;
•continued strength in Net Non-package Revenue driven by improvements in our product offering across our resorts; and
•an incremental $5.54 favorable Net Package ADR impact as a result of the change in billing methodology of an OTA, which requires Playa to present this revenue gross of commissions under U.S. GAAP. Excluding this adjustment, Net Package ADR would have been $368.81.
Compared to the same period in 2019, for our current portfolio of resorts, which excludes the Dreams Puerto Aventuras, Capri Resort, Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, Comparable Net Package ADR for the six months ended June 30, 2022 increased by $81.65, or 27.9%. Excluding the aforementioned adjustment for the OTA billing methodology, the increase would have been $74.12, or 25.3%.
34
The following table shows a reconciliation of comparable Net Package Revenue, Net Non-package Revenue and Management Fee Revenue to total revenue for the six months ended June 30, 2022 and 2021 ($ in thousands):
Six Months Ended June 30,Increase/Decrease
20222021Change % Change
Net Package Revenue
Comparable Net Package Revenue$355,967 $163,066 $192,901 118.3 %
Non-comparable Net Package Revenue— 632 (632)(100.0)%
Net Package Revenue355,967 163,698 192,269 117.5 %
Net Non-package Revenue
Comparable Net Non-package Revenue68,946 34,711 34,235 98.6 %
Non-comparable Net Non-package Revenue1 515 (514)(99.8)%
Net Non-package Revenue68,947 35,226 33,721 95.7 %
Management Fee Revenue
Comparable Management Fee Revenue2,400 796 1,604 201.5 %
Non-comparable Management Fee Revenue— — — — %
Management Fee Revenue2,400 796 1,604 201.5 %
Total Net Revenue
Comparable Total Net Revenue427,313 198,573 228,740 115.2 %
Non-comparable Total Net Revenue1 1,147 (1,146)(99.9)%
Total Net Revenue427,314 199,720 227,594 114.0 %
Compulsory tips9,495 5,347 4,148 77.6 %
Cost Reimbursements4,032 1,482 2,550 172.1 %
Total revenue$440,841 $206,549 $234,292 113.4 %
Direct Expenses
The following table shows a reconciliation of our direct expenses to Net Direct Expenses for the six months ended June 30, 2022 and 2021 ($ in thousands):
Six Months Ended June 30,Increase/Decrease
20222021Change % Change
Direct expenses$225,965 $139,755 $86,210 61.7 %
Less: compulsory tips9,495 5,347 4,148 77.6 %
Net Direct Expenses$216,470 $134,408 $82,062 61.1 %
Our direct expenses include resort expenses, such as food and beverage, salaries and wages, utilities and other ongoing operational expenses. Our Net Direct Expenses were $216.5 million, or 50.7%, of Total Net Revenue for the six months ended June 30, 2022 and $134.4 million, or 67.3%, of Total Net Revenue for the six months ended June 30, 2021. Direct operating expenses fluctuate based on various factors, including changes in occupancy, labor costs, utilities, repair and maintenance costs and license and property taxes. Management fees and franchise fees, which are computed as a percentage of revenue, increase or decrease as a result of changes in revenue.
Net Direct Expenses for the six months ended June 30, 2022 increased $82.1 million, or 61.1%, compared to the six months ended June 30, 2021. As a percentage of Owned Net Revenue, Net Direct Expenses decreased to 51.1%, compared to 67.7% for the six months ended June 30, 2021. Net Direct Expenses at our comparable properties increased $85.4 million, or 65.1%, compared to the six months ended June 30, 2021 primarily due to the following:
•The corresponding recovery in our operations compared to the six months ended June 30, 2021;
35
•A higher rate of expense inflation in the first half of 2022 as compared to 2021. See the “Inflation” section for additional discussion;
•Increase in food and beverage expenses on a per guest basis, primarily driven by our initiative to deliver an exceptional customer experience across our portfolio and higher food and beverage prices due to supply constraints; and
•Increase in utilities expenses driven by a global rise in energy prices.
Net Direct Expenses consists of the following ($ in thousands):
Total Portfolio
Six Months Ended June 30,Increase/Decrease
20222021Change % Change
Food and beverages$51,443 $26,812 $24,631 91.9 %
Guest costs15,587 10,405 5,182 49.8 %
Salaries and wages75,567 53,424 22,143 41.4 %
Repairs and maintenance10,600 6,923 3,677 53.1 %
Utilities and sewage22,435 15,996 6,439 40.3 %
Licenses and property taxes1,213 1,555 (342)(22.0)%
Incentive and management fees1,984 433 1,551 358.2 %
Franchise / license fees20,333 9,986 10,347 103.6 %
Transportation and travel expenses2,686 1,920 766 39.9 %
Laundry and cleaning expenses2,938 1,953 985 50.4 %
Property and equipment rental expense3,135 629 2,506 398.4 %
Entertainment expenses and decoration5,307 2,609 2,698 103.4 %
Office supplies635 407 228 56.0 %
Other operational expenses2,607 1,356 1,251 92.3 %
Total Net Direct Expenses$216,470 $134,408 $82,062 61.1 %
Comparable Portfolio
Six Months Ended June 30,Increase/Decrease
20222021Change % Change
Food and beverages$51,443 $26,679 $24,764 92.8 %
Guest costs15,737 10,045 5,692 56.7 %
Salaries and wages75,555 51,382 24,173 47.0 %
Repairs and maintenance10,600 6,804 3,796 55.8 %
Utilities and sewage22,435 15,810 6,625 41.9 %
Licenses and property taxes1,213 1,461 (248)(17.0)%
Incentive and management fees1,984 391 1,593 407.4 %
Franchise / license fees20,333 9,986 10,347 103.6 %
Transportation and travel expenses2,686 1,888 798 42.3 %
Laundry and cleaning expenses2,938 1,945 993 51.1 %
Property and equipment rental expense3,135 618 2,517 407.3 %
Entertainment expenses and decoration5,307 2,591 2,716 104.8 %
Office supplies635 403 232 57.6 %
Other operational expenses2,605 1,156 1,449 125.3 %
Total Net Direct Expenses$216,606 $131,159 $85,447 65.1 %
Selling, General and Administrative Expenses
Our selling, general and administrative expenses for the six months ended June 30, 2022 increased $25.5 million, or 47.9%, compared to the six months ended June 30, 2021. The higher levels of occupancy from the ongoing recovery at our resorts during the
36
six months ended June 30, 2022 resulted in a $4.1 million increase in advertising expenses, a $10.3 million increase in commissions expenses, and a $3.6 million increase in credit card commissions. In addition, we had a $1.4 million increase in insurance expenses driven by higher premiums for the current year, a $4.4 million increase in corporate personnel costs, and a $1.4 million increase in professional fees. The increase in commissions expense includes an additional $6.1 million that was a result of a change in billing methodology of an OTA, which requires Playa to present the commissions on a gross basis under U.S. GAAP.
Depreciation and Amortization Expense
Our depreciation and amortization expense for the six months ended June 30, 2022 decreased $1.8 million, or 4.3%, compared to the six months ended June 30, 2021, which was primarily due to a $0.9 million decrease from the sale of the Capri Resort in June 2021.
Impairment Loss
Our impairment loss for the six months ended June 30, 2022 decreased $24.0 million, or 100.0%, compared to the six months ended June 30, 2021. The decrease was driven by $24.0 million of property and equipment impairment recognized upon classification of the Capri Resort as held for sale in March 2021, as the carrying value exceeded the sale price of the assets under the sales agreement. We had no impairment loss for the six months ended June 30, 2022.
Interest Expense
Our interest expense for the six months ended June 30, 2022 decreased $15.1 million, or 40.6%, compared to the six months ended June 30, 2021. The decrease in interest expense was driven primarily by a $12.8 million benefit over the period related to the change in fair value of our interest rate swaps, which was driven by the increase in forecasted interest rates.
Cash interest paid was $37.0 million for the six months ended June 30, 2022, representing a $1.7 million, or 4.5% decrease as compared to the six months ended June 30, 2021. The decrease in cash interest paid was primarily driven by a $2.2 million reduction in the interest paid on our Senior Secured Credit Facility due to the effect of our interest rate swaps, as interest rates moved closer to our 1.0% LIBOR floor during the six months ended June 30, 2022. This was partially offset by an $0.8 million increase in cash interest paid on our Property Loan due to the timing of interest payments during the six months ended June 30, 2022.
Income Tax Provision
For the six months ended June 30, 2022, our income tax provision was $2.9 million, compared to a $14.4 million income tax benefit for the six months ended June 30, 2021. The increase in our income tax provision of $17.3 million was mainly driven by:
•a $13.5 million increased tax provision due to higher pre-tax book income from our taxpaying entities;
•a $5.5 million decreased tax benefit related to the sale of the Dreams Puerto Aventuras and Capri Resort in 2021; and
•a $2.3 million increased tax provision associated with foreign exchange rate fluctuations, primarily for our Mexican entities.
These increases were partially offset by:

