Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38012 | ||
Entity Registrant Name | Playa Hotels & Resorts N.V. | ||
Entity Incorporation, State or Country Code | P7 | ||
Entity Tax Identification Number | 98-1346104 | ||
Entity Address, Address Line One | Nieuwezijds Voorburgwal 104 | ||
Entity Address, Postal Zip Code | 1012 SG | ||
Entity Address, City or Town | Amsterdam, | ||
Entity Address, Country | NL | ||
Country Region | 31 | ||
City Area Code | 20 | ||
Local Phone Number | 571 12 02 | ||
Title of 12(b) Security | Ordinary Shares, €0.10 par value | ||
Trading Symbol | PLYA | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 211.4 | ||
Entity Common Stock, Shares Outstanding | 164,029,575 | ||
Documents Incorporated by Reference | Part III of this Annual Report on Form 10-K incorporates by reference portions of the registrant's Proxy Statement for its 2021 annual general meeting of shareholders to be held on May 13, 2021. | ||
Entity Central Index Key | 0001692412 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 146,919 | $ 20,931 |
Restricted cash | 25,941 | 0 |
Trade and other receivables, net | 25,433 | 71,250 |
Accounts receivable from related parties | 3,726 | 5,401 |
Inventories | 13,813 | 16,649 |
Prepayments and other assets | 47,638 | 44,691 |
Property and equipment, net | 1,727,383 | 1,929,914 |
Assets held for sale | 34,472 | 0 |
Goodwill, net | 61,654 | 78,339 |
Other intangible assets | 8,556 | 8,408 |
Deferred tax assets | 2,130 | 21,381 |
Total assets | 2,097,665 | 2,196,964 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Trade and other payables | 123,410 | 181,603 |
Payables to related parties | 8,073 | 7,620 |
Income tax payable | 348 | 3,252 |
Debt | 1,251,267 | 1,040,658 |
Derivative financial instruments | 46,340 | 31,932 |
Other liabilities | 29,768 | 24,307 |
Deferred tax liabilities | 70,323 | 97,941 |
Total liabilities | 1,529,529 | 1,387,313 |
Commitments and contingencies (see Note 8) | ||
Shareholders' equity | ||
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 136,770,086 shares issued and 134,571,290 shares outstanding as of December 31, 2020, and 130,967,671 shares issued and 129,121,576 shares outstanding as of December 31, 2019) | 14,871 | 14,215 |
Treasury shares (at cost, 2,198,796 shares as of December 31, 2020 and 1,846,095 shares as of December 31, 2019) | (16,642) | (14,088) |
Paid-in capital | 1,030,148 | 1,001,088 |
Accumulated other comprehensive loss | (30,949) | (24,642) |
Accumulated deficit | (429,292) | (166,922) |
Total shareholders' equity | 568,136 | 809,651 |
Total liabilities and shareholders' equity | $ 2,097,665 | $ 2,196,964 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - € / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in Euros per share) | € 0.10 | € 0.10 |
Ordinary shares, authorized (in shares) | 500,000,000 | 500,000,000 |
Ordinary shares, issued (in shares) | 136,770,086 | 130,967,671 |
Ordinary shares, outstanding (in shares) | 134,571,290 | 129,121,576 |
Treasury shares, at cost (in shares) | 2,198,796 | 1,846,095 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||
Total revenue | $ 273,189 | $ 636,477 | $ 617,013 |
Direct and selling, general and administrative expenses | |||
Direct | 209,832 | 369,050 | 340,080 |
Selling, general and administrative | 104,188 | 125,788 | 115,975 |
Pre-opening | 0 | 1,452 | 321 |
Depreciation and amortization | 92,570 | 101,897 | 73,278 |
Reimbursed costs | 2,189 | 6,412 | 978 |
Impairment loss | 55,619 | 6,168 | 0 |
Loss on sale of assets | 2,021 | 0 | 0 |
Gain on insurance proceeds | (2,993) | 0 | (4,216) |
Direct and selling, general and administrative expenses | 463,426 | 610,767 | 526,416 |
Operating (loss) income | (190,237) | 25,710 | 90,597 |
Interest expense | (81,942) | (44,087) | (62,243) |
Other (expense) income | (1,164) | (3,200) | 2,822 |
Net (loss) income before tax | (273,343) | (21,577) | 31,176 |
Income tax benefit (provision) | 10,973 | 17,220 | (12,199) |
Net (loss) income | $ (262,370) | $ (4,357) | $ 18,977 |
Earnings per share | |||
(Losses) earnings per share - Basic (in dollars per share) | $ (1.98) | $ (0.03) | $ 0.16 |
Decrease in diluted loss per share (in dollars per share) (in dollars per share) | $ (1.98) | $ (0.03) | $ 0.16 |
Weighted average number of shares outstanding during the period - Basic (in shares) | 132,210,205 | 130,023,463 | 122,150,851 |
Weighted average number of shares outstanding during the period - Diluted (in shares) | 132,210,205 | 130,023,463 | 122,418,500 |
Package | |||
Revenue | |||
Total revenue | $ 229,447 | $ 538,088 | $ 532,090 |
Non-package | |||
Revenue | |||
Total revenue | 40,746 | 90,157 | 83,190 |
Management fees | |||
Revenue | |||
Total revenue | 807 | 1,820 | 755 |
Cost reimbursements | |||
Revenue | |||
Total revenue | $ 2,189 | $ 6,412 | $ 978 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (262,370) | $ (4,357) | $ 18,977 |
Other comprehensive (loss) income | |||
Pension obligation (loss) gain | (102) | (820) | 168 |
Unrealized loss on interest rate swaps | (6,205) | (20,164) | |
Unrealized loss on interest rate swaps | 0 | ||
Total other comprehensive (loss) income | (6,307) | (20,984) | 168 |
Comprehensive (loss) income | $ (268,677) | $ (25,341) | $ 19,145 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Ordinary Shares | Treasury Shares | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2017 | 110,297,697 | 7,367 | ||||
Beginning balance at Dec. 31, 2017 | $ 599,549 | $ 11,803 | $ (80) | $ 773,194 | $ (3,826) | $ (181,542) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 18,977 | 18,977 | ||||
Other comprehensive income (loss) | 168 | 168 | ||||
Share-based compensation, net of tax withholdings (in shares) | 189,670 | |||||
Share-based compensation, net of tax withholdings | 6,116 | $ 22 | 6,094 | |||
Shares issued in business combination (see Note 4) (in shares) | 20,000,000 | |||||
Shares issued in business combination (see Note 4) | 215,400 | $ 2,336 | 213,064 | |||
Repurchase of Earnout Warrants (see Note 11) | (55) | (55) | ||||
Repurchase of ordinary shares (in shares) | (47,241) | (47,241) | ||||
Repurchase of ordinary shares | (314) | $ (314) | ||||
Ending balance (in shares) at Dec. 31, 2018 | 130,440,126 | 54,608 | ||||
Ending balance at Dec. 31, 2018 | 839,841 | $ 14,161 | $ (394) | 992,297 | (3,658) | (162,565) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (4,357) | (4,357) | ||||
Other comprehensive income (loss) | (20,984) | (20,984) | ||||
Share-based compensation, net of tax withholdings (in shares) | 472,937 | |||||
Share-based compensation, net of tax withholdings | 8,845 | $ 54 | 8,791 | |||
Repurchase of ordinary shares (in shares) | (1,791,487) | (1,791,487) | ||||
Repurchase of ordinary shares | (13,694) | $ (13,694) | ||||
Ending balance (in shares) at Dec. 31, 2019 | 129,121,576 | 1,846,095 | ||||
Ending balance at Dec. 31, 2019 | 809,651 | $ 14,215 | $ (14,088) | 1,001,088 | (24,642) | (166,922) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (262,370) | (262,370) | ||||
Other comprehensive income (loss) | (6,307) | (6,307) | ||||
Equity issuance, net (see Note 10) (in shares) | 4,878,049 | |||||
Equity issuance, net (see Note 10) | 19,558 | $ 553 | 19,005 | |||
Share-based compensation, net of tax withholdings (in shares) | 911,774 | 12,592 | ||||
Share-based compensation, net of tax withholdings | $ 10,104 | $ 103 | $ (54) | 10,055 | ||
Repurchase of ordinary shares (in shares) | (340,109) | (340,109) | (340,109) | |||
Repurchase of ordinary shares | $ (2,500) | $ (2,500) | ||||
Ending balance (in shares) at Dec. 31, 2020 | 134,571,290 | 2,198,796 | ||||
Ending balance at Dec. 31, 2020 | $ 568,136 | $ 14,871 | $ (16,642) | $ 1,030,148 | $ (30,949) | $ (429,292) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ (262,370) | $ (4,357) | $ 18,977 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 92,570 | 101,897 | 73,278 |
Amortization of debt discount and issuance costs | 2,825 | 1,371 | 1,523 |
Share-based compensation | 10,158 | 8,845 | 6,116 |
Loss (gain) on derivative financial instruments | 8,204 | (708) | 12,476 |
Gain on property damage insurance proceeds | 0 | 0 | (2,212) |
Impairment loss | 55,619 | 6,168 | 0 |
Deferred income taxes | (11,472) | (22,947) | 3,006 |
Loss on sale of assets | 2,021 | 0 | 0 |
Amortization of key money | (907) | (263) | 0 |
Bad debt expense | 3,115 | 1,402 | 338 |
Other | (845) | 1,070 | 762 |
Changes in assets and liabilities: | |||
Trade and other receivables, net | 42,702 | (9,890) | (11,536) |
Accounts receivable from related parties | 1,675 | 1,029 | (4,935) |
Inventories | 1,132 | (1,218) | (456) |
Prepayments and other assets | (657) | (10,742) | 3,396 |
Trade and other payables | (39,866) | 1,618 | 13,725 |
Payables to related parties | 453 | 3,300 | 1,354 |
Income tax payable | (2,904) | 1,353 | 809 |
Other liabilities | (1,391) | (5,740) | (2,191) |
Net cash (used in) provided by operating activities | (99,938) | 72,188 | 114,430 |
INVESTING ACTIVITIES | |||
Capital expenditures | (36,360) | (208,970) | (110,851) |
Acquisition of Sagicor business, net of cash acquired | 0 | 0 | (93,128) |
Purchase of intangibles | (1,001) | (3,569) | (2,832) |
Receipt of key money | 8,500 | 6,500 | 2,000 |
Proceeds from the sale of assets, net | 58,273 | 214 | 22 |
Property damage insurance proceeds | 0 | 2,009 | 203 |
Net cash provided by (used in) investing activities | 29,412 | (203,816) | (204,586) |
FINANCING ACTIVITIES | |||
Proceeds from debt issuance, net of discount | 199,600 | 0 | 99,499 |
Issuance costs of debt | (8,677) | 0 | 0 |
Proceeds from ordinary shares, net of issuance costs | 19,558 | 0 | 0 |
Repayment of debt | (10,100) | (10,100) | (9,850) |
Proceeds from borrowings on revolving credit facility | 40,000 | 60,000 | 0 |
Repayments of borrowings on revolving credit facility | (15,333) | 0 | 0 |
Repurchase of ordinary shares | (2,500) | (13,694) | (314) |
Repurchase of ordinary shares for tax withholdings | (54) | 0 | 0 |
Principal payments on financing lease obligations | (39) | 0 | 0 |
Repurchase of Earnout Warrants | 0 | 0 | (55) |
Net cash provided by financing activities | 222,455 | 36,206 | 89,280 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 151,929 | (95,422) | (876) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD | 20,931 | 116,353 | 117,229 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | 172,860 | 20,931 | 116,353 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 172,860 | 116,353 | 116,353 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Cash paid for interest, net of interest capitalized | 70,017 | 43,089 | 53,420 |
Cash paid for income taxes, net | 4,414 | 8,159 | 10,890 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Capital expenditures incurred but not yet paid | 1,441 | 20,958 | 484 |
Intangible assets capitalized but not yet paid | 114 | 251 | 516 |
Interest capitalized but not yet paid | 0 | 41 | 16 |
Par value of vested restricted share awards | 103 | 54 | 22 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 1,393 | 0 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 2,333 | 0 | 0 |
Termination of right-of-use asset and operating lease liability | 646 | 0 | 0 |
Non-cash issuance of shares in business combination (see Note 4) | $ 0 | $ 0 | $ 215,400 |
Organization, operations and ba
Organization, operations and basis of presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, operations and basis of presentation | 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. As of the filing date, we own and/or manage a portfolio of 20 resorts located in Mexico, the Dominican Republic and Jamaica. Unless otherwise indicated or the context requires otherwise, references in our consolidated financial statements (our “Consolidated Financial Statements”) to “we,” “our,” “us” and similar expressions refer to Playa and its subsidiaries. COVID-19 impact Due to the spread of the coronavirus (“COVID-19”) global pandemic, and in response to related governmental restrictions and advisories, reductions in scheduled commercial airline service, and potential health risks to our employees and guests, we temporarily suspended operations at all of our resorts from late March through June 2020. Our resorts began reopening in July, in stages, based on incremental easing of government restrictions and advisories and increases in scheduled commercial airline service. As of December 31, 2020, all but one of our resorts have reopened. We also implemented additional safety measures at our resorts to mitigate the potential health risks of COVID-19. Although we began operations in July, we cannot predict when our business will return to normalized levels because we cannot predict when all effects of the pandemic will subside. The longer and more severe the pandemic, the greater the material adverse effect the pandemic will have on our business, results of operations, cash flows, financial condition, access to credit markets and ability to service our debt. Basis of preparation, presentation and measurement |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Principles of consolidation Our Consolidated Financial Statements include the accounts of Playa and our subsidiaries, all of which we wholly own and control. All intercompany transactions and balances have been eliminated in the consolidation process. Use of estimates The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. We evaluate our estimates and assumptions periodically. Estimates are based on historical experience and on other factors that are considered to be reasonable under the circumstances. Significant accounting policies that require us to exercise judgment or make significant estimates include the fair value of assets and liabilities acquired in business combinations, useful lives of property and equipment, income taxes (including the valuation allowance), commitments and contingencies, long-lived asset and goodwill impairment testing, fair value of restricted share awards with market and performance conditions and fair value of financial instruments. Financial instruments The Consolidated Balance Sheet contains various financial instruments, including, but not limited to, 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. Foreign currency Our reporting currency is the U.S. dollar. We have determined that the U.S. dollar is the functional currency of all of our international operations. Foreign currency denominated monetary asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates. Foreign currency denominated non-monetary assets, such as inventories, prepaid expenses, fixed assets and intangible assets, are recorded in U.S. dollars at historical exchange rates. Foreign currency denominated income and expense items are recorded in U.S. dollars at the applicable daily exchange rates in effect during the relevant period. For purposes of calculating our tax liability in certain foreign jurisdictions, we index our depreciable tax bases in certain assets for the effects of inflation based upon statutory inflation factors. The effects of these indexation adjustments are reflected in income tax benefit (provision) in the Consolidated Statements of Operations. The remeasurement gains and losses related to deferred tax assets and liabilities are reported in the income tax benefit (provision). Foreign exchange gains and losses are presented in the Consolidated Statements of Operations within other (expense) income. We recognized foreign currency losses of $2.0 million, $2.1 million and $0.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Business combinations For acquisitions meeting the definition of a business combination, the acquisition method of accounting is used. The acquisition date is the date on which we obtain operating control over the acquired business. The consideration transferred is determined on the acquisition date and is the sum of the fair values of the assets transferred by us, the liabilities assumed by us and equity interests issued by us. Acquisition-related costs, such as professional fees, are excluded from the consideration transferred and are expensed as incurred. Goodwill is measured as the excess of the consideration transferred over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration transferred is less than the fair value of the net assets acquired and liabilities assumed, the difference is recorded as a bargain purchase gain in profit or loss. Property and equipment, net Property and equipment are stated at historical cost less accumulated depreciation. The costs of improvements that extend the life of property and equipment, such as structural improvements, equipment and fixtures, are capitalized. In addition, we capitalize soft costs such as interest, insurance, construction administration and other costs that clearly relate to projects under development or construction. Start-up costs, ongoing repairs and maintenance are expensed as incurred. Buildings that are being developed or closed for substantial redevelopment are carried at cost and no depreciation is recorded on these assets until they are put into or back into service. The useful life of buildings under re-development is re-evaluated upon completion of the projects. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values (if any) over their estimated useful lives, as follows: Buildings 5 to 50 years Fixtures and machinery 7 to 18 years Furniture and other fixed assets 4 to 12 years The assets’ estimated useful lives and residual values are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. We recognized impairment losses on property and equipment, net of $35.9 million, $0 million and $0 million, respectively, for the years ended December 31, 2020, 2019 and 2018. Income taxes We account for income taxes using the asset and liability method, under which we recognize deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards. For purposes of these Consolidated Financial Statements, our income tax benefit (provision) was calculated on a return basis as though we had filed our tax returns in the applicable jurisdictions in which we operate. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the new rate is enacted. We provide a valuation allowance against deferred tax assets if it is more likely than not that a portion will not be realized. In assessing whether it is more likely than not that deferred tax assets will be realized, we consider all available evidence, both positive and negative, including our recent cumulative earnings experience and expectations of future available taxable income of the appropriate character by taxing jurisdiction, tax attribute carryback and carry forward periods available to us for tax reporting purposes, and prudent and feasible tax planning strategies. We have only recorded financial statement benefits and liabilities for tax positions which we believe are more likely than not to be sustained upon settlement with a taxing authority. We have established income tax accruals in accordance with this guidance where necessary, such that a benefit is recognized only for those positions which satisfy the more likely than not threshold. Judgment is required in assessing the future tax consequences of events that have been recognized in our Consolidated Financial Statements or tax returns, including the application of the more likely than not criteria. We recognize interest and penalties associated with our uncertain tax benefits as a component of the income tax benefit (provision). Commitments and contingencies We are subject to various legal proceedings, regulatory proceedings and claims, the outcomes of which are subject to uncertainty. We record an estimated loss from a loss contingency, with a corresponding charge to income, if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. We provide disclosure on contingencies when there is a reasonable possibility that a loss has been incurred (see Note 8). Ordinary shares and paid-in capital Ordinary shares are classified as equity when there is no obligation to transfer cash or other assets to the respective holder. Incremental costs directly attributable to the issuance of ordinary shares are recognized as a reduction of equity, net of any tax effects. Dividends We must comply with the provisions of Dutch law, our Articles of Association and the covenants in our Senior Secured Credit Facility (as defined in Note 14) if we want to pay cash dividends. We currently intend to retain any earnings for future operations and expansion. Any future determination to pay dividends will be at the discretion of our shareholders at our general meeting of shareholders (the “General Meeting”), subject to a proposal from our board of directors, and will depend on our actual and projected financial condition, liquidity and results of operations, capital requirements, prohibitions and other restrictions contained in current or future financing instruments and applicable law, and such other factors as our board of directors deems relevant. Debt Debt is carried at amortized cost. Any difference between the proceeds (net of debt issuance costs) and the redemption value is recognized as an adjustment to interest expense over the term of the debt using the effective interest rate method. Debt issuance costs are recorded in the Consolidated Balance Sheet as a direct deduction from the carrying amount and amortized over the term of the debt utilizing the effective interest rate method. Capitalized interest directly attributable to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use, is recognized as part of the cost of such assets until the time the assets are substantially ready for their intended use. Capitalized interest is subsequently recognized as depreciation expense in the Consolidated Statements of Operations once the assets are placed into service. Goodwill Goodwill arises in connection with business combinations and is generally allocated to our reporting units, which are also our operating segments, based on their relative fair values. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate a potential impairment. As a result of COVID-19 and the temporary suspension of operations at our resorts, the forecasted future cash flows of our reporting units materially decreased during the first quarter of 2020. We performed an interim quantitative impairment analysis as of March 31, 2020 and recognized $17.7 million of goodwill impairment losses at the Jewel Runaway Bay Beach Resort & Waterpark, Jewel Dunn’s River Beach Resort & Spa, and Jewel Paradise Cove Beach Resort & Spa (see Note 18). We completed our most recent annual impairment assessment for our goodwill associated with the reporting units within our Yucatán Peninsula and Jamaica reportable segments as of July 1, 2020 and October 1, 2020, respectively, and concluded that goodwill was not impaired as of such testing dates. As a result of the COVID-19 testing requirements enacted by the Jamaican government and the re-entry requirements imposed by the U.S. Center for Disease Control, we performed an interim quantitative impairment analysis over the Hilton Rose Hall Resort & Spa as of December 31, 2020 and concluded that the goodwill was partially impaired. We recognized a $2.0 million impairment loss during the fourth quarter of 2020 for this reporting unit (see Note 18). When evaluating goodwill for potential impairment, we are permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If we cannot determine qualitatively that the fair value is in excess of the carrying value, or if we decide to bypass the qualitative assessment for any reporting unit in any period, we perform a quantitative analysis. The quantitative test is used to identify both the existence of impairment and the amount of the impairment loss by comparing the estimated fair value of the reporting unit to its carrying value, including goodwill. We generally estimate the fair value of a reporting unit using a combination of the discounted cash flow approach and the market multiple or market transaction approach. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. Other intangible assets The useful life for definite lived intangibles is determined to be equal to their economic life. An impairment loss is recognized for our indefinite or definite lived assets when the amount by which the asset’s carrying amount exceeds its recoverable amount. No impairment was recognized for the years ended December 31, 2020, 2019 and 2018. Revenue recognition Revenue is recognized on an accrual basis when the rooms are occupied and services have been rendered. We primarily derive our revenue from the following sources: • Package revenue: Revenues derived from all-inclusive packages purchased by our guests, which include room accommodations, food and beverage services and entertainment activities, are included in the package revenue line item of the Consolidated Statements of Operations and are considered one performance obligation. Contract liabilities consist of advanced deposits received from customers which are deferred until the rooms are occupied and the services have been rendered. Advance deposits are included in trade and other payables in the Consolidated Balance Sheet. Revenue is measured at the fair value of the consideration received or receivable, stated net of estimated discounts, rebates and value added taxes and recognized when our performance obligation of all-inclusive services is considered transferred to the customer. • Non-package revenue: Revenue associated with upgrades, premium services and amenities that are not included in the all-inclusive package. This includes, but is not limited to, premium rooms, dining experiences, wines and spirits and spa packages which are included in the non-package revenue line item of the Consolidated Statements of Operations. Revenue is recognized based on the agreed upon price after the completion of the sale when the product or service is transferred to the customer. Food and beverage revenue not included in a guest’s all-inclusive package is recognized when the goods are consumed. • Management fees: Management fees are derived from resorts that we manage, typically under long-term contracts with the property owner. Management fees are typically composed of a base fee, which is computed as a percentage of resort revenue, and an incentive fee, which is computed as a percentage of resort profitability. We recognize revenue over the term of the service period as the third-party owners benefit from our management services. Revenue from management contracts is included in the management fees line item of the Consolidated Statements of Operations. • Cost reimbursements: Cost reimbursements are derived from the reimbursement of certain costs incurred by Playa on behalf of resorts managed by Playa and owned by third parties. These revenues are fully offset by reimbursed costs and have no impact on net income. Cost reimbursements are recognized when agreed upon reimbursable costs are incurred from managing resorts owned by third-parties and included in the cost reimbursements line item of the Consolidated Statements of Operations. Revenue from operations in the Dominican Republic is net of statutory withholdings for government mandated compulsory tips of $2.0 million, $3.8 million and $5.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Cash and cash equivalents Cash and cash equivalents are comprised of cash balances and highly liquid cash deposits with maturities at the date of the acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. We classify these cash instruments as Level 1. Financial instruments that potentially subject us to a concentration of credit risk consist of cash on deposit at financial institutions where the deposits are either uninsured or in excess of insured limits and money market fund balances. Substantially all of our cash is held by financial institutions that we believe are of high-credit quality. Restricted cash Restricted cash consists of cash balances restricted in use by contractual obligations with third-parties. Trade and other receivables, net Trade and other receivables include amounts due from guests and vendors for merchandise sold or services performed in the ordinary course of business as well as other miscellaneous receivables, such as insurance. Collection of these amounts is expected in one year or less. When necessary, the carrying amount of our receivables is reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. When a trade receivable is considered uncollectible, it is written off against the allowance for doubtful accounts. Subsequent recoveries of amounts previously written off are credited against the allowance accounts. Changes in the carrying amount of the allowance for doubtful accounts are recognized as bad debt expense within selling, general and administrative expenses in the Consolidated Statements of Operations. Inventories Inventories consist of food, beverages and other items related to consumption and are valued at the lower of cost or net realizable value. Cost is determined using the weighted-average cost method, not to exceed the market value. Advertising costs Advertising costs are expensed as incurred or the first time the advertising takes place. For the years ended December 31, 2020, 2019 and 2018, we recorded advertising costs of $11.3 million, $26.6 million and $27.3 million, respectively. Advertising costs are presented in the Consolidated Statements of Operations within selling, general and administrative expenses. Share-based compensation We have an equity incentive plan that provides for the grant of share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards. We recognized share-based compensation based on the following scenarios: • Awards vesting with the passage of time: Share-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. • Awards vesting with market conditions: The conditions are incorporated into the fair value measurement and recognized as an expense on a straight-line basis over the vesting period. The compensation expense is not adjusted if the conditions are not met. The determination of fair value on the date of grant is subjective and involves significant estimates and assumptions including expected volatility of our shares, expected dividend yield, expected term and assumptions of whether these awards will achieve performance thresholds. • Awards vesting with performance conditions: Compensation expense is recognized when it becomes probable that the performance criteria specified in the awards will be achieved and, accordingly, the compensation value is adjusted following the changes in the estimates of shares likely to vest based on the performance criteria. The effects of forfeitures are recognized in compensation expense when they occur. Derivative financial instruments Derivative financial instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured to fair value at period end. Changes in the fair value of a derivative contract that is qualified, designated and highly effective as a cash flow hedge are recorded in total other comprehensive (loss) income in our Consolidated Statements of Comprehensive (Loss) Income and reclassified into interest expense in our Consolidated Statements of Operations in the same period or periods during which the hedged transaction affects earnings. If a derivative contract does not meet this criteria, then the change in fair value is recognized in interest expense. Leases We determine if an arrangement is a lease or contains a lease at the inception of the contract. Our leases generally contain fixed and variable components. The variable components of our leases are primarily based on operating performance of the leased property. Our lease agreements may also include non-lease components, such as common area maintenance, which we do not combine with the lease component. Lease liabilities, which represent our obligation to make lease payments arising from the lease, and corresponding right-of-use assets, which represent our right to use an underlying asset for the lease term, are recognized at the commencement date of the lease based on the present value of future payments over the lease term. We calculate the present value of future payments using the discount rate implicit in the lease, if available, or our incremental borrowing rate. For operating leases, lease expense relating to fixed payments is recognized on a straight-line basis over the lease term and lease expense relating to variable payments is expensed as incurred. For finance leases, the amortization of the asset is recognized over the shorter of the lease term or useful life of the underlying asset and recorded within depreciation and amortization in the Consolidated Statements of Operations. Assets and Liabilities Held for Sale We classify resorts as held for sale when the sale is probable, will be completed within one year and actions to complete the sale are unlikely to change or it is unlikely that the sale will not occur. This is consistent with our experience with real estate transactions under which the timing and final terms of a sale are frequently not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist that could prevent the transaction from being completed in a timely manner. We typically classify resorts as held for sale when all the following conditions are met: • our Board of Directors has approved the sale (to the extent that the dollar amount of the sale requires Board approval); • a binding agreement to sell the resort has been signed under which the buyer has committed a significant amount of nonrefundable cash; and • no significant financing contingencies exist that could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation expense, record an impairment loss to the extent the carrying amount of the resort exceeds the fair value and classify the assets and related liabilities as held for sale on the Consolidated Balance Sheet. Assets and related liabilities classified as held for sale are measured at the lower of their carrying value or fair value less costs to sell. Gains on sales are recognized at the time of sale. Accounting standards The following table provides a brief description of recent accounting pronouncements (Accounting Standards Update or “ASU”) issued by the Financial Accounting Standards Board (“FASB”) that could have a material effect on our financial statements: Standards adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Accounting Standard Update ( “ ASU ” ) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (as amended by ASU No. 2018-19) This standard amends current guidance on the impairment of financial instruments by adding an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes, as an allowance, its estimate of expected credit losses. January 2020 On January 1, 2020, we adopted ASU No. 2016-13. We determine our credit losses by applying an expected loss rate to the outstanding balance of accounts receivable for each of our reportable segments (refer to Note 19) and our corporate entities. The expected loss rates for our reportable segments and corporate entities were determined primarily using historical credit losses, which are not expected to differ from what is currently expected over the life of our trade receivables. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. January 2021 The adoption of ASU No. 2019-12 will result in changes to deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We do not expect the adoption of ASU No. 2019-12 to have a material impact on our Consolidated Financial Statements. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 2022 We are currently evaluating the impact of ASU No. 2020-04 on the Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of LIBOR rates beginning on December 31, 2021. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following tables present our revenues disaggregated by geographic segment (refer to discussion of our reportable segments in Note 19) ( $ in thousands) : Year Ended December 31, 2020 Yucatán Peninsula Pacific Coast Dominican Jamaica Other Total Package revenue $ 96,942 $ 28,535 $ 42,584 $ 61,386 $ — $ 229,447 Non-package revenue 16,263 5,532 7,356 11,223 372 40,746 Management fees — — — — 807 807 Cost reimbursements — — — 1,661 528 2,189 Total revenue $ 113,205 $ 34,067 $ 49,940 $ 74,270 $ 1,707 $ 273,189 Year Ended December 31, 2019 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Other Total Package revenue $ 212,794 $ 76,056 $ 75,874 $ 173,364 $ — $ 538,088 Non-package revenue 31,282 12,620 15,067 31,164 24 90,157 Management fees — — — — 1,820 1,820 Cost reimbursements — — — 4,678 1,734 6,412 Total revenue $ 244,076 $ 88,676 $ 90,941 $ 209,206 $ 3,578 $ 636,477 Year Ended December 31, 2018 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Other Total Package revenue $ 236,815 $ 75,506 $ 104,858 $ 114,569 $ 342 $ 532,090 Non-package revenue 30,141 13,866 20,279 18,941 (37) 83,190 Management fees — — — — 755 755 Cost reimbursements — — — — 978 978 Total revenue $ 266,956 $ 89,372 $ 125,137 $ 133,510 $ 2,038 $ 617,013 Performance obligations We recognize revenues when the performance obligations are satisfied by transferring control of the product or service to our customers as described in Note 2. We do not disclose the value of unsatisfied performance obligations for contracts with consideration determined by our performance completed to date or with an expected length of one year or less. Due to the nature of our business, our revenue is not significantly impacted by refunds. Cash payments received in advance of guests staying at our resorts are refunded to resort guests if the guest cancels within the specified time period, before any services are rendered. Refunds related to service are generally recognized as an adjustment to the transaction price at the time the resort stay occurs or services are rendered. Contract assets and liabilities We do not have any material contract assets as of December 31, 2020 and 2019 other than trade and other receivables on our 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 18) within trade and other payables on our Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year. Contract costs We consider sales commissions earned to be incremental costs of obtaining a contract with our customers. As a practical expedient, we expense these costs as incurred when the period to be benefited is less than one year. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business combinations | Business combinations Business combination with the Sagicor Parties On February 26, 2018, we entered into a Share Exchange Implementation Agreement with JCSD Trustee Services Limited, X Fund Properties Limited, Sagicor Pooled Investment Funds Limited, and Sagicor Real Estate X Fund Limited (collectively, the “Sagicor Parties”), as amended by that certain First Amendment to Share Exchange Implementation Agreement dated May 31, 2018 (as amended, the “Contribution Agreement”). Pursuant to the Contribution Agreement, the Sagicor Parties agreed to contribute a portfolio of the following assets (the “Sagicor Assets”) to a subsidiary of ours in exchange for consideration consisting of a combination of our ordinary shares and cash: • The Hilton Rose Hall Resort & Spa; • The Jewel Runaway Bay Beach Resort & Waterpark; • The Jewel Dunn’s River Beach Resort & Spa; • The Jewel Paradise Cove Beach Resort & Spa; • The 88 units comprising one of the towers in the multi-tower condominium and spa at the Jewel Grande Montego Bay Resort & Spa; • Developable land sites adjacent to the Jewel Grande Montego Bay Resort & Spa and the Hilton Rose Hall Resort & Spa; • The management contract for the units owned by the Sagicor Parties at the Jewel Grande Montego Bay Resort & Spa; and • All of the Sagicor Parties’ rights to “The Jewel” resort brand. On June 1, 2018 (the “Acquisition Date”), we consummated our acquisition of the Sagicor Assets for total consideration, after prorations and working capital adjustments, of $308.5 million. We accounted for the acquisition as a business combination in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , and allocated the purchase price to the fair values of assets acquired and liabilities assumed. The business combination with the Sagicor Parties allows us to expand our portfolio of resorts in the all-inclusive segment of the lodging industry, capitalize on opportunities for growth and create significant operational synergies. The following table summarizes the fair value of each class of consideration transferred to the Sagicor Parties on the Acquisition Date ( $ in thousands, except share data ): Cash consideration, net of cash acquired of $0.1 million $ 93,128 Ordinary shares (20,000,000 shares at the Acquisition Date closing price of $10.77 per share, €0.10 par value) 215,400 Total purchase consideration $ 308,528 Fair values of assets acquired and liabilities assumed The following table presents our estimates of fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2019 and as finalized during the three months ended June 30, 2019 ($ in thousands) : June 1, 2018 Adjustments (1) June 1, 2018 Total purchase consideration $ 308,528 $ — $ 308,528 Net assets acquired Working capital (1,665) — (1,665) Property and equipment 304,299 (5,950) 298,349 Identifiable intangible assets and liabilities (449) — (449) Deferred income taxes (25,582) 1,996 (23,586) Goodwill 31,925 3,954 35,879 Total net assets acquired $ 308,528 $ — $ 308,528 ________ (1) In addition to the adjustments recorded during the measurement period, we recognized adjustments to deferred income taxes and goodwill representing immaterial corrections of errors for acquired property and equipment in the third quarter of 2019 and the second half of 2020. The adjustments were not significant to our previously reported Consolidated Financial Statements. Property and equipment Property and equipment primarily consists of the all-inclusive resorts and adjacent developable land sites. We estimated the value of the acquired property and equipment using a combination of the income and market approaches, which are primarily based on significant Level 2 and Level 3 assumptions (as described in Note 16), such as estimates of future income growth, capitalization rates, discount rates, and capital expenditure needs of the Sagicor Assets. Identified intangible assets and liabilities The following table presents our estimates of the fair values of the identified intangible asset and liability and their related estimated useful lives ($ in thousands) : Balance Sheet Classification Estimated Fair Value Weighted-Average Amortization Period Management contract Other intangible assets $ 1,900 20 Unfavorable ground lease liability Other liabilities (2,349) 22 Total identifiable intangibles acquired $ (449) We estimated the value of the management contract using the multi-period excess earnings valuation method, which is a variation of the income valuation approach. This method estimates an intangible asset’s value based on the present value of its incremental after-tax cash flows. This valuation approach utilizes Level 3 inputs (as described in Note 16). Deferred income taxes Deferred income taxes primarily relate to the fair value of non-current assets and liabilities acquired from the Sagicor Parties, including property and equipment and intangible liabilities. We calculated deferred income taxes based on the statutory rate in the jurisdiction of the legal entities where the acquired non-current assets and liabilities are recorded. Deferred tax assets, net of a $0.8 million valuation allowance, were $0.2 million and deferred tax liabilities were $23.8 million related to the acquisition. Goodwill The excess of the purchase consideration over the aggregate fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill recognized is attributable primarily to expected synergies and future growth opportunities of our combined operations and is not deductible for income tax purposes. Goodwill related to the business combination was recognized at the Jamaica reportable segment (refer to discussion of our reportable segments in Note 19). Pro forma results of operations The following unaudited pro forma results of operations were prepared as though the business combination was completed on January 1, 2018. This unaudited pro forma financial information does not necessarily reflect the results of operations of Playa that actually would have resulted had the acquisition of the Sagicor Assets occurred at the date indicated, nor does it project the results of operations of Playa for any future date or period ($ in thousands) : Year Ended December 31, 2018 Pro forma revenue $ 666,778 Pro forma net income $ 31,511 The unaudited pro forma financial information for the year ended December 31, 2018 includes adjustments for: • Depreciation and amortization expense resulting from the estimated fair values of acquired property and equipment and identifiable definite-lived intangible assets and liabilities, respectively; • Elimination of the Sagicor Assets’ management fees and interest expense; • Interest expense resulting from the issuance of a $100.0 million term loan add-on; and • Related income tax effects. For the year ended December 31, 2018, we incurred $2.9 million in transaction costs related to the acquisition and $1.3 million in transaction costs related to the issuance of the $100.0 million term loan add-on. These costs are recorded within selling, general and administrative expenses in the Consolidated Statements of Operations. Sagicor Assets' results of operations The following table presents the results of the Sagicor Assets' operations, which are recorded within our Jamaica reportable segment, included in our Consolidated Statements of Operations for the period from the Acquisition Date through December 31, 2018 ($ in thousands) : June 2, 2018 - Revenue $ 55,598 Net income $ 898 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment The balance of property and equipment, net is as follows ($ in thousands ): As of December 31, 2020 2019 Property and equipment, gross Land, buildings and improvements $ 1,863,406 $ 1,976,214 Fixtures and machinery (1) 83,802 81,437 Furniture and other fixed assets 225,869 228,533 Construction in progress 4,552 42,083 Total property and equipment, gross 2,177,629 2,328,267 Accumulated depreciation (450,246) (398,353) Total property and equipment, net $ 1,727,383 $ 1,929,914 ________ (1) Includes the gross balance of our finance lease right-of-use asset of $2.3 million (see Note 9). Amortization expense for our finance lease was $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively. We did not have any capital leases, as defined under ASC 840, Leases , as of and for the year ended December 31, 2018. Depreciation expense for property and equipment was $90.9 million, $100.8 million and $72.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. For the years ended December 31, 2020, 2019 and 2018, $0 million, $13.1 million and $5.2 million of interest expense was capitalized on qualifying assets, respectively. Interest expense was capitalized using the weighted-average interest rate of the debt. Sale of assets On May 22, 2020, we completed the sale of the Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark, which were reported within our Jamaica reportable segment, for $60.0 million in cash consideration. Upon classification as held for sale, we recorded an impairment loss of $25.3 million based on the sale price of the properties, which is considered an observable input other than quoted prices (Level 2) in the U.S. GAAP fair value hierarchy (see Note 16). The impairment is recorded within impairment loss in the Consolidated Statements of Operations. Upon closing, we received total cash consideration of $58.7 million, after customary closing costs, and recognized a loss of $1.8 million within loss on sale of assets in the Consolidated Statements of Operations. Consistent with the terms of our Existing Credit Agreement (as defined in Note 11), we expect that a portion of the net proceeds, after deducting incremental expenses and capital expenditures incurred across our portfolio for up to 24 months following the sale, will be used to prepay our Term Loan in May 2022. Assets held for sale On November 3, 2020, we entered into an agreement to sell the Dreams Puerto Aventuras, which is reported within our Yucatán Peninsula reportable segment, for $34.5 million in cash consideration. Upon classification as held for sale, we recorded an impairment loss of $10.6 million based on the sale price, which is considered an observable input other than quoted prices (Level 2) in the U.S. GAAP fair value hierarchy (see Note 16). The impairment is recorded within impairment loss in the Consolidated Statements of Operations . The assets are recorded at their fair value less costs to sell within assets held for sale in the Consolidated Balance Sheet. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Net (loss) income before tax is summarized below ($ in thousands) : Year Ended December 31, 2020 2019 2018 Domestic $ 1,053 $ (7,030) $ (5,168) Foreign (274,396) (14,547) 36,344 Net (loss) income before tax $ (273,343) $ (21,577) $ 31,176 The components of our income tax benefit (provision) for the years ended December 31, 2020, 2019 and 2018 were as follows ($ in thousands) : Year Ended December 31, 2020 2019 (1) 2018 (1) Current Domestic $ 431 $ (8) $ (1) Foreign (892) (5,592) (9,183) Total current income tax provision (461) (5,600) (9,184) Deferred Domestic (7,684) 7,684 — Foreign 19,118 15,136 (3,015) Total deferred income tax benefit (provision) 11,434 22,820 (3,015) Income tax benefit (provision) $ 10,973 $ 17,220 $ (12,199) ________ (1) During 2020, we recognized $0.8 million in additional net income tax expense related to prior periods, which was not significant to our previously reported Consolidated Financial Statements. Reconciliation of Netherlands statutory income tax rate to actual income tax rate A reconciliation of The Netherlands statutory income tax rate to our effective income tax rate from continuing operations is as follows ($ in thousands) : Year Ended December 31, 2020 2019 2018 Income tax benefit (provision) at statutory rate $ 68,336 25.0 % $ 5,394 25.0 % $ (7,794) 25.0 % Differences between statutory rate and foreign rate (598) (0.2) % 18,836 87.3 % 21,629 (69.4) % Inflation adjustments 4,366 1.6 % 4,276 19.8 % 4,848 (15.6) % Nondeductible interest and expenses (19,893) (7.3) % (12,043) (55.8) % (7,963) 25.5 % Goodwill impairment (4,900) (1.8) % (1,542) (7.1) % — — % Foreign exchange rate differences (4,194) (1.5) % (6,038) (28.0) % (3,561) 11.4 % Dominican Republic tax classification 7,949 2.9 % (6,109) (28.3) % (5,145) 16.5 % Dutch and U.S. tax rate change 10,545 3.9 % 3,952 18.3 % (13,721) 44.0 % Basis difference in fixed assets (3,026) (1.1) % — — % — — % Other prior year and miscellaneous adjustments 601 0.1 % (60) (0.3) % (193) 0.7 % Change in valuation allowance (48,213) (17.6) % 10,554 48.9 % (299) 1.0 % Income tax benefit (provision) $ 10,973 4.0 % $ 17,220 79.8 % $ (12,199) 39.1 % We are domiciled in The Netherlands and are taxed in The Netherlands with our other Dutch subsidiaries. Dutch companies are subject to Dutch corporate income tax at a general tax rate of 25%. For the year ended December 31, 2020, we recognized an income tax benefit of $11.0 million, resulting in an effective tax rate for the year of 4.0%. The 2020 income tax benefit was driven primarily by a $68.3 million benefit on the tax impact of book losses, a $4.4 million tax benefit associated with inflation adjustments, a $10.5 million tax benefit on measurement of the Dutch deferred tax assets and liabilities pursuant to the Dutch tax rate change, and a $7.9 million tax benefit associated with our Dominican Republic entities. The 2020 income tax benefit was partially offset by $24.8 million of tax expense on non-deductible interest, goodwill and other expenses, a $4.2 million tax expense due to changes in foreign exchange rates, a $3.0 million tax expense associated with a newly established basis difference in fixed assets and a $48.2 million increase in our valuation allowance. For the year ended December 31, 2019, we recognized an income tax benefit of $17.2 million, resulting in an effective tax rate for the year of 79.8%. The 2019 income tax benefit was driven primarily by a $5.4 million benefit on the tax impact of book losses, an $18.8 million tax benefit from our rate-favorable jurisdictions, a $4.3 million tax benefit associated with inflation adjustments, a $4.0 million tax benefit on measurement of the Dutch deferred tax assets and liabilities pursuant to the Dutch tax rate change and a $10.6 million decrease in our valuation allowance. The income tax benefit was partially offset by the $13.6 million tax expense on non-deductible interest, goodwill impairment expense and other expenses, a $6.1 million expense associated with our Dominican Republic entities and a $6.0 million tax expense associated with foreign exchange rate fluctuations. For the year ended December 31, 2018, we recognized an income tax provision of $12.2 million, resulting in an effective tax rate for the year of 39.1%. The 2018 income tax provision was driven primarily by $13.7 million of tax expense on measurement of the Dutch deferred tax assets and liabilities pursuant to the Dutch tax rate change, a $7.8 million tax expense on the tax impact of book income, an $8.0 million tax expense on non-deductible interest and other expenses, a $5.1 million expense associated with our Dominican Republic entities and a $3.6 million tax expense associated with foreign exchange rate fluctuations. The net income tax expense was partially offset by the tax benefit of $21.6 million from the rate-favorable jurisdictions and a $4.8 million tax benefit associated with inflation adjustments. We have a taxable presence in a variety of jurisdictions worldwide, most significantly in Mexico, the Netherlands, the Dominican Republic and Jamaica. We have been granted certain “tax holidays,” providing us with temporary income tax exemptions. Specifically, two of our entities in the Dominican Republic are under a tax holiday. Playa Romana Mar B.V. and Playa Dominican Resorts B.V. are tax exempted for 15 years starting in 2019. Effects of the Dutch Tax Rate Change On December 18, 2018, the Dutch Senate approved the 2019 tax package. Effective January 1, 2019, the corporate tax rate reduced from 25% to 22.55% for 2020, and 20.5% for 2021 and forward for amounts in excess of €0.2 million. These adjusted rates impact the carrying value of our deferred tax assets that are offset by a full valuation allowance. Additionally, our Netherlands entities have deferred tax liabilities on fixed assets without a valuation allowance. Our Netherlands deferred tax assets decreased $13.7 million and valuation allowance decreased $13.7 million and resulted in no net financial statement impact. On December 17, 2019, the Dutch Senate approved the 2020 tax package, effective January 1, 2020. Compared to the 2019 tax package, the 2020 tax package increased the corporate tax rate to 25% for 2020 and increased the corporate tax rate to 21.7% for 2021 and forward for amounts in excess of €0.2 million. These adjusted rates increased the carrying value of our deferred tax assets by $4.2 million, which was offset by a full valuation allowance increase of $4.2 million and resulted in no net financial statement impact. Based on the rules presented on September 15, 2020, the Dutch government presented the 2021 tax plan package to the Lower House of Parliament. The new tax plan changed the corporate income tax rate for 2021 and forward back to 25% for amounts in excess of €0.2 million. This was enacted by December 31, 2020. The adjusted rate increased the carrying value of our deferred tax assets by $10.5 million, which was offset by a full valuation allowance increase of $10.5 million and resulted in no net financial statement impact. Dominican Republic Taxes in the Dominican Republic are determined based upon Advanced Pricing Agreements (“APA”) approved by the Ministry of Finance of the Dominican Republic. APAs were signed in December 2017 and remained in effect through 2020 for two of our Dominican Republic resort entities. Pursuant to the signed APAs, our Dominican Republic entities are subject to the greater of an income tax, asset tax or gross receipts tax. During 2020, our Dominican Republic entities were not subject to income tax. We project that they will be subject to income taxes in some of the foreseeable years. Under these circumstances, we applied ASC 740-10-55-144 to compute a hybrid tax rate for our deferred taxes. For the year ended December 31, 2020, we recorded a deferred tax benefit of $7.9 million. We will closely monitor the operations of our Dominican Republic entities and update the computation as necessary on a quarterly basis. During 2019, our Dominican Republic entities were not subject to income tax. We projected that they would be subject to income taxes in some of the foreseeable years. Under these circumstances, we applied ASC 740-10-55-144 to compute a hybrid tax rate for our deferred taxes. For the year ended December 31, 2019, we recorded deferred tax expense of $5.7 million. During 2018, some of our Dominican Republic entities were subject to income tax. We projected that they would be subject to income taxes in some of the foreseeable years. Under these circumstances, we applied ASC 740-10-55-144 to compute a hybrid tax rate for our deferred taxes. For the year ended December 31, 2018, we recorded current income tax expense of $0.3 million and deferred tax expense of $4.8 million. Deferred income taxes Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as net operating losses and tax credit carry-forwards. We measure those balances using the enacted tax rates we expect will be in effect when we pay or recover taxes. Deferred income tax assets represent amounts available to reduce income taxes we will pay on taxable income in future years. We evaluate our ability to realize these future tax deductions and credits by assessing whether we expect to have sufficient future taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies to utilize these future deductions and credits. We establish a valuation allowance when we no longer consider it more likely than not that a deferred tax asset will be realized. The tax effect of each type of temporary difference and carry-forward that gives rise to a significant portion of our deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows ($ in thousands) : As of December 31, 2020 2019 Deferred tax assets Advance customer deposits $ 1,721 $ 5,074 Trade payables and other accruals 9,921 8,381 Labor liability accrual 1,000 1,020 Property and equipment 2,441 788 Lease obligation 857 1,123 Other assets — 2,564 Net operating losses 145,576 110,135 Total deferred tax asset 161,516 129,085 Valuation allowance (123,967) (79,788) Net deferred tax asset 37,549 49,297 Deferred tax liabilities Accounts receivable and prepayments to vendors 60 613 Property and equipment 102,781 124,121 Other liabilities 2,901 1,123 Total deferred tax liability 105,742 125,857 Net deferred tax liability $ (68,193) $ (76,560) As of December 31, 2020 and 2019, w e had $89.1 million and $35.1 million, respectively, of net operating loss carryforwards in our Mexican subsidiaries that expire in varying am ounts from 2021 to 2030. As of December 31, 2020 and 2019, we had $353.2 million and $356.3 million, respectively, of net operating loss carryforwards in our Dutch subsidiaries that expire in varying amo unts from 2021 to 2027. As of December 31, 2020 and 2019, we had $95.7 million and $56.5 million, respectively, of net operating loss carryforwards in our Jamaica subsidiaries. Jamaic an NOLs do not expire, however, the utilization is limited to 50% of taxable income before the net operating loss deduction annually for our legacy Jamaican entity. This 50% cap does not apply to our Jamaican entities formed in 2018 because of the exception that it does not apply during the five years of assessment follow ing the first year of operation of a new trade, profession, or business. As of December 31, 2020 and 2019, we h ad $25.9 million an d $28.5 million, respectively, of net operating loss carryforwards in our U.S. subsidiaries. These carryforwards generated before 2018 expire in various amou nts from 2034 to 2037, while net operating losses generated in 2018 and forward do not expire. As of December 31, 2020, we had $1.5 million of net operating loss carryforwards in one of our Dominican Republic subsidiaries which expires after 2025. As of December 31, 2019, we had no net operating loss carryforwards. The ability to utilize the tax net operating losses in any single year ultimately depends upon our ability to generate sufficient taxable income. We have made no provision for foreign or domestic income taxes on the cumulative unremitted earnings of our subsidiaries. We intend to permanently reinvest all foreign earnings and have no intention to repatriate foreign earnings to the U.S. for the forseeable future. The change in the valuation allowance established against our deferred tax assets for the years ended December 31, 2020, 2019 and 2018 is summarized in the following table ($ in thousands) : Balance at January 1 Additions Deductions Balance at December 31, 2020 $ (79,788) $ (45,833) $ 1,654 $ (123,967) December 31, 2019 $ (94,575) $ (7,008) $ 21,795 $ (79,788) December 31, 2018 $ (98,755) $ (23,789) $ 27,969 $ (94,575) The valuation allowance for each period is used to reduce the deferred tax asset to a more likely than not realizable value. As of December 31, 2020, our valuation allowance relates primarily to net operating loss carryforwards, which we do not expect to utilize, most notably in the U.S., Netherlands, and certain legal entities in Mexico and Jamaica. We are subject to income taxes in a variety of global jurisdictions and are not currently under income tax examination in any of our significant jurisdictions. For these significant jurisdictions, the earliest years that remain subject to examination are 2009 for Mexico, 2018 for the Netherlands, 2014 for Jamaica and 2017 for the Dominican Republic and the United States. We consider the potential outcome of current and future examinations in our assessment of our reserve for uncertain tax positions. We had no uncertain tax positions as of December 31, 2020, 2019 and 2018. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions Relationship with Hyatt Hyatt Hotels Corporation (“Hyatt”) is considered a related party of the Company due to its ownership of our ordinary shares by its affiliated entities and representation on our Board of Directors. 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. Relationship with Sagicor Sagicor Group Jamaica Limited (“Sagicor”) is considered a related party of the Company due to its ownership of our ordinary shares by its affiliated entities and representation on our Board of Directors. We pay Sagicor for insurance coverage for some 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. 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. Transactions with related parties Transactions between us and related parties during the years ended December 31, 2020, 2019 and 2018 were as follows ( $ in thousands ): Year Ended December 31, Related Party Transaction 2020 2019 2018 Hyatt Franchise fees (1) $ 9,937 $ 17,423 $ 16,688 Sagicor Insurance premiums (1) $ 927 $ 1,659 $ 1,765 Sagicor Cost reimbursements $ 1,870 $ 5,142 $ — Chief Executive Officer Lease expense (2) $ 770 $ 745 $ 989 ________ (1) Included in direct expense in the 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. (2) Included in selling, general, and administrative expense in the Consolidated Statements of Operations. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Litigation, claims and assessments 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 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. Our Dutch companies file as a fiscal unity, with the exception of Playa Romana B.V., Playa Romana Mar B.V. and Playa Hotels & Resorts N.V. 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We enter into operating leases primarily for administrative offices. Our administrative offices, located in Virginia, Florida and Cancún, are leased under various lease agreements that extend for varying periods through 2025, with the option to extend our Cancún and Florida office leases through 2026 and 2030, respectively. The extension options are reasonably certain to be exercised and included in the amounts recorded. We also have a finance lease arrangement with a third-party for the construction, management and maintenance of a thermal energy plant in the Dominican Republic. The lease commenced on July 1, 2020 at the Hyatt Ziva and Hyatt Zilara Cap Cana for a term of twelve years. Our future minimum lease payments as of December 31, 2020 were as follows ($ in thousands) : Operating Leases Finance Leases Minimum future lease payments 2021 $ 954 $ 307 2022 988 312 2023 697 317 2024 560 323 2025 589 328 Thereafter 1,798 2,269 Total minimum future lease payments 5,586 3,856 Less: imputed interest (824) (1,562) Total lease liability (1) $ 4,762 $ 2,294 ________ (1) Operating and finance leases are included in other liabilities . The following table presents the components of lease expense and supplemental cash flow information ($ in thousands) : Year Ended December 31, 2020 2019 Lease expense (1)(2) $ 2,497 $ 2,563 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for operating leases $ 721 $ 643 Operating cash outflows for finance leases $ 112 $ — Financing cash outflows for finance leases $ 39 $ — ________ (1) Includes variable and short term lease expenses, which are individually immaterial. Our lease expense is reported in direct expense and selling, general and administrative expense in the Consolidated Statements of Operations depending on the nature of the lease. (2) Lease expense under ASC 840, Leases, related to our non-cancelable operating leases, including variable lease cost, was $2.4 million for the year ended December 31, 2018. The following table presents other relevant information related to our leases as of December 31, 2020: Operating Leases Finance Leases Weighted-average remaining lease term 6.91 years 11.50 years Weighted-average discount rate (1) 4.54 % 9.72 % ________ (1) The discount rates applied to each operating lease reflects our estimated incremental borrowing rate which was determined based on lending rates specific to the type of leased real estate. The discount rate applied to our finance lease was implicit in the lease. We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one ($ in thousands) : Year Ended December 31, Leases Financial Statement Classification 2020 2019 Operating lease income (1) Non-package revenue $ 1,753 $ 5,105 ________ (1) |
