Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-38012 | |
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 | 6 | |
Local Phone Number | 82 55 84 30 | |
Title of 12(b) Security | Ordinary Shares, €0.10 par value | |
Trading Symbol | PLYA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 164,220,739 | |
Entity Central Index Key | 0001692412 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 231,460 | $ 146,919 |
Restricted cash | 24,623 | 25,941 |
Trade and other receivables, net | 40,271 | 25,433 |
Accounts receivable from related parties | 4,319 | 3,726 |
Inventories | 15,466 | 13,813 |
Prepayments and other assets | 38,903 | 47,638 |
Property and equipment, net | 1,595,613 | 1,727,383 |
Assets held for sale | 0 | 34,472 |
Goodwill, net | 61,654 | 61,654 |
Other intangible assets | 7,857 | 8,556 |
Deferred tax assets | 0 | 2,130 |
Total assets | 2,020,166 | 2,097,665 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Trade and other payables | 128,574 | 123,410 |
Payables to related parties | 5,843 | 8,073 |
Income tax payable | 122 | 348 |
Debt | 943,203 | 1,251,267 |
Related party debt | 193,771 | 0 |
Derivative financial instruments | 31,136 | 46,340 |
Other liabilities | 28,770 | 29,768 |
Deferred tax liabilities | 64,794 | 77,637 |
Total liabilities | 1,396,213 | 1,536,843 |
Commitments and contingencies (see Note 7) | ||
Shareholders' equity | ||
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 166,428,743 shares issued and 164,220,739 shares outstanding as of September 30, 2021 and 136,770,086 shares issued and 134,571,290 shares outstanding as of December 31, 2020) | 18,493 | 14,871 |
Treasury shares (at cost, 2,208,004 shares as of September 30, 2021 and 2,198,796 shares as of December 31, 2020) | (16,697) | (16,642) |
Paid-in capital | 1,174,141 | 1,030,148 |
Accumulated other comprehensive loss | (22,086) | (30,949) |
Accumulated deficit | (529,898) | (436,606) |
Total shareholders' equity | 623,953 | 560,822 |
Total liabilities and shareholders' equity | $ 2,020,166 | $ 2,097,665 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - € / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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) | 166,428,743 | 136,770,086 |
Ordinary shares, outstanding (in shares) | 164,220,739 | 134,571,290 |
Treasury shares, at cost (in shares) | 2,208,004 | 2,198,796 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Total revenue | $ 151,287 | $ 28,736 | $ 357,836 | $ 206,946 |
Direct and selling, general and administrative expenses | ||||
Direct | 90,788 | 35,679 | 230,543 | 153,957 |
Selling, general and administrative | 32,055 | 22,943 | 85,273 | 76,514 |
Depreciation and amortization | 19,927 | 22,518 | 60,827 | 69,877 |
Reimbursed costs | 1,072 | 505 | 2,554 | 1,913 |
Impairment loss | 0 | 867 | 24,011 | 42,308 |
(Gain) loss on sale of assets | (4) | 0 | 644 | 1,729 |
Gain on insurance proceeds | 0 | (220) | 0 | (3,170) |
Direct and selling, general and administrative expenses | 143,838 | 82,292 | 403,852 | 343,128 |
Operating income (loss) | 7,449 | (53,556) | (46,016) | (136,182) |
Interest expense | (19,047) | (19,973) | (56,164) | (61,844) |
Other income (expense) | 587 | 224 | (747) | 1,171 |
Net loss before tax | (11,011) | (73,305) | (102,927) | (196,855) |
Income tax (provision) benefit | (1,360) | (5,299) | 13,043 | 8,237 |
Net loss | $ (12,371) | $ (78,604) | $ (89,884) | $ (188,618) |
Earnings per share | ||||
Losses per share - Basic (in dollars per share) | $ (0.08) | $ (0.58) | $ (0.55) | $ (1.44) |
Losses per share - Diluted (in dollars per share) | $ (0.08) | $ (0.58) | $ (0.55) | $ (1.44) |
Weighted average number of shares outstanding during the period - Basic (in shares) | 164,218,262 | 134,493,864 | 163,067,561 | 131,426,886 |
Weighted average number of shares outstanding during the period - Diluted (in shares) | 164,218,262 | 134,493,864 | 163,067,561 | 131,426,886 |
Package | ||||
Revenue | ||||
Total revenue | $ 124,331 | $ 22,705 | $ 293,005 | $ 176,062 |
Non-package | ||||
Revenue | ||||
Total revenue | 25,211 | 5,518 | 60,808 | 28,336 |
Management fees | ||||
Revenue | ||||
Total revenue | 673 | 8 | 1,469 | 635 |
Cost reimbursements | ||||
Revenue | ||||
Total revenue | $ 1,072 | $ 505 | $ 2,554 | $ 1,913 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (12,371) | $ (78,604) | $ (89,884) | $ (188,618) |
Other comprehensive income (loss), net of taxes | ||||
Gain (loss) on interest rate swaps | 2,958 | 2,958 | 8,778 | (9,164) |
Release of foreign currency translation reserve related to sale of Capri Resort (see Note 4) | 0 | 0 | 140 | 0 |
Pension obligation gain (loss) | 38 | 100 | (55) | 197 |
Total other comprehensive income (loss) | 2,996 | 3,058 | 8,863 | (8,967) |
Comprehensive loss | $ (9,375) | $ (75,546) | $ (81,021) | $ (197,585) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative effect of accounting changes, net of tax | Cumulative Effect, Period of Adoption, Adjusted Balance | Ordinary Shares | Ordinary SharesCumulative Effect, Period of Adoption, Adjusted Balance | Treasury Shares | Treasury SharesCumulative Effect, Period of Adoption, Adjusted Balance | Paid-In Capital | Paid-In CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Deficit | Accumulated DeficitCumulative effect of accounting changes, net of tax | Accumulated DeficitCumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance (in shares) at Dec. 31, 2019 | 129,121,576 | 1,846,095 | ||||||||||||
Beginning balance at Dec. 31, 2019 | $ 802,337 | $ 14,215 | $ (14,088) | $ 1,001,088 | $ (24,642) | $ (174,236) | ||||||||
Shareholders' Equity | ||||||||||||||
Net loss | (22,556) | (22,556) | ||||||||||||
Other comprehensive income (loss) | (15,103) | (15,103) | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 493,226 | 4,500 | ||||||||||||
Share-based compensation, net of tax withholdings | 3,189 | $ 55 | $ (34) | 3,168 | ||||||||||
Repurchase of ordinary shares (in shares) | (340,109) | 340,109 | ||||||||||||
Repurchase of ordinary shares | (2,500) | $ (2,500) | ||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 129,274,693 | 2,190,704 | ||||||||||||
Ending balance at Mar. 31, 2020 | 765,367 | $ 14,270 | $ (16,622) | 1,004,256 | (39,745) | (196,792) | ||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 129,121,576 | 1,846,095 | ||||||||||||
Beginning balance at Dec. 31, 2019 | 802,337 | $ 14,215 | $ (14,088) | 1,001,088 | (24,642) | (174,236) | ||||||||
Shareholders' Equity | ||||||||||||||
Net loss | (188,618) | |||||||||||||
Other comprehensive income (loss) | (8,967) | |||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 134,496,340 | 2,198,796 | ||||||||||||
Ending balance at Sep. 30, 2020 | 629,623 | $ 14,862 | $ (16,642) | 1,027,866 | (33,609) | (362,854) | ||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 129,121,576 | 1,846,095 | ||||||||||||
Beginning balance at Dec. 31, 2019 | $ 802,337 | $ 14,215 | $ (14,088) | 1,001,088 | (24,642) | (174,236) | ||||||||
Shareholders' Equity | ||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2019-02 [Member] | |||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 134,571,290 | 134,571,290 | 2,198,796 | 2,198,796 | ||||||||||
Ending balance at Dec. 31, 2020 | $ 560,822 | $ (3,408) | $ 557,414 | $ 14,871 | $ 14,871 | $ (16,642) | $ (16,642) | 1,030,148 | $ 1,030,148 | (30,949) | $ (30,949) | (436,606) | $ (3,408) | $ (440,014) |
Beginning balance (in shares) at Mar. 31, 2020 | 129,274,693 | 2,190,704 | ||||||||||||
Beginning balance at Mar. 31, 2020 | 765,367 | $ 14,270 | $ (16,622) | 1,004,256 | (39,745) | (196,792) | ||||||||
Shareholders' Equity | ||||||||||||||
Net loss | (87,458) | (87,458) | ||||||||||||
Other comprehensive income (loss) | 3,078 | 3,078 | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 332,735 | 8,092 | ||||||||||||
Share-based compensation, net of tax withholdings | 2,699 | $ 38 | $ (20) | 2,681 | ||||||||||
Equity issuance, net (in shares) | 4,878,049 | |||||||||||||
Equity issuance, net | 19,558 | $ 553 | 19,005 | |||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 134,485,477 | 2,198,796 | ||||||||||||
Ending balance at Jun. 30, 2020 | 703,244 | $ 14,861 | $ (16,642) | 1,025,942 | (36,667) | (284,250) | ||||||||
Shareholders' Equity | ||||||||||||||
Net loss | (78,604) | (78,604) | ||||||||||||
Other comprehensive income (loss) | 3,058 | 3,058 | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 10,863 | |||||||||||||
Share-based compensation, net of tax withholdings | 1,925 | $ 1 | 1,924 | |||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 134,496,340 | 2,198,796 | ||||||||||||