•a $3.7 million decreased tax provision related to valuation allowances recognized for our Jamaica and Mexico entities.
Key Indicators of Financial and Operating Performance
We use a variety of financial and other information to monitor the financial and operating performance of our business. Some of this is financial information prepared in accordance with U.S. GAAP, while other information, though financial in nature, is not prepared in accordance with U.S. GAAP. For reconciliations of non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measure, see “Non-U.S. GAAP Financial Measures.” Our management also uses other information that is not financial in nature, including statistical information and comparative data that are commonly used within the lodging industry to evaluate the financial and operating performance of our portfolio. Our management uses this information to measure the performance of our segments and consolidated portfolio. We use this information for planning and monitoring our business, as well as in determining management and employee compensation. These key indicators include:
•Net Package Revenue
•Net Non-package Revenue
•Owned Net Revenue
37
•Management Fee Revenue
•Total Net Revenue
•Occupancy
•Net Package ADR
•Net Package RevPAR
•Net Direct Expenses
•EBITDA
•Adjusted EBITDA
•Adjusted EBITDA Margin
•Owned Resort EBITDA
•Owned Resort EBITDA Margin
•Comparable Non-U.S. GAAP Measures
Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Management Fee Revenue, Cost Reimbursements, Total Net Revenue and Net Direct Expenses
“Net Package Revenue” is derived 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. Government mandated compulsory tips in the Dominican Republic are not included in this adjustment, as they are already excluded from revenue. Revenue is recognized, net of discounts and rebates, when the rooms are occupied and/or the relevant services have been rendered. Advance deposits received from guests are deferred and included in trade and other payables until the rooms are occupied and/or the relevant services have been rendered, at which point the revenue is recognized.
“Net Non-package Revenue” represents all other revenues earned from the operations of our resorts, other than Net Package Revenue, net of compulsory tips paid to employees. Government mandated compulsory tips in the Dominican Republic are not included in this adjustment, as they are already excluded from revenue. Net Non-package Revenue includes revenue associated with guests' purchases of upgrades, premium services and amenities, such as premium rooms, dining experiences, wines and spirits and spa packages, which are not included in the all-inclusive package. Revenue not included in a guest’s all-inclusive package is recognized when the goods are consumed.
“Owned Net Revenue” represents Net Package Revenue and Net Non-package Revenue. Owned Net Revenue represents a key indicator to assess the overall performance of our business and analyze trends, such as consumer demand, brand preference and competition. In analyzing our Owned Net Revenues, our management differentiates between Net Package Revenue and Net Non-package Revenue. Guests at our resorts purchase packages at stated rates, which include room accommodations, food and beverage services and entertainment activities, in contrast to other lodging business models, which typically only include the room accommodations in the stated rate. The amenities at all-inclusive resorts typically include a variety of buffet and á la carte restaurants, bars, activities, and shows and entertainment throughout the day.
“Management Fee Revenue” is derived from fees earned for managing resorts owned by third-parties. The fees earned are typically composed of a base fee, which is computed as a percentage of revenue, and an incentive fee, which is computed as a percentage of profitability. Management Fee Revenue had a minor contribution to our operating results for the three and six months ended June 30, 2022 and 2021, but we expect Management Fee Revenue to be a more relevant indicator to assess the overall performance of our business in the future as we enter into more management contracts.
“Total Net Revenue” represents Net Package Revenue, Net Non-package Revenue and Management Fee Revenue. “Cost Reimbursements” is excluded from Total Net Revenue as it is not considered a key indicator of financial and operating performance. Cost Reimbursements is derived from the reimbursement of certain costs incurred by Playa on behalf of resorts managed by Playa and owned by third parties. This revenue is fully offset by reimbursable costs and has no net impact on operating income (loss) or net income (loss).
“Net Direct Expenses” represents direct expenses, net of compulsory tips paid to employees.
38
Occupancy
“Occupancy” represents the total number of rooms sold for a period divided by the total number of rooms available during such period. The total number of rooms available excludes any rooms considered “Out of Order” due to renovation or a temporary problem rendering them inadequate for occupancy for an extended period of time. Occupancy is a useful measure of the utilization of a resort’s total available capacity and can be used to gauge demand at a specific resort or group of properties during a given period. Occupancy levels also enable us to optimize Net Package ADR by increasing or decreasing the stated rate for our all-inclusive packages as demand for a resort increases or decreases.
Net Package ADR
“Net Package ADR” represents total Net Package Revenue for a period divided by the total number of rooms sold during such period. Net Package ADR trends and patterns provide useful information concerning the pricing environment and the nature of the guest base of our portfolio or comparable portfolio, as applicable. Net Package ADR is a commonly used performance measure in the all-inclusive segment of the lodging industry and is commonly used to assess the stated rates that guests are willing to pay through various distribution channels.
Net Package RevPAR
“Net Package RevPAR” is the product of Net Package ADR and the average daily occupancy percentage. Net Package RevPAR does not reflect the impact of non-package revenue. Although Net Package RevPAR does not include this additional revenue, it generally is considered the key performance measure in the all-inclusive segment of the lodging industry to identify trend information with respect to net room revenue produced by our portfolio or comparable portfolio, as applicable, and to evaluate operating performance on a consolidated basis or a regional basis, as applicable.
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. EBITDA and Adjusted EBITDA (as defined below) include corporate expenses, which are overhead costs that are essential to support the operation of the Company, including the operations and development of our resorts. 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: 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.
39
Usefulness and Limitation of Non-U.S. GAAP Measures
We believe that each of Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Total Net Revenue, Net Package ADR, Net Package RevPAR and Net Direct Expenses are useful to investors as they reflect our operating results by excluding compulsory tips. These tips have a margin of zero and do not represent our operating results.
We also believe that Adjusted EBITDA is useful to investors for two principal reasons. First, we believe Adjusted EBITDA assists investors in comparing our performance over various reporting periods on a consistent basis by removing from our operating results the impact of items that do not reflect our core operating performance. For example, changes in foreign exchange rates (which are the principal driver of changes in other income or expense), and expenses related to capital raising, strategic initiatives and other corporate initiatives, such as expansion into new markets (which are the principal drivers of changes in transaction expenses), are not indicative of the operating performance of our resorts. The other adjustments included in our definition of Adjusted EBITDA relate to items that occur infrequently and therefore would obstruct the comparability of our operating results over reporting periods. For example, revenue from insurance policies, other than business interruption insurance policies, is infrequent in nature, and we believe excluding these expense and revenue items permits investors to better evaluate the core operating performance of our resorts over time. We believe Adjusted EBITDA Margin provides our investors a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful.
The second principal reason that we believe Adjusted EBITDA is useful to investors is that it is considered a key performance indicator by our board of directors (our “Board”) and management. In addition, the compensation committee of our Board determines a portion of the annual variable compensation for certain members of our management based, in part, on consolidated Adjusted EBITDA. We believe that Adjusted EBITDA is useful to investors because it provides investors with information utilized by our Board and management to assess our performance and may (subject to the limitations described below) enable investors to compare the performance of our portfolio to our competitors.
We believe that Owned Resort EBITDA and Owned Resort EBITDA Margin are useful to investors as they allow investors to measure resort-level performance and profitability by excluding expenses not directly tied to our resorts, such as corporate expenses, and excluding ancillary revenues not derived from our resorts, such as management fee revenue. We believe Owned Resort EBITDA is also helpful to investors that use it in estimating the value of our resort portfolio. Management uses these measures to monitor property-level performance and profitability.
Our non-U.S. GAAP financial measures are not substitutes for revenue, net income or any other measure determined in accordance with U.S. GAAP. There are limitations to the utility of non-U.S. GAAP financial measures, such as Adjusted EBITDA. For example, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-U.S. GAAP financial measures that other companies publish to compare the performance of those companies to our performance. Because of these limitations, our non-U.S. GAAP financial measures should not be considered as a measure of the income or loss generated by our business or discretionary cash available for investment in our business, and investors should carefully consider our U.S. GAAP results presented.
For a reconciliation of EBITDA, Adjusted EBITDA and Owned Resort EBITDA to net income or loss as computed under U.S. GAAP, see “Non-U.S. GAAP Financial Measures.”
Comparable Non-U.S. GAAP Measures
We believe that presenting Adjusted EBITDA, Owned Resort EBITDA, Total Net Revenue, Net Package Revenue, Net Non-package Revenue and Net Direct Expenses on a comparable basis is useful to investors because these measures include only the results of resorts owned and in operation for the entirety of the periods presented and thereby eliminate disparities in results due to the acquisition or disposition of resorts or the impact of resort closures or re-openings in connection with redevelopment or renovation projects. As a result, we believe these measures provide more consistent metrics for comparing the performance of our operating resorts. We calculate comparable Adjusted EBITDA, comparable Owned Resort EBITDA, comparable Total Net Revenue, comparable Net Package Revenue and comparable Net Non-package Revenue as the total amount of each respective measure less amounts attributable to non-comparable resorts, by which we mean resorts that were not owned or in operation during some or all of the relevant reporting period.
Our comparable resorts for the three months ended June 30, 2022 exclude Capri Resort, which was sold in June 2021.
Our comparable resorts for the six months ended June 30, 2022 exclude the Dreams Puerto Aventuras, which was sold in February 2021 and Capri Resort, which was sold in June 2021.
40
A reconciliation of net income as computed under U.S. GAAP to comparable Adjusted EBITDA and comparable Owned Resort EBITDA is presented in “Non-U.S. GAAP Financial Measures,” below. For a reconciliation of Comparable Net Package Revenue, Comparable Net Non-package Revenue, Comparable Management Fee Revenue and Comparable Total Net Revenue to total revenue as computed under U.S. GAAP, see “Results of Operations.”
41
Segment Results
Three Months Ended June 30, 2022 and 2021
We evaluate our business segment operating performance using segment Owned Net Revenue and segment Owned Resort EBITDA. The following tables summarize segment Owned Net Revenue and segment Owned Resort EBITDA for the three months ended June 30, 2022 and 2021 ($ in thousands):
Three Months Ended June 30,
Increase / Decrease
20222021Change % Change
Owned Net Revenue
Yucatán Peninsula$69,977 $45,067 $24,910 55.3 %
Pacific Coast33,496 20,514 12,982 63.3 %
Dominican Republic64,860 33,888 30,972 91.4 %
Jamaica43,758 24,134 19,624 81.3 %
Segment Owned Net Revenue212,091 123,603 88,488 71.6 %
Other655 369 286 77.5 %
Management fees1,343 452 891 197.1 %
Total Net Revenue$214,089 $124,424 $89,665 72.1 %
Three Months Ended June 30,
Increase / Decrease
20222021Change % Change
Owned Resort EBITDA
Yucatán Peninsula$25,974 $13,022 $12,952 99.5 %
Pacific Coast13,910 7,078 6,832 96.5 %
Dominican Republic20,747 7,926 12,821 161.8 %
Jamaica12,142 4,072 8,070 198.2 %
Segment Owned Resort EBITDA72,773 32,098 40,675 126.7 %
Other corporate (1)
(12,412)(9,635)(2,777)(28.8)%
Management fees1,343 452 891 197.1 %
Total Adjusted EBITDA$61,704 $22,915 $38,789 169.3 %
________
(1) Other corporate includes $0.4 million of revenue generated by The Playa Collection for the three months ended June 30, 2022.