Leases | Leases We enter into operating leases primarily for administrative offices. Our administrative offices, located in Virginia, Florida and Cancún, are leased under various lease agreements that extend for varying periods through 2025, with the option to extend our Cancún and Florida office leases through 2026 and 2030, respectively. The extension options are reasonably certain to be exercised and included in the amounts recorded. We also have a finance lease arrangement with a third-party for the construction, management and maintenance of a thermal energy plant in the Dominican Republic. The lease commenced on July 1, 2020 at the Hyatt Ziva and Hyatt Zilara Cap Cana for a term of twelve years. Our future minimum lease payments as of December 31, 2020 were as follows ($ in thousands) : Operating Leases Finance Leases Minimum future lease payments 2021 $ 954 $ 307 2022 988 312 2023 697 317 2024 560 323 2025 589 328 Thereafter 1,798 2,269 Total minimum future lease payments 5,586 3,856 Less: imputed interest (824) (1,562) Total lease liability (1) $ 4,762 $ 2,294 ________ (1) Operating and finance leases are included in other liabilities . The following table presents the components of lease expense and supplemental cash flow information ($ in thousands) : Year Ended December 31, 2020 2019 Lease expense (1)(2) $ 2,497 $ 2,563 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for operating leases $ 721 $ 643 Operating cash outflows for finance leases $ 112 $ — Financing cash outflows for finance leases $ 39 $ — ________ (1) Includes variable and short term lease expenses, which are individually immaterial. Our lease expense is reported in direct expense and selling, general and administrative expense in the Consolidated Statements of Operations depending on the nature of the lease. (2) Lease expense under ASC 840, Leases, related to our non-cancelable operating leases, including variable lease cost, was $2.4 million for the year ended December 31, 2018. The following table presents other relevant information related to our leases as of December 31, 2020: Operating Leases Finance Leases Weighted-average remaining lease term 6.91 years 11.50 years Weighted-average discount rate (1) 4.54 % 9.72 % ________ (1) The discount rates applied to each operating lease reflects our estimated incremental borrowing rate which was determined based on lending rates specific to the type of leased real estate. The discount rate applied to our finance lease was implicit in the lease. We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one ($ in thousands) : Year Ended December 31, Leases Financial Statement Classification 2020 2019 Operating lease income (1) Non-package revenue $ 1,753 $ 5,105 ________ (1) |
Leases | Leases We enter into operating leases primarily for administrative offices. Our administrative offices, located in Virginia, Florida and Cancún, are leased under various lease agreements that extend for varying periods through 2025, with the option to extend our Cancún and Florida office leases through 2026 and 2030, respectively. The extension options are reasonably certain to be exercised and included in the amounts recorded. We also have a finance lease arrangement with a third-party for the construction, management and maintenance of a thermal energy plant in the Dominican Republic. The lease commenced on July 1, 2020 at the Hyatt Ziva and Hyatt Zilara Cap Cana for a term of twelve years. Our future minimum lease payments as of December 31, 2020 were as follows ($ in thousands) : Operating Leases Finance Leases Minimum future lease payments 2021 $ 954 $ 307 2022 988 312 2023 697 317 2024 560 323 2025 589 328 Thereafter 1,798 2,269 Total minimum future lease payments 5,586 3,856 Less: imputed interest (824) (1,562) Total lease liability (1) $ 4,762 $ 2,294 ________ (1) Operating and finance leases are included in other liabilities . The following table presents the components of lease expense and supplemental cash flow information ($ in thousands) : Year Ended December 31, 2020 2019 Lease expense (1)(2) $ 2,497 $ 2,563 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for operating leases $ 721 $ 643 Operating cash outflows for finance leases $ 112 $ — Financing cash outflows for finance leases $ 39 $ — ________ (1) Includes variable and short term lease expenses, which are individually immaterial. Our lease expense is reported in direct expense and selling, general and administrative expense in the Consolidated Statements of Operations depending on the nature of the lease. (2) Lease expense under ASC 840, Leases, related to our non-cancelable operating leases, including variable lease cost, was $2.4 million for the year ended December 31, 2018. The following table presents other relevant information related to our leases as of December 31, 2020: Operating Leases Finance Leases Weighted-average remaining lease term 6.91 years 11.50 years Weighted-average discount rate (1) 4.54 % 9.72 % ________ (1) The discount rates applied to each operating lease reflects our estimated incremental borrowing rate which was determined based on lending rates specific to the type of leased real estate. The discount rate applied to our finance lease was implicit in the lease. We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one ($ in thousands) : Year Ended December 31, Leases Financial Statement Classification 2020 2019 Operating lease income (1) Non-package revenue $ 1,753 $ 5,105 ________ (1) |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Ordinary shares | Ordinary shares On June 1, 2018, we issued 20,000,000 ordinary shares to the Sagicor Parties as part of the business combination with them (see Note 4). On December 14, 2018, our Board of Directors authorized the repurchase of up to $100.0 million of our outstanding ordinary shares as market conditions and our liquidity warrant. The repurchase program is subject to certain limitations under Dutch law, including existing repurchase authorization granted by our shareholders. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means (including Rule 10b5-1 trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. During the year ended December 31, 2020, we purchased 340,109 ordinary shares under the repurchase program. The shares repurchased are recorded as treasury shares on the Consolidated Balance Sheet as of December 31, 2020. On June 12, 2020, we issued 4,878,049 ordinary shares with a par value of €0.10 per share, in a private placement exempt from registration under the Securities Act in connection with our capital raising efforts. We received $19.6 million in cash consideration, after customary closing costs. As of December 31, 2020, our ordinary share capital consisted of 134,571,290 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 2,203,659 restricted shares and 21,480 restricted share units were outstanding under the 2017 Plan (as defined in Note 12). The holders of restricted shares 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. We previously issued 3,000,000 warrants (the “Earnout Warrants”) which entitle the holders to acquire one ordinary share for each Earnout Warrant for an exercise price of €0.10 per ordinary share in the event that the price per share underlying the Earnout Warrants on the NASDAQ is greater than $13.00 for a period of more than 20 days out of 30 consecutive trading days within the five years after March 12, 2017. The Earnout Warrants expire on March 12, 2022 or earlier upon redemption or liquidation in accordance with their term. On August 8, 2018, we repurchased 12,230 of the outstanding Earnout Warrants for less than $0.1 million. The Earnout Warrant repurchase resulted in a reduction to paid-in capital and had no impact on our Consolidated Statements of Operations for the year ended December 31, 2018. As of December 31, 2020, there were 2,987,770 Earnout Warrants outstanding. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Warrants | Ordinary shares On June 1, 2018, we issued 20,000,000 ordinary shares to the Sagicor Parties as part of the business combination with them (see Note 4). On December 14, 2018, our Board of Directors authorized the repurchase of up to $100.0 million of our outstanding ordinary shares as market conditions and our liquidity warrant. The repurchase program is subject to certain limitations under Dutch law, including existing repurchase authorization granted by our shareholders. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means (including Rule 10b5-1 trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. During the year ended December 31, 2020, we purchased 340,109 ordinary shares under the repurchase program. The shares repurchased are recorded as treasury shares on the Consolidated Balance Sheet as of December 31, 2020. On June 12, 2020, we issued 4,878,049 ordinary shares with a par value of €0.10 per share, in a private placement exempt from registration under the Securities Act in connection with our capital raising efforts. We received $19.6 million in cash consideration, after customary closing costs. As of December 31, 2020, our ordinary share capital consisted of 134,571,290 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 2,203,659 restricted shares and 21,480 restricted share units were outstanding under the 2017 Plan (as defined in Note 12). The holders of restricted shares 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. We previously issued 3,000,000 warrants (the “Earnout Warrants”) which entitle the holders to acquire one ordinary share for each Earnout Warrant for an exercise price of €0.10 per ordinary share in the event that the price per share underlying the Earnout Warrants on the NASDAQ is greater than $13.00 for a period of more than 20 days out of 30 consecutive trading days within the five years after March 12, 2017. The Earnout Warrants expire on March 12, 2022 or earlier upon redemption or liquidation in accordance with their term. On August 8, 2018, we repurchased 12,230 of the outstanding Earnout Warrants for less than $0.1 million. The Earnout Warrant repurchase resulted in a reduction to paid-in capital and had no impact on our Consolidated Statements of Operations for the year ended December 31, 2018. As of December 31, 2020, there were 2,987,770 Earnout Warrants outstanding. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | 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. The 2017 Plan was approved by our Board of Directors and shareholders on March 10, 2017 and was amended on May 16, 2019 to increase the number of ordinary shares authorized and available for grant from 4,000,000 shares to 12,000,000 shares. The Compensation Committee of our Board of Directors may award share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards and cash bonus awards under the 2017 Plan. As of December 31, 2020, there were 8,043,686 shares available for future grants under the 2017 Plan. Compensation expense related to the 2017 Plan is recorded within selling, general and administrative expenses in the Consolidated Statements of Operations. Restricted share awards 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) subject to restrictions and a risk of forfeiture. Restricted shares issued to employees and executives generally vest over a period of three The vesting of restricted share awards is subject to the holder’s continued employment through the applicable vesting date. Unvested restricted share awards will be forfeited if the employee’s or the executive’s employment terminates during the vesting period, provided that unvested restricted share awards will accelerate upon certain terminations of employment as set forth in the applicable award agreements. The holders of restricted shares have the right to vote the restricted shares and receive all dividends declared and paid on such shares, provided that dividends paid on unvested restricted shares will be subject to the same conditions and restrictions applicable to the underlying restricted shares. The holders of restricted share units have no right to vote the underlying shares and may be entitled to be credited with dividend equivalents in respect of each cash dividend declared and paid by us, in an amount per share unit equal to the per-share dividend paid on our ordinary shares, which dividend equivalents will be deemed to have been reinvested in additional restricted share units that are subject to the same terms and conditions applicable to the underlying restricted share units to which they relate. Compensation expense for restricted share awards is measured based upon the fair market value of our ordinary shares at the date of grant and recognized on a straight-line basis over the vesting period. A summary of our restricted share awards from January 1, 2020 to December 31, 2020 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2020 2,157,336 $ 9.03 Granted 1,076,619 7.92 Vested (924,366) 8.95 Forfeited (84,450) 8.89 Unvested balance at December 31, 2020 2,225,139 $ 8.53 The following table provides additional information on our restricted share awards for the years ended December 31, 2020, 2019 and 2018 ($ in thousands, except per share data) : Year Ended December 31, 2020 2019 2018 Weighted-average grant date fair value $ 7.92 $ 7.25 $ 10.25 Fair value of vested restricted share awards $ 4,837 $ 3,600 $ 1,963 Share-based compensation expense $ 9,123 $ 8,065 $ 5,072 As of December 31, 2020, the unrecognized compensation cost related to restricted share awards was $9.5 million and is expected to be recognized over a weighted-average period of 1.6 years. Performance share awards Performance share awards consist of ordinary shares that may become earned and vested based on the achievement of performance targets adopted by our Compensation Committee. The actual number of ordinary shares that ultimately vest will range from 0% to 150% of the target award and will be determined at the end of the three-year performance period based on two performance criteria as defined in the applicable award agreements for the period of performance. Any ordinary shares that ultimately vest based on the achievement of the applicable performance criteria will be deemed to be vested on the date on which our Compensation Committee certifies the level of achievement of such performance criteria. Except in connection with certain qualifying terminations of employment, as set forth in the applicable award agreements, t he awards require continued service through the certification date. The holders of these awards have voting rights equivalent to the target level of ordinary shares granted to the holder and any dividends declared on such shares will be accumulated and paid within 30 days after and to the extent the target ordinary shares vest. The grant date fair value of the portion of the award based on the compounded annual growth rate of our total shareholder return was estimated using a Monte-Carlo model. The table below summarizes the key inputs used in the Monte-Carlo simulation ($ in thousands) : Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility (1) Interest Rate (2) Dividend Yield January 2, 2018 Total Shareholder Return 50 % $ 860 26.13 % 2.00 % — % Adjusted EBITDA Comparison 50 % $ 1,475 — % — % — % January 2, 2019 Total Shareholder Return 50 % $ 537 27.78 % 2.46 % — % Adjusted EBITDA Comparison 50 % $ 900 — % — % — % September 19, 2019 Total Shareholder Return 50 % $ 287 25.86 % 1.72 % — % Adjusted EBITDA Comparison 50 % $ 448 — % — % — % January 2, 2020 Total Shareholder Return 50 % $ 1,334 24.87 % 1.58 % — % Adjusted EBITDA Comparison 50 % $ 2,187 — % — % — % ________ (1) Expected volatility was determined based on the historical share prices in our industry. (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. In the table above, the total shareholder return component is a market condition as defined by ASC 718, Compensation—Stock Compensation , and compensation expense related to this component is recognized on a straight-line basis over the vesting period. The grant date fair value of the portion of the awards based on the compounded annual growth rate of our Adjusted EBITDA (as defined in Note 19) was based on the closing stock price of our ordinary shares on such date. The Adjusted EBITDA component is a performance condition as defined by ASC 718, and, therefore, compensation expense related to this component is reassessed at each reporting date based on our estimate of the probable level of achievement, and the accrual of compensation expense is adjusted as appropriate. Due to the adverse effects of COVID-19, all outstanding performance share awards granted in 2018, 2019 and 2020 were voluntarily waived and forfeited during the fourth quarter of 2020 and accounted for as cancellations under ASC 718. The performance share awards were returned to the pool of shares available for future grants under the 2017 Plan. A summary of our performance share awards from January 1, 2020 to December 31, 2020 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2020 913,407 $ 7.22 Granted 552,395 6.38 Forfeited (265,088) 7.99 Canceled (1,200,714) 6.66 Unvested balance at December 31, 2020 — $ — The following table provides additional information on our performance share awards for the years ended December 31, 2020, 2019 and 2018 ($ in thousands, except per share data) : Year Ended December 31, 2020 2019 2018 Weighted-average grant date fair value $ 6.38 $ 5.83 $ 8.53 Share-based compensation expense $ 1,035 $ 780 $ 1,045 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Basic and diluted earnings or losses per share (“EPS”) were as follows ( $ in thousands, except share data ): Year Ended December 31, 2020 2019 2018 Numerator Net (loss) income $ (262,370) $ (4,357) $ 18,977 Denominator Denominator for basic EPS - weighted-average shares 132,210,205 130,023,463 122,150,851 Effect of dilutive securities Unvested restricted share awards — — 267,649 Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 132,210,205 130,023,463 122,418,500 EPS - Basic $ (1.98) $ (0.03) $ 0.16 EPS - Diluted $ (1.98) $ (0.03) $ 0.16 For the years ended December 31, 2020, 2019, and 2018, unvested restricted share awards of 2,225,139, 2,157,336 and 9,482, respectively, were not included in the computation of diluted EPS as their effect would have been anti-dilutive. For the years ended December 31, 2019 and 2018, unvested performance-based equity awards of 913,407 and 523,545, respectively, were not included in the computation of diluted EPS after assumed conversions as the performance criteria were not met as of the end of the respective reporting period. As of December 31, 2020, there were no unvested performance-based equity awards. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date December 31, 2020 December 31, 2019 Revolving Credit Facilities Revolving Credit Facility (1) LIBOR + 3.00% April 27, 2022 $ 84,667 $ 60,000 Senior Secured Credit Facilities Term Loan (2) LIBOR + 2.75% April 27, 2024 $ 976,348 $ 986,448 Term A1 Loan 11.4777% April 27, 2024 35,000 — Term A2 Loan 11.4777% April 27, 2024 31,000 — Term A3 Loan (3) LIBOR + 3.00% April 27, 2024 28,000 — Total Term Loans (at stated value) 1,070,348 986,448 Unamortized discount (1,658) (2,168) Unamortized debt issuance costs (6,015) (3,622) Total Term Loans, net $ 1,062,675 $ 980,658 Property Loan Property Loan (at stated value) 9.25% July 1, 2025 $ 110,000 $ — Unamortized discount (3,960) — Unamortized debt issuance costs (4,409) — Total Property Loan, net $ 101,631 $ — Financing lease obligations (4) $ 2,294 $ — Total debt, net $ 1,251,267 $ 1,040,658 _______ (1) We had available balances of $0.3 million and $40.0 million as of December 31, 2020 and 2019, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% and 4.72% as of December 31, 2020 and 2019, respectively. (2) One-month London Interbank Offered Rate (“LIBOR”) rate is subject to a 1.0% floor. The interest rate was 3.75% and 4.55% as of December 31, 2020 and 2019, respectively. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 15). (3) LIBOR rate is subject to a 1.0% floor. The interest rate was 4.00% as of December 31, 2020. (4) Interest expense for our finance lease was $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively. We did not have any capital leases, as defined under ASC 840, Leases, as of December 31, 2018. Aggregate debt maturities for future annual periods are as follows ($ in thousands) : As of December 31, 2020 Term Loan Property Loan Revolving Credit Facility (1) 2021 $ 10,100 $ — $ 84,667 2022 10,100 — — 2023 10,100 — — 2024 1,040,048 — — 2025 — 110,000 — Thereafter — — — Total debt maturities $ 1,070,348 $ 110,000 $ 84,667 ________ (1) As of December 31, 2020, we were not contractually obligated to repay the outstanding balance on our Revolving Credit Facility until 2022. Under the Fifth Amendment to the Amended and Restated Credit Agreement entered in February 2021, we are obligated to repay $17.0 million of our outstanding balance on our Revolving Credit Facility in April 2022 and the remaining outstanding balance in January 2024; however, we fully repaid the outstanding balance as of December 31, 2020 on February 5, 2021. Refer to Note 21 for further discussion. Senior Secured Credit Facility Playa Resorts Holding B.V., a subsidiary of ours, holds a senior secured credit facility (“Senior Secured Credit Facility”), which consists of a term loan facility which is scheduled to mature on April 27, 2024 (“Term Loan”) and a revolving credit facility which was originally scheduled to mature on April 27, 2022 (“Revolving Credit Facility”). The Term Loan bears interest at a rate per annum equal to LIBOR plus 2.75% (where the applicable LIBOR rate has a 1.0% floor). The Revolving Credit Facility bears interest at LIBOR plus 3.00%. We are required to pay a commitment fee ranging from 0.25% to 0.5% per annum on the average daily undrawn balance of the Revolving Credit Facility. The obligations under the Senior Secured Credit Facility are guaranteed by (a) substantially all of our material subsidiaries, subject to certain exceptions and (b) the Company on a limited recourse basis, with such guaranty being collateralized by a lien on our ordinary shares. The obligations are further collateralized by, among other things, a lien on (i) all resorts located in Mexico, (ii) certain personal property associated with such resort properties and (iii) pledges of equity interests in certain of our subsidiaries that directly or indirectly own equity interests in any resort property or certain management companies. Fourth Amendment to Amended and Restated Credit Agreement On June 12, 2020, we entered into the Fourth Amendment to the Amended & Restated Credit Agreement (the “Fourth Amendment”, and collectively with the unamended terms of the Senior Secured Credit Facility, the “Existing Credit Agreement”). The terms of the Senior Secured Credit Facility remain in effect except for the following terms modified by the Fourth Amendment: i. replace the total net leverage ratio requirement of the financial covenant with a minimum liquidity test until September 30, 2021 (the “Relief Period”); ii. modify the financial covenant for certain test dates after the Relief Period; and iii. add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period. On February 5, 2021, we amended certain terms of the Senior Secured Credit Facility. Refer to Note 21 for further details. Additional Credit Facility On June 12, 2020, we entered into an additional senior secured credit facility with an average interest rate of 9.25% that matures on April 27, 2024 and ranks pari passu with the Existing Credit Agreement (the “Additional Credit Facility”). The Additional Credit Facility consists of the following term loans: i. $35.0 million term loan at fixed rate of 11.4777% (the “Term A1 Loan”); ii. $31.0 million term loan at fixed rate of 11.4777% (the “Term A2 Loan”); and iii. $28.0 million term loan at our option of either a base rate plus a margin of 2.00% or LIBOR plus 3.00% (the “Term A3 Loan”). Term A3 Loan is a Eurocurrency loan subject to a 1.0% LIBOR floor consistent with the Existing Credit Agreement. We intend to use the proceeds from the Additional Credit Facility for general corporate purposes. The obligations under the Additional Credit Facility are collateralized in a manner that is substantially identical to the Existing Credit Agreement. Prior to the maturity date, the Additional Credit Facility does not require principal payments, but does include mandatory prepayment requirements for the Term A3 Loan that are consistent with the Existing Credit Agreement. Mandatory prepayments are required for certain asset sales, casualty events and condemnation events that are not reinvested in our business where our total net leverage ratio is above 4.00x. We may not voluntarily prepay any portion of the Additional Credit Facility prior to June 2023 without paying a make-whole premium equal to 100% of the interest that would have otherwise accrued from the date of such payment through June 2022 plus 50% of the interest that otherwise would have accrued from June 2022 to June 2023. Subsequent to June 2023, we may prepay any portion of the Additional Credit Facility without penalty. In connection with the Additional Credit Facility, we terminated the remaining $15.0 million of unused capacity of our Revolving Credit Facility under the Existing Credit Agreement. The Additional Credit Facility contains covenants, including a springing financial maintenance covenant, identical to those contained in the Existing Credit Agreement. On February 5, 2021, we amended certain terms of the Additional Credit Facility. Refer to Note 21 for further details. Property Loan Agreement On June 12, 2020, we entered into a property loan agreement in the amount of $110.0 million that has a fixed interest rate of 9.25% and matures on July 1, 2025 (the “Property Loan”). Prior to maturity, the Property Loan does not require principal payments. The Property Loan is collateralized by the mortgages of our Hyatt Ziva and Hyatt Zilara Cap Cana properties located in the Dominican Republic and the Hilton Rose Hall Resort & Spa located in Jamaica (collectively the “Properties”). We intend to use the proceeds of the Property Loan to finance the operation and management of the Properties and for general corporate purposes. During the term of the Property Loan, we are required to deposit certain cash reserves including reserves for operating expenses, debt service and certain property improvement plan required work. We will continue to fund the reserves until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive calendar quarters. These reserves are presented as restricted cash on our Consolidated Balance Sheet, which had a balance of $25.9 million as of December 31, 2020. Financing lease obligation On July 1, 2020, we entered into a twelve year finance lease arrangement with a third-party for the construction, management and maintenance of a thermal energy plant located at the Hyatt Ziva and Hyatt Zilara Cap Cana. We recognized a $2.3 million right-of-use asset and lease liability within property and equipment, net and debt, respectively, on the Consolidated Balance Sheet. Financial maintenance covenants We were in compliance with all applicable covenants as of December 31, 2020. See a summary of our applicable covenants and restrictions below as of December 31, 2020: Debt Covenant Terms Existing Credit Agreement We are required to maintain a minimum liquidity balance of $60.0 million through the Relief Period. If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to June 30, 2021, we will be subject to the following total net leverage ratio requirements: ▪ 6.50x for the period ended September 30, 2021; ▪ 6.00x for the period ended December 31, 2021; and ▪ 4.75x for periods thereafter. Term A1 Loan Same terms as the Existing Credit Agreement. Term A2 Loan No applicable debt covenants. Term A3 Loan No 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. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments Interest rate swaps Effective March 29, 2018, we entered into two interest rate swaps to 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 $800.0 million of our Term Loan. The interest rate swaps mature on March 31, 2023. As of March 20, 2019, we elected to adopt hedge accounting and designate our interest rate swaps as cash flow hedges. Prior to our adoption of hedge accounting, the change in fair value of our interest rate swaps was recognized through interest expense in the Consolidated Statements of Operations. Following the adoption, the change in the fair value of our interest rate swaps that qualifies as effective cash flow hedges is recorded through other comprehensive loss (“OCI”) in the Consolidated Statements of Comprehensive (Loss) Income. Unrealized gains and losses in accumulated other comprehensive loss (“AOCI”) are reclassified to interest expense as interest payments are made on our variable rate debt. On February 29, 2020, our interest rate swaps were ineffective due to the decrease in interest rates and all subsequent changes in fair value were recognized through interest expense in the Consolidated Statements of Operations. The following tables present the effect of our interest rate swaps, net of tax, in the Consolidated Statements of Comprehensive (Loss) Income and Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 ($ in thousands) : Derivative Liabilities Designated as Hedging Instruments 2020 2019 2018 AOCI from our cash flow hedges as of January 1 $ 20,164 $ — $ — Change in fair value 16,956 5,834 — Reclassification from AOCI to interest expense (1,908) 24 — OCI related to our cash flow hedges for the three months ended March 31 15,048 5,858 — Change in fair value — 14,648 — Reclassification from AOCI to interest expense (2,926) 136 — OCI related to our cash flow hedges for the three months ended June 30 (2,926) 14,784 — Change in fair value — 4,912 — Reclassification from AOCI to interest expense (2,958) (324) — OCI related to our cash flow hedges for the three months ended September 30 (2,958) 4,588 — Change in fair value — (3,907) — Reclassification from AOCI to interest expense (2,959) (1,159) — AOCI from our cash flow hedges as of December 31 (1) $ 26,369 $ 20,164 $ — ________ (1) As of December 31, 2020, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million, which represents prior losses recognized in AOCI when our interest rate swaps were designated as a hedging instruments. Derivative Liabilities Not Designated as Hedging Instruments (1) Financial Statement Classification Year Ended December 31, 2020 2019 2018 Interest rate swaps (2) Interest expense $ 26,299 $ 2,715 $ 17,093 ________ (1) Effective February 29, 2020, our interest rate swaps were ineffective and no longer designated as hedging instruments. (2) Includes the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative. The following tables present the effect of our interest rate swaps in the Consolidated Balance Sheet as of December 31, 2020 and December 31, 2019 ($ in thousands) : Derivative Liabilities for Effective Hedges Financial Statement Classification As of December 31, 2020 2019 Interest rate swaps Derivative financial instruments $ — $ 31,932 Derivative Liabilities for Ineffective Hedges Financial Statement Classification As of December 31, 2020 2019 Interest rate swaps Derivative financial instruments $ 46,340 $ — |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | 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 December 31, 2020 and 2019. We did not have any Level 3 instruments during any of the periods presented in our Consolidated Financial Statements. The following table presents our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019 ($ in thousands) : December 31, 2020 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 46,340 $ — $ 46,340 $ — December 31, 2019 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 31,932 $ — $ 31,932 $ — The following table presents our fair value hierarchy for our financial assets measured at fair value on a nonrecurring basis within our Consolidated Balance Sheet presented as of December 31, 2020 ($ in thousands) : November 3, 2020 Level 1 Level 2 Level 3 Fair value measurements on a nonrecurring basis Impaired long-lived assets (1) $ 34,475 $ — $ 34,475 $ — ________ (1) On November 3, 2020, we recorded an impairment loss of $10.6 million based on the sale price of the Dreams Puerto Aventuras, which we consider an observable input other than quoted prices. Refer to further discussion of the sale in Note 5. The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of December 31, 2020 and 2019 ($ in thousands) : Carrying Value Fair Value As of December 31, 2020 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 971,920 $ — $ — $ 936,799 Revolving Credit Facility 84,667 — — 84,769 Term A1 Loan 33,792 — — 35,182 Term A2 Loan 29,930 — — 31,161 Term A3 Loan 27,033 — — 28,028 Property Loan 101,631 — — 109,871 Total liabilities $ 1,248,973 $ — $ — $ 1,225,810 Carrying Value Fair Value As of December 31, 2019 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 980,658 $ — $ — $ 983,214 Revolving Credit Facility 60,000 — — 60,000 Total liabilities $ 1,040,658 $ — $ — $ 1,043,214 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 Loan The 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 Facility The valuation technique of our Revolving Credit Facility is consistent with our Term Loan. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration. |
Employee benefit plan