Ending balance at Sep. 30, 2020 | 629,623 | $ 14,862 | $ (16,642) | 1,027,866 | (33,609) | (362,854) | ||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 134,571,290 | 134,571,290 | 2,198,796 | 2,198,796 | ||||||||||
Beginning balance at Dec. 31, 2020 | 560,822 | (3,408) | 557,414 | $ 14,871 | $ 14,871 | $ (16,642) | $ (16,642) | 1,030,148 | 1,030,148 | (30,949) | (30,949) | (436,606) | (3,408) | (440,014) |
Shareholders' Equity | ||||||||||||||
Net loss | (69,745) | (69,745) | ||||||||||||
Other comprehensive income (loss) | 2,883 | 2,883 | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 708,285 | 9,208 | ||||||||||||
Share-based compensation, net of tax withholdings | 3,124 | $ 87 | $ (55) | 3,092 | ||||||||||
Equity issuance, net (in shares) | 28,750,000 | |||||||||||||
Equity issuance, net | 137,716 | $ 3,512 | 134,204 | |||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 164,029,575 | 2,208,004 | ||||||||||||
Ending balance at Mar. 31, 2021 | 631,392 | $ 18,470 | $ (16,697) | 1,167,444 | (28,066) | (509,759) | ||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 134,571,290 | 134,571,290 | 2,198,796 | 2,198,796 | ||||||||||
Beginning balance at Dec. 31, 2020 | 560,822 | $ (3,408) | $ 557,414 | $ 14,871 | $ 14,871 | $ (16,642) | $ (16,642) | 1,030,148 | $ 1,030,148 | (30,949) | $ (30,949) | (436,606) | $ (3,408) | $ (440,014) |
Shareholders' Equity | ||||||||||||||
Net loss | (89,884) | |||||||||||||
Other comprehensive income (loss) | 8,863 | |||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 164,220,739 | 2,208,004 | ||||||||||||
Ending balance at Sep. 30, 2021 | 623,953 | $ 18,493 | $ (16,697) | 1,174,141 | (22,086) | (529,898) | ||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 164,029,575 | 2,208,004 | ||||||||||||
Beginning balance at Mar. 31, 2021 | 631,392 | $ 18,470 | $ (16,697) | 1,167,444 | (28,066) | (509,759) | ||||||||
Shareholders' Equity | ||||||||||||||
Net loss | (7,768) | (7,768) | ||||||||||||
Other comprehensive income (loss) | 2,984 | 2,984 | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 180,300 | |||||||||||||
Share-based compensation, net of tax withholdings | 3,450 | $ 22 | 3,428 | |||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 164,209,875 | 2,208,004 | ||||||||||||
Ending balance at Jun. 30, 2021 | 630,058 | $ 18,492 | $ (16,697) | 1,170,872 | (25,082) | (517,527) | ||||||||
Shareholders' Equity | ||||||||||||||
Net loss | (12,371) | (12,371) | ||||||||||||
Other comprehensive income (loss) | 2,996 | 2,996 | ||||||||||||
Share-based compensation, net of tax withholdings (in shares) | 10,864 | |||||||||||||
Share-based compensation, net of tax withholdings | 3,270 | $ 1 | 3,269 | |||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 164,220,739 | 2,208,004 | ||||||||||||
Ending balance at Sep. 30, 2021 | $ 623,953 | $ 18,493 | $ (16,697) | $ 1,174,141 | $ (22,086) | $ (529,898) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
CASH FLOW FROM OPERATING ACTIVITIES | |||||||
Net loss | $ (12,371) | $ (69,745) | $ (78,604) | $ (22,556) | $ (89,884) | $ (188,618) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation and amortization | 19,927 | 22,518 | 60,827 | 69,877 | |||
Amortization of debt discount and issuance costs | 3,078 | 1,793 | |||||
Share-based compensation | 9,899 | 7,867 | |||||
(Gain) loss on derivative financial instruments | (6,425) | 9,737 | |||||
Impairment loss | 0 | 867 | 24,011 | 42,308 | |||
Deferred income taxes | (14,123) | (8,243) | |||||
(Gain) loss on sale of assets | (4) | 0 | 644 | 1,729 | |||
Amortization of key money | (404) | (673) | |||||
(Recovery of)/provision for doubtful accounts | (210) | 2,051 | $ 3,100 | ||||
Other | 641 | (333) | |||||
Changes in assets and liabilities: | |||||||
Trade and other receivables, net | (14,337) | 48,328 | |||||
Accounts receivable from related parties | (593) | 2,715 | |||||
Inventories | (1,741) | 1,870 | |||||
Prepayments and other assets | 8,578 | 1,508 | |||||
Trade and other payables | 10,320 | (51,663) | |||||
Payables to related parties | (3,556) | 1,663 | |||||
Income tax payable | (226) | (866) | |||||
Other liabilities | (533) | (1,602) | |||||
Net cash used in operating activities | (14,034) | (60,552) | |||||
INVESTING ACTIVITIES | |||||||
Capital expenditures | (11,727) | (28,817) | |||||
Receipt of key money | 0 | 8,500 | 8,500 | ||||
Purchase of intangibles | (212) | (466) | |||||
Proceeds from the sale of assets, net | 88,904 | 58,507 | |||||
Net cash provided by investing activities | 76,965 | 37,724 | |||||
FINANCING ACTIVITIES | |||||||
Proceeds from debt issuances, net of discount | 0 | 199,600 | |||||
Issuance costs of debt | 0 | (8,677) | |||||
Proceeds from ordinary shares, net of issuance costs | 137,716 | 19,558 | |||||
Repayments of debt | (31,954) | (7,575) | |||||
Repayments of debt from related parties | (681) | 0 | |||||
Proceeds from borrowings on revolving credit facility | 0 | 40,000 | |||||
Repayments of borrowings on revolving credit facility | (84,667) | (15,333) | |||||
Repurchase of ordinary shares | 0 | (2,500) | |||||
Repurchase of ordinary shares for tax withholdings | (55) | (54) | |||||
Principal payments on finance lease obligations | (67) | (20) | |||||
Net cash provided by financing activities | 20,292 | 224,999 | |||||
INCREASE IN CASH AND CASH EQUIVALENTS | 83,223 | 202,171 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD | $ 172,860 | $ 20,931 | 172,860 | 20,931 | 20,931 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD | 256,083 | 223,102 | 256,083 | 223,102 | 172,860 | ||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||
Cash and cash equivalents | 231,460 | 195,516 | 231,460 | 195,516 | 146,919 | ||
Restricted cash | 24,623 | 27,586 | 24,623 | 27,586 | 25,941 | ||
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ 256,083 | $ 223,102 | 256,083 | 223,102 | $ 172,860 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||
Cash paid for interest | 58,485 | 48,762 | |||||
Cash paid for income taxes, net | 2,042 | 2,146 | |||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||
Capital expenditures incurred but not yet paid | 1,575 | 3,109 | |||||
Intangible assets capitalized but not yet paid | 109 | 225 | |||||
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 2,333 | |||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 262 | 0 | |||||
Termination of right-of-use asset and operating lease liability | 0 | 646 | |||||
Par value of vested restricted share awards | $ 110 | $ 94 |
Organization, operations and ba
Organization, operations and basis of presentation | 9 Months Ended |
Sep. 30, 2021 | |
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. We own and/or manage a portfolio of 22 resorts located in Mexico, the Dominican Republic and Jamaica. Unless otherwise indicated or the context requires otherwise, references in our condensed consolidated financial statements (our “Condensed 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 September 30, 2021, all of our resorts are open. We also implemented additional safety measures at our resorts to mitigate the potential health risks of COVID-19. 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 Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021 (the “Annual Report”). In our opinion, the unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the annual Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations to be expected for the full year ended December 31, 2021. All dollar amounts (other than per share amounts) in the following disclosures are in thousands of United States dollars, unless otherwise indicated. In connection with our efforts to remediate the Tax Weakness (as defined in Item 4. Controls and Procedures ) in our internal control over financial reporting, we identified an error in our previously disclosed deferred tax liabilities for one of our Dominican Republic entities during the quarter ended September 30, 2021. Our Dominican Republic entities are subject to a hybrid tax regime where deferred tax liabilities are recognized using a hybrid tax rate. We determined that the basis difference related to the underlying purchase price value of land was not included in our initial hybrid tax calculation, which resulted in a $7.3 million understatement of our deferred tax liabilities and accumulated deficit for all prior periods presented. We assessed the materiality of the error on our financial statements for prior periods