For a reconciliation of segment Owned Net Revenue and segment Owned Resort EBITDA to total revenue and net income, respectively, each as computed under U.S. GAAP, see Note 15 to our Condensed Consolidated Financial Statements.
42
Yucatán Peninsula
The following tables set forth information with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Owned Resort EBITDA and Owned Resort EBITDA Margin for our Yucatán Peninsula segment for the three months ended June 30, 2022 and 2021 for the total segment portfolio and comparable segment portfolio:
Total Portfolio
Three Months Ended June 30,
Increase / Decrease
20222021
Change
% Change 
Occupancy75.0 %52.0 %23.0 pts44.2 %
Net Package ADR$408.66 $328.38 $80.28 24.4 %
Net Package RevPAR$306.44 $170.77 $135.67 79.4 %
($ in thousands)
Net Package Revenue$59,285 $37,264 $22,021 59.1 %
Net Non-package Revenue10,692 7,803 2,889 37.0 %
Owned Net Revenue69,977 45,067 24,910 55.3 %
Owned Resort EBITDA$25,974 $13,022 $12,952 99.5 %
Owned Resort EBITDA Margin37.1 %28.9 %8.2 pts28.4 %
Comparable Portfolio
Three Months Ended June 30,
Increase / Decrease
20222021
Change
% Change 
Occupancy75.0 %58.7 %16.3 pts27.8 %
Net Package ADR$408.66 $328.51 $80.15 24.4 %
Net Package RevPAR$306.44 $192.68 $113.76 59.0 %
($ in thousands)
Net Package Revenue$59,285 $37,277 $22,008 59.0 %
Net Non-package Revenue10,690 7,746 2,944 38.0 %
Owned Net Revenue69,975 45,023 24,952 55.4 %
Owned Resort EBITDA$25,976 $13,763 $12,213 88.7 %
Owned Resort EBITDA Margin37.1 %30.6 %6.5 pts21.2 %
Segment Comparable Owned Net Revenue. Our Comparable Owned Net Revenue for the three months ended June 30, 2022 increased $25.0 million, or 55.4%, compared to the three months ended June 30, 2021. The increase was due to the following:
•Occupancy rate increasing 16.3 percentage points compared to the three months ended June 30, 2021, driven by an increase in demand from Canadian, European and South American sourced guests and higher MICE group business;
•a 24.4% increase in Comparable Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts;
•continued strength in Net Non-package Revenue driven by improvements in our product offering across our resorts; and
•an incremental $11.92 favorable Net Package ADR impact compared to the three months ended June 30, 2021 as a result of the change in billing methodology of an OTA, which requires Playa to present this revenue gross of commissions under U.S. GAAP. Excluding this adjustment, Net Package ADR would have been $396.74.
Compared to the same period in 2019, for our current portfolio of resorts in the Yucatán, which excludes the Dreams Puerto Aventuras and Capri Resort, Comparable Net Package ADR for the three months ended June 30, 2022 increased by $129.62, or 46.5%. Excluding the aforementioned adjustment for the OTA billing methodology, the increase would have been $110.77, or 39.7%.
Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the three months ended June 30, 2022 increased $12.2 million, or 88.7%, compared to the three months ended June 30, 2021. The increase was a result of the on-going
43
revenue recovery, particularly the strong Comparable Net Package ADR increases and cost control practices which partially offset occupancy-related increases in resort operating expenses compared to the three months ended June 30, 2021.
Compared to the same period in 2019, for our current portfolio of resorts in the Yucatán, which excludes the Dreams Puerto Aventuras and Capri Resort, Comparable Owned Resort EBITDA for the three months ended June 30, 2022 increased by $7.6 million, or 41.7%.
Pacific Coast
The following table sets forth information with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Owned Resort EBITDA and Owned Resort EBITDA Margin for our Pacific Coast segment for the three months ended June 30, 2022 and 2021 for the total segment portfolio:
Three Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy75.4 %59.8 %15.6 pts26.1 %
Net Package ADR$455.27 $339.20 $116.07 34.2 %
Net Package RevPAR$343.12 $202.93 $140.19 69.1 %
($ in thousands)
Net Package Revenue$28,914 $17,100 $11,814 69.1 %
Net Non-package Revenue4,582 3,414 1,168 34.2 %
Owned Net Revenue33,496 20,514 12,982 63.3 %
Owned Resort EBITDA$13,910 $7,078 $6,832 96.5 %
Owned Resort EBITDA Margin41.5 %34.5 %7.0 pts20.3 %
Segment Owned Net Revenue. Our Owned Net Revenue for the three months ended June 30, 2022 increased $13.0 million, or 63.3%, compared to the three months ended June 30, 2021. The increase was due to the following:
•Occupancy rate increasing 15.6 percentage points compared to the three months ended June 30, 2021, driven by an increase in MICE group room nights, which recovered back to our second quarter 2019 MICE group room night mix;
•a 34.2% increase in Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts;
•continued strength in Net Non-package Revenue driven by improvements in our product offering across our resorts; and
•an incremental $11.54 favorable Net Package ADR impact compared to the three months ended June 30, 2021 as a result of the change in billing methodology of an OTA, which requires Playa to present this revenue gross of commissions under U.S. GAAP. Excluding this adjustment, Net Package ADR would have been $443.73.
Compared to the same period in 2019, Net Package ADR for the three months ended June 30, 2022 increased by $159.79, or 54.1%. Excluding the aforementioned adjustment for the OTA billing methodology, the increase would have been $142.41, or 48.2%.
Segment Owned Resort EBITDA. Our Owned Resort EBITDA for the three months ended June 30, 2022 increased $6.8 million, or 96.5%, compared to the three months ended June 30, 2021. The increase was a result of the on-going revenue recovery, particularly the strong Net Package ADR increases and cost control practices which partially offset occupancy-related increases in resort operating expenses compared to the three months ended June 30, 2021.
Compared to the same period in 2019, Owned Resort EBITDA for the three months ended June 30, 2022 increased by $5.3 million, or 62.3%.
44
Dominican Republic
The following table sets forth information with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Owned Resort EBITDA and Owned Resort EBITDA Margin for our Dominican Republic segment for the three months ended June 30, 2022 and 2021 for the total segment portfolio:
Three Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy74.5 %45.0 %29.5 pts65.6 %
Net Package ADR$291.89 $257.73 $34.16 13.3 %
Net Package RevPAR$217.60 $115.90 $101.70 87.7 %
($ in thousands)
Net Package Revenue$52,354 $27,885 $24,469 87.7 %
Net Non-package Revenue12,506 6,003 6,503 108.3 %
Owned Net Revenue64,860 33,888 30,972 91.4 %
Owned Resort EBITDA$20,747 $7,926 $12,821 161.8 %
Owned Resort EBITDA Margin32.0 %23.4 %8.6 pts36.8 %
Segment Owned Net Revenue. Our Owned Net Revenue for the three months ended June 30, 2022 increased $31.0 million, or 91.4%, compared to the three months ended June 30, 2021. The increase was due to the following:
•Occupancy rate increasing 29.5 percentage points compared to the three months ended June 30, 2021, driven by an increase in demand from European and Canadian sourced guests and MICE groups;
•a 13.3% increase in Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts, partially offset by our externally managed properties, whose rates remain significantly depressed versus our Playa-managed properties; and
•continued sequential improvement in Net Non-package Revenue driven by improvements in our product offering across our resorts.
Compared to the same period in 2019, Net Package ADR for the three months ended June 30, 2022 increased by $109.52, or 60.1%. This increase was driven by the opening of the premium-positioned Hyatt Ziva and Hyatt Zilara Cap Cana resorts in the fourth quarter of 2019 and the renovation of the Hilton La Romana All-Inclusive Resort in 2019.
Segment Owned Resort EBITDA. Our Owned Resort EBITDA for the three months ended June 30, 2022 increased $12.8 million, or 161.8%, compared to the three months ended June 30, 2021. The increase was a result of the on-going revenue recovery, particularly the strong Net Package ADR increases and cost control practices which partially offset occupancy-related increases in resort operating expenses compared to the three months ended June 30, 2021.
Compared to the same period in 2019, Owned Resort EBITDA for the three months ended June 30, 2022 increased by $15.7 million, or 311.4%. Owned Resort EBITDA of our Playa-managed properties in this segment increased $18.3 million, or 2577.1%, driven by the opening of the premium-positioned Hyatt Ziva and Hyatt Zilara Cap Cana resorts in the fourth quarter of 2019 and the renovation of the Hilton La Romana All-Inclusive Resort in 2019.