Employee benefit plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee benefit plan | Employee benefit plan In accordance with labor law regulations in Mexico, certain employees are legally entitled to receive severance that is commensurate with the tenure they had with us at the time of termination. Our pension obligation is a Level 3 financial instrument that is recorded at fair value and calculated using actuarial valuations by applying the “projected unit credit method.” The fair value as of December 31, 2020 and 2019 was determined based on the EMSSAH-09 and EMSSAM-09 mortality tables and the application of certain assumptions including a discount rate, a salary increase and estimated personnel turnover and disability. Liabilities are recognized as other liabilities in the Consolidated Balance Sheets. Actuarial gains and losses are recognized in the Consolidated Statements of Operations. The following table sets forth our pension obligation, funded status and accumulated pension obligation ( $ in thousands ): As of December 31, 2020 2019 Change in pension obligation Balance at beginning of period $ 6,764 $ 5,123 Service cost 822 795 Interest cost 428 492 Actuarial loss 332 881 Effect of foreign exchange rates (560) 384 Curtailment (264) (171) Benefits paid (1,264) (783) (Divestiture) Acquisitions (27) 43 Balance at end of period $ 6,231 $ 6,764 Underfunded status (6,231) (6,764) Accumulated pension obligation $ (4,382) $ (4,709) There were no plan assets as of December 31, 2020 or 2019 as contributions are made only to the extent benefits are paid. The underfunded status of the plan is recorded in other liabilities in the Consolidated Balance Sheets. The following table presents the components of net periodic pension cost ( $ in thousands ): Year Ended December 31, 2020 2019 2018 Service cost $ 822 $ 795 $ 674 Interest cost 428 492 364 Effect of foreign exchange rates (560) 384 (12) Amortization of prior service cost 1 1 25 Amortization of loss (gain) 6 (20) (18) Compensation-non-retirement post-employment benefits 214 (1) (34) Settlement and curtailment gain (289) (211) (17) Total net periodic pension cost $ 622 $ 1,440 $ 982 The service cost component of net periodic pension cost is recorded within direct expense in the Consolidated Statements of Operations. All components of net periodic pension cost other than the service cost component are recorded within other (expense) income for all periods presented. The weighted-average assumptions used to determine the pension obligation as of December 31, 2020 and 2019 and the net periodic pension cost for the years ended December 31, 2020, 2019 and 2018 were as follows: As of December 31, 2020 2019 2018 Discount rate 7.10 % 7.50 % 9.55 % Rate of compensation increase 4.79 % 4.79 % 4.79 % The discount rate reflects the current rate at which our pension obligations could be effectively settled on the measurement date. The discount rate was determined by our actuary based on a yield curve constructed from a portfolio of zero-coupon government bonds for which the timing and amount of cash flows approximate the estimated benefit payments of the plan. The plan’s expected cash flows are then discounted using the applicable spot rate from the yield curve to determine a single effective discount rate. The following table represents our expected plan payments for the next five years and thereafter ( $ in thousands ): As of December 31, 2020 2021 $ 561 2022 499 2023 553 2024 590 2025 651 Thereafter 4,441 Total expected plan payments $ 7,295 |
Other balance sheet items
Other balance sheet items | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other balance sheet items | Other balance sheet items Trade and other receivables, net The following summarizes the balances of trade and other receivables, net as of December 31, 2020 and 2019 ($ in thousands): As of December 31, 2020 2019 Gross trade and other receivables (1) $ 28,346 $ 73,015 Allowance for doubtful accounts (2) (2,913) (1,765) Total trade and other receivables, net $ 25,433 $ 71,250 ________ (1) The opening balance as of January 1, 2019 was $65.4 million. (2) We recognized an additional $0.8 million in bad debt expense during the year ended December 31, 2019 as a result of the bankruptcy of Thomas Cook, one of our travel partners. We also recognized $3.1 million in bad debt expense during the year ended December 31, 2020 primarily as result of the negative effects of COVID-19. Financial instruments that are subject to credit risk consist primarily of trade accounts receivable. Trade accounts receivable are generated from sales of services to customers in the United States, Canada, Europe, Latin America and Asia. Our policy is to mitigate this risk by granting a credit limit to each client depending on the client’s volume and credit quality. In order to increase the initially established credit limit, approval is required from the credit manager. Each resort periodically reviews the age of the clients’ balances and the balances which may be of doubtful recoverability. We do not require collateral or other security in support of accounts receivable. Allowances are provided for individual accounts receivable when we become aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in the customer’s operating results, or change in financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. We also consider broader factors in evaluating the sufficiency of our allowances for doubtful accounts, including the length of time receivables are past due, significant one-time events and historical experience. The gross carrying amount of the trade and other receivables balance is reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. The allowance is based on historical loss experience, specific risks identified in collection matters and analysis of past due balances identified in the aging detail. We have not experienced any significant write-offs to our accounts receivable. The change in the allowance for doubtful accounts for the years ended December 31, 2020, 2019 and 2018 is summarized in the following table ($ in thousands) : Balance at January 1 Additions Deductions Balance at December 31 December 31, 2020 $ (1,765) $ (3,115) $ 1,967 $ (2,913) December 31, 2019 $ (593) $ (1,402) $ 230 $ (1,765) December 31, 2018 $ (785) $ (338) $ 530 $ (593) Prepayments and other assets The following summarizes the balances of prepayments and other assets as of December 31, 2020 and 2019 ($ in thousands) : As of December 31, 2020 2019 Advances to suppliers $ 8,748 $ 7,865 Prepaid income taxes 12,731 12,412 Prepaid other taxes (1) 14,033 11,156 Operating lease right of use assets 4,263 5,673 Contract deposit (2) 2,700 2,700 Other assets 5,163 4,885 Total prepayments and other assets $ 47,638 $ 44,691 ________ (1) Includes recoverable value-added tax, general consumption tax and other sales tax accumulated by our Mexico, Jamaica, Netherlands and Dominican Republic entities. (2) Represents a cash deposit related to the Sanctuary Cap Cana management contract. The deposit will be used towards a purchase of a partial interest in Sanctuary Cap Cana if we are able to agree on terms. Goodwill The gross carrying values and accumulated impairment losses of goodwill by reportable segment (refer to discussion of our reportable segments in Note 19) as of December 31, 2020 and 2019 were as follows ($ in thousands): Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total Balance at December 31, 2019 Gross carrying value $ 51,731 $ — $ — $ 32,776 $ 84,507 Accumulated impairment losses (6,168) — — — (6,168) Net carrying value 45,563 — — 32,776 78,339 Activity during the year Adjustments (1) — — — 3,103 3,103 Impairment losses (2) — — — (19,788) (19,788) Balance at December 31, 2020 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 ________ (1) During the second half of 2020, we recognized adjustments to deferred income taxes and goodwill representing a corrections of immaterial errors for acquired property and equipment from the business combination with Sagicor in 2018 (see Note 4). These adjustments were not significant to our previously reported Consolidated Financial Statements. (2) As a result of the immaterial corrections noted above, we recognized an additional $1.5 million in impairment losses during the second half of 2020. As a result of the negative impacts of COVID-19 and the temporary suspension of operations at our resorts (see Note 1), we performed an interim quantitative impairment analysis as of March 31, 2020 for all of our reporting units. The forecasted future cash flows of our reporting units materially decreased during the first quarter of 2020 and as a result, we recognized $17.7 million of goodwill impairment losses at the following reporting units within impairment loss in the Consolidated Statements of Operations as we determined that their carrying values exceeded their fair value ($ in thousands) : Reporting Unit Reportable Segment 2020 Impairment Loss (1) Jewel Runaway Bay Beach Resort & Waterpark Jamaica $ 7,604 Jewel Dunn’s River Beach Resort & Spa Jamaica $ 5,612 Jewel Paradise Cove Beach Resort & Spa Jamaica $ 4,489 ________ (1) As a result of the immaterial corrections to goodwill previously noted, we recognized $1.5 million in impairment losses on these three reporting units during the second half of 2020, which are included in the table above. The fair values of our Hilton Playa del Carmen All-Inclusive Resort and Hyatt Zilara Cancún reporting units in Mexico substantially exceeded their carrying values as of March 31, 2020 and as of July 1, 2020, our annual testing date. We did not identify any additional triggering events subsequent to the annual testing date for these reporting units. The fair value of our Panama Jack Resorts Cancún reporting unit did not exceed its carrying value by a substantial amount as of March 31, 2020 or July 1, 2020. We therefore performed an interim quantitative impairment analysis for the Panama Jack Resorts Cancún reporting unit as of September 30, 2020 and concluded that the goodwill was not impaired. Due to the stronger recovery in the Mexico market, the fair value of this reporting unit exceeded its carrying value by a substantial amount as of September 30, 2020. We did not identify any additional triggering events subsequent to the September 30, 2020 interim testing date for this reporting unit. The fair value of the Hilton Rose Hall Resort & Spa reporting unit in Jamaica substantially exceeded its carrying value as of March 31, 2020. However, as a result of the COVID-19 testing requirements enacted by the Jamaican government, the fair value of the reporting unit did not exceed its carrying value by a substantial margin as of October 1, 2020, our annual testing date. As a result of the continued COVID-19 testing requirements, combined with the re-entry requirements imposed by the U.S. Center for Disease Control, we also performed an interim quantitative impairment analysis over the Hilton Rose Hall Resort & Spa reporting unit as of December 31, 2020 and concluded that the goodwill was partially impaired. We recognized a $2.0 million impairment loss within impairment loss in the Consolidated Statements of Operations for this reporting unit ($ in thousands): Reporting Unit Reportable Segment 2020 Impairment Loss Hilton Rose Hall Resort & Spa Jamaica $ 2,033 During the fourth quarter of 2019, we performed an interim quantitative impairment analysis over our Panama Jack Resorts Playa del Carmen reporting unit due to the unfavorable market conditions in the Yucatán Peninsula region. The financial performance of this reporting unit did not recover during the fourth quarter of 2019 consistent with our other reporting units in the region. The decline in current and forecasted cash flows was considered a triggering event for quantitative impairment testing. As a result of our quantitative impairment analysis, we determined that the carrying value of our Panama Jack Resorts Playa del Carmen reporting unit exceeded its fair value and we recognized an impairment loss of $6.2 million for the year ended December 31, 2019. The impairment loss was equivalent to the total amount of goodwill allocated to this reporting unit ($ in thousands): Reporting Unit Reportable Segment 2019 Impairment Loss Panama Jack Resorts Playa del Carmen Yucatán Peninsula $ 6,168 Other intangible assets Other intangible assets as of December 31, 2020 and 2019 consisted of the following ( $ in thousands ): As of December 31, 2020 2019 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract (2) 1,900 1,900 Enterprise resource planning system (3) 6,047 5,187 Other 4,238 3,346 Total gross carrying value 13,060 11,308 Accumulated amortization Management contract (2) (238) (143) Enterprise resource planning system (3) (1,125) (437) Other (3,141) (2,320) Total accumulated amortization (4,504) (2,900) Net carrying value Casino and other licenses (1) 875 875 Management contract (2) 1,662 1,757 Enterprise resource planning system (3) 4,922 4,750 Other 1,097 1,026 Total net carrying value $ 8,556 $ 8,408 ________ (1) Our casino licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents the fair value of a management contract acquired in the business combination with the Sagicor Parties (see Note 4). (3) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning (“ERP”) system, of which $1.4 million and $2.6 million was placed into service in 2020 and 2019, respectively, and are being amortized over a weighted-average amortization period of 7 years. Amortization expense on our intangible assets was $1.7 million, $1.1 million and $1.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization expense relating to intangible assets with finite lives for the years ended December 31, 2021 to 2025 is expected to be as follows ( $ in thousands ): As of December 31, 2020 2021 $ 1,432 2022 1,338 2023 1,112 2024 997 2025 909 Thereafter 1,893 Total future amortization expense $ 7,681 Trade and other payables The following summarizes the balances of trade and other payables as of December 31, 2020 and 2019 ($ in thousands) : As of December 31, 2020 2019 Trade payables $ 23,348 $ 45,299 Advance deposits (1) 29,707 53,769 Withholding and other taxes payable 37,450 46,983 Interest payable 618 125 Payroll and related accruals 15,668 14,547 Accrued expenses and other payables 16,619 20,880 Total trade and other payables $ 123,410 $ 181,603 ________ (1) The opening balance as of January 1, 2019 was $57.3 million. Other liabilities The following summarizes the balances of other liabilities ($ in thousands) : As of December 31, 2020 2019 Pension obligation $ 6,231 $ 6,764 Operating lease liabilities 4,762 6,208 Unfavorable ground lease liability (1) 2,090 2,187 Key money (2) 15,790 8,225 Other 895 923 Total other liabilities $ 29,768 $ 24,307 ________ (1) Represents the unamortized balance of the unfavorable ground lease intangible acquired in the business combination with the Sagicor Parties (see Note 4). (2) Represents the unamortized balance of key money received, which is recorded as a reduction to franchise fees within direct expenses in the Consolidated Statements of Operations. We received $8.5 million and $6.5 million in 2020 and 2019, respectively. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment information | Segment information 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 report four separate reportable segments by geography: (i) Yucatán Peninsula, (ii) Pacific Coast, (iii) Dominican Republic, and (iv) Jamaica. For the years ended December 31, 2020, 2019 and 2018, 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 benefit (provision), and depreciation and amortization expense (“Adjusted EBITDA”), which should not be considered an alternative to net income (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. The performance of our segments is evaluated on Adjusted EBITDA before corporate expenses and management fees (“Owned Resort EBITDA”). We define Adjusted EBITDA as net (loss) income, determined in accordance with U.S. GAAP, for the period presented, before interest expense, income tax benefit (provision), and depreciation and amortization expense, further adjusted to exclude the following items: (a) other (expense) income; (b) pre-opening expense; (c) share-based compensation; (d) other tax expense; (e) transaction expense; (f) severance expense; (g) property damage insurance gain; (h) repairs from hurricanes and tropical storms; (i) impairment loss; (j) loss on sale of assets; and (k) Jamaica delayed opening accrual reversal. 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 Consolidated Financial Statements. The following table presents segment Owned Net Revenue, defined as total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations, and a reconciliation to total revenue for the years ended December 31, 2020, 2019 and 2018 ( $ in thousands ): Year Ended December 31, 2020 2019 2018 Owned net revenue (1) Yucatán Peninsula $ 109,629 $ 235,788 $ 259,393 Pacific Coast 33,065 85,219 86,317 Dominican Republic 49,898 90,783 125,137 Jamaica 69,173 193,558 126,702 Segment owned net revenue (2) 261,765 605,348 597,549 Other 367 23 305 Management fees 807 1,820 755 Cost reimbursements 2,189 6,412 978 Compulsory tips 8,061 22,874 17,426 Total revenue $ 273,189 $ 636,477 $ 617,013 ________ (1) We recognized $3.0 million, $0 million and $2.0 million in business interruption insurance recoveries for the years ended December 31, 2020, 2019 and 2018, respectively. The business interruption insurance recoveries recognized in 2020 primarily relate to the suspension of operations experienced as a result of the COVID-19 pandemic, and those received in 2018 relate to Hurricane Irma and Hurricane Maria that occurred in the third quarter of 2017. (2) 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. The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net income (loss) for the years ended December 31, 2020, 2019 and 2018 ( $ in thousands ): Year Ended December 31, 2020 2019 2018 Owned Resort EBITDA Yucatán Peninsula $ 17,783 $ 82,534 $ 107,884 Pacific Coast 4,281 31,618 31,038 Dominican Republic (6,694) 16,596 41,228 Jamaica (1,284) 55,175 32,912 Segment Owned Resort EBITDA 14,086 185,923 213,062 Other corporate (36,066) (37,049) (34,786) Management fees 807 1,820 755 Total adjusted EBITDA (21,173) 150,694 179,031 Interest expense (81,942) (44,087) (62,243) Depreciation and amortization (92,570) (101,897) (73,278) Impairment loss (55,619) (6,168) — Loss on sale of assets (2,021) — — Other (expense) income (1,164) (3,200) 2,822 Repairs from hurricanes and tropical storms (1,542) — — Pre-opening expense — (1,452) (321) Share-based compensation (10,158) (8,845) (6,116) Other tax expense (613) (577) (1,633) Transaction expense (2,497) (6,175) (9,615) Severance expense (3,844) (515) (333) Jamaica delayed opening accrual reversal — — 342 Property damage insurance gain — — 2,212 Non-service cost components of net periodic pension (benefit) cost (1) (200) 645 308 Net (loss) income before tax (273,343) (21,577) 31,176 Income tax benefit (provision) 10,973 17,220 (12,199) Net (loss) income $ (262,370) $ (4,357) $ 18,977 ________ (1) Represents the non-service cost components of net periodic pension (benefit) cost recorded within other (expense) income in the 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 December 31, 2020 and 2019 ( $ in thousands ): As of December 31, 2020 2019 Segment property and equipment, gross Yucatán Peninsula (1) $ 799,849 $ 865,900 Pacific Coast 288,328 288,358 Dominican Republic 678,900 667,120 Jamaica 406,047 499,569 Total segment property and equipment, gross 2,173,124 2,320,947 Corporate property and equipment, gross 4,505 7,320 Accumulated depreciation (450,246) (398,353) Total property and equipment, net $ 1,727,383 $ 1,929,914 ________ (1) Property and equipment of the Dreams Puerto Aventuras resort is included within assets held for sale in the Consolidated Balance Sheet. The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the years ended December 31, 2020, 2019 and 2018 ( $ in thousands ): Year Ended December 31, 2020 2019 2018 Segment capital expenditures Yucatán Peninsula $ 4,487 $ 28,495 $ 16,684 Pacific Coast 1,345 3,144 3,181 Dominican Republic 9,966 178,599 79,543 Jamaica 3,112 5,178 6,262 Total segment capital expenditures (1) 18,910 215,416 105,670 Corporate 160 14,512 5,665 Total capital expenditures (1) $ 19,070 $ 229,928 $ 111,335 ________ (1) Represents gross additions to property and equipment. |
Quarterly financial information
Quarterly financial information (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information (unaudited) | Quarterly financial information (unaudited) The information for each historical period has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. The following tables set forth the historical unaudited quarterly financial data for the periods indicated ( $ in thousands, except share data ): Three months ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Total revenues $ 66,243 $ 28,736 $ 982 $ 177,228 Operating (loss) income $ (54,055) $ (53,556) $ (86,042) $ 3,416 Net loss $ (73,752) $ (78,604) $ (87,458) $ (22,556) Losses per share - basic $ (0.55) $ (0.58) $ (0.67) $ (0.17) Losses per share - diluted $ (0.55) $ (0.58) $ (0.67) $ (0.17) Three months ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Total revenues $ 143,833 $ 132,825 $ 164,023 $ 195,796 Operating (loss) income $ (15,403) $ (16,458) $ 10,334 $ 47,237 Net (loss) income $ (17,924) $ (30,461) $ 1,040 $ 42,988 (Losses) earnings per share - basic $ (0.14) $ (0.23) $ 0.01 $ 0.33 (Losses) earnings per share - diluted $ (0.14) $ (0.23) $ 0.01 $ 0.33 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events For our Consolidated Financial Statements as of December 31, 2020, we evaluated subsequent events through March 4, 2021, which is the date the Consolidated Financial Statements were issued. Performance Share Awards On January 4, 2021, we issued 1,027,519 performance share awards that may become earned and vested based on the achievement of performance targets during a three-year performance period, where 50% of the performance share awards will vest based on the total shareholder return of our ordinary shares relative to those of our peer group and 50% will vest based on the compounded annual growth rate of our ordinary shares. Both performance targets constitute market conditions. Equity Issuance On January 11, 2021, we issued 28,750,000 ordinary shares with a par value of €0.10 per share in connection with a public equity offering. We received $138.0 million in cash consideration, net of underwriting discounts. Fifth Amendment to Amended and Restated Credit Agreement On February 5, 2021, we entered into the Fifth Amendment to the Amended & Restated Credit Agreement (the “Fifth Amendment”, and collectively with the unamended terms of the Senior Secured Credit Facility, the “Existing Credit Agreement”). The terms of the Senior Secured Credit Facility remain in effect except for the following terms modified by the Fifth Amendment: i. extend the maturity date for $68.0 million of the $85.0 million revolving credit facility through January 2024. The remaining $17.0 million matures in April 2022; ii. repayment of $84.7 million outstanding on our Revolving Credit Facility as a condition to maturity extension; iii. increase the interest rate on the extended portion of our revolving credit facility to LIBOR plus an applicable margin of 4.00%; iv. extend the Relief Period through March 31, 2022; v. further modify the financial covenant for certain test dates after the Relief Period; and vi. add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period and thereafter. Second Amendment to Additional Credit Facility On February 5, 2021, we entered into the Second Amendment to the Additional Credit Facility (the “Second Amendment”). The terms of the Additional Credit Facility remain in effect except for the following terms modified by the Second Amendment: i. extend the Relief Period through March 31, 2022; ii. further modify the financial covenant for certain test dates after the Relief Period; and iii. add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period and thereafter. Sale of Dreams Puerto Aventuras We completed the sale of the Dreams Puerto Aventuras on February 5, 2021 and received total cash consideration of $34.3 million, after customary closing costs. A portion of the net proceeds, after deducting incremental expenses and capital expenditures incurred across our portfolio for 24 months following the sale, will be used to prepay our Term Loan. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Playa Hotels & Resorts N.V. (Parent Company) Balance Sheet ($ in thousands) As of December 31, 2020 2019 ASSETS Cash and cash equivalents $ 10,534 $ 327 Intercompany receivables from subsidiaries 506 125 Prepayments and other assets 140 119 Investment in subsidiaries 708,450 809,338 Total assets $ 719,630 $ 809,909 LIABILITIES AND SHAREHOLDERS' EQUITY Trade and other payables $ 185 $ 258 Advances from subsidiaries 151,309 — Total liabilities 151,494 258 Total shareholders’ equity 568,136 809,651 Total liabilities and shareholders' equity $ 719,630 $ 809,909 The accompanying notes are an integral part of these Condensed Financial Statements. SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Playa Hotels & Resorts N.V. (Parent Company) Statement of Operations ($ in thousands) Year Ended December 31, 2020 2019 2018 Revenue $ — $ — $ — Selling, general and administrative expenses (11,099) (11,429) (8,355) Operating loss (11,099) (11,429) (8,355) Other (expense) income (5) (17) 1,382 Interest income — 29 — Interest expense — — (197) Net loss before equity in net (loss) income of subsidiaries (11,104) (11,417) (7,170) Equity in net (loss) income of subsidiaries (251,266) 7,060 26,147 Net (loss) income $ (262,370) $ (4,357) $ 18,977 The accompanying notes are an integral part of these Condensed Financial Statements. SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT Playa Hotels & Resorts N.V. (Parent Company) Statement of Cash Flows ($ in thousands) For the Year Ended December 31, 2020 2019 2018 OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ 2,398 $ 4,456 $ (493) INVESTING ACTIVITIES Investment in subsidiaries (161,000) — (7,000) Return of investment in subsidiaries — — 6,784 Net cash used in investing activities (161,000) — (216) FINANCING ACTIVITIES Advances from subsidiaries 151,309 — — Repayment of intercompany loans — — (7,500) Repurchase of ordinary shares (2,500) (13,694) (314) Proceeds from ordinary shares 20,000 — — Repurchase of Earnout Warrants — — (55) Net cash provided by (used in) financing activities 168,809 (13,694) (7,869) DECREASE IN CASH AND CASH EQUIVALENTS 10,207 (9,238) (8,578) CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD $ 327 $ 9,565 $ 18,143 CASH AND CASH EQUIVALENTS, END OF THE PERIOD $ 10,534 $ 327 $ 9,565 SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES Non-cash investment in subsidiaries $ — $ — $ 225,000 Non-cash return of investment in subsidiaries $ — $ — $ (9,600) Non-cash repurchases of ordinary shares for tax withholdings $ 54 $ — $ — Non-cash equity issuance costs $ 442 $ — $ — Par value of vested restricted share awards $ 103 $ 54 $ 22 The accompanying notes are an integral part of these Condensed Financial Statements. Playa Hotels & Resorts N.V. (“Playa,” “we,” “us,” or the “Company”) was incorporated as a public limited liability company in the Netherlands concurrent with a business combination pursuant to a transaction agreement by and among us, Playa Hotels & Resorts B.V., Pace Holdings Corp., an entity that was formed as a special purpose acquisition company for the purpose of effecting a merger or other similar business combination with one or more target businesses, and New Pace Holdings Corp. Playa became the parent company (holding) of the Company’s portfolio through its wholly-owned subsidiary Playa Resorts Holding B.V. When presenting parent company financial statements (our “Condensed Financial Statements”), the Company accounts for its investment in subsidiaries using the equity method of accounting. Certain of the Company’s subsidiaries have material restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to the Senior Secured Credit Facility (as defined in Note 14 of the Company’s Consolidated Financial Statements included elsewhere in this filing). These Condensed Financial Statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of Playa and its subsidiaries constitute more than 25% of the consolidated net assets of the Company and its subsidiaries. This information should be read in conjunction with the Company’s Consolidated Financial Statements included elsewhere in this filing. The legal entity has guaranteed liabilities of certain consolidated group companies, as meant in article 2:403 of the Netherlands Civil Code. The legal entity is therefore jointly and severally liable for the liabilities arising from the legal acts of those group companies. The Company and its subsidiaries are involved in certain litigation and claims, including claims and assessments with taxing authorities, which are incidental to the conduct of its business. 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. Our Dutch companies file as a fiscal unity, with the exception of Playa Romana B.V., Playa Romana Mar B.V. and Playa Hotels & Resorts N.V. 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. During the third quarter of 2015, we identified and recorded a potential Dutch operating tax contingency resulting from allocations to be made of certain corporate expenses from 2014 and 2015. We provided all requested documentation to the Dutch tax authorities and, in the fourth quarter of 2018, they reached their final determination resulting in a gain of $1.2 million reported in other income for the year ended December 31, 2018. As of December 31, 2020 and 2019, there was no operating tax contingency outstanding. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of preparation, presentation and measurement | Basis of preparation, presentation and measurement Our Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Principles of consolidation | Principles of consolidation Our Consolidated Financial Statements include the accounts of Playa and our subsidiaries, all of which we wholly own and control. All intercompany transactions and balances have been eliminated in the consolidation process. |
Use of estimates | Use of estimates The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. We evaluate our estimates and assumptions periodically. Estimates are based on historical experience and on other factors that are considered to be reasonable under the circumstances. Significant accounting policies that require us to exercise judgment or make significant estimates include the fair value of assets and liabilities acquired in business combinations, useful lives of property and equipment, income taxes (including the valuation allowance), commitments and contingencies, long-lived asset and goodwill impairment testing, fair value of restricted share awards with market and performance conditions and fair value of financial instruments. |
Financial instruments | Financial instrumentsThe Consolidated Balance Sheet contains various financial instruments, including, but not limited to, 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. |
Foreign currency | Foreign currency Our reporting currency is the U.S. dollar. We have determined that the U.S. dollar is the functional currency of all of our international operations. Foreign currency denominated monetary asset and liability amounts are remeasured into U.S. dollars at end-of-period exchange rates. Foreign currency denominated non-monetary assets, such as inventories, prepaid expenses, fixed assets and intangible assets, are recorded in U.S. dollars at historical exchange rates. Foreign currency denominated income and expense items are recorded in U.S. dollars at the applicable daily exchange rates in effect during the relevant period. For purposes of calculating our tax liability in certain foreign jurisdictions, we index our depreciable tax bases in certain assets for the effects of inflation based upon statutory inflation factors. The effects of these indexation adjustments are reflected in income tax benefit (provision) in the Consolidated Statements of Operations. The remeasurement gains and losses related to deferred tax assets and liabilities are reported in the income tax benefit (provision). |