in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99, Materiality , codified in Accounting Standards Codification (“ASC”) 250, Presentation of Financial Statements , and concluded that it was not material to any prior annual or interim periods. However, the aggregate amount of the prior period corrections of the immaterial error through September 30, 2021 of $7.3 million would have been material, if corrected, to the results of operations in the quarter and nine-month period ended September 30, 2021. Consequently, in accordance with ASC 250 (specifically SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements ), we have corrected the error for all prior periods presented by revising the Condensed Consolidated Financial Statements and other financial information included herein. The adjustment had no impact on our Condensed Consolidated Statements of Operations or Condensed Consolidated Statements of Cash Flows for all prior periods presented. |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Standards 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 resulted in changes to our deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We adopted ASU No. 2019-12 on a modified retrospective basis through a $3.4 million cumulative-effect adjustment to opening retained earnings in our Condensed Consolidated Financial Statements for the three months ended March 31, 2021. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters 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 Condensed Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of one-month LIBOR rates. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
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 15) ( $ in thousands) : Three Months Ended September 30, 2021 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Corporate/Other Total Package revenue $ 43,993 $ 19,874 $ 35,131 $ 25,333 $ — $ 124,331 Non-package revenue 8,813 2,794 7,701 5,671 232 25,211 Management fees — — — — 673 673 Cost reimbursements — — — 789 283 1,072 Total revenue $ 52,806 $ 22,668 $ 42,832 $ 31,793 $ 1,188 $ 151,287 Three Months Ended September 30, 2020 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Corporate/Other Total Package revenue $ 14,775 $ 526 $ 1,889 $ 5,515 $ — $ 22,705 Non-package revenue 3,128 261 564 1,306 259 5,518 Management fees — — — — 8 8 Cost reimbursements — — — 474 31 505 Total revenue $ 17,903 $ 787 $ 2,453 $ 7,295 $ 298 $ 28,736 Nine Months Ended September 30, 2021 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Corporate/Other Total Package revenue $ 111,378 $ 45,167 $ 80,512 $ 55,948 $ — $ 293,005 Non-package revenue 22,637 7,603 17,137 12,705 726 60,808 Management fees — — — — 1,469 1,469 Cost reimbursements — — — 1,970 584 2,554 Total revenue $ 134,015 $ 52,770 $ 97,649 $ 70,623 $ 2,779 $ 357,836 Nine Months Ended September 30, 2020 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Corporate/Other Total Package revenue $ 71,337 $ 19,160 $ 33,078 $ 52,487 $ — $ 176,062 Non-package revenue 10,862 3,362 5,019 8,800 293 28,336 Management fees — — — — 635 635 Cost reimbursements — — — 1,484 429 1,913 Total revenue $ 82,199 $ 22,522 $ 38,097 $ 62,771 $ 1,357 $ 206,946 Contract assets and liabilities We do not have any material contract assets as of September 30, 2021 and December 31, 2020 other than trade and other receivables on our Condensed 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. |
Property and equipment
Property and equipment | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, As of December 31, 2021 2020 Property and equipment, gross Land, buildings and improvements $ 1,758,942 $ 1,863,406 Fixtures and machinery (1) 79,717 83,802 Furniture and other fixed assets 203,951 225,869 Construction in progress 2,924 4,552 Total property and equipment, gross 2,045,534 2,177,629 Accumulated depreciation (449,921) (450,246) Total property and equipment, net $ 1,595,613 $ 1,727,383 ________ (1) Includes the gross balance of our finance lease right-of-use asset, which was $2.3 million as of September 30, 2021 and December 31, 2020. Depreciation expense for property and equipment was $19.6 million and $21.9 million for the three months ended September 30, 2021 and 2020, respectively, and $59.8 million and $68.6 million for the nine months ended September 30, 2021 and 2020, respectively. Sale of assets Capri Resort On March 31, 2021, we entered into an agreement to sell our equity interest in the Capri Resort, which is reported within our Yucatán Peninsula reportable segment, for $55.0 million in cash consideration. Upon entering into the agreement, we classified the resort and related deferred tax liabilities as held for sale and recorded an impairment loss of $24.0 million based on the sale price. The sale price is considered an observable input other than quoted prices (Level 2) in the U.S. GAAP fair value hierarchy (see Note 13). The impairment is recorded within impairment loss in the Condensed Consolidated Statements of Operations. On June 24, 2021, we completed the sale, received total cash consideration of $55.2 million, after customary closing costs, and recognized a loss of $0.5 million within (gain) loss on sale of assets in the Condensed Consolidated Statements of Operations. In accordance with our Existing Credit Agreement (as defined in Note 11), we utilized 50% of the Capri Resort's net proceeds of $24.4 million, after deducting incremental expenses, to repay a portion of our Term Loan on June 29, 2021. The remaining net proceeds, after deducting capital expenditures incurred across our portfolio for up to 18 months following the sale, will be used to repay our Term Loan and Term A3 Loan in December 2022. Dreams Puerto Aventuras On February 5, 2021, we completed the sale of the Dreams Puerto Aventuras, which is reported in our Yucatán Peninsula reportable segment, for $34.5 million in cash consideration. Upon closing, we received total cash consideration of $34.3 million, after customary closing costs, and recognized a gain of less than $0.1 million within (gain) loss on sale of assets in the Condensed Consolidated Statements of Operations. A portion of the net proceeds from the sale, after deducting incremental expenses and capital expenditures incurred across our portfolio for up to 24 months following the sale, will be used to repay our Term Loan and Term A3 Loan in February 2023. Jewel Dunn’s River Beach Resort & Spa and Jewel Runaway Bay Beach Resort & Waterpark 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. Upon closing, we received total cash consideration of $58.7 million, after customary closing costs, and recognized a $1.8 million loss within (gain) loss on sale of assets in the Condensed Consolidated Statements of Operations. A portion of the net proceeds from the sale, after deducting incremental expenses and capital expenditures incurred across our portfolio for up to 24 months following the sale, will be used to repay our Term Loan in May 2022. Lessor contracts We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one ($ in thousands) : Three Months Ended September 30, Nine Months Ended September 30, Leases 2021 2020 2021 2020 Operating lease income (1) $ 796 $ 254 $ 2,189 $ 1,400 ________ (1) Our operating lease income, which is recorded within non-package revenue in the Condensed Consolidated Statements of Operations, includes variable lease revenue which is typically calculated as a percentage of our tenant's net sales. |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxesWe file tax returns for our entities in key jurisdictions including Mexico, Dominican Republic, Jamaica and the United States. We are domiciled in the Netherlands and our Dutch subsidiaries are subject to a Dutch general tax rate of 25%. Our other operating subsidiaries are subject to tax rates up to 30% in the jurisdictions in which they are domiciled. We recorded an income tax provision of $1.4 million and an income tax benefit of $13.0 million for the three and nine months ended September 30, 2021, respectively. The income tax provision and benefit include the impact of certain discrete adjustments related to the sale of our resorts and our valuation allowance for our Jamaica and Mexico entities. For the nine months ended September 30, 2021, we recognized a net $5.5 million income tax benefit in connection with the sale of the Capri Resort and the Dreams Puerto Aventuras Resort (see Note 4). This represents the aggregate tax impact of capital gains, impairment, and elimination of related deferred tax balances. We continually monitor the realizability of our deferred tax assets, which consist primarily of net operating loss carryforwards. After considering the residual economic effects of the COVID-19 pandemic (see Note 1) and the timing of reversals of deferred tax liabilities, we recognized an additional $0.7 million tax benefit and $3.0 million tax expense related to valuation allowances against the deferred tax assets of our Mexico and Jamaica entities during the three and nine months ended September 30, 2021, respectively. All of our outstanding Advanced Pricing Agreements (“APAs”) for our Dominican Republic entities expired during the third quarter of 2021. We are currently in the process of renegotiating the terms of our APAs and expect that the terms will be finalized before 2021 year-end. This is reflected in our estimated annual effective tax rate calculation. |
