Playa Hotels & Resorts announced financial results for the final three months and full-year 2022.
The hotel and resort giant revealed that adjusted net income reached $20.6 million in the fourth quarter, an improvement from the adjusted net loss of $4.5 million in 2021.
Comparable net package RevPAR increased 35.6 percent versus 2021, driven by a 9.7 percentage point increase in occupancy and an 18.3 percent increase in comparable net package ADR.
Adjusted EBITDA increased 25.8 percent compared to the last three months of last year to $59.1 million, inclusive of a $12.6 million negative impact from disruption after Hurricane Fiona in the Dominican Republic and partially offset by $7.2 million of business interruption insurance recoveries.
“The fourth quarter of 2022 capped off the best year in Playa’s history, further confirming our view that there is a growing market for the attractive value proposition of the all-inclusive category,” Playa CEO Bruce Wardinski said.
“Our fourth quarter results showed broad-based strength across all our geographies with the most notable standout for Playa being the acceleration of the recovery in Jamaica,” Wardinski continued.
As for full-year 2022 results, net income was $56.7 million compared to a net loss of $89.7 million in 2021. Comparable net package RevPAR increased 67.9 percent versus last year, driven by a 21.7 percentage point increase in occupancy and a 19.3 percent increase in comparable net package ADR.
Adjusted EBITDA increased 144.6 percent compared to last year, jumping to $242.6 million.
“Demand has remained robust so far in 2023, with our weekly bookings for our Playa owned and managed resorts reaching new highs,” Wardinski said. “Our revenue on the books for the first half of 2023 at our Playa owned and managed resorts, excluding the recently repositioned Jewel Punta Cana and Jewel Palm Beach, is up over 30 percent, with ADR growth driving roughly one-third of the increase.”
“Early indications for the summer also look fantastic, with ADR continuing to show year-over-year growth,” Wardinski continued.
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