Q3 2024 Playa Hotels & Resorts NV Earnings Call Transcript
Key Points
- Playa Hotels & Resorts NV (PLYA) exceeded expectations in Q3 2024, driven by strong performance in the Yucatan and Dominican Republic segments.
- The company benefited from a favorable foreign currency exchange rate, providing a 170 basis points tailwind to margins.
- Playa Hotels & Resorts NV (PLYA) repurchased approximately $50 million worth of stock in Q3 2024, with an additional $25 million repurchased in Q4, demonstrating strong capital allocation.
- The company reported a significant increase in direct bookings, with 46.2% of transient revenues booked directly, up 50 basis points year over year.
- Playa Hotels & Resorts NV (PLYA) anticipates substantial improvement in underlying EBITA growth in Q4 2024, driven by reduced hurricane impact and construction disruptions.
- Hurricane Barrel significantly impacted Q3 2024 results, causing a 36% decline in underlying owned resort EBITA growth.
- The company faced construction disruptions in the Pacific Coast, affecting demand and resulting in lower ADRs.
- Jamaica's segment experienced a 30% decline in RevPAR, driven by a US State Department travel advisory and hurricane disruptions.
- Playa Hotels & Resorts NV (PLYA) anticipates continued renovation disruption in the Pacific Coast, impacting Q4 2024 results.
- The company expects a negative impact from the travel advisory in Jamaica to persist into Q2 2025, affecting overall performance.
Good day and welcome to the Playa Hotels and Resorts Third Quarter, 2024 earnings call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Ryan Hymel. Please go ahead.
Thank you very, very much, Dave. Good morning, everyone and welcome again, supply hotels and resorts third quarter 2024 earnings conference call. Before we begin, I'd like to remind participants that many of our comments today will be considered forward-looking statements and are subject to numerous risks and uncertainties that may cause the company's actual results to differ materially from what has been communicated, forward-looking statements made today are effective only as of today and the company undertakes no obligation to update forward-looking statements for discussion of some of the factors that could cause our actual results to differ. Please review the risk factors section of
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