Related party transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions Relationship with Hyatt Hyatt Hotels Corporation (“Hyatt”) is considered a related party due to its ownership of our ordinary shares by its affiliated entities. Hyatt also had representation on our Board of Directors until August 18, 2021. 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 Financial Corporation Limited and its affiliated entities (collectively “Sagicor”) is considered a related party due to its ownership of our ordinary shares and representation on our Board of Directors. We pay Sagicor for insurance coverage for one 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. Relationship with Davidson Kempner Capital Management L.P. Davidson Kempner Capital Management L.P. (“DKCM”) is the investment manager of multiple affiliated funds and is considered a related party due to the funds' ownership of our ordinary shares following the equity raise in January 2021 (see Note 8). The affiliated funds managed by DKCM are also the lenders to our Property Loan and Additional Credit Facility, which consists of our Term A1, Term A2 and Term A3 loans (see Note 11). We pay DKCM periodic interest payments related to the outstanding debt. 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 three and nine months ended September 30, 2021 and 2020 were as follows ( $ in thousands ): Three Months Ended September 30, Nine Months Ended September 30, Related Party Transaction 2021 2020 2021 2020 Hyatt Franchise fees (1) $ 5,310 $ 1,102 $ 13,285 $ 7,666 Sagicor Insurance premiums (1) $ 213 $ 187 $ 571 $ 720 Sagicor Cost reimbursements $ 926 $ 488 $ 2,214 $ 1,652 Chief Executive Officer Lease expense (2) $ 189 $ 186 $ 605 $ 564 DKCM Interest expense $ 5,563 $ — $ 16,434 $ — ________ (1) Included in direct expense in the Condensed 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 Condensed Consolidated Statements of Operations. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies 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 Condensed 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. With the exception of Playa Romana B.V., Playa Romana Mar B.V. and Playa Hotels & Resorts N.V., our Dutch companies file as a fiscal unity. 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. |
Ordinary shares
Ordinary shares | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Ordinary shares | Ordinary shares 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 $137.7 million in cash consideration, net of underwriting discounts and customary closing costs. As of September 30, 2021, our ordinary share capital consisted of 164,220,739 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 4,225,350 restricted shares and performance share awards and 27,501 restricted share units were outstanding under the 2017 Plan (as defined in Note 9). The holders of restricted shares and performance share awards 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. |
Share-based compensation
Share-based compensation | 9 Months Ended |
Sep. 30, 2021 | |
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. As of September 30, 2021, there were 4,850,439 shares available for future grants under the 2017 Plan. 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). A summary of our restricted share awards from January 1, 2021 to September 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2021 2,225,139 $ 8.53 Granted 1,925,298 5.45 Vested (908,657) 8.63 Forfeited (16,448) 7.53 Unvested balance at September 30, 2021 3,225,332 $ 6.67 Performance share awards consist of ordinary shares that may become earned and vested at the end of a three-year performance period based on the achievement of performance targets adopted by our Compensation Committee. On January 4, 2021, we issued 1,027,519 performance share awards with market conditions where 50% of the performance awards will vest based on the total shareholder return of our ordinary shares relative to those of our peer group (“Relative TSR Awards”) and 50% will vest based on the compound annual growth rate of the price of our ordinary shares (“Absolute TSR Awards”). The Relative TSR Awards may vest between 0% and 150% of target, with the award capped at 100% of target should Playa’s TSR be negative. The Absolute TSR Awards may vest up to 100% of target. The table below summarizes the key inputs used in the Monte-Carlo simulation to determine the grant date fair value of our performance share awards ($ in thousands) : Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility (1) Interest Rate (2) Dividend Yield January 4, 2021 Peer Shareholder Return 50 % $ 3,088 57.69 % 0.16 % — % Growth Rate 50 % $ 2,230 57.69 % 0.16 % — % ________ (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. A summary of our performance share awards from January 1, 2021 to September 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2021 — $ — Granted 1,027,519 5.18 Unvested balance at September 30, 2021 1,027,519 $ 5.18 |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Basic and diluted earnings or losses per share (“EPS”) are as follows ( $ in thousands, except share data ): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net loss $ (12,371) $ (78,604) $ (89,884) $ (188,618) Denominator Denominator for basic EPS - weighted-average number of shares outstanding 164,218,262 134,493,864 163,067,561 131,426,886 Effect of dilutive securities Unvested restricted share awards — — — — Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 164,218,262 134,493,864 163,067,561 131,426,886 EPS - Basic $ (0.08) $ (0.58) $ (0.55) $ (1.44) EPS - Diluted $ (0.08) $ (0.58) $ (0.55) $ (1.44) For the three and nine months ended September 30, 2021 and 2020, 1,027,519 and 1,200,714 shares of unvested performance-based equity awards, respectively, were not included in the computation of diluted EPS after assumed conversions as their effect would have been anti-dilutive. The performance targets of our unvested performance-based equity awards were partially achieved as of September 30, 2021, but were not achieved as of September 30, 2020. For the three and nine months ended September 30, 2021 and 2020, 3,225,332 and 2,300,089 shares of unvested restricted share awards were not included in the computation of diluted EPS as their effect would have been anti-dilutive. For the three and nine months ended September 30, 2021 and 2020, outstanding earnout warrants to acquire a total of 2,987,770 ordinary shares were not included in the computation of diluted EPS after assumed conversions because the warrants were not exercisable as of the end of the respective reporting period. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date September 30, 2021 December 31, 2020 Revolving Credit Facilities Revolving Credit Facility (1) LIBOR + 3.00% LIBOR + 4.00% April 27, 2022 ($17.0 million) January 27, 2024 ($68.0 million) $ — $ 84,667 Senior Secured Credit Facilities Term Loan (2) LIBOR + 2.75% April 27, 2024 $ 944,393 $ 976,348 Term A1 Loan 11.4777% April 27, 2024 35,000 35,000 Term A2 Loan 11.4777% April 27, 2024 31,000 31,000 Term A3 Loan (3) LIBOR + 3.00% April 27, 2024 27,319 28,000 Total Term Loans (at stated value) 1,037,712 1,070,348 Unamortized discount (1,279) (1,658) Unamortized debt issuance costs (4,662) (6,015) Total Term Loans, net $ 1,031,771 $ 1,062,675 Property Loan Property Loan (at stated value) 9.25% July 1, 2025 $ 110,000 $ 110,000 Unamortized discount (3,323) (3,960) Unamortized debt issuance costs (3,700) (4,409) Total Property Loan, net $ 102,977 $ 101,631 Finance lease obligations $ 2,226 $ 2,294 Total debt, net $ 1,136,974 $ 1,251,267 ________ (1) Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had $85.0 million and $0.3 million available as of September 30, 2021 and December 31, 2020, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% as of December 31, 2020. (2) One-month London Interbank Offered Rate (“LIBOR”) is subject to a 1.0% floor. The interest rate was 3.75% as of both September 30, 2021 and December 31, 2020. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12). (3) LIBOR is subject to a 1.0% floor. The interest rate was 4.00% as of both September 30, 2021 and December 31, 2020. 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 our $85.0 million Revolving Credit Facility through January 2024. The remaining $17.0 million matures in April 2022; ii. repaid the $84.7 million outstanding balance 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 replacement of the total net leverage ratio requirement of the financial covenant with a minimum liquidity balance through March 31, 2022 (the “Relief Period”); 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. Financial maintenance covenants We were in compliance with all applicable covenants as of September 30, 2021. A summary of our applicable covenants and restrictions is as follows: Debt Covenant Terms Existing Credit Agreement We are required to maintain a minimum liquidity balance of $70.0 million through the Relief Period. If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to December 31, 2021, we will be subject to the following total net leverage ratio requirements: ▪ 6.50x for the period ended March 31, 2022; ▪ 6.00x for the period ended June 30, 2022; 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 | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments Effective March 29, 2018, we entered into two interest rate swaps to mitigate the interest rate risk inherent to our floating rate debt. 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 $800.0 million of our Term Loan. The interest rate swaps mature on March 31, 2023. Our interest rate swaps are designated as cash flow hedges, but are deemed ineffective due to the decrease in interest rates. All changes in fair value are recognized through interest expense in the Condensed Consolidated Statements of Operations. The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 ($ in thousands) : 2021 2020 AOCI from our cash flow hedges as of January 1 $ 26,369 $ 20,164 Change in fair value — 16,956 Reclassification from AOCI to interest expense (2,894) (1,908) OCI related to our cash flow hedges for the three months ended March 31 (2,894) 15,048 Change in fair value — — Reclassification from AOCI to interest expense (2,926) (2,926) OCI related to our cash flow hedges for the three months ended June 30 (2,926) (2,926) Change in fair value — — Reclassification from AOCI to interest expense (2,958) (2,958) OCI related to our cash flow hedges for the three months ended September 30 (2,958) (2,958) AOCI from our cash flow hedges as of September 30 (1) $ 17,591 $ 29,328 ________ (1) As of September 30, 2021, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million. Derivative Liabilities for Ineffective Hedges Financial Statement Classification Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest rate swaps (1) Interest expense $ 3,807 $ 3,803 $ 10,209 $ 22,306 ________ (1) 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 table presents the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of September 30, 2021 and December 31, 2020 ($ in thousands) : Derivative Liabilities for Ineffective Hedges Financial Statement Classification As of September 30, As of December 31, 2021 2020 Interest rate swaps Derivative financial instruments $ 31,136 $ 46,340 |
Fair value of financial instrum
Fair value of financial instruments | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020. We did not have any Level 3 instruments during any of the periods presented in our Condensed Consolidated Financial Statements. The following tables present our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 ($ in thousands) : September 30, 2021 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 31,136 $ — $ 31,136 $ — December 31, 2020 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 46,340 $ — $ 46,340 $ — The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of September 30, 2021 and December 31, 2020 ($ in thousands) : Carrying Value Fair Value As of September 30, 2021 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 940,977 $ — $ — $ 931,813 Term A1 Loan 34,060 — — 35,515 Term A2 Loan 30,167 — — 31,456 Term A3 Loan 26,567 — — 27,153 Property Loan 102,977 — — 112,240 Total liabilities $ 1,134,748 $ — $ — $ 1,138,177 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 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 Loans. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration. |
Other balance sheet items
Other balance sheet items | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Gross trade and other receivables (1) $ 42,787 $ 28,346 Allowance for doubtful accounts (2) (2,516) (2,913) Total trade and other receivables, net $ 40,271 $ 25,433 ________ (1) The opening balance as of January 1, 2020 was $73.0 million. (2) We recognized an additional $3.1 million in bad debt expense during the year ended December 31, 2020 primarily as result of the negative effects of COVID-19. We have not experienced any significant write-offs to our accounts receivable during the three and nine months ended September 30, 2021 and 2020. Prepayments and other assets The following summarizes the balances of prepayments and other assets as of September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Advances to suppliers $ 6,510 $ 8,748 Prepaid income taxes 12,976 12,731 Prepaid other taxes (1) 8,926 14,033 Operating lease right-of-use assets 3,959 4,263 Key money (2) 2,403 2,700 Other assets 4,129 5,163 Total prepayments and other assets $ 38,903 $ 47,638 ________ (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. In April 2021, we entered into an agreement to classify this deposit as key money. Goodwill We recognized no goodwill impairment losses on our reporting units nor any additions to goodwill during the three and nine months ended September 30, 2021. The gross carrying values and accumulated impairment losses of goodwill by reportable segment (refer to discussion of our reportable segments in Note 15) as of September 30, 2021 and December 31, 2020 are as follows ($ in thousands) : Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total 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 As a result of COVID-19 and the temporary suspension of operations at our resorts (see Note 1), 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 goodwill impairment losses at the following reporting units for the three months ended March 31, 2020 as we determined that their carrying values exceeded their fair value ($ in thousands) : Reporting Unit Reportable Segment Impairment Loss Jewel Runaway Bay Beach Resort & Waterpark Jamaica $ 7,318 Jewel Dunn’s River Beach Resort & Spa Jamaica $ 5,400 Jewel Paradise Cove Beach Resort & Spa Jamaica $ 4,321 Other intangible assets Other intangible assets as of September 30, 2021 and December 31, 2020 consisted of the following ( $ in thousands ): As of September 30, As of December 31, 2021 2020 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system (2) 6,291 6,047 Other 4,045 4,238 Total gross carrying value 13,111 13,060 Accumulated amortization Management contract (309) (238) Enterprise resource planning system (2) (1,678) (1,125) Other (3,267) (3,141) Total accumulated amortization (5,254) (4,504) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,591 1,662 Enterprise resource planning system (2) 4,613 4,922 Other 778 1,097 Total net carrying value $ 7,857 $ 8,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $0.9 million and $1.4 million was placed into service in 2021 and 2020, respectively, and is being amortized over a weighted-average amortization period of 7 years. Amortization expense for intangible assets was $0.3 million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, and $1.0 million and $1.3 million for the nine months ended September 30, 2021 and 2020, respectively. Trade and other payables The following summarizes the balances of trade and other payables as of September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Trade payables $ 18,495 $ 23,348 Advance deposits (1) 39,245 29,707 Withholding and other taxes payable 31,132 37,450 Interest payable 