Business combinations | Business combinations For acquisitions meeting the definition of a business combination, the acquisition method of accounting is used. The acquisition date is the date on which we obtain operating control over the acquired business. The consideration transferred is determined on the acquisition date and is the sum of the fair values of the assets transferred by us, the liabilities assumed by us and equity interests issued by us. Acquisition-related costs, such as professional fees, are excluded from the consideration transferred and are expensed as incurred. Goodwill is measured as the excess of the consideration transferred over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration transferred is less than the fair value of the net assets acquired and liabilities assumed, the difference is recorded as a bargain purchase gain in profit or loss. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at historical cost less accumulated depreciation. The costs of improvements that extend the life of property and equipment, such as structural improvements, equipment and fixtures, are capitalized. In addition, we capitalize soft costs such as interest, insurance, construction administration and other costs that clearly relate to projects under development or construction. Start-up costs, ongoing repairs and maintenance are expensed as incurred. Buildings that are being developed or closed for substantial redevelopment are carried at cost and no depreciation is recorded on these assets until they are put into or back into service. The useful life of buildings under re-development is re-evaluated upon completion of the projects. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values (if any) over their estimated useful lives, as follows: Buildings 5 to 50 years Fixtures and machinery 7 to 18 years Furniture and other fixed assets 4 to 12 years The assets’ estimated useful lives and residual values are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis. |
Income taxes | Income taxes We account for income taxes using the asset and liability method, under which we recognize deferred income taxes for the tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as well as for tax loss carryforwards. For purposes of these Consolidated Financial Statements, our income tax benefit (provision) was calculated on a return basis as though we had filed our tax returns in the applicable jurisdictions in which we operate. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the new rate is enacted. We provide a valuation allowance against deferred tax assets if it is more likely than not that a portion will not be realized. In assessing whether it is more likely than not that deferred tax assets will be realized, we consider all available evidence, both positive and negative, including our recent cumulative earnings experience and expectations of future available taxable income of the appropriate character by taxing jurisdiction, tax attribute carryback and carry forward periods available to us for tax reporting purposes, and prudent and feasible tax planning strategies. |
Commitments and contingencies | Commitments and contingencies We are subject to various legal proceedings, regulatory proceedings and claims, the outcomes of which are subject to uncertainty. We record an estimated loss from a loss contingency, with a corresponding charge to income, if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. We provide disclosure on contingencies when there is a reasonable possibility that a loss has been incurred (see Note 8). |
Ordinary shares and paid-in capital and Dividends | Ordinary shares and paid-in capital Ordinary shares are classified as equity when there is no obligation to transfer cash or other assets to the respective holder. Incremental costs directly attributable to the issuance of ordinary shares are recognized as a reduction of equity, net of any tax effects. Dividends We must comply with the provisions of Dutch law, our Articles of Association and the covenants in our Senior Secured Credit Facility (as defined in Note 14) if we want to pay cash dividends. We currently intend to retain any earnings for future operations and expansion. Any future determination to pay dividends will be at the discretion of our shareholders at our general meeting of shareholders (the “General Meeting”), subject to a proposal from our board of directors, and will depend on our actual and projected financial condition, liquidity and results of operations, capital requirements, prohibitions and other restrictions contained in current or future financing instruments and applicable law, and such other factors as our board of directors deems relevant. |
Debt | Debt Debt is carried at amortized cost. Any difference between the proceeds (net of debt issuance costs) and the redemption value is recognized as an adjustment to interest expense over the term of the debt using the effective interest rate method. Debt issuance costs are recorded in the Consolidated Balance Sheet as a direct deduction from the carrying amount and amortized over the term of the debt utilizing the effective interest rate method. Capitalized interest directly attributable to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use, is recognized as part of the cost of such assets until the time the assets are substantially ready for their intended use. Capitalized interest is subsequently recognized as depreciation expense in the Consolidated Statements of Operations once the assets are placed into service. |
Goodwill | Goodwill Goodwill arises in connection with business combinations and is generally allocated to our reporting units, which are also our operating segments, based on their relative fair values. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate a potential impairment. As a result of COVID-19 and the temporary suspension of operations at our resorts, the forecasted future cash flows of our reporting units materially decreased during the first quarter of 2020. We performed an interim quantitative impairment analysis as of March 31, 2020 and recognized $17.7 million of goodwill impairment losses at the Jewel Runaway Bay Beach Resort & Waterpark, Jewel Dunn’s River Beach Resort & Spa, and Jewel Paradise Cove Beach Resort & Spa (see Note 18). We completed our most recent annual impairment assessment for our goodwill associated with the reporting units within our Yucatán Peninsula and Jamaica reportable segments as of July 1, 2020 and October 1, 2020, respectively, and concluded that goodwill was not impaired as of such testing dates. As a result of the COVID-19 testing requirements enacted by the Jamaican government and the re-entry requirements imposed by the U.S. Center for Disease Control, we performed an interim quantitative impairment analysis over the Hilton Rose Hall Resort & Spa as of December 31, 2020 and concluded that the goodwill was partially impaired. We recognized a $2.0 million impairment loss during the fourth quarter of 2020 for this reporting unit (see Note 18). When evaluating goodwill for potential impairment, we are permitted to first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If we cannot determine qualitatively that the fair value is in excess of the carrying value, or if we decide to bypass the qualitative assessment for any reporting unit in any period, we perform a quantitative analysis. The quantitative test is used to identify both the existence of impairment and the amount of the impairment loss by comparing the estimated fair value of the reporting unit to its carrying value, including goodwill. We generally estimate the fair value of a reporting unit using a combination of the discounted cash flow approach and the market multiple or market transaction approach. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. |
Other intangible assets | Other intangible assets The useful life for definite lived intangibles is determined to be equal to their economic life. An impairment loss is recognized for our indefinite or definite lived assets when the amount by which the asset’s carrying amount exceeds its recoverable amount. |
Revenue recognition | Revenue recognition Revenue is recognized on an accrual basis when the rooms are occupied and services have been rendered. We primarily derive our revenue from the following sources: • Package revenue: Revenues derived from all-inclusive packages purchased by our guests, which include room accommodations, food and beverage services and entertainment activities, are included in the package revenue line item of the Consolidated Statements of Operations and are considered one performance obligation. Contract liabilities consist of advanced deposits received from customers which are deferred until the rooms are occupied and the services have been rendered. Advance deposits are included in trade and other payables in the Consolidated Balance Sheet. Revenue is measured at the fair value of the consideration received or receivable, stated net of estimated discounts, rebates and value added taxes and recognized when our performance obligation of all-inclusive services is considered transferred to the customer. • Non-package revenue: Revenue associated with upgrades, premium services and amenities that are not included in the all-inclusive package. This includes, but is not limited to, premium rooms, dining experiences, wines and spirits and spa packages which are included in the non-package revenue line item of the Consolidated Statements of Operations. Revenue is recognized based on the agreed upon price after the completion of the sale when the product or service is transferred to the customer. Food and beverage revenue not included in a guest’s all-inclusive package is recognized when the goods are consumed. • Management fees: Management fees are derived from resorts that we manage, typically under long-term contracts with the property owner. Management fees are typically composed of a base fee, which is computed as a percentage of resort revenue, and an incentive fee, which is computed as a percentage of resort profitability. We recognize revenue over the term of the service period as the third-party owners benefit from our management services. Revenue from management contracts is included in the management fees line item of the Consolidated Statements of Operations. • Cost reimbursements: |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are comprised of cash balances and highly liquid cash deposits with maturities at the date of the acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. We classify these cash instruments as Level 1. Financial instruments that potentially subject us to a concentration of |
Restricted cash | Restricted cashRestricted cash consists of cash balances restricted in use by contractual obligations with third-parties. |
Trade and other receivables, net | Trade and other receivables, net Trade and other receivables include amounts due from guests and vendors for merchandise sold or services performed in the ordinary course of business as well as other miscellaneous receivables, such as insurance. Collection of these amounts is expected in one year or less. When necessary, the carrying amount of our receivables is reduced by an allowance for doubtful accounts that reflects our estimate of amounts that will not be collected. When a trade receivable is considered uncollectible, it is written off against the allowance for doubtful accounts. Subsequent recoveries of amounts previously written off are credited against the allowance accounts. Changes in the carrying amount of the allowance for doubtful accounts are recognized as bad debt expense within selling, general and administrative expenses in the Consolidated Statements of Operations. |
Inventories | Inventories Inventories consist of food, beverages and other items related to consumption and are valued at the lower of cost or net realizable value. Cost is determined using the weighted-average cost method, not to exceed the market value. |
Advertising costs | Advertising costsAdvertising costs are expensed as incurred or the first time the advertising takes place. |
Share-based compensation | Share-based compensation We have an equity incentive plan that provides for the grant of share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards. We recognized share-based compensation based on the following scenarios: • Awards vesting with the passage of time: Share-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. • Awards vesting with market conditions: The conditions are incorporated into the fair value measurement and recognized as an expense on a straight-line basis over the vesting period. The compensation expense is not adjusted if the conditions are not met. The determination of fair value on the date of grant is subjective and involves significant estimates and assumptions including expected volatility of our shares, expected dividend yield, expected term and assumptions of whether these awards will achieve performance thresholds. • Awards vesting with performance conditions: Compensation expense is recognized when it becomes probable that the performance criteria specified in the awards will be achieved and, accordingly, the compensation value is adjusted following the changes in the estimates of shares likely to vest based on the performance criteria. The effects of forfeitures are recognized in compensation expense when they occur. |
Derivative financial instruments | Derivative financial instruments Derivative financial instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured to fair value at period end. Changes in the fair value of a derivative contract that is qualified, designated and highly effective as a cash flow hedge are recorded in total other comprehensive (loss) income in our Consolidated Statements of Comprehensive (Loss) Income and reclassified into interest expense in our Consolidated Statements of Operations in the same period or periods during which the hedged transaction affects earnings. If a derivative contract does not meet this criteria, then the change in fair value is recognized in interest expense. |
Leases | Leases We determine if an arrangement is a lease or contains a lease at the inception of the contract. Our leases generally contain fixed and variable components. The variable components of our leases are primarily based on operating performance of the leased property. Our lease agreements may also include non-lease components, such as common area maintenance, which we do not combine with the lease component. Lease liabilities, which represent our obligation to make lease payments arising from the lease, and corresponding right-of-use assets, which represent our right to use an underlying asset for the lease term, are recognized at the commencement date of the lease based on the present value of future payments over the lease term. We calculate the present value of future payments using the discount rate implicit in the lease, if available, or our incremental borrowing rate. For operating leases, lease expense relating to fixed payments is recognized on a straight-line basis over the lease term and lease expense relating to variable payments is expensed as incurred. For finance leases, the amortization of the asset is recognized over the shorter of the lease term or useful life of the underlying asset and recorded within depreciation and amortization in the Consolidated Statements of Operations. |
Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale We classify resorts as held for sale when the sale is probable, will be completed within one year and actions to complete the sale are unlikely to change or it is unlikely that the sale will not occur. This is consistent with our experience with real estate transactions under which the timing and final terms of a sale are frequently not known until purchase agreements are executed, the buyer has a significant deposit at risk and no financing contingencies exist that could prevent the transaction from being completed in a timely manner. We typically classify resorts as held for sale when all the following conditions are met: • our Board of Directors has approved the sale (to the extent that the dollar amount of the sale requires Board approval); • a binding agreement to sell the resort has been signed under which the buyer has committed a significant amount of nonrefundable cash; and • no significant financing contingencies exist that could prevent the transaction from being completed in a timely manner. If these criteria are met, we will cease recording depreciation expense, record an impairment loss to the extent the carrying amount of the resort exceeds the fair value and classify the assets and related liabilities as held for sale on the Consolidated Balance Sheet. Assets and related liabilities classified as held for sale are measured at the lower of their carrying value or fair value less costs to sell. Gains on sales are recognized at the time of sale. |
Accounting standards | Accounting standards The following table provides a brief description of recent accounting pronouncements (Accounting Standards Update or “ASU”) issued by the Financial Accounting Standards Board (“FASB”) that could have a material effect on our financial statements: Standards adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Accounting Standard Update ( “ ASU ” ) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (as amended by ASU No. 2018-19) This standard amends current guidance on the impairment of financial instruments by adding an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes, as an allowance, its estimate of expected credit losses. January 2020 On January 1, 2020, we adopted ASU No. 2016-13. We determine our credit losses by applying an expected loss rate to the outstanding balance of accounts receivable for each of our reportable segments (refer to Note 19) and our corporate entities. The expected loss rates for our reportable segments and corporate entities were determined primarily using historical credit losses, which are not expected to differ from what is currently expected over the life of our trade receivables. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. January 2021 The adoption of ASU No. 2019-12 will result in changes to deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We do not expect the adoption of ASU No. 2019-12 to have a material impact on our Consolidated Financial Statements. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 2022 We are currently evaluating the impact of ASU No. 2020-04 on the Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of LIBOR rates beginning on December 31, 2021. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment, Estimated Useful Lives | Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values (if any) over their estimated useful lives, as follows: Buildings 5 to 50 years Fixtures and machinery 7 to 18 years Furniture and other fixed assets 4 to 12 years The balance of property and equipment, net is as follows ($ in thousands ): As of December 31, 2020 2019 Property and equipment, gross Land, buildings and improvements $ 1,863,406 $ 1,976,214 Fixtures and machinery (1) 83,802 81,437 Furniture and other fixed assets 225,869 228,533 Construction in progress 4,552 42,083 Total property and equipment, gross 2,177,629 2,328,267 Accumulated depreciation (450,246) (398,353) Total property and equipment, net $ 1,727,383 $ 1,929,914 ________ (1) Includes the gross balance of our finance lease right-of-use asset of $2.3 million (see Note 9). Amortization expense for our finance lease was $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively. We did not have any capital leases, as defined under ASC 840, Leases , as of and for the year ended December 31, 2018. |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides a brief description of recent accounting pronouncements (Accounting Standards Update or “ASU”) issued by the Financial Accounting Standards Board (“FASB”) that could have a material effect on our financial statements: Standards adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters Accounting Standard Update ( “ ASU ” ) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (as amended by ASU No. 2018-19) This standard amends current guidance on the impairment of financial instruments by adding an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes, as an allowance, its estimate of expected credit losses. January 2020 On January 1, 2020, we adopted ASU No. 2016-13. We determine our credit losses by applying an expected loss rate to the outstanding balance of accounts receivable for each of our reportable segments (refer to Note 19) and our corporate entities. The expected loss rates for our reportable segments and corporate entities were determined primarily using historical credit losses, which are not expected to differ from what is currently expected over the life of our trade receivables. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. January 2021 The adoption of ASU No. 2019-12 will result in changes to deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We do not expect the adoption of ASU No. 2019-12 to have a material impact on our Consolidated Financial Statements. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 2022 We are currently evaluating the impact of ASU No. 2020-04 on the Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of LIBOR rates beginning on December 31, 2021. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present our revenues disaggregated by geographic segment (refer to discussion of our reportable segments in Note 19) ( $ in thousands) : Year Ended December 31, 2020 Yucatán Peninsula Pacific Coast Dominican Jamaica Other Total Package revenue $ 96,942 $ 28,535 $ 42,584 $ 61,386 $ — $ 229,447 Non-package revenue 16,263 5,532 7,356 11,223 372 40,746 Management fees — — — — 807 807 Cost reimbursements — — — 1,661 528 2,189 Total revenue $ 113,205 $ 34,067 $ 49,940 $ 74,270 $ 1,707 $ 273,189 Year Ended December 31, 2019 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Other Total Package revenue $ 212,794 $ 76,056 $ 75,874 $ 173,364 $ — $ 538,088 Non-package revenue 31,282 12,620 15,067 31,164 24 90,157 Management fees — — — — 1,820 1,820 Cost reimbursements — — — 4,678 1,734 6,412 Total revenue $ 244,076 $ 88,676 $ 90,941 $ 209,206 $ 3,578 $ 636,477 Year Ended December 31, 2018 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Other Total Package revenue $ 236,815 $ 75,506 $ 104,858 $ 114,569 $ 342 $ 532,090 Non-package revenue 30,141 13,866 20,279 18,941 (37) 83,190 Management fees — — — — 755 755 Cost reimbursements — — — — 978 978 Total revenue $ 266,956 $ 89,372 $ 125,137 $ 133,510 $ 2,038 $ 617,013 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Consideration Transferred | The following table summarizes the fair value of each class of consideration transferred to the Sagicor Parties on the Acquisition Date ( $ in thousands, except share data ): Cash consideration, net of cash acquired of $0.1 million $ 93,128 Ordinary shares (20,000,000 shares at the Acquisition Date closing price of $10.77 per share, €0.10 par value) 215,400 Total purchase consideration $ 308,528 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents our estimates of fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2019 and as finalized during the three months ended June 30, 2019 ($ in thousands) : June 1, 2018 Adjustments (1) June 1, 2018 Total purchase consideration $ 308,528 $ — $ 308,528 Net assets acquired Working capital (1,665) — (1,665) Property and equipment 304,299 (5,950) 298,349 Identifiable intangible assets and liabilities (449) — (449) Deferred income taxes (25,582) 1,996 (23,586) Goodwill 31,925 3,954 35,879 Total net assets acquired $ 308,528 $ — $ 308,528 ________ (1) In addition to the adjustments recorded during the measurement period, we recognized adjustments to deferred income taxes and goodwill representing immaterial corrections of errors for acquired property and equipment in the third quarter of 2019 and the second half of 2020. The adjustments were not significant to our previously reported Consolidated Financial Statements. |
Schedule of Identified Intangible Assets Acquired and Related Useful Lives | The following table presents our estimates of the fair values of the identified intangible asset and liability and their related estimated useful lives ($ in thousands) : Balance Sheet Classification Estimated Fair Value Weighted-Average Amortization Period Management contract Other intangible assets $ 1,900 20 Unfavorable ground lease liability Other liabilities (2,349) 22 Total identifiable intangibles acquired $ (449) |
Schedule of Unaudited Pro Forma Results of Operations | The following unaudited pro forma results of operations were prepared as though the business combination was completed on January 1, 2018. This unaudited pro forma financial information does not necessarily reflect the results of operations of Playa that actually would have resulted had the acquisition of the Sagicor Assets occurred at the date indicated, nor does it project the results of operations of Playa for any future date or period ($ in thousands) : Year Ended December 31, 2018 Pro forma revenue $ 666,778 Pro forma net income $ 31,511 |
Schedule of Sagicor Hotel Properties' Results of Operations | The following table presents the results of the Sagicor Assets' operations, which are recorded within our Jamaica reportable segment, included in our Consolidated Statements of Operations for the period from the Acquisition Date through December 31, 2018 ($ in thousands) : June 2, 2018 - Revenue $ 55,598 Net income $ 898 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values (if any) over their estimated useful lives, as follows: Buildings 5 to 50 years Fixtures and machinery 7 to 18 years Furniture and other fixed assets 4 to 12 years The balance of property and equipment, net is as follows ($ in thousands ): As of December 31, 2020 2019 Property and equipment, gross Land, buildings and improvements $ 1,863,406 $ 1,976,214 Fixtures and machinery (1) 83,802 81,437 Furniture and other fixed assets 225,869 228,533 Construction in progress 4,552 42,083 Total property and equipment, gross 2,177,629 2,328,267 Accumulated depreciation (450,246) (398,353) Total property and equipment, net $ 1,727,383 $ 1,929,914 ________ (1) Includes the gross balance of our finance lease right-of-use asset of $2.3 million (see Note 9). Amortization expense for our finance lease was $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively. We did not have any capital leases, as defined under ASC 840, Leases , as of and for the year ended December 31, 2018. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Net (Loss) Income Before Tax | Net (loss) income before tax is summarized below ($ in thousands) : Year Ended December 31, 2020 2019 2018 Domestic $ 1,053 $ (7,030) $ (5,168) Foreign (274,396) (14,547) 36,344 Net (loss) income before tax $ (273,343) $ (21,577) $ 31,176 |
Components of Income Tax Benefit (Provision) | The components of our income tax benefit (provision) for the years ended December 31, 2020, 2019 and 2018 were as follows ($ in thousands) : Year Ended December 31, 2020 2019 (1) 2018 (1) Current Domestic $ 431 $ (8) $ (1) Foreign (892) (5,592) (9,183) Total current income tax provision (461) (5,600) (9,184) Deferred Domestic (7,684) 7,684 — Foreign 19,118 15,136 (3,015) Total deferred income tax benefit (provision) 11,434 22,820 (3,015) Income tax benefit (provision) $ 10,973 $ 17,220 $ (12,199) ________ (1) During 2020, we recognized $0.8 million in additional net income tax expense related to prior periods, which was not significant to our previously reported Consolidated Financial Statements. |
Reconciliation of Netherlands Statutory Federal Income Tax Rate to Our Effective Income Tax Rate | A reconciliation of The Netherlands statutory income tax rate to our effective income tax rate from continuing operations is as follows ($ in thousands) : Year Ended December 31, 2020 2019 2018 Income tax benefit (provision) at statutory rate $ 68,336 25.0 % $ 5,394 25.0 % $ (7,794) 25.0 % Differences between statutory rate and foreign rate (598) (0.2) % 18,836 87.3 % 21,629 (69.4) % Inflation adjustments 4,366 1.6 % 4,276 19.8 % 4,848 (15.6) % Nondeductible interest and expenses (19,893) (7.3) % (12,043) (55.8) % (7,963) 25.5 % Goodwill impairment (4,900) (1.8) % (1,542) (7.1) % — — % Foreign exchange rate differences (4,194) (1.5) % (6,038) (28.0) % (3,561) 11.4 % Dominican Republic tax classification 7,949 2.9 % (6,109) (28.3) % (5,145) 16.5 % Dutch and U.S. tax rate change 10,545 3.9 % 3,952 18.3 % (13,721) 44.0 % Basis difference in fixed assets (3,026) (1.1) % — — % — — % Other prior year and miscellaneous adjustments 601 0.1 % (60) (0.3) % (193) 0.7 % Change in valuation allowance (48,213) (17.6) % 10,554 48.9 % (299) 1.0 % Income tax benefit (provision) $ 10,973 4.0 % $ 17,220 79.8 % $ (12,199) 39.1 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effect of each type of temporary difference and carry-forward that gives rise to a significant portion of our deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows ($ in thousands) : As of December 31, 2020 2019 Deferred tax assets Advance customer deposits $ 1,721 $ 5,074 Trade payables and other accruals 9,921 8,381 Labor liability accrual 1,000 1,020 Property and equipment 2,441 788 Lease obligation 857 1,123 Other assets — 2,564 Net operating losses 145,576 110,135 Total deferred tax asset 161,516 129,085 Valuation allowance (123,967) (79,788) Net deferred tax asset 37,549 49,297 Deferred tax liabilities Accounts receivable and prepayments to vendors 60 613 Property and equipment 102,781 124,121 Other liabilities 2,901 1,123 Total deferred tax liability 105,742 125,857 Net deferred tax liability $ (68,193) $ (76,560) |
Schedule of Change in Valuation Allowance | The change in the valuation allowance established against our deferred tax assets for the years ended December 31, 2020, 2019 and 2018 is summarized in the following table ($ in thousands) : Balance at January 1 Additions Deductions Balance at December 31, 2020 $ (79,788) $ (45,833) $ 1,654 $ (123,967) December 31, 2019 $ (94,575) $ (7,008) $ 21,795 $ (79,788) December 31, 2018 $ (98,755) $ (23,789) $ 27,969 $ (94,575) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Transactions between us and related parties during the years ended December 31, 2020, 2019 and 2018 were as follows ( $ in thousands ): Year Ended December 31, Related Party Transaction 2020 2019 2018 Hyatt Franchise fees (1) $ 9,937 $ 17,423 $ 16,688 Sagicor Insurance premiums (1) $ 927 $ 1,659 $ 1,765 Sagicor Cost reimbursements $ 1,870 $ 5,142 $ — Chief Executive Officer Lease expense (2) $ 770 $ 745 $ 989 ________ (1) Included in direct expense in the 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. (2) Included in selling, general, and administrative expense in the Consolidated Statements of Operations. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Minimum Future Operating Lease Payments | Our future minimum lease payments as of December 31, 2020 were as follows ($ in thousands) : Operating Leases Finance Leases Minimum future lease payments 2021 $ 954 $ 307 2022 988 312 2023 697 317 2024 560 323 2025 589 328 Thereafter 1,798 2,269 Total minimum future lease payments 5,586 3,856 Less: imputed interest (824) (1,562) Total lease liability (1) $ 4,762 $ 2,294 ________ (1) Operating and finance leases are included in other liabilities . |
Schedule of Minimum Future Finance Lease Payments | Our future minimum lease payments as of December 31, 2020 were as follows ($ in thousands) : Operating Leases Finance Leases Minimum future lease payments 2021 $ 954 $ 307 2022 988 312 2023 697 317 2024 560 323 2025 589 328 Thereafter 1,798 2,269 Total minimum future lease payments 5,586 3,856 Less: imputed interest (824) (1,562) Total lease liability (1) $ 4,762 $ 2,294 ________ (1) Operating and finance leases are included in other liabilities . |
Components of Lease Expense and Supplemental Information | The following table presents the components of lease expense and supplemental cash flow information ($ in thousands) : Year Ended December 31, 2020 2019 Lease expense (1)(2) $ 2,497 $ 2,563 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for operating leases $ 721 $ 643 Operating cash outflows for finance leases $ 112 $ — Financing cash outflows for finance leases $ 39 $ — ________ (1) Includes variable and short term lease expenses, which are individually immaterial. Our lease expense is reported in direct expense and selling, general and administrative expense in the Consolidated Statements of Operations depending on the nature of the lease. (2) Lease expense under ASC 840, Leases, related to our non-cancelable operating leases, including variable lease cost, was $2.4 million for the year ended December 31, 2018. The following table presents other relevant information related to our leases as of December 31, 2020: Operating Leases Finance Leases Weighted-average remaining lease term 6.91 years 11.50 years Weighted-average discount rate (1) 4.54 % 9.72 % ________ (1) The discount rates applied to each operating lease reflects our estimated incremental borrowing rate which was determined based on lending rates specific to the type of leased real estate. The discount rate applied to our finance lease was implicit in the lease. |
Schedule of Rental Income | The following table presents our rental income for the year ended December 31, 2020 ($ in thousands) : Year Ended December 31, Leases Financial Statement Classification 2020 2019 Operating lease income (1) Non-package revenue $ 1,753 $ 5,105 ________ (1) |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted Share Awards | A summary of our restricted share awards from January 1, 2020 to December 31, 2020 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2020 2,157,336 $ 9.03 Granted 1,076,619 7.92 Vested (924,366) 8.95 Forfeited (84,450) 8.89 Unvested balance at December 31, 2020 2,225,139 $ 8.53 |
