Thursday, November 7, 2024 Playa Hotels & Resorts recently released its financial results for the three and nine months ending September 30, 2024, showcasing shifts in revenue, net income, and profitability across its portfolio. Three Months Ended September 30, 2024: Key Results For the third quarter of 2024, Playa reported a net loss of $2.7 million, a significant improvement from the $10.
5 million net loss recorded in the same period in 2023. Adjusted net income reached $0.3 million, contrasting with the adjusted net loss of $9.
7 million from the previous year. Despite these gains, the company saw a 6.4% decline in Net Package Revenue Per Available Room (RevPAR) to $252.
12, attributed primarily to a 7.3 percentage point drop in occupancy. This decrease in occupancy was partially offset by a 4.
3% rise in the Average Daily Rate (ADR) for net packages. Owned Resort EBITDA showed a decline of 30.7% compared to 2023, totaling $36.
6 million, with a corresponding decrease in EBITDA margin by 5.1 percentage points to 21.1%.
The company noted that the depreciation of the Mexican Peso had a favorable impact, improving Owned Resort EBITDA Margin by about 170 basis points. Business interruption insurance proceeds, related to recoverable expenses from Hurricane Fiona, added approximately 40 basis points to this margin. Excluding these benefits, the margin would have been 19.
1%, reflecting a 6.6 percentage point decline from 2023. The adjusted EBITDA for the quarter fell by 38.
0% to $25..