99 618 Payroll and related accruals 21,491 15,668 Accrued expenses and other payables 18,112 16,619 Total trade and other payables $ 128,574 $ 123,410 ________ (1) The opening balance as of January 1, 2020 was $53.8 million. Other liabilities The following summarizes the balances of other liabilities as of September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Pension obligation (1)(2) $ 6,285 $ 6,231 Lease liabilities 4,478 4,762 Unfavorable ground lease liability 2,021 2,090 Key money (3) 15,089 15,790 Other 897 895 Total other liabilities $ 28,770 $ 29,768 ________ (1) For the three months ended September 30, 2021 and 2020, the service cost component of net periodic pension cost was $0.2 million and $0.2 million, respectively. For the nine months ended September 30, 2021 and 2020, the service cost component of net periodic pension cost was $0.6 million and $0.6 million, respectively. These costs are recorded within direct expense in the Condensed Consolidated Statements of Operations. (2) For the three months ended September 30, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were nominal and $0.3 million, respectively. For the nine months ended September 30, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were $0.5 million and $1.6 million, respectively. These costs are recorded within other income (expense) in the Condensed Consolidated Statements of Operations. (3) Represents the unamortized balance of key money received, which is amortized as a reduction to franchise fees within direct expenses in the Condensed Consolidated Statements of Operations. We received $8.5 million of additional key money in 2020. |
Business segment
Business segment | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business segment | Business segments 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 present four separate reportable segments by geography: (i) Yucatán Peninsula, (ii) Pacific Coast, (iii) Dominican Republic and (iv) Jamaica. For the three and nine months ended September 30, 2021 and 2020, 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 (provision) benefit, and depreciation and amortization expense (“Adjusted EBITDA”), which should not be considered an alternative to net 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 fee income (“Owned Resort EBITDA”). We define Adjusted EBITDA as net loss, determined in accordance with U.S. GAAP, for the period presented, before interest expense, income tax (provision) benefit, and depreciation and amortization expense, further adjusted to exclude the following items: (a) impairment loss; (b) loss on sale of assets; (c) other income (expense); (d) repairs from hurricanes and tropical storms; (e) share-based compensation; (f) other tax (expense) income; (g) transaction expenses; (h) contract termination costs; and (i) severance expenses. 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 Condensed Consolidated Financial Statements. The following table presents segment owned net revenue and a reconciliation to total revenue for the three and nine months ended September 30, 2021 and 2020 ( $ in thousands ): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Owned net revenue Yucatán Peninsula $ 51,209 $ 17,351 $ 129,879 $ 79,689 Pacific Coast 21,982 773 51,117 21,854 Dominican Republic 42,794 2,453 97,563 38,060 Jamaica 29,502 6,458 65,358 58,458 Segment owned net revenue (1) 145,487 27,035 343,917 198,061 Other 232 258 726 293 Management fees 673 8 1,469 635 Cost reimbursements 1,072 505 2,554 1,913 Compulsory tips 3,823 930 9,170 6,044 Total revenue $ 151,287 $ 28,736 $ 357,836 $ 206,946 ________ (1) 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 loss for the three and nine months ended September 30, 2021 and 2020 ( $ in thousands ): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Owned Resort EBITDA Yucatán Peninsula $ 17,518 $ (1,820) $ 37,714 $ 15,111 Pacific Coast 6,429 (2,330) 13,992 3,726 Dominican Republic 11,267 (6,296) 20,859 (3,388) Jamaica 5,632 (7,473) 6,924 3,503 Segment Owned Resort EBITDA 40,846 (17,919) 79,489 18,952 Other corporate (9,749) (8,205) (28,778) (26,782) Management fees 673 8 1,469 635 Total Adjusted EBITDA 31,770 (26,116) 52,180 (7,195) Interest expense (19,047) (19,973) (56,164) (61,844) Depreciation and amortization (19,927) (22,518) (60,827) (69,877) Impairment loss — (867) (24,011) (42,308) Gain (loss) on sale of assets 4 — (644) (1,729) Other income (expense) 587 224 (747) 1,171 Repairs from hurricanes and tropical storms (435) — (435) — Share-based compensation (3,270) (1,925) (9,899) (7,867) Other tax (expense) income (67) 170 (228) (298) Transaction expenses (210) (541) (928) (1,416) Contract termination costs (400) — (400) — Severance expense — (1,448) (1,287) (3,892) Non-service cost components of net periodic pension (benefit) cost (1) (16) (311) 463 (1,600) Net loss before tax (11,011) (73,305) (102,927) (196,855) Income tax (provision) benefit (1,360) (5,299) 13,043 8,237 Net loss $ (12,371) $ (78,604) $ (89,884) $ (188,618) ________ (1) Represents the non-service cost components of net periodic pension (benefit) cost recorded within other income (expense) in the Condensed 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 September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Segment property and equipment, gross Yucatán Peninsula $ 665,731 $ 799,849 Pacific Coast 288,122 288,328 Dominican Republic 679,057 678,900 Jamaica 407,826 406,047 Total segment property and equipment, gross 2,040,736 2,173,124 Corporate property and equipment, gross 4,798 4,505 Accumulated depreciation (449,921) (450,246) Total property and equipment, net $ 1,595,613 $ 1,727,383 The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the nine months ended September 30, 2021 and 2020 ( $ in thousands ): Nine Months Ended September 30, 2021 2020 Segment capital expenditures Yucatán Peninsula $ 2,709 $ 3,423 Pacific Coast 536 1,120 Dominican Republic 1,874 6,728 Jamaica 3,288 2,364 Total segment capital expenditures (1) 8,407 13,635 Corporate 256 149 Total capital expenditures (1) $ 8,663 $ 13,784 ________ |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent eventsIn preparing the interim Condensed Consolidated Financial Statements, there were no subsequent events since September 30, 2021 |
Significant accounting polici_2
Significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of preparation, presentation and measurement | Basis of preparation, presentation and measurement Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with our Consolidated Financial Statements as of and for the year ended December 31, 2020, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021 (the “Annual Report”). In our opinion, the unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the annual Consolidated Financial Statements and include all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations to be expected for the full year ended December 31, 2021. All dollar amounts (other than per share amounts) in the following disclosures are in thousands of United States dollars, unless otherwise indicated. |
Standards adopted and Standards not yet adopted | Standards 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 resulted in changes to our deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We adopted ASU No. 2019-12 on a modified retrospective basis through a $3.4 million cumulative-effect adjustment to opening retained earnings in our Condensed Consolidated Financial Statements for the three months ended March 31, 2021. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters 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 Condensed Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of one-month LIBOR rates. |
Contract assets and liabilities | Contract assets and liabilities We do not have any material contract assets as of September 30, 2021 and December 31, 2020 other than trade and other receivables on our Condensed 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. |
Significant accounting polici_3