The segment's performance was weighed down by our two externally managed properties, which have lagged behind our globally branded resorts in the segment with respect to package rate gains and, as a result, are yielding significantly lower margins. Owned Resort EBITDA of our externally managed properties decreased $2.6 million, or 44.4%, compared to the three months ended June 30, 2019.
45
Jamaica
The following table sets forth information with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Owned Resort EBITDA and Owned Resort EBITDA Margin for our Jamaica segment for the three months ended June 30, 2022 and 2021 for the total segment portfolio:
Three Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy76.2 %48.9 %27.3 pts55.8 %
Net Package ADR$357.33 $304.51 $52.82 17.3 %
Net Package RevPAR$272.33 $149.03 $123.30 82.7 %
($ in thousands)
Net Package Revenue$35,388 $19,366 $16,022 82.7 %
Net Non-package Revenue8,370 4,768 3,602 75.5 %
Owned Net Revenue43,758 24,134 19,624 81.3 %
Owned Resort EBITDA$12,142 $4,072 $8,070 198.2 %
Owned Resort EBITDA Margin27.7 %16.9 %10.8 pts63.9 %
Segment Owned Net Revenue. Our Owned Net Revenue for the three months ended June 30, 2022 increased $19.6 million, or 81.3%, compared to the three months ended June 30, 2021. The increase was due to the following:
•Occupancy rate increasing 27.3 percentage points compared to the three months ended June 30, 2021, driven by an increase in demand from Canadian, European and South American sourced guests and MICE groups, and local governments easing COVID-19 related restrictions during the second quarter of 2022;
•a 17.3% increase in Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts; and
•continued strength in Net Non-package Revenue driven by improvements in our product offering across our resorts.
Compared to the same period in 2019, for our current portfolio in Jamaica, which excludes the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, Comparable Net Package ADR for the three months ended June 30, 2022 increased by $38.35, or 12.0%.
Segment Owned Resort EBITDA. Our Owned Resort EBITDA for the three months ended June 30, 2022 increased $8.1 million, or 198.2%, compared to the three months ended June 30, 2021. The increase was a result of the on-going revenue recovery, particularly the strong Net Package ADR increases and cost control practices which partially offset occupancy-related increases in resort operating expenses compared to the three months ended June 30, 2021.
Compared to the same period in 2019, for our current portfolio in Jamaica, which excludes the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, Comparable Owned Resort EBITDA for the three months ended June 30, 2022 increased by $0.4 million, or 3.0%.
46
Segment Results
Six Months Ended June 30, 2022 and 2021
We evaluate our business segment operating performance using segment Owned Net Revenue and segment Owned Resort EBITDA. The following tables summarize segment Owned Net Revenue and segment Owned Resort EBITDA for the six months ended June 30, 2022 and 2021 ($ in thousands):
Six Months Ended June 30,
Increase / Decrease
20222021
Change
% Change 
Owned Net Revenue
Yucatán Peninsula$138,606 $78,670 $59,936 76.2 %
Pacific Coast62,600 29,135 33,465 114.9 %
Dominican Republic134,524 54,769 79,755 145.6 %
Jamaica88,022 35,856 52,166 145.5 %
Segment Owned Net Revenue423,752 198,430 225,322 113.6 %
Other1,162 494 668 135.2 %
Management Fee Revenue2,400 796 1,604 201.5 %
Total Net Revenue$427,314 $199,720 $227,594 114.0 %
Six Months Ended June 30,
Increase / Decrease
20222021
Change
% Change
Owned Resort EBITDA
Yucatán Peninsula$55,432 $20,196 $35,236 174.5 %
Pacific Coast26,454 7,563 18,891 249.8 %
Dominican Republic49,124 9,592 39,532 412.1 %
Jamaica29,300 1,292 28,008 2,167.8 %
Segment Owned Resort EBITDA160,31038,643121,667 314.8 %
Other corporate (1)
(24,063)(19,029)(5,034)(26.5)%
Management Fee Revenue2,400 796 1,604 201.5 %
Total Adjusted EBITDA$138,647 $20,410 $118,237 579.3 %
________
(1) Other corporate includes $0.7 million of revenue generated by The Playa Collection for the six months ended June 30, 2022.