Summary of Additional Information on Restricted Share Awards and Performance Share Awards | The following table provides additional information on our restricted share awards for the years ended December 31, 2020, 2019 and 2018 ($ in thousands, except per share data) : Year Ended December 31, 2020 2019 2018 Weighted-average grant date fair value $ 7.92 $ 7.25 $ 10.25 Fair value of vested restricted share awards $ 4,837 $ 3,600 $ 1,963 Share-based compensation expense $ 9,123 $ 8,065 $ 5,072 The following table provides additional information on our performance share awards for the years ended December 31, 2020, 2019 and 2018 ($ in thousands, except per share data) : Year Ended December 31, 2020 2019 2018 Weighted-average grant date fair value $ 6.38 $ 5.83 $ 8.53 Share-based compensation expense $ 1,035 $ 780 $ 1,045 |
Summary of Key Inputs Used in Monte-Carlo Simulation | The table below summarizes the key inputs used in the Monte-Carlo simulation ($ in thousands) : Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility (1) Interest Rate (2) Dividend Yield January 2, 2018 Total Shareholder Return 50 % $ 860 26.13 % 2.00 % — % Adjusted EBITDA Comparison 50 % $ 1,475 — % — % — % January 2, 2019 Total Shareholder Return 50 % $ 537 27.78 % 2.46 % — % Adjusted EBITDA Comparison 50 % $ 900 — % — % — % September 19, 2019 Total Shareholder Return 50 % $ 287 25.86 % 1.72 % — % Adjusted EBITDA Comparison 50 % $ 448 — % — % — % January 2, 2020 Total Shareholder Return 50 % $ 1,334 24.87 % 1.58 % — % Adjusted EBITDA Comparison 50 % $ 2,187 — % — % — % ________ (1) Expected volatility was determined based on the historical share prices in our industry. |
Summary of Performance Share Awards | A summary of our performance share awards from January 1, 2020 to December 31, 2020 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2020 913,407 $ 7.22 Granted 552,395 6.38 Forfeited (265,088) 7.99 Canceled (1,200,714) 6.66 Unvested balance at December 31, 2020 — $ — |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted EPS | Basic and diluted earnings or losses per share (“EPS”) were as follows ( $ in thousands, except share data ): Year Ended December 31, 2020 2019 2018 Numerator Net (loss) income $ (262,370) $ (4,357) $ 18,977 Denominator Denominator for basic EPS - weighted-average shares 132,210,205 130,023,463 122,150,851 Effect of dilutive securities Unvested restricted share awards — — 267,649 Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 132,210,205 130,023,463 122,418,500 EPS - Basic $ (1.98) $ (0.03) $ 0.16 EPS - Diluted $ (1.98) $ (0.03) $ 0.16 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Components and Covenants | Our debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date December 31, 2020 December 31, 2019 Revolving Credit Facilities Revolving Credit Facility (1) LIBOR + 3.00% April 27, 2022 $ 84,667 $ 60,000 Senior Secured Credit Facilities Term Loan (2) LIBOR + 2.75% April 27, 2024 $ 976,348 $ 986,448 Term A1 Loan 11.4777% April 27, 2024 35,000 — Term A2 Loan 11.4777% April 27, 2024 31,000 — Term A3 Loan (3) LIBOR + 3.00% April 27, 2024 28,000 — Total Term Loans (at stated value) 1,070,348 986,448 Unamortized discount (1,658) (2,168) Unamortized debt issuance costs (6,015) (3,622) Total Term Loans, net $ 1,062,675 $ 980,658 Property Loan Property Loan (at stated value) 9.25% July 1, 2025 $ 110,000 $ — Unamortized discount (3,960) — Unamortized debt issuance costs (4,409) — Total Property Loan, net $ 101,631 $ — Financing lease obligations (4) $ 2,294 $ — Total debt, net $ 1,251,267 $ 1,040,658 _______ (1) We had available balances of $0.3 million and $40.0 million as of December 31, 2020 and 2019, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% and 4.72% as of December 31, 2020 and 2019, respectively. (2) One-month London Interbank Offered Rate (“LIBOR”) rate is subject to a 1.0% floor. The interest rate was 3.75% and 4.55% as of December 31, 2020 and 2019, respectively. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 15). (3) LIBOR rate is subject to a 1.0% floor. The interest rate was 4.00% as of December 31, 2020. (4) Interest expense for our finance lease was $0.1 million and $0 million for the years ended December 31, 2020 and 2019, respectively. We did not have any capital leases, as defined under ASC 840, Leases, as of December 31, 2018. Debt Covenant Terms Existing Credit Agreement We are required to maintain a minimum liquidity balance of $60.0 million through the Relief Period. If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to June 30, 2021, we will be subject to the following total net leverage ratio requirements: ▪ 6.50x for the period ended September 30, 2021; ▪ 6.00x for the period ended December 31, 2021; and ▪ 4.75x for periods thereafter. Term A1 Loan Same terms as the Existing Credit Agreement. Term A2 Loan No applicable debt covenants. Term A3 Loan No applicable debt covenants. Property Loan No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive quarters. |
Schedule of Aggregate Debt Maturities | Aggregate debt maturities for future annual periods are as follows ($ in thousands) : As of December 31, 2020 Term Loan Property Loan Revolving Credit Facility (1) 2021 $ 10,100 $ — $ 84,667 2022 10,100 — — 2023 10,100 — — 2024 1,040,048 — — 2025 — 110,000 — Thereafter — — — Total debt maturities $ 1,070,348 $ 110,000 $ 84,667 ________ (1) As of December 31, 2020, we were not contractually obligated to repay the outstanding balance on our Revolving Credit Facility until 2022. Under the Fifth Amendment to the Amended and Restated Credit Agreement entered in February 2021, we are obligated to repay $17.0 million of our outstanding balance on our Revolving Credit Facility in April 2022 and the remaining outstanding balance in January 2024; however, we fully repaid the outstanding balance as of December 31, 2020 on February 5, 2021. Refer to Note 21 for further discussion. |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Effects of Derivative Instruments on Consolidated Statements of Comprehensive (Loss) Income and Consolidated Statements of Operations | The following tables present the effect of our interest rate swaps, net of tax, in the Consolidated Statements of Comprehensive (Loss) Income and Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 ($ in thousands) : Derivative Liabilities Designated as Hedging Instruments 2020 2019 2018 AOCI from our cash flow hedges as of January 1 $ 20,164 $ — $ — Change in fair value 16,956 5,834 — Reclassification from AOCI to interest expense (1,908) 24 — OCI related to our cash flow hedges for the three months ended March 31 15,048 5,858 — Change in fair value — 14,648 — Reclassification from AOCI to interest expense (2,926) 136 — OCI related to our cash flow hedges for the three months ended June 30 (2,926) 14,784 — Change in fair value — 4,912 — Reclassification from AOCI to interest expense (2,958) (324) — OCI related to our cash flow hedges for the three months ended September 30 (2,958) 4,588 — Change in fair value — (3,907) — Reclassification from AOCI to interest expense (2,959) (1,159) — AOCI from our cash flow hedges as of December 31 (1) $ 26,369 $ 20,164 $ — ________ (1) As of December 31, 2020, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million, which represents prior losses recognized in AOCI when our interest rate swaps were designated as a hedging instruments. Derivative Liabilities Not Designated as Hedging Instruments (1) Financial Statement Classification Year Ended December 31, 2020 2019 2018 Interest rate swaps (2) Interest expense $ 26,299 $ 2,715 $ 17,093 ________ (1) Effective February 29, 2020, our interest rate swaps were ineffective and no longer designated as hedging instruments. (2) Includes the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative. |
Schedule of Location and Fair Value of Derivative Instruments in Consolidated Balance Sheet | The following tables present the effect of our interest rate swaps in the Consolidated Balance Sheet as of December 31, 2020 and December 31, 2019 ($ in thousands) : Derivative Liabilities for Effective Hedges Financial Statement Classification As of December 31, 2020 2019 Interest rate swaps Derivative financial instruments $ — $ 31,932 Derivative Liabilities for Ineffective Hedges Financial Statement Classification As of December 31, 2020 2019 Interest rate swaps Derivative financial instruments $ 46,340 $ — |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis | The following table presents our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019 ($ in thousands) : December 31, 2020 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 46,340 $ — $ 46,340 $ — December 31, 2019 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 31,932 $ — $ 31,932 $ — |
Schedule of Financial Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents our fair value hierarchy for our financial assets measured at fair value on a nonrecurring basis within our Consolidated Balance Sheet presented as of December 31, 2020 ($ in thousands) : November 3, 2020 Level 1 Level 2 Level 3 Fair value measurements on a nonrecurring basis Impaired long-lived assets (1) $ 34,475 $ — $ 34,475 $ — ________ (1) On November 3, 2020, we recorded an impairment loss of $10.6 million based on the sale price of the Dreams Puerto Aventuras, which we consider an observable input other than quoted prices. Refer to further discussion of the sale in Note 5. |
Schedule of Financial Liabilities Not Measured at Fair Value | The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of December 31, 2020 and 2019 ($ in thousands) : Carrying Value Fair Value As of December 31, 2020 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 971,920 $ — $ — $ 936,799 Revolving Credit Facility 84,667 — — 84,769 Term A1 Loan 33,792 — — 35,182 Term A2 Loan 29,930 — — 31,161 Term A3 Loan 27,033 — — 28,028 Property Loan 101,631 — — 109,871 Total liabilities $ 1,248,973 $ — $ — $ 1,225,810 Carrying Value Fair Value As of December 31, 2019 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 980,658 $ — $ — $ 983,214 Revolving Credit Facility 60,000 — — 60,000 Total liabilities $ 1,040,658 $ — $ — $ 1,043,214 |
Summary of Valuation Techniques | 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 Loan The 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 Facility The valuation technique of our Revolving Credit Facility is consistent with our Term Loan. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration. |
Employee benefit plan (Tables)
Employee benefit plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Pension Obligation, Funded Status and Accumulated Pension Obligation | The following table sets forth our pension obligation, funded status and accumulated pension obligation ( $ in thousands ): As of December 31, 2020 2019 Change in pension obligation Balance at beginning of period $ 6,764 $ 5,123 Service cost 822 795 Interest cost 428 492 Actuarial loss 332 881 Effect of foreign exchange rates (560) 384 Curtailment (264) (171) Benefits paid (1,264) (783) (Divestiture) Acquisitions (27) 43 Balance at end of period $ 6,231 $ 6,764 Underfunded status (6,231) (6,764) Accumulated pension obligation $ (4,382) $ (4,709) |
Schedule of Net Periodic Pension Cost | The following table presents the components of net periodic pension cost ( $ in thousands ): Year Ended December 31, 2020 2019 2018 Service cost $ 822 $ 795 $ 674 Interest cost 428 492 364 Effect of foreign exchange rates (560) 384 (12) Amortization of prior service cost 1 1 25 Amortization of loss (gain) 6 (20) (18) Compensation-non-retirement post-employment benefits 214 (1) (34) Settlement and curtailment gain (289) (211) (17) Total net periodic pension cost $ 622 $ 1,440 $ 982 |
Schedule of Weighted-Average Assumptions Used to Determine Pension Obligation | The weighted-average assumptions used to determine the pension obligation as of December 31, 2020 and 2019 and the net periodic pension cost for the years ended December 31, 2020, 2019 and 2018 were as follows: As of December 31, 2020 2019 2018 Discount rate 7.10 % 7.50 % 9.55 % Rate of compensation increase 4.79 % 4.79 % 4.79 % |
Schedule of Expected Plan Payments | The following table represents our expected plan payments for the next five years and thereafter ( $ in thousands ): As of December 31, 2020 2021 $ 561 2022 499 2023 553 2024 590 2025 651 Thereafter 4,441 Total expected plan payments $ 7,295 |
Other balance sheet items (Tabl
Other balance sheet items (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Trade and Other Receivables, Net and Change in Allowance for Doubtful Accounts | The following summarizes the balances of trade and other receivables, net as of December 31, 2020 and 2019 ($ in thousands): As of December 31, 2020 2019 Gross trade and other receivables (1) $ 28,346 $ 73,015 Allowance for doubtful accounts (2) (2,913) (1,765) Total trade and other receivables, net $ 25,433 $ 71,250 ________ (1) The opening balance as of January 1, 2019 was $65.4 million. (2) We recognized an additional $0.8 million in bad debt expense during the year ended December 31, 2019 as a result of the bankruptcy of Thomas Cook, one of our travel partners. We also recognized $3.1 million in bad debt expense during the year ended December 31, 2020 primarily as result of the negative effects of COVID-19. The change in the allowance for doubtful accounts for the years ended December 31, 2020, 2019 and 2018 is summarized in the following table ($ in thousands) : Balance at January 1 Additions Deductions Balance at December 31 December 31, 2020 $ (1,765) $ (3,115) $ 1,967 $ (2,913) December 31, 2019 $ (593) $ (1,402) $ 230 $ (1,765) December 31, 2018 $ (785) $ (338) $ 530 $ (593) |
Schedule of Prepayments and Other Assets | The following summarizes the balances of prepayments and other assets as of December 31, 2020 and 2019 ($ in thousands) : As of December 31, 2020 2019 Advances to suppliers $ 8,748 $ 7,865 Prepaid income taxes 12,731 12,412 Prepaid other taxes (1) 14,033 11,156 Operating lease right of use assets 4,263 5,673 Contract deposit (2) 2,700 2,700 Other assets 5,163 4,885 Total prepayments and other assets $ 47,638 $ 44,691 ________ (1) Includes recoverable value-added tax, general consumption tax and other sales tax accumulated by our Mexico, Jamaica, Netherlands and Dominican Republic entities. |
Schedule of Goodwill | The gross carrying values and accumulated impairment losses of goodwill by reportable segment (refer to discussion of our reportable segments in Note 19) as of December 31, 2020 and 2019 were as follows ($ in thousands): Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total Balance at December 31, 2019 Gross carrying value $ 51,731 $ — $ — $ 32,776 $ 84,507 Accumulated impairment losses (6,168) — — — (6,168) Net carrying value 45,563 — — 32,776 78,339 Activity during the year Adjustments (1) — — — 3,103 3,103 Impairment losses (2) — — — (19,788) (19,788) Balance at December 31, 2020 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 ________ (1) During the second half of 2020, we recognized adjustments to deferred income taxes and goodwill representing a corrections of immaterial errors for acquired property and equipment from the business combination with Sagicor in 2018 (see Note 4). These adjustments were not significant to our previously reported Consolidated Financial Statements. (2) As a result of the immaterial corrections noted above, we recognized an additional $1.5 million in impairment losses during the second half of 2020. ($ in thousands) : Reporting Unit Reportable Segment 2020 Impairment Loss (1) Jewel Runaway Bay Beach Resort & Waterpark Jamaica $ 7,604 Jewel Dunn’s River Beach Resort & Spa Jamaica $ 5,612 Jewel Paradise Cove Beach Resort & Spa Jamaica $ 4,489 ________ (1) As a result of the immaterial corrections to goodwill previously noted, we recognized $1.5 million in impairment losses on these three reporting units during the second half of 2020, which are included in the table above. Reporting Unit Reportable Segment 2020 Impairment Loss Hilton Rose Hall Resort & Spa Jamaica $ 2,033 Reporting Unit Reportable Segment 2019 Impairment Loss Panama Jack Resorts Playa del Carmen Yucatán Peninsula $ 6,168 |
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets as of December 31, 2020 and 2019 consisted of the following ( $ in thousands ): As of December 31, 2020 2019 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract (2) 1,900 1,900 Enterprise resource planning system (3) 6,047 5,187 Other 4,238 3,346 Total gross carrying value 13,060 11,308 Accumulated amortization Management contract (2) (238) (143) Enterprise resource planning system (3) (1,125) (437) Other (3,141) (2,320) Total accumulated amortization (4,504) (2,900) Net carrying value Casino and other licenses (1) 875 875 Management contract (2) 1,662 1,757 Enterprise resource planning system (3) 4,922 4,750 Other 1,097 1,026 Total net carrying value $ 8,556 $ 8,408 ________ (1) Our casino licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents the fair value of a management contract acquired in the business combination with the Sagicor Parties (see Note 4). |
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets as of December 31, 2020 and 2019 consisted of the following ( $ in thousands ): As of December 31, 2020 2019 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract (2) 1,900 1,900 Enterprise resource planning system (3) 6,047 5,187 Other 4,238 3,346 Total gross carrying value 13,060 11,308 Accumulated amortization Management contract (2) (238) (143) Enterprise resource planning system (3) (1,125) (437) Other (3,141) (2,320) Total accumulated amortization (4,504) (2,900) Net carrying value Casino and other licenses (1) 875 875 Management contract (2) 1,662 1,757 Enterprise resource planning system (3) 4,922 4,750 Other 1,097 1,026 Total net carrying value $ 8,556 $ 8,408 ________ (1) Our casino licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents the fair value of a management contract acquired in the business combination with the Sagicor Parties (see Note 4). |
Schedule of Amortization Expense Relating to Intangible Assets with Finite Lives | Amortization expense relating to intangible assets with finite lives for the years ended December 31, 2021 to 2025 is expected to be as follows ( $ in thousands ): As of December 31, 2020 2021 $ 1,432 2022 1,338 2023 1,112 2024 997 2025 909 Thereafter 1,893 Total future amortization expense $ 7,681 |
Schedule of Trade and Other Payables | The following summarizes the balances of trade and other payables as of December 31, 2020 and 2019 ($ in thousands) : As of December 31, 2020 2019 Trade payables $ 23,348 $ 45,299 Advance deposits (1) 29,707 53,769 Withholding and other taxes payable 37,450 46,983 Interest payable 618 125 Payroll and related accruals 15,668 14,547 Accrued expenses and other payables 16,619 20,880 Total trade and other payables $ 123,410 $ 181,603 ________ (1) The opening balance as of January 1, 2019 was $57.3 million. |
Schedule of Other Liabilities | The following summarizes the balances of other liabilities ($ in thousands) : As of December 31, 2020 2019 Pension obligation $ 6,231 $ 6,764 Operating lease liabilities 4,762 6,208 Unfavorable ground lease liability (1) 2,090 2,187 Key money (2) 15,790 8,225 Other 895 923 Total other liabilities $ 29,768 $ 24,307 ________ (1) Represents the unamortized balance of the unfavorable ground lease intangible acquired in the business combination with the Sagicor Parties (see Note 4). (2) Represents the unamortized balance of key money received, which is recorded as a reduction to franchise fees within direct expenses in the Consolidated Statements of Operations. We received $8.5 million and $6.5 million in 2020 and 2019, respectively. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents segment Owned Net Revenue, defined as total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations, and a reconciliation to total revenue for the years ended December 31, 2020, 2019 and 2018 ( $ in thousands ): Year Ended December 31, 2020 2019 2018 Owned net revenue (1) Yucatán Peninsula $ 109,629 $ 235,788 $ 259,393 Pacific Coast 33,065 85,219 86,317 Dominican Republic 49,898 90,783 125,137 Jamaica 69,173 193,558 126,702 Segment owned net revenue (2) 261,765 605,348 597,549 Other 367 23 305 Management fees 807 1,820 755 Cost reimbursements 2,189 6,412 978 Compulsory tips 8,061 22,874 17,426 Total revenue $ 273,189 $ 636,477 $ 617,013 ________ (1) We recognized $3.0 million, $0 million and $2.0 million in business interruption insurance recoveries for the years ended December 31, 2020, 2019 and 2018, respectively. The business interruption insurance recoveries recognized in 2020 primarily relate to the suspension of operations experienced as a result of the COVID-19 pandemic, and those received in 2018 relate to Hurricane Irma and Hurricane Maria that occurred in the third quarter of 2017. (2) 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. The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net income (loss) for the years ended December 31, 2020, 2019 and 2018 ( $ in thousands ): Year Ended December 31, 2020 2019 2018 Owned Resort EBITDA Yucatán Peninsula $ 17,783 $ 82,534 $ 107,884 Pacific Coast 4,281 31,618 31,038 Dominican Republic (6,694) 16,596 41,228 Jamaica (1,284) 55,175 32,912 Segment Owned Resort EBITDA 14,086 185,923 213,062 Other corporate (36,066) (37,049) (34,786) Management fees 807 1,820 755 Total adjusted EBITDA (21,173) 150,694 179,031 Interest expense (81,942) (44,087) (62,243) Depreciation and amortization (92,570) (101,897) (73,278) Impairment loss (55,619) (6,168) — Loss on sale of assets (2,021) — — Other (expense) income (1,164) (3,200) 2,822 Repairs from hurricanes and tropical storms (1,542) — — Pre-opening expense — (1,452) (321) Share-based compensation (10,158) (8,845) (6,116) Other tax expense (613) (577) (1,633) Transaction expense (2,497) (6,175) (9,615) Severance expense (3,844) (515) (333) Jamaica delayed opening accrual reversal — — 342 Property damage insurance gain — — 2,212 Non-service cost components of net periodic pension (benefit) cost (1) (200) 645 308 Net (loss) income before tax (273,343) (21,577) 31,176 Income tax benefit (provision) 10,973 17,220 (12,199) Net (loss) income $ (262,370) $ (4,357) $ 18,977 ________ (1) Represents the non-service cost components of net periodic pension (benefit) cost recorded within other (expense) income in the 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 December 31, 2020 and 2019 ( $ in thousands ): As of December 31, 2020 2019 Segment property and equipment, gross Yucatán Peninsula (1) $ 799,849 $ 865,900 Pacific Coast 288,328 288,358 Dominican Republic 678,900 667,120 Jamaica 406,047 499,569 Total segment property and equipment, gross 2,173,124 2,320,947 Corporate property and equipment, gross 4,505 7,320 Accumulated depreciation (450,246) (398,353) Total property and equipment, net $ 1,727,383 $ 1,929,914 ________ (1) Property and equipment of the Dreams Puerto Aventuras resort is included within assets held for sale in the Consolidated Balance Sheet. The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the years ended December 31, 2020, 2019 and 2018 ( $ in thousands ): Year Ended December 31, 2020 2019 2018 Segment capital expenditures Yucatán Peninsula $ 4,487 $ 28,495 $ 16,684 Pacific Coast 1,345 3,144 3,181 Dominican Republic 9,966 178,599 79,543 Jamaica 3,112 5,178 6,262 Total segment capital expenditures (1) 18,910 215,416 105,670 Corporate 160 14,512 5,665 Total capital expenditures (1) $ 19,070 $ 229,928 $ 111,335 ________ (1) Represents gross additions to property and equipment. |
Quarterly financial informati_2
Quarterly financial information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Historical Unaudited Quarterly Financial Data | The following tables set forth the historical unaudited quarterly financial data for the periods indicated ( $ in thousands, except share data ): Three months ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Total revenues $ 66,243 $ 28,736 $ 982 $ 177,228 Operating (loss) income $ (54,055) $ (53,556) $ (86,042) $ 3,416 Net loss $ (73,752) $ (78,604) $ (87,458) $ (22,556) Losses per share - basic $ (0.55) $ (0.58) $ (0.67) $ (0.17) Losses per share - diluted $ (0.55) $ (0.58) $ (0.67) $ (0.17) Three months ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Total revenues $ 143,833 $ 132,825 $ 164,023 $ 195,796 Operating (loss) income $ (15,403) $ (16,458) $ 10,334 $ 47,237 Net (loss) income $ (17,924) $ (30,461) $ 1,040 $ 42,988 (Losses) earnings per share - basic $ (0.14) $ (0.23) $ 0.01 $ 0.33 (Losses) earnings per share - diluted $ (0.14) $ (0.23) $ 0.01 $ 0.33 |
Organization, operations and _2
Organization, operations and basis of presentation - Narrative (Details) - resort | Mar. 04, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||
Number of resorts not reopened as a result of COVID-19 impact | 1 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Number of resorts in portfolio | 20 |
Significant accounting polici_4
Significant accounting policies - Narrative (Details) - USD ($) | Oct. 01, 2020 | Jul. 01, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Foreign currency gain (loss) recognized | $ (2,000,000) | $ (2,100,000) | $ (700,000) | ||||
Impairment loss on property and equipment, net recognized | 35,900,000 | 0 | 0 | ||||
Impairment of goodwill | $ 17,700,000 | 19,788,000 | |||||
Impairment of definite-lived and indefinite-lived intangible assets | 0 | 0 | 0 | ||||
Advertising costs | 11,300,000 | 26,600,000 | 27,300,000 | ||||
Dominican Republic | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Statutory withholding for government mandated compulsory tips | 2,000,000 | $ 3,800,000 | $ 5,000,000 | ||||
Yucatán Peninsula | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Impairment of goodwill | $ 0 | 0 | |||||
Jamaica | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Impairment of goodwill | $ 0 | 19,788,000 | |||||
Jamaica | Hilton Rose Hall Resort & Spa | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Impairment of goodwill | $ 2,000,000 | $ 2,033,000 |
Significant accounting polici_5
Significant accounting policies - Schedule of Property, Plant and Equipment, Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 50 years |
Fixtures and machinery | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Fixtures and machinery | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 18 years |
Furniture and other fixed assets | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 4 years |
Furniture and other fixed assets | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 12 years |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 66,243 | $ 28,736 | $ 982 | $ 177,228 | $ 143,833 | $ 132,825 | $ 164,023 | $ 195,796 | $ 273,189 | $ 636,477 | $ 617,013 |
Package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 229,447 | 538,088 | 532,090 | ||||||||
Non-package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 40,746 | 90,157 | 83,190 | ||||||||
Management fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 807 | 1,820 | 755 | ||||||||
Cost reimbursements | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 2,189 | 6,412 | 978 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 1,707 | 3,578 | 2,038 | ||||||||
Other | Package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 0 | 0 | 342 | ||||||||
Other | Non-package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 372 | 24 | (37) | ||||||||
Other | Management fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 807 | 1,820 | 755 | ||||||||
Other | Cost reimbursements | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 528 | 1,734 | 978 | ||||||||
Yucatán Peninsula | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 113,205 | 244,076 | 266,956 | ||||||||
Yucatán Peninsula | Package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 96,942 | 212,794 | 236,815 | ||||||||
Yucatán Peninsula | Non-package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 16,263 | 31,282 | 30,141 | ||||||||
Yucatán Peninsula | Management fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Yucatán Peninsula | Cost reimbursements | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Pacific Coast | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 34,067 | 88,676 | 89,372 | ||||||||
Pacific Coast | Package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 28,535 | 76,056 | 75,506 | ||||||||
Pacific Coast | Non-package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 5,532 | 12,620 | 13,866 | ||||||||
Pacific Coast | Management fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Pacific Coast | Cost reimbursements | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Dominican Republic | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 49,940 | 90,941 | 125,137 | ||||||||
Dominican Republic | Package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 42,584 | 75,874 | 104,858 | ||||||||
Dominican Republic | Non-package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 7,356 | 15,067 | 20,279 | ||||||||
Dominican Republic | Management fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Dominican Republic | Cost reimbursements | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Jamaica | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 74,270 | 209,206 | 133,510 | ||||||||
Jamaica | Package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 61,386 | 173,364 | 114,569 | ||||||||
Jamaica | Non-package revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 11,223 | 31,164 | 18,941 | ||||||||
Jamaica | Management fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Jamaica | Cost reimbursements | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue | $ 1,661 | $ 4,678 | $ 0 |
Business combinations - Narrati
Business combinations - Narrative (Details) | Jun. 01, 2018USD ($)unit | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Term Loan | ||||
Business Acquisition [Line Items] | ||||
Transaction costs related to issuance of debt | $ 6,015,000 | $ 3,622,000 | ||
Term Loan | Term Loan Add-On | ||||
Business Acquisition [Line Items] | ||||
Face amount | $ 100,000,000 | |||
Transaction costs related to issuance of debt | 1,300,000 | |||
Sagicor | ||||
Business Acquisition [Line Items] | ||||
Total purchase consideration | $ 308,528,000 | |||
Deferred tax assets, valuation allowance | 800,000 | |||
Deferred tax liabilities | 200,000 | |||
Acquisition liability | $ 23,800,000 | |||
Transition costs related to the business combination | $ 2,900,000 | |||
Sagicor | Jewel Grande Montego Bay Resort & Spa, One of the Towers in Multi-Tower Condominium and Spa | ||||
Business Acquisition [Line Items] | ||||
Number of units acquired | unit | 88 |
Business combinations - Schedul
Business combinations - Schedule of Purchase Consideration, Sagicor Hotel Properties (Details) $ / shares in Units, $ in Thousands | Jun. 01, 2018USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020€ / shares | Jun. 12, 2020€ / shares | Dec. 31, 2019€ / shares | Jun. 01, 2018€ / shares | Jun. 01, 2018$ / shares |
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired of $0.1 million | $ 0 | $ 0 | $ 93,128 | ||||||
Ordinary shares (20,000,000 shares at the Acquisition Date closing price of $10.77 per share, €0.10 par value) | $ 0 | $ 0 | $ 215,400 | ||||||
Ordinary shares, par value (in Euros per share) | € / shares | € 0.10 | € 0.10 | € 0.10 | ||||||
Sagicor | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration, net of cash acquired of $0.1 million | $ 93,128 | ||||||||
Cash acquired | 100 | ||||||||
Ordinary shares (20,000,000 shares at the Acquisition Date closing price of $10.77 per share, €0.10 par value) | 215,400 | ||||||||
Total purchase consideration | $ 308,528 | ||||||||
Sagicor | Ordinary Shares | |||||||||
Business Acquisition [Line Items] | |||||||||
Shares issued as part of purchase consideration (in shares) | shares | 20,000,000 | ||||||||
Closing share price (in dollars per share) | $ / shares | $ 10.77 | ||||||||
Ordinary shares, par value (in Euros per share) | € / shares | € 0.10 |
Business combinations - Sched_2
Business combinations - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Net assets acquired | |||
Goodwill | $ 61,654 | $ 78,339 | |
Sagicor | |||
Business Acquisition [Line Items] | |||
Total purchase consideration | $ 308,528 | ||
Net assets acquired | |||
Working capital | (1,665) | ||
Property and equipment | 298,349 | ||
Identifiable intangible assets and liabilities | (449) | ||
Deferred income taxes | (23,586) | ||
Goodwill | 35,879 | ||
Total net assets acquired | 308,528 | ||
As Previously Reported | Sagicor | |||
Business Acquisition [Line Items] | |||
Total purchase consideration | 308,528 | ||
Net assets acquired | |||
Working capital | (1,665) | ||
Property and equipment | 304,299 | ||
Identifiable intangible assets and liabilities | (449) | ||
Deferred income taxes | (25,582) | ||
Goodwill | 31,925 | ||
Total net assets acquired | 308,528 | ||
Adjustments | Sagicor | |||
Business Acquisition [Line Items] | |||
Total purchase consideration | 0 | ||
Net assets acquired | |||
Working capital | 0 | ||
Property and equipment | (5,950) | ||
Identifiable intangible assets and liabilities | 0 | ||
Deferred income taxes | 1,996 | ||
Goodwill | 3,954 | ||
Total net assets acquired | $ 0 |
Business combinations - Sched_3
Business combinations - Schedule of Identifiable Intangible Assets Acquired (Details) - Sagicor $ in Thousands | Jun. 01, 2018USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Value, unfavorable ground lease liability | $ (2,349) |
Weighted-Average Amortization Period, unfavorable ground lease liability | 22 years |
Total identifiable intangibles acquired | $ (449) |
Management contract | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Value, intangible assets | $ 1,900 |