Significant accounting policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Standards Adopted and Standards Not Yet Adopted | Standards 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 resulted in changes to our deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We adopted ASU No. 2019-12 on a modified retrospective basis through a $3.4 million cumulative-effect adjustment to opening retained earnings in our Condensed Consolidated Financial Statements for the three months ended March 31, 2021. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters 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 Condensed Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of one-month LIBOR rates. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 15) ( $ in thousands) : Three Months Ended September 30, 2021 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Corporate/Other Total Package revenue $ 43,993 $ 19,874 $ 35,131 $ 25,333 $ — $ 124,331 Non-package revenue 8,813 2,794 7,701 5,671 232 25,211 Management fees — — — — 673 673 Cost reimbursements — — — 789 283 1,072 Total revenue $ 52,806 $ 22,668 $ 42,832 $ 31,793 $ 1,188 $ 151,287 Three Months Ended September 30, 2020 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Corporate/Other Total Package revenue $ 14,775 $ 526 $ 1,889 $ 5,515 $ — $ 22,705 Non-package revenue 3,128 261 564 1,306 259 5,518 Management fees — — — — 8 8 Cost reimbursements — — — 474 31 505 Total revenue $ 17,903 $ 787 $ 2,453 $ 7,295 $ 298 $ 28,736 Nine Months Ended September 30, 2021 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Corporate/Other Total Package revenue $ 111,378 $ 45,167 $ 80,512 $ 55,948 $ — $ 293,005 Non-package revenue 22,637 7,603 17,137 12,705 726 60,808 Management fees — — — — 1,469 1,469 Cost reimbursements — — — 1,970 584 2,554 Total revenue $ 134,015 $ 52,770 $ 97,649 $ 70,623 $ 2,779 $ 357,836 Nine Months Ended September 30, 2020 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Corporate/Other Total Package revenue $ 71,337 $ 19,160 $ 33,078 $ 52,487 $ — $ 176,062 Non-package revenue 10,862 3,362 5,019 8,800 293 28,336 Management fees — — — — 635 635 Cost reimbursements — — — 1,484 429 1,913 Total revenue $ 82,199 $ 22,522 $ 38,097 $ 62,771 $ 1,357 $ 206,946 |
Property and equipment (Tables)
Property and equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | The balance of property and equipment, net is as follows ($ in thousands ): As of September 30, As of December 31, 2021 2020 Property and equipment, gross Land, buildings and improvements $ 1,758,942 $ 1,863,406 Fixtures and machinery (1) 79,717 83,802 Furniture and other fixed assets 203,951 225,869 Construction in progress 2,924 4,552 Total property and equipment, gross 2,045,534 2,177,629 Accumulated depreciation (449,921) (450,246) Total property and equipment, net $ 1,595,613 $ 1,727,383 ________ (1) Includes the gross balance of our finance lease right-of-use asset, which was $2.3 million as of September 30, 2021 and December 31, 2020. |
Schedule of Rental Income | The following table presents our rental income for the three and nine months ended September 30, 2021 and 2020 ($ in thousands) : Three Months Ended September 30, Nine Months Ended September 30, Leases 2021 2020 2021 2020 Operating lease income (1) $ 796 $ 254 $ 2,189 $ 1,400 ________ (1) Our operating lease income, which is recorded within non-package revenue in the Condensed Consolidated Statements of Operations, includes variable lease revenue which is typically calculated as a percentage of our tenant's net sales. |
Related party transactions (Tab
Related party transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Transactions between us and related parties during the three and nine months ended September 30, 2021 and 2020 were as follows ( $ in thousands ): Three Months Ended September 30, Nine Months Ended September 30, Related Party Transaction 2021 2020 2021 2020 Hyatt Franchise fees (1) $ 5,310 $ 1,102 $ 13,285 $ 7,666 Sagicor Insurance premiums (1) $ 213 $ 187 $ 571 $ 720 Sagicor Cost reimbursements $ 926 $ 488 $ 2,214 $ 1,652 Chief Executive Officer Lease expense (2) $ 189 $ 186 $ 605 $ 564 DKCM Interest expense $ 5,563 $ — $ 16,434 $ — ________ (1) Included in direct expense in the Condensed 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 Condensed Consolidated Statements of Operations. |
Share-based compensation (Table
Share-based compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted Share Awards | A summary of our restricted share awards from January 1, 2021 to September 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2021 2,225,139 $ 8.53 Granted 1,925,298 5.45 Vested (908,657) 8.63 Forfeited (16,448) 7.53 Unvested balance at September 30, 2021 3,225,332 $ 6.67 |
Summary of Key Inputs Used in Monte-Carlo Simulation | The table below summarizes the key inputs used in the Monte-Carlo simulation to determine the grant date fair value of our performance share awards ($ in thousands) : Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility (1) Interest Rate (2) Dividend Yield January 4, 2021 Peer Shareholder Return 50 % $ 3,088 57.69 % 0.16 % — % Growth Rate 50 % $ 2,230 57.69 % 0.16 % — % ________ (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. |
Summary of Performance Share Awards | A summary of our performance share awards from January 1, 2021 to September 30, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2021 — $ — Granted 1,027,519 5.18 Unvested balance at September 30, 2021 1,027,519 $ 5.18 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | Basic and diluted earnings or losses per share (“EPS”) are as follows ( $ in thousands, except share data ): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net loss $ (12,371) $ (78,604) $ (89,884) $ (188,618) Denominator Denominator for basic EPS - weighted-average number of shares outstanding 164,218,262 134,493,864 163,067,561 131,426,886 Effect of dilutive securities Unvested restricted share awards — — — — Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 164,218,262 134,493,864 163,067,561 131,426,886 EPS - Basic $ (0.08) $ (0.58) $ (0.55) $ (1.44) EPS - Diluted $ (0.08) $ (0.58) $ (0.55) $ (1.44) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedules of Debt Components and Covenants | Our debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date September 30, 2021 December 31, 2020 Revolving Credit Facilities Revolving Credit Facility (1) LIBOR + 3.00% LIBOR + 4.00% April 27, 2022 ($17.0 million) January 27, 2024 ($68.0 million) $ — $ 84,667 Senior Secured Credit Facilities Term Loan (2) LIBOR + 2.75% April 27, 2024 $ 944,393 $ 976,348 Term A1 Loan 11.4777% April 27, 2024 35,000 35,000 Term A2 Loan 11.4777% April 27, 2024 31,000 31,000 Term A3 Loan (3) LIBOR + 3.00% April 27, 2024 27,319 28,000 Total Term Loans (at stated value) 1,037,712 1,070,348 Unamortized discount (1,279) (1,658) Unamortized debt issuance costs (4,662) (6,015) Total Term Loans, net $ 1,031,771 $ 1,062,675 Property Loan Property Loan (at stated value) 9.25% July 1, 2025 $ 110,000 $ 110,000 Unamortized discount (3,323) (3,960) Unamortized debt issuance costs (3,700) (4,409) Total Property Loan, net $ 102,977 $ 101,631 Finance lease obligations $ 2,226 $ 2,294 Total debt, net $ 1,136,974 $ 1,251,267 ________ (1) Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had $85.0 million and $0.3 million available as of September 30, 2021 and December 31, 2020, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% as of December 31, 2020. (2) One-month London Interbank Offered Rate (“LIBOR”) is subject to a 1.0% floor. The interest rate was 3.75% as of both September 30, 2021 and December 31, 2020. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12). (3) LIBOR is subject to a 1.0% floor. The interest rate was 4.00% as of both September 30, 2021 and December 31, 2020. Debt Covenant Terms Existing Credit Agreement We are required to maintain a minimum liquidity balance of $70.0 million through the Relief Period. If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to December 31, 2021, we will be subject to the following total net leverage ratio requirements: ▪ 6.50x for the period ended March 31, 2022; ▪ 6.00x for the period ended June 30, 2022; and ▪ 4.75x for periods thereafter. Term A1 Loan Same terms as the Existing Credit Agreement. Term A2 Loan No applicable debt covenants. Term A3 Loan No applicable debt covenants. Property Loan No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive quarters. |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations Operations | The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 ($ in thousands) : 2021 2020 AOCI from our cash flow hedges as of January 1 $ 26,369 $ 20,164 Change in fair value — 16,956 Reclassification from AOCI to interest expense (2,894) (1,908) OCI related to our cash flow hedges for the three months ended March 31 (2,894) 15,048 Change in fair value — — Reclassification from AOCI to interest expense (2,926) (2,926) OCI related to our cash flow