For a reconciliation of segment Owned Net Revenue and segment Owned Resort EBITDA to total revenue and net income, respectively, each as computed under U.S. GAAP, see Note 15 to our Condensed Consolidated Financial Statements.
47
Yucatán Peninsula
The following tables set forth information with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Owned Resort EBITDA and Owned Resort EBITDA Margin for our Yucatán Peninsula segment for the six months ended June 30, 2022 and 2021 for the total segment portfolio and comparable segment portfolio:
Total Portfolio
Six Months Ended June 30,
Increase / Decrease
20222021
Change
% Change 
Occupancy73.4 %46.8 %26.6 pts56.8 %
Net Package ADR$418.78 $311.22 $107.56 34.6 %
Net Package RevPAR$307.59 $145.60 $161.99 111.3 %
($ in thousands)
Net Package Revenue$118,362 $65,175 $53,187 81.6 %
Net Non-package Revenue20,244 13,495 6,749 50.0 %
Owned Net Revenue138,606 78,670 59,936 76.2 %
Owned Resort EBITDA$55,432 $20,196 $35,236 174.5 %
Owned Resort EBITDA Margin40.0 %25.7 %14.3 pts55.6 %
Comparable Portfolio
Six Months Ended June 30,
Increase / Decrease
20222021
Change
% Change 
Occupancy73.4 %53.3 %20.1 pts37.7 %
Net Package ADR$418.78 $314.43 $104.35 33.2 %
Net Package RevPAR$307.59 $167.73 $139.86 83.4 %
($ in thousands)
Net Package Revenue$118,362 $64,543 $53,819 83.4 %
Net Non-package Revenue20,243 12,980 7,263 56.0 %
Owned Net Revenue138,605 77,523 61,082 78.8 %
Owned Resort EBITDA$55,254 $21,498 $33,756 157.0 %
Owned Resort EBITDA Margin39.9 %27.7 %12.2 pts44.0 %
Segment Comparable Owned Net Revenue. Our Comparable Owned Net Revenue for the six months ended June 30, 2022 increased $61.1 million, or 78.8%, compared to the six months ended June 30, 2021. The increase was due to the following:
•Occupancy rate increasing 20.1 percentage points compared to the six months ended June 30, 2021, driven by an increase in demand from Canadian, European and South American sourced guests and higher MICE group business;
•a 33.2% increase in Comparable Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts;
•continued strength in Net Non-package Revenue driven by improvements in our product offering across our resorts; and
•an incremental $14.61 favorable Net Package ADR impact compared to the six months ended June 30, 2021 as a result of the change in billing methodology of an OTA, which requires Playa to present this revenue gross of commissions under U.S. GAAP. Excluding this adjustment, Comparable Net Package ADR would have been $404.17.
Compared to the same period in 2019, for our current portfolio of resorts in the Yucatán, which excludes the Dreams Puerto Aventuras and Capri Resort, Comparable Net Package ADR for the six months ended June 30, 2022 increased by $118.18, or 39.3%. Excluding the aforementioned adjustment for the OTA billing methodology, the increase would have been $99.74, or 33.2%.
Segment Comparable Owned Resort EBITDA. Our Comparable Owned Resort EBITDA for the six months ended June 30, 2022 increased $33.8 million, or 157.0%, compared to the six months ended June 30, 2021. The increase was a result of the on-going revenue recovery, particularly the strong Comparable Net Package ADR increases and cost control practices which partially offset occupancy-related increases in resort operating expenses compared to the six months ended June 30, 2021.
48
Compared to the same period in 2019, for our current portfolio of resorts in the Yucatán, which excludes the Dreams Puerto Aventuras and Capri Resort, Comparable Owned Resort EBITDA for the six months ended June 30, 2022 increased by $9.5 million, or 20.7%.
Pacific Coast
The following tables set forth information with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Owned Resort EBITDA and Owned Resort EBITDA Margin for our Pacific Coast segment for the six months ended June 30, 2022 and 2021 for the total segment portfolio:
Six Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy71.0 %44.0 %27.0 pts61.4 %
Net Package ADR$454.96 $330.29 $124.67 37.7 %
Net Package RevPAR$323.11 $145.39 $177.72 122.2 %
($ in thousands)
Net Package Revenue$54,156 $24,368 $29,788 122.2 %
Net Non-package Revenue8,444 4,767 3,677 77.1 %
Owned Net Revenue62,600 29,135 33,465 114.9 %
Owned Resort EBITDA$26,454 $7,563 $18,891 249.8 %
Owned Resort EBITDA Margin42.3 %26.0 %16.3 pts62.7 %
Segment Owned Net Revenue. Our Owned Net Revenue for the six months ended June 30, 2022 increased $33.5 million, or 114.9%, compared to the six months ended June 30, 2021. The increase was due to the following:
•Occupancy rate increasing 27.0 percentage points compared to the six months ended June 30, 2021, driven by an increase in group room nights, which were only modestly below the group room night mix for the same period in 2019;
•a 37.7% increase in Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts;
•continued strength in Net Non-package Revenue driven by improvements in our product offering across our resorts; and
•an incremental $12.30 favorable Net Package ADR impact compared to the six months ended June 30, 2021 as a result of the change in billing methodology of an OTA, which requires Playa to present this revenue gross of commissions under U.S. GAAP. Excluding this adjustment, Net Package ADR would have been $442.66.
Compared to the same period in 2019, Net Package ADR for the six months ended June 30, 2022 increased by $133.58, or 41.6%. Excluding the aforementioned adjustment for the OTA billing methodology, the increase would have been $117.30, or 36.5%.
Segment Owned Resort EBITDA. Our Owned Resort EBITDA for the six months ended June 30, 2022 increased $18.9 million, or 249.8%, compared to the six months ended June 30, 2021. The increase was a result of the on-going revenue recovery, particularly the strong Net Package ADR increases and cost control practices which partially offset occupancy-related increases in resort operating expenses compared to the six months ended June 30, 2021.
Compared to the same period in 2019, Owned Resort EBITDA for the six months ended June 30, 2022 increased by $5.5 million, or 26.2%.
49
Dominican Republic
The following tables set forth information with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Owned Resort EBITDA and Owned Resort EBITDA Margin for our Dominican Republic segment for the six months ended June 30, 2022 and 2021 for the total segment portfolio:
Total Portfolio
Six Months Ended June 30,
Increase / Decrease
20222021Change % Change
Occupancy75.9 %35.5 %40.4 pts113.8 %
Net Package ADR$308.28 $266.65 $41.63 15.6 %
Net Package RevPAR$234.04 $94.73 $139.31 147.1 %
($ in thousands)
Net Package Revenue$112,005 $45,334 $66,671 147.1 %
Net Non-package Revenue22,519 9,435 13,084 138.7 %
Owned Net Revenue134,524 54,769 79,755 145.6 %
Owned Resort EBITDA$49,124 $9,592 $39,532 412.1 %
Owned Resort EBITDA Margin36.5 %17.5 %19.0 pts108.6 %
Segment Owned Net Revenue. Our Owned Net Revenue for the six months ended June 30, 2022 increased $79.8 million, or 145.6%, compared to the six months ended June 30, 2021. The increase was due to the following:
•Occupancy rate increasing 40.4 percentage points compared to the six months ended June 30, 2021, driven by an increase in demand from European and Canadian sourced guests and MICE groups;
•a 15.6% increase in Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts, partially offset by our externally managed properties, whose rates remain significantly depressed versus our Playa-managed properties; and
•continued strength in Net Non-package Revenue driven by improvements in our product offering across our resorts.
Compared to the same period in 2019, Net Package ADR for the six months ended June 30, 2022 increased by $97.69, or 46.4%. This increase was driven by the opening of the premium-positioned Hyatt Ziva and Hyatt Zilara Cap Cana resorts in the fourth quarter of 2019 and the renovation of the Hilton La Romana All-Inclusive Resort in 2019.
Segment Owned Resort EBITDA. Our Owned Resort EBITDA for the six months ended June 30, 2022 increased $39.5 million, or 412.1%, compared to the six months ended June 30, 2021. The increase was a result of the on-going revenue recovery, particularly the strong Net Package ADR increases and cost control practices which partially offset occupancy-related increases in resort operating expenses compared to the six months ended June 30, 2021.
