Playa Hotels & Resorts reports Q1 adjusted EPS 40c, consensus 30c

Reports Q1 revenue $300.63M, consensus $280.68M. Reports Q1 Comparable Net Package RevPAR increased 7.8% over 2023 to $450.33, driven by a 2.6% increase in Occupancy and a 4.4% increase in Net Package ADR. “Fundamental momentum exceeded our expectations across all of our geographic segments in the first quarter, despite significant headwinds from the timing of Easter in 2024 and the Jamaican travel advisory update from the U.S. State Department”, said Bruce Wardinski, Chairman and CEO of Playa Hotels & Resorts. “All of our segments reported year-over-year increases in occupancy and resort revenue. Our operations teams continued to execute at a high level in the face of ongoing elevated cost pressures, mainly from insurance premiums and wage rates. Underlying resort margin, excluding the impact of foreign exchange rates and business interruption proceeds, increased over 140bps year-over-year in the first quarter at our comparable legacy resorts on ADR growth of 4.4%, reflecting our cost-efficiency efforts in the areas of staffing and procurement.”