Weighted-Average Amortization Period, intangible assets | 20 years |
Business combinations - Sched_4
Business combinations - Schedule of Unaudited Pro Forma Results of Operations (Details) - Sagicor $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |
Pro forma revenue | $ 666,778 |
Pro forma net income | $ 31,511 |
Business combinations - Sched_5
Business combinations - Schedule of Sagicor Hotel Properties' Results of Operations (Details) - Sagicor $ in Thousands | 7 Months Ended |
Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |
Revenue | $ 55,598 |
Net income | $ 898 |
Property and equipment - Schedu
Property and equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 2,177,629 | $ 2,328,267 |
Accumulated depreciation | (450,246) | (398,353) |
Total property and equipment, net | 1,727,383 | 1,929,914 |
Gross balance of finance lease right-of-use asset | 2,300 | |
Amortization expense for finance lease | 100 | 0 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,863,406 | 1,976,214 |
Fixtures and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 83,802 | 81,437 |
Gross balance of finance lease right-of-use asset | 2,300 | 2,300 |
Furniture and other fixed assets | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 225,869 | 228,533 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 4,552 | $ 42,083 |
Property and equipment - Narrat
Property and equipment - Narrative (Details) - USD ($) $ in Thousands | Nov. 03, 2020 | May 22, 2020 | May 21, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||||||
Depreciation expense | $ 90,900 | $ 100,800 | $ 72,300 | |||
Interest expense capitalized on qualifying assets | 0 | 13,100 | 5,200 | |||
Lessor, Lease, Description [Line Items] | ||||||
Cash consideration from sale of assets held for sale, after customary closing costs | $ 58,273 | $ 214 | $ 22 | |||
Sale of Assets | Jewel Dunn's River Beach Resort & Span and Jewel Runaway Bay Beach Resort & Waterpark | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Cash consideration for sale of assets | $ 60,000 | |||||
Impairment loss recorded based on expected sale price of the properties | $ 25,300 | |||||
Cash consideration from sale of assets held for sale, after customary closing costs | 58,700 | |||||
Loss recognized upon closing of sale | $ 1,800 | |||||
Portion of net proceeds used to prepay Term Loan, deduction of incremental expenses and capital expenditures, period post sale (up to) | 24 months | |||||
Assets Held for Sale | Dreams Puerto Aventuras | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Cash consideration for sale of assets | $ 34,500 | |||||
Impairment loss recorded based on expected sale price of the properties | $ 10,600 |
Income taxes - Schedule of Net
Income taxes - Schedule of Net (Loss) Income Before Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 1,053 | $ (7,030) | $ (5,168) |
Foreign | (274,396) | (14,547) | 36,344 |
Net (loss) income before tax | $ (273,343) | $ (21,577) | $ 31,176 |
Income taxes - Components of In
Income taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Domestic | $ 431 | $ (8) | $ (1) |
Foreign | (892) | (5,592) | (9,183) |
Total current income tax provision | (461) | (5,600) | (9,184) |
Deferred | |||
Domestic | (7,684) | 7,684 | 0 |
Foreign | 19,118 | 15,136 | (3,015) |
Total deferred income tax benefit (provision) | 11,434 | 22,820 | (3,015) |
Income tax benefit (provision) | 10,973 | $ 17,220 | $ (12,199) |
Additional net income tax expense related to prior periods | $ 800 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of Netherlands Statutory Federal Income Tax Rate to Our Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective tax rate, Amount | |||
Income tax benefit (provision) at statutory rate | $ 68,336 | $ 5,394 | $ (7,794) |
Differences between statutory rate and foreign rate | (598) | 18,836 | 21,629 |
Inflation adjustments | 4,366 | 4,276 | 4,848 |
Nondeductible interest and expenses | (19,893) | (12,043) | (7,963) |
Goodwill impairment | (4,900) | (1,542) | 0 |
Foreign exchange rate differences | (4,194) | (6,038) | (3,561) |
Dominican Republic tax classification | 7,949 | (6,109) | (5,145) |
Dutch and U.S. tax rate change | 10,545 | 3,952 | (13,721) |
Basis difference in fixed assets | (3,026) | 0 | 0 |
Other prior year and miscellaneous adjustments | 601 | (60) | (193) |
Change in valuation allowance | (48,213) | 10,554 | (299) |
Income tax benefit (provision) | $ 10,973 | $ 17,220 | $ (12,199) |
Effective tax rate, Percent | |||
Income tax benefit (provision) at statutory rate | 25.00% | 25.00% | 25.00% |
Differences between statutory rate and foreign rate | (0.20%) | 87.30% | (69.40%) |
Inflation adjustments | 1.60% | 19.80% | (15.60%) |
Nondeductible interest and expenses | (7.30%) | (55.80%) | 25.50% |
Goodwill impairment | (1.80%) | (7.10%) | 0.00% |
Foreign exchange rate differences | (1.50%) | (28.00%) | 11.40% |
Dominican Republic tax classification | 2.90% | (28.30%) | 16.50% |
Dutch and U.S. tax rate change | 3.90% | 18.30% | 44.00% |
Basis difference in fixed assets | (1.10%) | 0.00% | 0.00% |
Other prior year and miscellaneous adjustments | 0.10% | (0.30%) | 0.70% |
Change in valuation allowance | (17.60%) | 48.90% | 1.00% |
Income tax benefit (provision) | 4.00% | 79.80% | 39.10% |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)entity | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |||
Dutch corporate income tax, general tax rate | 25.00% | 25.00% | 25.00% |
Income tax provision (benefit) | $ (10,973,000) | $ (17,220,000) | $ 12,199,000 |
Effective tax rate | 4.00% | 79.80% | 39.10% |
Expense (benefit) on tax impact of book income (loss) | $ (68,336,000) | $ (5,394,000) | $ 7,794,000 |
Tax expense (benefit) from rate-favorable jurisdictions | 598,000 | (18,836,000) | (21,629,000) |
Tax benefit from inflation adjustments | 4,366,000 | 4,276,000 | 4,848,000 |
Tax expense (benefit) on measurement of Dutch deferred tax assets and liabilities pursuant to Dutch tax rate change | (10,545,000) | (3,952,000) | 13,721,000 |
Expense (benefit) associated with Dominican Republic tax paying entities | (7,949,000) | 6,109,000 | 5,145,000 |
Tax expense on non-deductible interest, goodwill impairment expense, and other expenses | 24,800,000 | 13,600,000 | |
Tax expense associated with foreign exchange rate fluctuations | 4,194,000 | 6,038,000 | 3,561,000 |
Tax expense associated with newly established basis difference in fixed assets | 3,026,000 | 0 | 0 |
Increase (decrease) in valuation allowance established on deferred tax assets | 48,213,000 | (10,554,000) | 299,000 |
Tax expense on non-deductible interest and other expenses | 19,893,000 | 12,043,000 | 7,963,000 |
Income Tax Contingency [Line Items] | |||
Deferred income tax expense | (11,434,000) | (22,820,000) | 3,015,000 |
Current income tax expense | 461,000 | 5,600,000 | 9,184,000 |
Uncertain tax positions | $ 0 | 0 | 0 |
Dominican Republic | |||
Income Tax Contingency [Line Items] | |||
Number of entities under tax holiday | entity | 2 | ||
Number of resort entities with signed APAs | entity | 2 | ||
Deferred income tax expense | $ 7,900,000 | 5,700,000 | 4,800,000 |
Current income tax expense | 300,000 | ||
Dominican Republic | Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 1,500,000 | $ 0 | |
Dominican Republic | Playa Romana Mar B.V. | |||
Income Tax Contingency [Line Items] | |||
Period of tax exemption | 15 years | ||
Dominican Republic | Playa Dominican Resorts B.V. | |||
Income Tax Contingency [Line Items] | |||
Period of tax exemption | 15 years | ||
Mexico | Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 89,100,000 | $ 35,100,000 | |
Netherlands | |||
Income Tax Contingency [Line Items] | |||
Dutch tax package effect on deferred tax assets, decrease (increase) | (10,500,000) | (4,200,000) | 13,700,000 |
Dutch tax package effect on deferred tax asset valuation allowance, increase (decrease) | 10,500,000 | 4,200,000 | (13,700,000) |
Impact of Dutch tax rate change from deferred tax assets, tax expense (benefit) | 0 | 0 | $ 0 |
Netherlands | Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 353,200,000 | 356,300,000 | |
Jamaica | Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 95,700,000 | 56,500,000 | |
U.S. | Domestic Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 25,900,000 | $ 28,500,000 |
Income taxes - Schedule of Defe
Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Advance customer deposits | $ 1,721 | $ 5,074 |
Trade payables and other accruals | 9,921 | 8,381 |
Labor liability accrual | 1,000 | 1,020 |
Property and equipment | 2,441 | 788 |
Lease obligation | 857 | 1,123 |
Other assets | 0 | 2,564 |
Net operating losses | 145,576 | 110,135 |
Total deferred tax asset | 161,516 | 129,085 |
Valuation allowance | (123,967) | (79,788) |
Net deferred tax asset | 37,549 | 49,297 |
Deferred tax liabilities | ||
Accounts receivable and prepayments to vendors | 60 | 613 |
Property and equipment | 102,781 | 124,121 |
Other liabilities | 2,901 | 1,123 |
Total deferred tax liability | 105,742 | 125,857 |
Net deferred tax liability | $ (68,193) | $ (76,560) |
Income taxes - Schedule of Chan
Income taxes - Schedule of Change in Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Valuation Allowance [Roll Forward] | |||
Deferred tax asset valuation allowance, Balance at beginning of period | $ (79,788) | $ (94,575) | $ (98,755) |
Additions | (45,833) | (7,008) | (23,789) |
Deductions | 1,654 | 21,795 | 27,969 |
Deferred tax asset valuation allowance, Balance at end of period | $ (123,967) | $ (79,788) | $ (94,575) |
Related party transactions - Tr
Related party transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Affiliated Entity | Hyatt | Franchise fees | |||
Related Party Transaction [Line Items] | |||
Total transactions with related parties | $ 9,937 | $ 17,423 | $ 16,688 |
Affiliated Entity | Sagicor | Insurance premiums | |||
Related Party Transaction [Line Items] | |||
Total transactions with related parties | 927 | 1,659 | 1,765 |
Affiliated Entity | Sagicor | Cost reimbursements | |||
Related Party Transaction [Line Items] | |||
Total transactions with related parties | 1,870 | 5,142 | 0 |
Chief Executive Officer | Lease expense | |||
Related Party Transaction [Line Items] | |||
Total transactions with related parties | $ 770 | $ 745 | $ 989 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Details) - Foreign Tax Authority - Tax and Customs Administration, Netherlands - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | |||
Gain reported in other (expense) income | $ 1,200,000 | ||
Operating tax contingency outstanding | $ 0 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Jul. 01, 2020 |
Hyatt Ziva and Hyatt Zilara Cap Cana | |
Lessee, Lease, Description [Line Items] | |
Term of financing lease arrangement | 12 years |
Leases - Minimum Future Lease P
Leases - Minimum Future Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 954 | |
2022 | 988 | |
2023 | 697 | |
2024 | 560 | |
2025 | 589 | |
Thereafter | 1,798 | |
Total minimum future lease payments | 5,586 | |
Less: imputed interest | (824) | |
Total lease liability | 4,762 | $ 6,208 |
Finance Leases | ||
2021 | 307 | |
2022 | 312 | |
2023 | 317 | |
2024 | 323 | |
2025 | 328 | |
Thereafter | 2,269 | |
Total minimum future lease payments | 3,856 | |
Less: imputed interest | (1,562) | |
Total lease liability | $ 2,294 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtAndCapitalLeaseObligations | us-gaap:LongTermDebtAndCapitalLeaseObligations |
Leases - Components of Lease Ex
Leases - Components of Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Lease expense | $ 2,497 | $ 2,563 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash outflows for operating leases | 721 | 643 | |
Operating cash outflows for finance leases | 112 | 0 | |
Financing cash outflows for finance leases | $ 39 | $ 0 | $ 0 |
Lease expense recognized under ASC 840 | $ 2,400 |
Leases - Other Relevant Informa
Leases - Other Relevant Information (Details) | Dec. 31, 2020 |
Operating Leases | |
Weighted-average remaining lease term | 6 years 10 months 28 days |
Weighted-average discount rate | 4.54% |
Finance Leases | |
Weighted-average remaining lease term | 11 years 6 months |
Weighted-average discount rate | 9.72% |
Leases - Rental Income (Details
Leases - Rental Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | ||
Operating lease income | $ 1,753 | $ 5,105 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Contractual term | 1 year | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Contractual term | 3 years |
Ordinary shares - Narrative (De
Ordinary shares - Narrative (Details) | Jun. 12, 2020USD ($)shares | Jun. 01, 2018€ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2020€ / sharesshares | Jun. 12, 2020€ / shares | Dec. 31, 2019€ / sharesshares | Dec. 14, 2018USD ($) |
Class of Stock [Line Items] | |||||||||
Amount of ordinary shares authorized for repurchase | $ | $ 100,000,000 | ||||||||
Ordinary shares purchased under repurchase program (in shares) | 340,109 | ||||||||
Ordinary shares issued (in shares) | 4,878,049 | ||||||||
Ordinary shares, par value (in Euros per share) | € / shares | € 0.10 | € 0.10 | € 0.10 | ||||||
Cash consideration, after customary closing costs, for issuance of common stock | $ | $ 19,600,000 | $ 19,558,000 | $ 0 | $ 0 | |||||
Ordinary shares, outstanding (in shares) | 134,571,290 | 129,121,576 | |||||||
Restricted Shares | |||||||||
Class of Stock [Line Items] | |||||||||
Shares outstanding (in shares) | 2,203,659 | ||||||||
Restricted Share Units | |||||||||
Class of Stock [Line Items] | |||||||||
Shares outstanding (in shares) | 21,480 | ||||||||
Ordinary Shares | |||||||||
Class of Stock [Line Items] | |||||||||
Ordinary shares purchased under repurchase program (in shares) | 340,109 | 1,791,487 | 47,241 | ||||||
Ordinary shares issued (in shares) | 4,878,049 | ||||||||
Ordinary Shares | Sagicor | |||||||||
Class of Stock [Line Items] | |||||||||
Ordinary shares issued as part of acquisition (in shares) | 20,000,000 | ||||||||
Ordinary shares, par value (in Euros per share) | € / shares | € 0.10 |
Warrants - Narrative (Details)
Warrants - Narrative (Details) $ / shares in Units, $ in Thousands | Aug. 08, 2018USD ($)shares | Dec. 31, 2020USD ($)day$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020€ / sharesshares |
Class of Warrant or Right [Line Items] | |||||
Payments for repurchase of warrants (less than) | $ | $ 0 | $ 0 | $ 55 | ||
Earnout Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants issued (in shares) | 3,000,000 | ||||
Price per share underlying the warrants (in dollars per share) | $ / shares | $ 13 | ||||
Warrants trading days threshold | day | 20 | ||||
Warrants consecutive trading days threshold | day | 30 | ||||
Warrants expiration term | 5 years | ||||
Warrants repurchased (in shares) | 12,230 | ||||
Payments for repurchase of warrants (less than) | $ | $ 100 | ||||
Warrants outstanding (in shares) | 2,987,770 | ||||
Earnout Warrants | Ordinary Shares | |||||
Class of Warrant or Right [Line Items] | |||||
Number of shares entitled to each warrant (in shares) | 1 | ||||
Exercise price (in Euros per share) | € / shares | € 0.10 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)criteriashares | May 16, 2019shares | Mar. 10, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for issuance (in shares) | shares | 12,000,000 | 4,000,000 | |
Shares available for future grants under the 2017 Plan (in shares) | shares | 8,043,686 | ||
Restricted Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ | $ 9.5 | ||
Period over which unrecognized compensation expense will be recorded | 1 year 7 months 6 days | ||
Restricted Share Awards | Employees and Executives | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Share Awards | Employees and Executives | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Restricted Share Awards | Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Restricted Share Awards, Three-Year Vesting | Employees and Executives | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Share Awards, Three-Year Vesting | Employees and Executives | Vesting in First Period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Restricted Share Awards, Three-Year Vesting | Employees and Executives | Vesting in Second Period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Restricted Share Awards, Three-Year Vesting | Employees and Executives | Vesting in Third Period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Restricted Share Units | Employees and Executives | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Share Awards, Five-Year Vesting | Employees and Executives | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Restricted Share Awards, Five-Year Vesting | Employees and Executives | Vesting in First Period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 25.00% | ||
Restricted Share Awards, Five-Year Vesting | Employees and Executives | Vesting in Second Period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 25.00% | ||
Restricted Share Awards, Five-Year Vesting | Employees and Executives | Vesting in Third Period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 50.00% | ||
Performance Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unrecognized compensation cost | $ | $ 1.2 | ||
Period over which unrecognized compensation expense will be recorded | 1 year 4 months 24 days | ||
Number of performance criteria defined in award agreements | criteria | 2 | ||
Period after target ordinary shares vest that any declared dividends will be paid | 30 days | ||
Performance Share Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 0.00% | ||
Performance Share Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 150.00% |
Share-based compensation - Summ
Share-based compensation - Summary of Restricted Share Awards and Performance Share Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Share Awards | |||
Number of Shares | |||
Unvested balance at beginning of period (in shares) | 2,157,336 | ||
Granted (in shares) | 1,076,619 | ||
Vested (in shares) | (924,366) | ||
Forfeited (in shares) | (84,450) | ||
Unvested balance at end of period (in shares) | 2,225,139 | 2,157,336 | |
Weighted-Average Grant Date Fair Value | |||
Unvested balance at beginning of period (in dollars per share) | $ 9.03 | ||
Granted (in dollars per share) | 7.92 | $ 7.25 | $ 10.25 |
Vested (in dollars per share) | 8.95 | ||
Forfeited (in dollars per share) | 8.89 | ||
Unvested balance at end of period (in dollars per share) | $ 8.53 | $ 9.03 | |
Performance Share Awards | |||
Number of Shares | |||
Unvested balance at beginning of period (in shares) | 913,407 | ||
Granted (in shares) | 552,395 | ||
Forfeited (in shares) | (265,088) | ||
Canceled (in shares) | (1,200,714) | ||
Unvested balance at end of period (in shares) | 0 | 913,407 | |
Weighted-Average Grant Date Fair Value | |||
Unvested balance at beginning of period (in dollars per share) | $ 7.22 | ||
Granted (in dollars per share) | 6.38 | $ 5.83 | $ 8.53 |
Forfeited (in dollars per share) | 7.99 | ||
Canceled (in dollars per share) | 6.66 | ||
Unvested balance at end of period (in dollars per share) | $ 0 | $ 7.22 |
Share-based compensation - Su_2
Share-based compensation - Summary of Additional Information on Restricted and Performance Share Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value (in dollars per share) | $ 7.92 | $ 7.25 | $ 10.25 |
Fair value of vested restricted share awards | $ 4,837 | $ 3,600 | $ 1,963 |
Share-based compensation expense | $ 9,123 | $ 8,065 | $ 5,072 |
Performance Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value (in dollars per share) | $ 6.38 | $ 5.83 | $ 8.53 |
Share-based compensation expense | $ 1,035 | $ 780 | $ 1,045 |
Share-based compensation - Su_3
Share-based compensation - Summary of Key Inputs (Details) - USD ($) $ in Thousands | Jan. 02, 2020 | Sep. 19, 2019 | Jan. 02, 2019 | Jan. 02, 2018 |
Total Shareholder Return | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 50.00% | 50.00% | 50.00% | 50.00% |
Grant Date Fair Value by Component | $ 1,334 | $ 287 | $ 537 | $ 860 |
Volatility | 24.87% | 25.86% | 27.78% | 26.13% |
Interest Rate | 1.58% | 1.72% | 2.46% | 2.00% |
Dividend Yield | 0.00% | 0.00% | 0.00% | 0.00% |
Adjusted EBITDA Comparison | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 50.00% | 50.00% | 50.00% | 50.00% |
Grant Date Fair Value by Component | $ 2,187 | $ 448 | $ 900 | $ 1,475 |
Volatility | 0.00% | 0.00% | 0.00% | 0.00% |
Interest Rate | 0.00% | 0.00% | 0.00% | 0.00% |
Dividend Yield | 0.00% | 0.00% | 0.00% | 0.00% |
Earnings per share - Schedule o
Earnings per share - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||||||||||
Net (loss) income | $ (73,752) | $ (78,604) | $ (87,458) | $ (22,556) | $ (17,924) | $ (30,461) | $ 1,040 | $ 42,988 | $ (262,370) | $ (4,357) | $ 18,977 |
Denominator | |||||||||||
Denominator for basic EPS - weighted-average shares (in shares) | 132,210,205 | 130,023,463 | 122,150,851 | ||||||||
Effect of dilutive securities | |||||||||||
Unvested restricted share awards (in shares) | 0 | 0 | 267,649 | ||||||||
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding (in shares) | 132,210,205 | 130,023,463 | 122,418,500 | ||||||||
EPS - Basic (in dollars per share) | $ (0.55) | $ (0.58) | $ (0.67) | $ (0.17) | $ (0.14) | $ (0.23) | $ 0.01 | $ 0.33 | $ (1.98) | $ (0.03) | $ 0.16 |
EPS - Diluted (in dollars per share) | $ (0.55) | $ (0.58) | $ (0.67) | $ (0.17) | $ (0.14) | $ (0.23) | $ 0.01 | $ 0.33 | $ (1.98) | $ (0.03) | $ 0.16 |
Earnout Warrants | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares of common stock acquired by outstanding warrants (in shares) | 2,987,770 | 2,987,770 | 2,987,770 | 2,987,770 | 2,987,770 | ||||||
Unvested Restricted Share Awards | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from computation of earnings (losses) per share (in shares) | 2,225,139 | 2,157,336 | 9,482 | ||||||||
Unvested Performance-Based Equity Awards | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from computation of earnings (losses) per share (in shares) | 0 | 913,407 | 523,545 |
Debt - Schedule of Debt Compone
Debt - Schedule of Debt Components (Details) | Jun. 12, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 29, 2018USD ($)contract |
Debt Instrument [Line Items] | ||||
Financing lease obligations | $ 2,294,000 | $ 0 | ||
Total debt, net | 1,251,267,000 | 1,040,658,000 | ||
Interest expense for finance lease | 100,000 | 0 | ||
Interest rate swaps | ||||
Debt Instrument [Line Items] | ||||
Number of interest rate swap contracts | contract | 2 | |||
Fixed rate | 2.85% | |||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | 84,667,000 | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | 1,070,348,000 | 986,448,000 | ||
Unamortized discount | (1,658,000) | (2,168,000) | ||
Unamortized debt issuance costs | (6,015,000) | (3,622,000) | ||
Debt, net | 1,062,675,000 | 980,658,000 | ||
Notional amount | $ 800,000,000 | |||
Secured Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | 110,000,000 | |||
Term Loan | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | $ 976,348,000 | $ 986,448,000 | ||
Effective interest rate | 3.75% | 4.55% | ||
Notional amount | $ 800,000,000 | |||
Term Loan | Term Loan | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.75% | |||
Floor interest rate | 1.00% | |||
Term A1 Loan | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 11.4777% | 11.4777% | ||
Total debt obligations | $ 35,000,000 | $ 0 | ||
Term A2 Loan | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 11.4777% | 11.4777% | ||
Total debt obligations | $ 31,000,000 | 0 | ||
Term A3 Loan | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | $ 28,000,000 | 0 | ||
Effective interest rate | 4.00% | |||
Term A3 Loan | Term Loan | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.00% | 3.00% | ||
Floor interest rate | 1.00% | 1.00% | ||
Property Loan | Secured Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 9.25% | 9.25% | ||
Total debt obligations | $ 110,000,000 | 0 | ||
Unamortized discount | (3,960,000) | 0 | ||
Unamortized debt issuance costs | (4,409,000) | 0 | ||
Debt, net | 101,631,000 | 0 | ||
Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Total debt obligations | 84,667,000 | 60,000,000 | ||
Available balances | $ 300,000 | $ 40,000,000 | ||
Weighted-average interest rate on outstanding balance | 3.15% | 4.72% | ||
Revolving Credit Facility | Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.00% |
Debt - Schedule of Aggregate De
Debt - Schedule of Aggregate Debt Maturities (Details) - USD ($) | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Revolving Credit Facility | Fifth Amendment, Maturing April 2022 | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 17,000,000 | ||
Term Loan | |||
Debt Instrument [Line Items] | |||
2021 | $ 10,100,000 | ||
2022 | 10,100,000 | ||
2023 | 10,100,000 | ||
2024 | 1,040,048,000 | ||
2025 | 0 | ||
Thereafter | 0 | ||
Total debt maturities | 1,070,348,000 | $ 986,448,000 | |
Property Loan | |||
Debt Instrument [Line Items] | |||
2021 | 0 | ||
2022 | 0 | ||
2023 | 0 | ||
2024 | 0 | ||
2025 | 110,000,000 | ||
Thereafter | 0 | ||
Total debt maturities | 110,000,000 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
2021 | 84,667,000 | ||
2022 | 0 | ||
2023 | 0 | ||
2024 | 0 | ||
2025 | 0 | ||
Thereafter | 0 | ||
Total debt maturities | 84,667,000 | ||
Revolving Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Total debt maturities | $ 84,667,000 | $ 60,000,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Jun. 12, 2020USD ($)quarter | Dec. 31, 2020USD ($)quarter | Jul. 01, 2020 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||
Restricted cash | $ 25,941,000 | $ 0 | $ 0 | ||
Finance lease right-of-use asset | 2,300,000 | ||||
Finance lease liability | $ 2,294,000 | $ 0 | |||
Hyatt Ziva and Hyatt Zilara Cap Cana | |||||
Debt Instrument [Line Items] | |||||
Term of financing lease arrangement | 12 years | ||||
Term Loan | Term Loan | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.75% | ||||
Floor interest rate | 1.00% | ||||
Term Loan | Additional Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted-average interest rate on outstanding balance | 9.25% | ||||
Term Loan | Term A1 Loan | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 35,000,000 | ||||
Fixed interest rate | 11.4777% | 11.4777% | |||
Term Loan | Term A2 Loan | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 31,000,000 | ||||
Fixed interest rate | 11.4777% | 11.4777% | |||
Term Loan | Term A3 Loan | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 28,000,000 | ||||
Minimum total net leverage ratio | 4 | ||||
Term Loan | Term A3 Loan | Period through June 2022 | |||||
Debt Instrument [Line Items] | |||||
Prepayment premium, prior to June 2023, percentage of interest that would have otherwise accrued on amount prepaid | 100.00% | ||||
Term Loan | Term A3 Loan | Period from June 2022 to June 2023 | |||||
Debt Instrument [Line Items] | |||||
Prepayment premium, prior to June 2023, percentage of interest that would have otherwise accrued on amount prepaid | 50.00% | ||||
Term Loan | Term A3 Loan | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | 3.00% | |||
Floor interest rate | 1.00% | 1.00% | |||
Term Loan | Term A3 Loan | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted-average interest rate on outstanding balance | 3.15% | 4.72% | |||
Amount of debt terminated | $ 15,000,000 | ||||
Line of Credit | Revolving Credit Facility | Period through June 2022 | |||||
Debt Instrument [Line Items] | |||||
Minimum total net leverage ratio | 6.50 | ||||
Line of Credit | Revolving Credit Facility | Period from June 2022 to June 2023 | |||||
Debt Instrument [Line Items] | |||||
Minimum total net leverage ratio | 6 | ||||
Line of Credit | Revolving Credit Facility | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Line of Credit | Revolving Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest on undrawn balances, depending on certain leverage ratios | 0.25% | ||||
Line of Credit | Revolving Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest on undrawn balances, depending on certain leverage ratios | 0.50% | ||||
Secured Loan Agreement | Property Loan | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 110,000,000 | ||||
Fixed interest rate | 9.25% | 9.25% | |||
Requirement to continue making deposits into reserves, minimum debt service coverage ratio to terminate | 1.50 | 1.50 | |||
Threshold number of consecutive calendar quarters to maintain minimum debt service coverage ratio for termination of requirement to continue making deposits into reserves | quarter | 2 | 2 |
Debt - Financial Maintenance Co
Debt - Financial Maintenance Covenants (Details) | Jun. 12, 2020quarter | Dec. 31, 2020USD ($)quarter |
Secured Loan Agreement | Property Loan | ||
Debt Instrument [Line Items] | ||
Requirement to continue making deposits into reserves, minimum debt service coverage ratio to terminate | 1.50 | 1.50 |
Threshold number of consecutive calendar quarters to maintain minimum debt service coverage ratio for termination of requirement to continue making deposits into reserves | quarter | 2 | 2 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Minimum liquidity balance | $ | $ 60,000,000 | |
Total net leverage ratio requirement threshold, percentage drawn on Revolving Credit Facility | 35.00% | |
Revolving Credit Facility | Line of Credit | Period ended September 30, 2021 | ||
Debt Instrument [Line Items] | ||
Minimum total net leverage ratio requirements | 6.50 | |
Revolving Credit Facility | Line of Credit | Period ended December 31, 2021 | ||
Debt Instrument [Line Items] | ||
Minimum total net leverage ratio requirements | 6 | |
Revolving Credit Facility | Line of Credit | Periods thereafter | ||
Debt Instrument [Line Items] | ||
Minimum total net leverage ratio requirements | 4.75 |
Derivative financial instrume_3
Derivative financial instruments - Narrative (Details) | Mar. 29, 2018USD ($)contract |
Term Loan | |
Derivative [Line Items] | |
Notional amount | $ 800,000,000 |
Interest rate swaps | |
Derivative [Line Items] | |
Number of interest rate swap contracts | contract | 2 |
Fixed rate | 2.85% |
Interest Rate Swap One | |
Derivative [Line Items] | |
Notional amount | $ 200,000,000 |
Interest Rate Swap Two | |
Derivative [Line Items] | |
Notional amount | $ 600,000,000 |
Derivative financial instrume_4
Derivative financial instruments - Effects on Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||
Beginning balance | $ 809,651 | $ 839,841 | $ 599,549 | $ 809,651 | $ 839,841 | $ 599,549 | |||||||||
Total other comprehensive (loss) income | (6,307) | (20,984) | 168 | ||||||||||||
Ending balance | $ 568,136 | $ 809,651 | $ 839,841 | 568,136 | 809,651 | 839,841 | |||||||||
Total amount expected to be reclassified from AOCI to interest expense during next twelve months | 11,700 | ||||||||||||||
Interest rate swaps | Interest expense | |||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||
Effects on Income Statement | 26,299 | 2,715 | 17,093 | ||||||||||||
Cash Flow Hedge | |||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||
Beginning balance | 20,164 | 0 | 20,164 | 0 | |||||||||||
Change in fair value | 0 | $ 0 | $ 0 | 16,956 | (3,907) | $ 4,912 | $ 14,648 | 5,834 | |||||||
Reclassification from AOCI to interest expense | (2,959) | (2,958) | (2,926) | (1,908) | (1,159) | (324) | 136 | 24 | |||||||
Total other comprehensive (loss) income | $ (2,958) | $ (2,926) | $ 15,048 | $ 4,588 | $ 14,784 | 5,858 | |||||||||
Ending balance | $ 26,369 | $ 20,164 | 0 | $ 26,369 | 20,164 | 0 | |||||||||
Cash Flow Hedges | |||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||
Beginning balance | $ 0 | 0 | $ 0 | 0 | |||||||||||
Change in fair value | 0 | $ 0 | $ 0 | 0 | |||||||||||
Reclassification from AOCI to interest expense | 0 | 0 | 0 | 0 | |||||||||||
Total other comprehensive (loss) income | $ 0 | $ 0 | $ 0 | ||||||||||||
Ending balance | $ 0 | $ 0 |
Derivative financial instrume_5
Derivative financial instruments - Location and Fair Value of Derivatives in Balance Sheet (Details) - Interest rate swaps - Derivative financial instruments - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Liabilities for Effective Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0 | $ 31,932 |
Derivative Liabilities for Ineffective Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 46,340 | $ 0 |
Fair value of financial instr_3
Fair value of financial instruments - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value measurements on a recurring basis | ||
Derivative financial instruments | $ 46,340 | $ 31,932 |
Fair value measurements on a recurring basis | Interest rate swap | ||
Fair value measurements on a recurring basis | ||
Derivative financial instruments | 46,340 | 31,932 |
Fair value measurements on a recurring basis | Level 1 | Interest rate swap | ||
Fair value measurements on a recurring basis | ||
Derivative financial instruments | 0 | 0 |
Fair value measurements on a recurring basis | Level 2 | Interest rate swap | ||
Fair value measurements on a recurring basis | ||
Derivative financial instruments | 46,340 | 31,932 |
Fair value measurements on a recurring basis | Level 3 | Interest rate swap | ||
Fair value measurements on a recurring basis | ||
Derivative financial instruments | $ 0 | $ 0 |
Fair value of financial instr_4
Fair value of financial instruments - Schedule of Financial Assets Measured at Fair Value on a Nonrecurring Basis (Details) $ in Thousands | Nov. 03, 2020USD ($) |