Compared to the same period in 2019, Owned Resort EBITDA for the six months ended June 30, 2022 increased by $30.6 million, or 165.4%. Owned Resort EBITDA of our Playa-managed properties in this segment increased $38.2 million, or 1511.2%, driven by the opening of the premium-positioned Hyatt Ziva and Hyatt Zilara Cap Cana resorts in the fourth quarter of 2019 and the renovation of the Hilton La Romana All-Inclusive Resort in 2019.
The segment's performance was weighed down by our two externally managed properties, which have lagged behind our globally branded resorts in the segment with respect to package rate gains and, as a result, are yielding significantly lower margins. Owned Resort EBITDA of our externally managed properties decreased $7.6 million, or 47.7%, compared to the six months ended June 30, 2019.
50
Jamaica
The following table sets forth information with respect to our Occupancy, Net Package ADR, Net Package RevPAR, Net Package Revenue, Net Non-package Revenue, Owned Net Revenue, Owned Resort EBITDA and Owned Resort EBITDA Margin for our Jamaica segment for the six months ended June 30, 2022 and 2021 for the total segment portfolio:
Total Portfolio
Six Months Ended June 30,
Increase / Decrease
20222021Change% Change
Occupancy71.9 %37.7 %34.2 pts90.7 %
Net Package ADR$384.33 $295.96 $88.37 29.9 %
Net Package RevPAR$276.41 $111.51 $164.90 147.9 %
($ in thousands)
Net Package Revenue$71,444 $28,821 $42,623 147.9 %
Net Non-package Revenue16,578 7,035 9,543 135.7 %
Owned Net Revenue88,022 35,856 52,166 145.5 %
Owned Resort EBITDA$29,300 $1,292 $28,008 2,167.8 %
Owned Resort EBITDA Margin33.3 %3.6 %29.7 pts825.0 %
Segment Owned Net Revenue. Our Owned Net Revenue for the six months ended June 30, 2022 increased $52.2 million, or 145.5%, compared to the six months ended June 30, 2021. The increase was due to the following:
•Occupancy rate increasing 34.2 percentage points compared to the six months ended June 30, 2021, driven by an increase in demand from Canadian, European and South American sourced guests and MICE groups, and local governments easing COVID-19 related restrictions during the second quarter of 2022. The recovery in Jamaica continued to improve but remained depressed as this segment suffered the greatest impact from the Omicron variant with disrupted bookings in January as a result of more stringent COVID-19 related travel restrictions;
•a 29.9% increase in Net Package ADR as a result of direct booking contributions, increasing MICE group guest mix, the ongoing leisure travel recovery, and pricing discipline to coincide with investments in guest satisfaction at our resorts; and
•continued strength in Net Non-package Revenue driven by improvements in our product offering across our resorts.
Compared to the same period in 2019, for our current portfolio in Jamaica, which excludes the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, Comparable Net Package ADR for the six months ended June 30, 2022 increased by $34.35, or 9.8%. The recovery in Jamaica continued to improve but remains depressed due to more stringent COVID-19 related travel restrictions for much of the first half of the year compared to the other regions where we operate.
Segment Owned Resort EBITDA. Our Owned Resort EBITDA for the six months ended June 30, 2022 increased $28.0 million, or 2,167.8%, compared to the six months ended June 30, 2021. The increase was a result of the on-going revenue recovery, particularly the strong Net Package ADR increases and cost control practices which partially offset occupancy-related increases in resort operating expenses compared to the six months ended June 30, 2021.
Compared to the same period in 2019, for our current portfolio in Jamaica, which excludes the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, Comparable Owned Resort EBITDA for the six months ended June 30, 2022 decreased by $2.6 million, or 8.1%.
51
Non-U.S. GAAP Financial Measures
Reconciliation of Net Income to Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)
The following is a reconciliation of our U.S. GAAP net income (loss) to EBITDA, Adjusted EBITDA, Owned Resort EBITDA and Comparable Owned Resort EBITDA for the three and six months ended June 30, 2022 and 2021 ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income (loss)$30,525 $(7,768)$73,272 $(77,513)
Interest expense12,892 18,950 22,060 37,117 
Income tax provision (benefit)1,286 (12,452)2,900 (14,403)
Depreciation and amortization19,628 20,017 39,128 40,900 
EBITDA64,331 18,747 137,360 (13,899)
Other (income) expense (a)
(5,756)628 (5,242)1,334 
Share-based compensation2,910 3,450 6,266 6,629 
Transaction expense (b)
611 139 802 718 
Severance expense— — — 1,287 
Other tax (income) expense (c)
(240)(2)— 161 
Impairment loss— — — 24,011 
Loss on sale of assets9 375 9 648 
Non-service cost components of net periodic pension cost(161)(422)(548)(479)
Adjusted EBITDA61,704 22,915 138,647 20,410 
Other corporate (d)(e)
12,412 9,635 24,063 19,029 
Management fee income(1,343)(452)(2,400)(796)
Owned Resort EBITDA72,773 32,098 160,310 38,643 
Less: Non-comparable Owned Resort EBITDA(2)(741)178 (1,302)
Comparable Owned Resort EBITDA(f)
$72,775 $32,839 $160,132 $39,945 
________
(a)    Represents changes in foreign exchange and other miscellaneous expenses or income.
(b)    Represents expenses incurred in connection with corporate initiatives, such as: system implementations, 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)    Relates primarily to a Dominican Republic asset 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 EBITDA.
(d)    For the three months ended June 30, 2022 and 2021, represents corporate salaries and benefits of $8.8 million for 2022 and $6.9 million for 2021, professional fees of $2.0 million for 2022 and $1.6 million for 2021, corporate rent and insurance of $1.0 million for 2022 and $0.8 million for 2021, and corporate travel, software licenses, board fees and other miscellaneous corporate expenses of $1.0 million for 2022 and $0.4 million for 2021, in addition to $0.4 million of revenue generated by The Playa Collection in 2022.
(e)    For the six months ended June 30, 2022 and 2021, represents corporate salaries and benefits of $17.1 million for 2022 and $13.0 million for 2021, professional fees of $3.9 million for 2022 and $3.5 million for 2021, corporate rent and insurance of $2.0 million for 2022 and $1.6 million for 2021, and corporate travel, software licenses, board fees and other miscellaneous corporate expenses of $1.8 million for 2022 and $0.9 million for 2021, in addition to $0.7 million of revenue generated by The Playa Collection in 2022.
(f)    Comparable resorts for the three months ended June 30, 2022 exclude Capri Resort, which was sold in June 2021. Comparable resorts for the six months ended June 30, 2022 exclude the Dreams Puerto Aventuras, which was sold in February 2021, and Capri Resort, which was sold in June 2021.
Seasonality
The seasonality of the lodging industry and the location of our resorts in Mexico, Jamaica and Dominican Republic have historically resulted in the greatest demand for our resorts occurring between mid-December and April of each year, yielding higher occupancy levels and package rates during this period. This seasonality in demand has resulted in predictable fluctuations in revenue, results of operations, and liquidity, which are consistently higher during the first quarter of each year than in successive quarters.
However, the COVID-19 pandemic altered this seasonal trend in 2021 and Net Package ADR was progressively stronger during the second, third and fourth quarters of 2021 than it was in the first quarter of 2021. We have seen a return to pre-COVID-19 seasonality trends thus far in 2022.
Inflation
During the first half of 2022 we experienced above-average inflationary pressure on our direct resort expenses, which was higher than our typical expense inflation range experienced in the pre-pandemic environment. Inflation primarily affected our labor costs,
52
food and beverage prices, and utility costs. We expect the elevated inflation will likely continue through the remainder of 2022, but we do not anticipate that expense inflation will be significantly worse than the first half of the year. While we, like most operators of lodging properties, have the ability to adjust room rates to reflect the effects of inflation, competitive pricing pressures and the continuing effects of the COVID-19 pandemic may limit our ability to raise room rates to fully offset inflationary cost increases.
Liquidity and Capital Resources
Our net cash provided by operating activities for the six months ended June 30, 2022 was $97.3 million, representing a significant increase over the six months ended June 30, 2021 as our business continues to recover from the impacts of the COVID-19 pandemic. We believe that our sources of cash, which consist of available cash and cash from operations, together with the available borrowing capacity under our Revolving Credit Facility and our access to the capital markets, will be adequate to meet our cash requirements, including our contractual obligations, over the next twelve months and beyond.
Sources of Cash
As of June 30, 2022, we had $348.8 million of available cash, up from $270.1 million as of December 31, 2021. The increase in available cash was primarily due to improved cash flow from operations across our portfolio due to the ongoing recovery from the COVID-19 pandemic. We also benefited from increased vaccination levels, easing of government travel restrictions, and pent-up customer demand for leisure travel, as well as our strategic decision to focus on pricing discipline to coincide with investments in guest satisfaction at our resorts.
Our primary short-term cash needs are paying operating expenses, maintaining our resorts, and servicing our outstanding indebtedness. We expect to meet our short-term liquidity requirements generally through our existing cash balances, net cash provided by operations, equity issuances or short-term borrowings under our Revolving Credit Facility.
Further, our restricted cash balance related to our Property Loan of $23.5 million as of December 31, 2021 was released into unrestricted cash during the second quarter of 2022 due to the strong operating performance of the Hyatt Ziva and Hyatt Zilara Cap Cana and Hilton Rose Hall Resort & Spa properties. As of July 31, 2022, we had approximately $359.0 million of available cash and also had $68.0 million available on our Revolving Credit Facility, which does not mature until January 2024.
We expect to meet our long-term liquidity requirements generally through the sources of cash available for short-term needs, net cash provided by operations, as well as equity or debt issuances or proceeds from the potential disposal of assets.
Cash Requirements
Our expected material cash requirements for the remainder of 2022 and thereafter consist of (i) contractually obligated expenditures, including payments of principal and interest; (ii) other essential expenditures, including operating expenses and maintenance of our resorts; and (iii) opportunistic expenditures, including possible property developments, expansions, renovations, repositioning and rebranding projects, potential acquisitions, the repayment of indebtedness and discretionary repurchases of our securities.
As of June 30, 2022, there have been no significant changes to our “Contractual Obligations” table in Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report, other than the change in mandatory Term Loan repayments as a result of the sales of our resorts in 2021 and 2020. As of June 30, 2022, we do not expect to make any additional repayments on our outstanding Term Loan during the remainder of 2022 related to the sale of the Capri Resort in June 2021, as the remaining net proceeds after deducting incremental expenses and capital expenditures are expected to be $0 million. We expect to repay $21.6 million of our outstanding Term Loan in February 2023 resulting from the sale of the Dreams Puerto Aventuras in February 2021. As of June 30, 2022, we had $41.0 million of scheduled contractual obligations remaining in 2022.
We are continuing to monitor our liquidity and we may pursue additional sources of liquidity as needed. The availability of additional liquidity options will depend on the economic and financial environment, our credit, our historical and projected financial and operating performance and continued compliance with financial covenants. If operating conditions do not continue to improve, whether as a result of the current pandemic or a resurgence thereof or for other reasons, such as inflation or global economic impacts related to the conflict between Ukraine and Russia, we may not be able to maintain our current liquidity position or access additional sources of liquidity at acceptable terms or at all.
Financing Strategy
We intend to use other financing sources that may be available to us from time to time, including financing from banks, institutional investors or other lenders, such as bridge loans, letters of credit, joint ventures and other arrangements. Future financings
53
may be unsecured or may be secured by mortgages or other interests in our assets. In addition, we may issue publicly or privately placed debt or equity securities. When possible and desirable, we will seek to replace short-term financing with long-term financing. We may use the proceeds from any financings to refinance existing indebtedness, to finance resort projects or acquisitions or for general working capital or other purposes.
Our indebtedness may be recourse, non-recourse or cross-collateralized and may be fixed rate or variable rate. If the indebtedness is non-recourse, the obligation to repay such indebtedness will generally be limited to the particular resort or resorts pledged to secure such indebtedness. In addition, we may invest in resorts subject to existing loans secured by mortgages or similar liens on the resorts or may refinance resorts acquired on a leveraged basis.
Recent Transactions Affecting Our Liquidity and Capital Resources
The following table summarizes our net cash provided by or used in operating activities, investing activities and financing activities for the periods indicated and should be read in conjunction with our Condensed Consolidated Statements of Cash Flows and accompanying notes thereto ($ in thousands):
Six Months Ended June 30,
20222021
Net cash provided by (used in) operating activities$97,301 $(13,578)
Net cash (used in) provided by investing activities$(11,970)$80,560 
Net cash (used in) provided by financing activities$(30,111)$23,520 
Increase in cash, cash equivalents, and restricted cash$55,220 $90,502 
Cash Flows from Operating Activities
Our net cash from operating activities is generated primarily from operating income of our resorts. For the six months ended June 30, 2022, our net cash provided by operating activities was $97.3 million. For the six months ended June 30, 2021, our net cash used in operating activities was $13.6 million.
Cash Flows from Investing Activities
For the six months ended June 30, 2022, our net cash used in investing activities was $12.0 million. For the six months ended June 30, 2021, our net cash provided by investing activities was $80.6 million.
Activity for the six months ended June 30, 2022:
•Purchases of property and equipment of $11.9 million, primarily for maintenance related expenditures.
Activity for the six months ended June 30, 2021:
•Net proceeds from the sale of assets, primarily consisting of the Dreams Puerto Aventuras and Capri Resort, of $89.1 million; and
•Purchases of property and equipment of $8.4 million.
Capital Expenditures
We maintain each of our properties in good repair and condition and in conformity with applicable laws and regulations, franchise and license agreements and management agreements. Capital expenditures made to extend the service life or increase the capacity of our assets, including expenditures for the replacement, improvement or expansion of existing capital assets (i.e., maintenance capital expenditures), differ from ongoing repair and maintenance expense items, which do not in our judgment extend the service life or increase the capacity of assets and are charged to expense as incurred. We have approval rights over capital expenditures made by our third-party manager as part of the annual budget process for each property they manage. From time to time, certain of our resorts may be undergoing renovations as a result of our decision to upgrade portions of the resorts, such as guestrooms, public space, meeting space, gyms, spas and/or restaurants, in order to better compete with other resorts in our markets.