Assets Held for Sale | Dreams Puerto Aventuras | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment loss recorded based on expected sale price of the properties | $ 10,600 |
Fair value measurements on a nonrecurring basis | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired long-lived assets | 34,475 |
Fair value measurements on a nonrecurring basis | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired long-lived assets | 0 |
Fair value measurements on a nonrecurring basis | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired long-lived assets | 34,475 |
Fair value measurements on a nonrecurring basis | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired long-lived assets | $ 0 |
Fair value of financial instr_5
Fair value of financial instruments - Schedule of Financial Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Value | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | $ 1,248,973 | $ 1,040,658 |
Carrying Value | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 980,658 | |
Carrying Value | Term Loan | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 971,920 | |
Carrying Value | Term Loan | Term A1 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 33,792 | |
Carrying Value | Term Loan | Term A2 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 29,930 | |
Carrying Value | Term Loan | Term A3 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 27,033 | |
Carrying Value | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 84,667 | 60,000 |
Carrying Value | Secured Loan Agreement | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 101,631 | |
Fair Value | Level 1 | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Fair Value | Level 1 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 1 | Term Loan | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 1 | Term Loan | Term A1 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 1 | Term Loan | Term A2 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 1 | Term Loan | Term A3 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 1 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Fair Value | Level 1 | Secured Loan Agreement | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 2 | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Fair Value | Level 2 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 2 | Term Loan | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 2 | Term Loan | Term A1 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 2 | Term Loan | Term A2 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 2 | Term Loan | Term A3 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 2 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Fair Value | Level 2 | Secured Loan Agreement | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 3 | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 1,225,810 | 1,043,214 |
Fair Value | Level 3 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 983,214 | |
Fair Value | Level 3 | Term Loan | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 936,799 | |
Fair Value | Level 3 | Term Loan | Term A1 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 35,182 | |
Fair Value | Level 3 | Term Loan | Term A2 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 31,161 | |
Fair Value | Level 3 | Term Loan | Term A3 Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 28,028 | |
Fair Value | Level 3 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 84,769 | $ 60,000 |
Fair Value | Level 3 | Secured Loan Agreement | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | $ 109,871 |
Fair value of financial instr_6
Fair value of financial instruments - Valuation Techniques (Details) | Dec. 31, 2020 |
Interest rate swap | Forecasted LIBOR | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input threshold | 0.0285 |
Employee benefit plan - Schedul
Employee benefit plan - Schedule of Pension Obligation, Funded Status and Accumulated Pension Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in pension obligation | |||
Balance at beginning of period | $ 6,764 | $ 5,123 | |
Service cost | 822 | 795 | $ 674 |
Interest cost | 428 | 492 | 364 |
Actuarial loss | 332 | 881 | |
Effect of foreign exchange rates | (560) | 384 | |
Curtailment | (264) | (171) | |
Benefits paid | (1,264) | (783) | |
(Divestiture) Acquisitions | (27) | ||
(Divestiture) Acquisitions | 43 | ||
Balance at end of period | 6,231 | 6,764 | $ 5,123 |
Underfunded status | (6,231) | (6,764) | |
Accumulated pension obligation | $ (4,382) | $ (4,709) |
Employee benefit plan - Narrati
Employee benefit plan - Narrative (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||
Plan assets | $ 0 | $ 0 |
Employee benefit plan - Sched_2
Employee benefit plan - Schedule of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 822 | $ 795 | $ 674 |
Interest cost | 428 | 492 | 364 |
Effect of foreign exchange rates | (560) | 384 | (12) |
Amortization of prior service cost | 1 | 1 | 25 |
Amortization of loss (gain) | 6 | (20) | (18) |
Compensation-non-retirement post-employment benefits | 214 | (1) | (34) |
Settlement and curtailment gain | (289) | (211) | (17) |
Total net periodic pension cost | $ 622 | $ 1,440 | $ 982 |
Employee benefit plan - Sched_3
Employee benefit plan - Schedule of Weighted-Average Assumptions Used to Determine Pension Obligation (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | |||
Discount rate | 7.10% | 7.50% | 9.55% |
Rate of compensation increase | 4.79% | 4.79% | 4.79% |
Employee benefit plan - Sched_4
Employee benefit plan - Schedule of Expected Plan Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Retirement Benefits [Abstract] | |
2021 | $ 561 |
2022 | 499 |
2023 | 553 |
2024 | 590 |
2025 | 651 |
Thereafter | 4,441 |
Total expected plan payments | $ 7,295 |
Other balance sheet items - Sch
Other balance sheet items - Schedule of Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Gross trade and other receivables | $ 28,346 | $ 73,015 | $ 65,400 | ||
Allowance for doubtful accounts | (2,913) | (1,765) | $ (593) | $ (785) | |
Total trade and other receivables, net | 25,433 | 71,250 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bad debt expense recognized | $ 3,115 | 1,402 | $ 338 | ||
Thomas Cook | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bad debt expense recognized | $ 800 |
Other balance sheet items - S_2
Other balance sheet items - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ (1,765) | $ (593) | $ (785) |
Additions | (3,115) | (1,402) | (338) |
Deductions | 1,967 | 230 | 530 |
Balance at end of period | $ (2,913) | $ (1,765) | $ (593) |
Other balance sheet items - S_3
Other balance sheet items - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advances to suppliers | $ 8,748 | $ 7,865 |
Prepaid income taxes | 12,731 | 12,412 |
Prepaid other taxes | 14,033 | 11,156 |
Operating lease right of use assets | 4,263 | 5,673 |
Contract deposit | 2,700 | 2,700 |
Other assets | 5,163 | 4,885 |
Total prepayments and other assets | $ 47,638 | $ 44,691 |
Other balance sheet items - S_4
Other balance sheet items - Schedule of Goodwill (Details) - USD ($) | Oct. 01, 2020 | Jul. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 |
Goodwill [Roll Forward] | |||||
Gross carrying value as of beginning of period | $ 84,507,000 | $ 84,507,000 | |||
Accumulated impairment losses as of beginning of period | (6,168,000) | (6,168,000) | |||
Net carrying value as of beginning of period | 78,339,000 | 78,339,000 | |||
Adjustments | 3,103,000 | ||||
Impairment losses | (17,700,000) | (19,788,000) | |||
Gross carrying value as of end of period | $ 87,610,000 | 87,610,000 | |||
Accumulated impairment losses as of end of period | (25,956,000) | (25,956,000) | |||
Net carrying value as of end of period | 61,654,000 | 61,654,000 | |||
Immaterial Error Correction | |||||
Goodwill [Roll Forward] | |||||
Impairment losses | (1,500,000) | ||||
Yucatán Peninsula | |||||
Goodwill [Roll Forward] | |||||
Gross carrying value as of beginning of period | 51,731,000 | 51,731,000 | |||
Accumulated impairment losses as of beginning of period | (6,168,000) | (6,168,000) | |||
Net carrying value as of beginning of period | 45,563,000 | 45,563,000 | |||
Adjustments | 0 | ||||
Impairment losses | $ 0 | 0 | |||
Gross carrying value as of end of period | 51,731,000 | 51,731,000 | |||
Accumulated impairment losses as of end of period | (6,168,000) | (6,168,000) | |||
Net carrying value as of end of period | 45,563,000 | 45,563,000 | |||
Pacific Coast | |||||
Goodwill [Roll Forward] | |||||
Gross carrying value as of beginning of period | 0 | 0 | |||
Accumulated impairment losses as of beginning of period | 0 | 0 | |||
Net carrying value as of beginning of period | 0 | 0 | |||
Adjustments | 0 | ||||
Impairment losses | 0 | ||||
Gross carrying value as of end of period | 0 | 0 | |||
Accumulated impairment losses as of end of period | 0 | 0 | |||
Net carrying value as of end of period | 0 | 0 | |||
Dominican Republic | |||||
Goodwill [Roll Forward] | |||||
Gross carrying value as of beginning of period | 0 | 0 | |||
Accumulated impairment losses as of beginning of period | 0 | 0 | |||
Net carrying value as of beginning of period | 0 | 0 | |||
Adjustments | 0 | ||||
Impairment losses | 0 | ||||
Gross carrying value as of end of period | 0 | 0 | |||
Accumulated impairment losses as of end of period | 0 | 0 | |||
Net carrying value as of end of period | 0 | 0 | |||
Jamaica | |||||
Goodwill [Roll Forward] | |||||
Gross carrying value as of beginning of period | 32,776,000 | 32,776,000 | |||
Accumulated impairment losses as of beginning of period | 0 | 0 | |||
Net carrying value as of beginning of period | $ 32,776,000 | 32,776,000 | |||
Adjustments | 3,103,000 | ||||
Impairment losses | $ 0 | (19,788,000) | |||
Gross carrying value as of end of period | 35,879,000 | 35,879,000 | |||
Accumulated impairment losses as of end of period | (19,788,000) | (19,788,000) | |||
Net carrying value as of end of period | $ 16,091,000 | $ 16,091,000 |
Other balance sheet items - S_5
Other balance sheet items - Schedule of Impairment Loss (Details) - USD ($) | Oct. 01, 2020 | Jul. 01, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||||||||
Impairment loss | $ 17,700,000 | $ 19,788,000 | ||||||
Immaterial Error Correction | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | $ 1,500,000 | |||||||
Jamaica | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | $ 0 | 19,788,000 | ||||||
Jamaica | Jewel Runaway Bay Beach Resort & Waterpark | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | 7,604,000 | |||||||
Jamaica | Jewel Dunn’s River Beach Resort & Spa | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | 5,612,000 | |||||||
Jamaica | Jewel Paradise Cove Beach Resort & Spa | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | 4,489,000 | |||||||
Jamaica | Hilton Rose Hall Resort & Spa | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | $ 2,000,000 | 2,033,000 | ||||||
Yucatán Peninsula | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | $ 0 | $ 0 | ||||||
Yucatán Peninsula | Panama Jack Resorts Cancun | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | $ 0 | |||||||
Yucatán Peninsula | Panama Jack Resorts Playa del Carmen | ||||||||
Goodwill [Line Items] | ||||||||
Impairment loss | $ 6,168,000 |
Other balance sheet items - S_6
Other balance sheet items - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total accumulated amortization | $ (4,504) | $ (2,900) |
Net carrying value, Finite-lived intangible assets | 7,681 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Total gross carrying value | 13,060 | 11,308 |
Total net carrying value | 8,556 | 8,408 |
Casino and other Licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 875 | 875 |
Management contract | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, Finite-lived intangible assets | 1,900 | 1,900 |
Total accumulated amortization | (238) | (143) |
Net carrying value, Finite-lived intangible assets | 1,662 | 1,757 |
Enterprise resource planning system | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, Finite-lived intangible assets | 6,047 | 5,187 |
Total accumulated amortization | (1,125) | (437) |
Net carrying value, Finite-lived intangible assets | 4,922 | 4,750 |
Finite-lived intangible assets placed into service during period | $ 1,400 | 2,600 |
Estimated useful life | 7 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value, Finite-lived intangible assets | $ 4,238 | 3,346 |
Total accumulated amortization | (3,141) | (2,320) |
Net carrying value, Finite-lived intangible assets | $ 1,097 | $ 1,026 |
Other balance sheet items - S_7
Other balance sheet items - Schedule of Amortization Expense Relating to Intangible Assets with Finite Lives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Amortization expense for intangibles | $ 1,700 | $ 1,100 | $ 1,000 |
2021 | 1,432 | ||
2022 | 1,338 | ||
2023 | 1,112 | ||
2024 | 997 | ||
2025 | 909 | ||
Thereafter | 1,893 | ||
Net carrying value, Finite-lived intangible assets | $ 7,681 |
Other balance sheet items - S_8
Other balance sheet items - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Trade payables | $ 23,348 | $ 45,299 | |
Advance deposits | 29,707 | 53,769 | $ 57,300 |
Withholding and other taxes payable | 37,450 | 46,983 | |
Interest payable | 618 | 125 | |
Payroll and related accruals | 15,668 | 14,547 | |
Accrued expenses and other payables | 16,619 | 20,880 | |
Total trade and other payables | $ 123,410 | $ 181,603 |
Other balance sheet items - S_9
Other balance sheet items - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Pension obligation | $ 6,231 | $ 6,764 | |
Operating lease liabilities | 4,762 | 6,208 | |
Unfavorable ground lease liability | 2,090 | 2,187 | |
Key money | 15,790 | 8,225 | |
Other | 895 | 923 | |
Total other liabilities | 29,768 | 24,307 | |
Receipt of key money | $ 8,500 | $ 6,500 | $ 2,000 |
Segment information - Schedule
Segment information - Schedule of Net Revenue and Reconciliation to Total Revenue (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | segment | 4 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 66,243 | $ 28,736 | $ 982 | $ 177,228 | $ 143,833 | $ 132,825 | $ 164,023 | $ 195,796 | $ 273,189 | $ 636,477 | $ 617,013 |
Business interruption insurance recoveries | 3,000 | 0 | 2,000 | ||||||||
Yucatán Peninsula | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 113,205 | 244,076 | 266,956 | ||||||||
Pacific Coast | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 34,067 | 88,676 | 89,372 | ||||||||
Dominican Republic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 49,940 | 90,941 | 125,137 | ||||||||
Jamaica | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 74,270 | 209,206 | 133,510 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 261,765 | 605,348 | 597,549 | ||||||||
Operating Segments | Yucatán Peninsula | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 109,629 | 235,788 | 259,393 | ||||||||
Operating Segments | Pacific Coast | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 33,065 | 85,219 | 86,317 | ||||||||
Operating Segments | Dominican Republic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 49,898 | 90,783 | 125,137 | ||||||||
Operating Segments | Jamaica | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 69,173 | 193,558 | 126,702 | ||||||||
Other | Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 367 | 23 | 305 | ||||||||
Management fees | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 807 | 1,820 | 755 | ||||||||
Management fees | Yucatán Peninsula | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Management fees | Pacific Coast | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Management fees | Dominican Republic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Management fees | Jamaica | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Management fees | Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 807 | 1,820 | 755 | ||||||||
Cost reimbursements | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 2,189 | 6,412 | 978 | ||||||||
Cost reimbursements | Yucatán Peninsula | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Cost reimbursements | Pacific Coast | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Cost reimbursements | Dominican Republic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 0 | 0 | 0 | ||||||||
Cost reimbursements | Jamaica | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 1,661 | 4,678 | 0 | ||||||||
Cost reimbursements | Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 2,189 | 6,412 | 978 | ||||||||
Compulsory tips | Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 8,061 | $ 22,874 | $ 17,426 |
Segment information - Schedul_2
Segment information - Schedule of Adjusted EBITDA and Reconciliation to Net Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Owned Resort EBITDA | |||||||||||
Total adjusted EBITDA | $ (21,173) | $ 150,694 | $ 179,031 | ||||||||
Management fees | $ 66,243 | $ 28,736 | $ 982 | $ 177,228 | $ 143,833 | $ 132,825 | $ 164,023 | $ 195,796 | 273,189 | 636,477 | 617,013 |
Interest expense | (81,942) | (44,087) | (62,243) | ||||||||
Depreciation and amortization | (92,570) | (101,897) | (73,278) | ||||||||
Impairment loss | (55,619) | (6,168) | 0 | ||||||||
Loss on sale of assets | (2,021) | 0 | 0 | ||||||||
Other (expense) income | (1,164) | (3,200) | 2,822 | ||||||||
Pre-opening expense | 0 | (1,452) | (321) | ||||||||
Net (loss) income before tax | (273,343) | (21,577) | 31,176 | ||||||||
Income tax benefit (provision) | 10,973 | 17,220 | (12,199) | ||||||||
Net (loss) income | $ (73,752) | $ (78,604) | $ (87,458) | $ (22,556) | $ (17,924) | $ (30,461) | $ 1,040 | $ 42,988 | (262,370) | (4,357) | 18,977 |
Management fees | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 807 | 1,820 | 755 | ||||||||
Yucatán Peninsula | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 113,205 | 244,076 | 266,956 | ||||||||
Yucatán Peninsula | Management fees | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 0 | 0 | 0 | ||||||||
Pacific Coast | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 34,067 | 88,676 | 89,372 | ||||||||
Pacific Coast | Management fees | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 0 | 0 | 0 | ||||||||
Dominican Republic | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 49,940 | 90,941 | 125,137 | ||||||||
Dominican Republic | Management fees | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 0 | 0 | 0 | ||||||||
Jamaica | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 74,270 | 209,206 | 133,510 | ||||||||
Jamaica | Management fees | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | 0 | 0 | 0 | ||||||||
Operating Segments | |||||||||||
Owned Resort EBITDA | |||||||||||
Total adjusted EBITDA | 14,086 | 185,923 | 213,062 | ||||||||
Management fees | 261,765 | 605,348 | 597,549 | ||||||||
Operating Segments | Yucatán Peninsula | |||||||||||
Owned Resort EBITDA | |||||||||||
Total adjusted EBITDA | 17,783 | 82,534 | 107,884 | ||||||||
Management fees | 109,629 | 235,788 | 259,393 | ||||||||
Operating Segments | Pacific Coast | |||||||||||
Owned Resort EBITDA | |||||||||||
Total adjusted EBITDA | 4,281 | 31,618 | 31,038 | ||||||||
Management fees | 33,065 | 85,219 | 86,317 | ||||||||
Operating Segments | Dominican Republic | |||||||||||
Owned Resort EBITDA | |||||||||||
Total adjusted EBITDA | (6,694) | 16,596 | 41,228 | ||||||||
Management fees | 49,898 | 90,783 | 125,137 | ||||||||
Operating Segments | Jamaica | |||||||||||
Owned Resort EBITDA | |||||||||||
Total adjusted EBITDA | (1,284) | 55,175 | 32,912 | ||||||||
Management fees | 69,173 | 193,558 | 126,702 | ||||||||
Other corporate | |||||||||||
Owned Resort EBITDA | |||||||||||
Total adjusted EBITDA | (36,066) | (37,049) | (34,786) | ||||||||
Segment Reconciling Items | |||||||||||
Owned Resort EBITDA | |||||||||||
Interest expense | (81,942) | (44,087) | (62,243) | ||||||||
Depreciation and amortization | (92,570) | (101,897) | (73,278) | ||||||||
Impairment loss | (55,619) | (6,168) | 0 | ||||||||
Loss on sale of assets | (2,021) | 0 | 0 | ||||||||
Other (expense) income | (1,164) | (3,200) | 2,822 | ||||||||
Repairs from hurricanes and tropical storms | (1,542) | 0 | 0 | ||||||||
Pre-opening expense | 0 | (1,452) | (321) | ||||||||
Share-based compensation | (10,158) | (8,845) | (6,116) | ||||||||
Other tax expense | (613) | (577) | (1,633) | ||||||||
Transaction expense | (2,497) | (6,175) | (9,615) | ||||||||
Severance expense | (3,844) | (515) | (333) | ||||||||
Jamaica delayed opening accrual reversal | 0 | 0 | 342 | ||||||||
Property damage insurance gain | 0 | 0 | 2,212 | ||||||||
Non-service cost components of net periodic pension (benefit) cost | (200) | 645 | 308 | ||||||||
Segment Reconciling Items | Management fees | |||||||||||
Owned Resort EBITDA | |||||||||||
Management fees | $ 807 | $ 1,820 | $ 755 |
Segment information - Schedul_3
Segment information - Schedule of Segment Property and Equipment and Reconciliation to Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total property and equipment, gross | $ 2,177,629 | $ 2,328,267 |
Accumulated depreciation | (450,246) | (398,353) |
Property and equipment, net | 1,727,383 | 1,929,914 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, gross | 2,173,124 | 2,320,947 |
Operating Segments | Yucatán Peninsula | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, gross | 799,849 | 865,900 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, gross | 288,328 | 288,358 |
Operating Segments | Dominican Republic | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, gross | 678,900 | 667,120 |
Operating Segments | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, gross | 406,047 | 499,569 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, gross | $ 4,505 | $ 7,320 |
Segment information - Schedul_4
Segment information - Schedule of Segment Capital Expenditures and Reconciliation to Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 19,070 | $ 229,928 | $ 111,335 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 18,910 | 215,416 | 105,670 |
Operating Segments | Yucatán Peninsula | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 4,487 | 28,495 | 16,684 |
Operating Segments | Pacific Coast | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 1,345 | 3,144 | 3,181 |
Operating Segments | Dominican Republic | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 9,966 | 178,599 | 79,543 |
Operating Segments | Jamaica | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 3,112 | 5,178 | 6,262 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 160 | $ 14,512 | $ 5,665 |
Quarterly financial informati_3
Quarterly financial information (unaudited) - Schedule of Historical Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 66,243 | $ 28,736 | $ 982 | $ 177,228 | $ 143,833 | $ 132,825 | $ 164,023 | $ 195,796 | $ 273,189 | $ 636,477 | $ 617,013 |
Operating (loss) income | (54,055) | (53,556) | (86,042) | 3,416 | (15,403) | (16,458) | 10,334 | 47,237 | (190,237) | 25,710 | 90,597 |
Net (loss) income | $ (73,752) | $ (78,604) | $ (87,458) | $ (22,556) | $ (17,924) | $ (30,461) | $ 1,040 | $ 42,988 | $ (262,370) | $ (4,357) | $ 18,977 |
(Losses) earnings per share - Basic (in dollars per share) | $ (0.55) | $ (0.58) | $ (0.67) | $ (0.17) | $ (0.14) | $ (0.23) | $ 0.01 | $ 0.33 | $ (1.98) | $ (0.03) | $ 0.16 |
Decrease in diluted loss per share (in dollars per share) (in dollars per share) | $ (0.55) | $ (0.58) | $ (0.67) | $ (0.17) | $ (0.14) | $ (0.23) | $ 0.01 | $ 0.33 | $ (1.98) | $ (0.03) | $ 0.16 |
Subsequent events (Details)
Subsequent events (Details) | Feb. 05, 2021USD ($) | Jan. 11, 2021USD ($)shares | Jan. 04, 2021shares | Jun. 12, 2020USD ($)shares | Jan. 02, 2020 | Sep. 19, 2019 | Jan. 02, 2019 | Jan. 02, 2018 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 11, 2021€ / shares | Dec. 31, 2020€ / shares | Jun. 12, 2020€ / shares | Dec. 31, 2019€ / shares |
Subsequent Event [Line Items] | |||||||||||||||
Ordinary shares issued (in shares) | shares | 4,878,049 | ||||||||||||||
Ordinary shares, par value (in Euros per share) | € / shares | € 0.10 | € 0.10 | € 0.10 | ||||||||||||
Proceeds from ordinary shares, net of issuance costs | $ 19,600,000 | $ 19,558,000 | $ 0 | $ 0 | |||||||||||
Repayment of amount outstanding on credit facility | 15,333,000 | 0 | 0 | ||||||||||||
Cash consideration from sale of assets held for sale, after customary closing costs | $ 58,273,000 | $ 214,000 | $ 22,000 | ||||||||||||
Revolving Credit Facility | Line of Credit | LIBOR | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Basis spread on variable rate | 3.00% | ||||||||||||||
Ordinary Shares | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Ordinary shares issued (in shares) | shares | 4,878,049 | ||||||||||||||
Performance Share Awards | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Awards issued (in shares) | shares | 552,395 | ||||||||||||||
Vesting period | 3 years | ||||||||||||||
Total Shareholder Return | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Percentage of total awards vesting based on designated criteria | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||
Adjusted EBITDA Comparison | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Percentage of total awards vesting based on designated criteria | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||
Subsequent Event | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Ordinary shares, par value (in Euros per share) | € / shares | € 0.10 | ||||||||||||||
Proceeds from ordinary shares, net of issuance costs | $ 138,000,000 | ||||||||||||||
Subsequent Event | Disposed of by Sale | Dreams Puerto Aventuras | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Cash consideration from sale of assets held for sale, after customary closing costs | $ 34,300,000 | ||||||||||||||
Period over which incremental expenses and capital expenditures are incurred across portfolio following sale | 24 months | ||||||||||||||
Subsequent Event | Revolving Credit Facility | Line of Credit | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Repayment of amount outstanding on credit facility | $ 84,700,000 | ||||||||||||||
Subsequent Event | Revolving Credit Facility | Fifth Amendment | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Maximum borrowing capacity | 85,000,000 | ||||||||||||||
Subsequent Event | Revolving Credit Facility | Fifth Amendment, Maturity Extended Through January 2024 | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 68,000,000 | ||||||||||||||
Subsequent Event | Revolving Credit Facility | Fifth Amendment, Maturity Extended Through January 2024 | Line of Credit | LIBOR | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.00% | ||||||||||||||
Subsequent Event | Revolving Credit Facility | Fifth Amendment, Maturing April 2022 | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 17,000,000 | ||||||||||||||
Subsequent Event | Ordinary Shares | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Ordinary shares issued (in shares) | shares | 28,750,000 | ||||||||||||||
Subsequent Event | Performance Share Awards | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Awards issued (in shares) | shares | 1,027,519 | ||||||||||||||
Vesting period | 3 years | ||||||||||||||
Subsequent Event | Total Shareholder Return | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Percentage of total awards vesting based on designated criteria | 50.00% | ||||||||||||||
Subsequent Event | Adjusted EBITDA Comparison | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Percentage of total awards vesting based on designated criteria | 50.00% |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Registrant - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and cash equivalents | $ 146,919 | $ 20,931 | $ 116,353 | |
Prepayments and other assets | 47,638 | 44,691 | ||
Total assets | 2,097,665 | 2,196,964 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Trade and other payables | 123,410 | 181,603 | ||
Total liabilities | 1,529,529 | 1,387,313 | ||
Total shareholders’ equity | 568,136 | 809,651 | $ 839,841 | $ 599,549 |
Total liabilities and shareholders' equity | 2,097,665 | 2,196,964 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 10,534 | 327 | ||
Intercompany receivables from subsidiaries | 506 | 125 | ||
Prepayments and other assets | 140 | 119 | ||
Investment in subsidiaries | 708,450 | 809,338 | ||
Total assets | 719,630 | 809,909 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Trade and other payables | 185 | 258 | ||
Advances from subsidiaries | 151,309 | 0 | ||
Total liabilities | 151,494 | 258 | ||
Total shareholders’ equity | 568,136 | 809,651 | ||
Total liabilities and shareholders' equity | $ 719,630 | $ 809,909 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Registrant - Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue | $ 66,243 | $ 28,736 | $ 982 | $ 177,228 | $ 143,833 | $ 132,825 | $ 164,023 | $ 195,796 | $ 273,189 | $ 636,477 | $ 617,013 |
Selling, general and administrative expenses | (104,188) | (125,788) | (115,975) | ||||||||
Operating (loss) income | (54,055) | (53,556) | (86,042) | 3,416 | (15,403) | (16,458) | 10,334 | 47,237 | (190,237) | 25,710 | 90,597 |
Other (expense) income | (1,164) | (3,200) | 2,822 | ||||||||
Interest expense | (81,942) | (44,087) | (62,243) | ||||||||
Net (loss) income | $ (73,752) | $ (78,604) | $ (87,458) | $ (22,556) | $ (17,924) | $ (30,461) | $ 1,040 | $ 42,988 | (262,370) | (4,357) | 18,977 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | (11,099) | (11,429) | (8,355) | ||||||||
Operating (loss) income | (11,099) | (11,429) | (8,355) | ||||||||
Other (expense) income | (5) | (17) | 1,382 | ||||||||
Interest income | 0 | 29 | 0 | ||||||||
Interest expense | 0 | 0 | (197) | ||||||||
Net loss before equity in net (loss) income of subsidiaries | (11,104) | (11,417) | (7,170) | ||||||||
Equity in net (loss) income of subsidiaries | (251,266) | 7,060 | 26,147 | ||||||||
Net (loss) income | $ (262,370) | $ (4,357) | $ 18,977 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Registrant - Statement of Cash Flows (Details) - USD ($) $ in Thousands | Jun. 12, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
OPERATING ACTIVITIES | ||||
Net cash provided by (used in) operating activities | $ (99,938) | $ 72,188 | $ 114,430 | |
INVESTING ACTIVITIES | ||||
Net cash provided by (used in) investing activities | 29,412 | (203,816) | (204,586) | |
FINANCING ACTIVITIES | ||||
Repurchase of ordinary shares | (2,500) | (13,694) | (314) | |
Proceeds from ordinary shares | $ 19,600 | 19,558 | 0 | 0 |
Repurchase of Earnout Warrants | 0 | 0 | (55) | |
Net cash provided by financing activities | 222,455 | 36,206 | 89,280 | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 151,929 | (95,422) | (876) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD | 20,931 | 116,353 | 117,229 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | 172,860 | 20,931 | 116,353 | |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Par value of vested restricted share awards | 103 | 54 | 22 | |
Parent Company | ||||
OPERATING ACTIVITIES | ||||
Net cash provided by (used in) operating activities | 2,398 | 4,456 | (493) | |
INVESTING ACTIVITIES | ||||
Investment in subsidiaries | (161,000) | 0 | (7,000) | |
Return of investment in subsidiaries | 0 | 0 | 6,784 | |
Net cash provided by (used in) investing activities | (161,000) | 0 | (216) | |
FINANCING ACTIVITIES | ||||
Advances from subsidiaries | 151,309 | 0 | 0 | |
Repayment of intercompany loans | 0 | 0 | (7,500) | |
Repurchase of ordinary shares | (2,500) | (13,694) | (314) | |
Proceeds from ordinary shares | 20,000 | 0 | 0 | |
Repurchase of Earnout Warrants | 0 | 0 | (55) | |
Net cash provided by financing activities | 168,809 | (13,694) | (7,869) | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 10,207 | (9,238) | (8,578) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD | 327 | 9,565 | 18,143 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | 10,534 | 327 | 9,565 | |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Non-cash investment in subsidiaries | 0 | 0 | 225,000 | |
Non-cash return of investment in subsidiaries | 0 | 0 | (9,600) | |
Non-cash repurchases of ordinary shares for tax withholdings | 54 | 0 | 0 | |
Non-cash equity issuance costs | 442 | 0 | 0 | |
Par value of vested restricted share awards | $ 103 | $ 54 | $ 22 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Registrant - Notes to Condensed Parent Company Only Financial Statements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax and Customs Administration, Netherlands | Foreign Tax Authority | |||
Condensed Financial Statements, Captions [Line Items] | |||
Gain reported in other income | $ 1,200,000 | ||
Operating tax contingency outstanding | $ 0 | $ 0 | |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends received | 3,500,000 | 8,300,000 | 0 |
Non-interest bearing cash advances received from subsidiaries | 151,309,000 | 0 | 0 |
Parent Company | Netherlands | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-interest bearing cash advances received from subsidiaries | 93,100,000 | ||
Parent Company | Jamaica | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-interest bearing cash advances received from subsidiaries | 58,200,000 | ||
Parent Company | Tax and Customs Administration, Netherlands | Foreign Tax Authority | |||
Condensed Financial Statements, Captions [Line Items] | |||
Gain reported in other income | $ 1,200,000 | ||
Operating tax contingency outstanding | $ 0 | $ 0 |