54
Cash Flows from Financing Activities
Our net cash used in financing activities was $30.1 million for the six months ended June 30, 2022 compared to $23.5 million of cash provided by financing activities for the six months ended June 30, 2021.
Activity for the six months ended June 30, 2022:
•Principal payments on our Term Loan of $29.9 million, which includes a $24.9 million mandatory repayment as a result of the sale of the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark in May 2020 as well as our quarterly principal payments.
Activity for the six months ended June 30, 2021:
•Net proceeds from our January 2021 equity issuance of $137.7 million;
•Principal payments on our Term Loan of $29.4 million, which includes a $24.4 million mandatory repayment as a result of the sale of Capri Resort in June 2021 as well as our quarterly principal payments;
•Repayments on our Revolving Credit Facility of $84.7 million.
Critical Accounting Policies and Estimates

Our Condensed Consolidated Financial Statements included herein have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosures. A number of our significant accounting policies are critical due to the fact that they involve higher degree of judgement and estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. We believe our estimates, assumptions and judgments with respect to our such policies are reasonable based upon information presently available. However, actual results may differ significantly from these estimates under different assumptions, judgments or conditions, which could have a material effect on our financial position, results of operations and related disclosures.

We have discussed those estimates that we believe are critical and require the use of complex judgment in their application in our Consolidated Financial Statements included within our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022. There have been no material changes to our critical accounting policies or the methodologies or assumptions we apply under them except for those disclosed in Note 2 to our Condensed Consolidated Financial Statements.
Fair Value of Financial Instruments

Our financial instruments consist of cash and cash equivalents, restricted cash, trade and other receivables, accounts receivable from related parties, certain prepayments and other assets, trade and other payables, payables to related parties, derivative financial instruments, other liabilities including our pension obligation and debt (excluding the financing lease obligation). See Note 13, “Fair value of financial instruments,” to our Condensed Consolidated Financial Statements for more information.
Related Party Transactions
See Note 6, “Related party transactions,” to our Condensed Consolidated Financial Statements for information on these transactions.
Recent Accounting Pronouncements
See the recent accounting pronouncements in Note 2 to our Condensed Consolidated Financial Statements.
Item 3.    Quantitative and Qualitative Disclosures About Market Risk.
In the normal course of operations, we are exposed to interest rate risk and foreign currency risk which may impact future income and cash flows.
55
Interest Rate Risk
The risk from market interest rate fluctuations mainly affects long-term debt bearing interest at a variable interest rate. We currently use an interest rate swap (see Note 12 of our Condensed Consolidated Financial Statements) to manage exposure to this risk. As of June 30, 2022, 12% of our outstanding indebtedness bore interest at floating rates and 88% bore interest at fixed rates.
•If market rates of interest on our floating rate debt were to increase by 1.0%, the increase in interest expense on our floating rate debt would decrease our future earnings and cash flows by approximately $1.8 million annually, assuming the balance outstanding under our Revolving Credit Facility remained at $0 million.
•If market rates of interest on our floating rate debt were to decrease by 1.0%, the decrease in interest expense on our floating rate debt would increase our future earnings and cash flows by approximately $0.8 million annually, assuming the balance outstanding under our Revolving Credit Facility remained at $0 million and the current LIBOR rate on our floating rate debt could not fall below the existing 1.0% LIBOR floor.
Foreign Currency Risk
We are exposed to exchange rate fluctuations because all of our resort investments are based in locations where the local currency is not the U.S. dollar, which is our reporting currency. For the six months ended June 30, 2022 approximately 2.4% of our revenues were denominated in currencies other than the U.S. dollar. As a result, our revenues reported on our Condensed Consolidated Statements of Operations are affected by movements in exchange rates.
Approximately 75.9% of our resort-level operating expenses for the six months ended June 30, 2022 were denominated in the local currencies in the countries in which we operate. As a result, our operating expenses reported on our Condensed Consolidated Statements of Operations are affected by movements in exchange rates. The foreign currencies in which our expenses are primarily denominated are the Mexican Peso, Dominican Peso and the Jamaican Dollar.
•The effect of an immediate 5% adverse change in foreign exchange rates on Mexican Peso-denominated expenses at June 30, 2022 would have impacted our Owned Resort EBITDA by approximately $4.5 million on a year-to-date basis.
•The effect of an immediate 5% adverse change in foreign exchange rates on Dominican Peso-denominated expenses at June 30, 2022 would have impacted our Owned Resort EBITDA by approximately $3.5 million on a year-to-date basis.
•The effect of an immediate 5% adverse change in foreign exchange rates on Jamaican Dollar-denominated expenses at June 30, 2022 would have impacted our Owned Resort EBITDA by approximately $2.5 million on a year-to-date basis.
At this time, we do not have any outstanding derivatives or other financial instruments designed to hedge our foreign currency exchange risk.
Item 4. Controls and Procedures.

Disclosure Controls and Procedures.

We maintain a set of disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) designed to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. In accordance with Rule 13a-15(b) of the Exchange Act, as of the end of the period covered by this quarterly report, an evaluation was carried out under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q, were effective.

Changes in Internal Control Over Financial Reporting.

There has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
56
PART II. OTHER INFORMATION
Item 1.    Legal Proceedings.

In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our financial condition, cash flows or results of operations. The outcome of claims, lawsuits and legal proceedings brought against us, however, is subject to significant uncertainties. Refer to Note 7 to our financial statements included in “Item 1. Financial Statements” of this Form 10-Q for a more detailed description of such proceedings and contingencies.
Item 1A. Risk Factors.

We are supplementing the risk factors described under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 with the additional risk factor set forth below, which supplements, and to the extent inconsistent, supersedes such risk factors.

The ongoing conflict between Russia and Ukraine has and may continue to negatively impact macro-economic conditions which could affect consumer spending adversely and as a result, our business, results of operations, cash flows or financial condition.

The current conflict between Russia and Ukraine has not had a direct or material impact on the Company. However, the conflict has negatively impacted global macro-economic conditions and a prolonged conflict, the potential expansion of the conflict into other European countries, or the involvement of the United States or other countries where we source our guests could have more significant impacts on macro-economic conditions which could adversely affect consumer spending and consequently, our operations. Further, the rising price of utilities, including increases in fuel prices, have and may continue to raise the overall vacation cost to our guests and may adversely affect demand for our vacation packages.

Additional risks to our business relating to the Russia and Ukraine conflict include potential interruptions in global supply chains and the availability of items essential to our resort operations, the heightened possibility of cyberattacks, and the potential for travel restrictions affecting our guests' ability to access our resort destinations.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3.    Defaults Upon Senior Securities.

None.
Item 4.    Mine Safety Disclosures.

Not applicable.
Item 5.    Other Information.

None.
57
Table of Contents
Item 6.    Exhibits.

The following exhibits are filed as part of this Form 10-Q:
Exhibit
Number		  Exhibit Description
31.1
31.2  
32.1  
32.2  
101
The following materials from Playa Hotels & Resorts N.V.’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) (iv) Condensed Consolidated Statements of Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to the Condensed Consolidated Financial Statements
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

58
SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  Playa Hotels & Resorts N.V.
    
Date:August 4, 2022By: /s/ Bruce D. Wardinski
   Bruce D. Wardinski
   Chairman and Chief Executive Officer
   (Principal Executive Officer)

    Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned, in his capacity as the principal financial officer of the registrant.
  Playa Hotels & Resorts N.V.
    
Date:August 4, 2022By: /s/ Ryan Hymel
   Ryan Hymel
Chief Financial Officer
   (Principal Financial Officer)

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com