hedges for the three months ended June 30 (2,926) (2,926) Change in fair value — — Reclassification from AOCI to interest expense (2,958) (2,958) OCI related to our cash flow hedges for the three months ended September 30 (2,958) (2,958) AOCI from our cash flow hedges as of September 30 (1) $ 17,591 $ 29,328 ________ (1) As of September 30, 2021, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million. Derivative Liabilities for Ineffective Hedges Financial Statement Classification Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest rate swaps (1) Interest expense $ 3,807 $ 3,803 $ 10,209 $ 22,306 ________ (1) 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 Condensed Consolidated Balance Sheet | The following table presents the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of September 30, 2021 and December 31, 2020 ($ in thousands) : Derivative Liabilities for Ineffective Hedges Financial Statement Classification As of September 30, As of December 31, 2021 2020 Interest rate swaps Derivative financial instruments $ 31,136 $ 46,340 |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis | The following tables present our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 ($ in thousands) : September 30, 2021 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 31,136 $ — $ 31,136 $ — December 31, 2020 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 46,340 $ — $ 46,340 $ — |
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 September 30, 2021 and December 31, 2020 ($ in thousands) : Carrying Value Fair Value As of September 30, 2021 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 940,977 $ — $ — $ 931,813 Term A1 Loan 34,060 — — 35,515 Term A2 Loan 30,167 — — 31,456 Term A3 Loan 26,567 — — 27,153 Property Loan 102,977 — — 112,240 Total liabilities $ 1,134,748 $ — $ — $ 1,138,177 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 |
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 Loans. The fair value of the Revolving Credit Facility generally approximates its carrying value as the expected term is significantly shorter in duration. |
Other balance sheet items (Tabl
Other balance sheet items (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Trade and Other Receivables, Net | The following summarizes the balances of trade and other receivables, net as of September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Gross trade and other receivables (1) $ 42,787 $ 28,346 Allowance for doubtful accounts (2) (2,516) (2,913) Total trade and other receivables, net $ 40,271 $ 25,433 ________ (1) The opening balance as of January 1, 2020 was $73.0 million. (2) We recognized an additional $3.1 million in bad debt expense during the year ended December 31, 2020 primarily as result of the negative effects of COVID-19. |
Schedule of Prepayments and Other Assets | The following summarizes the balances of prepayments and other assets as of September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Advances to suppliers $ 6,510 $ 8,748 Prepaid income taxes 12,976 12,731 Prepaid other taxes (1) 8,926 14,033 Operating lease right-of-use assets 3,959 4,263 Key money (2) 2,403 2,700 Other assets 4,129 5,163 Total prepayments and other assets $ 38,903 $ 47,638 ________ (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 15) as of September 30, 2021 and December 31, 2020 are as follows ($ in thousands) : Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total 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 ($ in thousands) : Reporting Unit Reportable Segment Impairment Loss Jewel Runaway Bay Beach Resort & Waterpark Jamaica $ 7,318 Jewel Dunn’s River Beach Resort & Spa Jamaica $ 5,400 Jewel Paradise Cove Beach Resort & Spa Jamaica $ 4,321 |
Schedule of Other Intangible Assets, Indefinite-Lived | Other intangible assets as of September 30, 2021 and December 31, 2020 consisted of the following ( $ in thousands ): As of September 30, As of December 31, 2021 2020 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system (2) 6,291 6,047 Other 4,045 4,238 Total gross carrying value 13,111 13,060 Accumulated amortization Management contract (309) (238) Enterprise resource planning system (2) (1,678) (1,125) Other (3,267) (3,141) Total accumulated amortization (5,254) (4,504) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,591 1,662 Enterprise resource planning system (2) 4,613 4,922 Other 778 1,097 Total net carrying value $ 7,857 $ 8,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $0.9 million and $1.4 million was placed into service in 2021 and 2020, respectively, and is being amortized over a weighted-average amortization period of 7 years. |
Schedule of Other Intangible Assets, Finite-Lived | Other intangible assets as of September 30, 2021 and December 31, 2020 consisted of the following ( $ in thousands ): As of September 30, As of December 31, 2021 2020 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system (2) 6,291 6,047 Other 4,045 4,238 Total gross carrying value 13,111 13,060 Accumulated amortization Management contract (309) (238) Enterprise resource planning system (2) (1,678) (1,125) Other (3,267) (3,141) Total accumulated amortization (5,254) (4,504) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,591 1,662 Enterprise resource planning system (2) 4,613 4,922 Other 778 1,097 Total net carrying value $ 7,857 $ 8,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $0.9 million and $1.4 million was placed into service in 2021 and 2020, respectively, and is being amortized over a weighted-average amortization period of 7 years. |
Schedule of Trade and Other Payables | The following summarizes the balances of trade and other payables as of September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Trade payables $ 18,495 $ 23,348 Advance deposits (1) 39,245 29,707 Withholding and other taxes payable 31,132 37,450 Interest payable 99 618 Payroll and related accruals 21,491 15,668 Accrued expenses and other payables 18,112 16,619 Total trade and other payables $ 128,574 $ 123,410 ________ (1) The opening balance as of January 1, 2020 was $53.8 million. |
Schedule of Other Liabilities | The following summarizes the balances of other liabilities as of September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Pension obligation (1)(2) $ 6,285 $ 6,231 Lease liabilities 4,478 4,762 Unfavorable ground lease liability 2,021 2,090 Key money (3) 15,089 15,790 Other 897 895 Total other liabilities $ 28,770 $ 29,768 ________ (1) For the three months ended September 30, 2021 and 2020, the service cost component of net periodic pension cost was $0.2 million and $0.2 million, respectively. For the nine months ended September 30, 2021 and 2020, the service cost component of net periodic pension cost was $0.6 million and $0.6 million, respectively. These costs are recorded within direct expense in the Condensed Consolidated Statements of Operations. (2) For the three months ended September 30, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were nominal and $0.3 million, respectively. For the nine months ended September 30, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were $0.5 million and $1.6 million, respectively. These costs are recorded within other income (expense) in the Condensed Consolidated Statements of Operations. (3) Represents the unamortized balance of key money received, which is amortized as a reduction to franchise fees within direct expenses in the Condensed Consolidated Statements of Operations. We received $8.5 million of additional key money in 2020. |
Business segment (Tables)
Business segment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents segment owned net revenue and a reconciliation to total revenue for the three and nine months ended September 30, 2021 and 2020 ( $ in thousands ): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Owned net revenue Yucatán Peninsula $ 51,209 $ 17,351 $ 129,879 $ 79,689 Pacific Coast 21,982 773 51,117 21,854 Dominican Republic 42,794 2,453 97,563 38,060 Jamaica 29,502 6,458 65,358 58,458 Segment owned net revenue (1) 145,487 27,035 343,917 198,061 Other 232 258 726 293 Management fees 673 8 1,469 635 Cost reimbursements 1,072 505 2,554 1,913 Compulsory tips 3,823 930 9,170 6,044 Total revenue $ 151,287 $ 28,736 $ 357,836 $ 206,946 ________ (1) 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 loss for the three and nine months ended September 30, 2021 and 2020 ( $ in thousands ): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Owned Resort EBITDA Yucatán Peninsula $ 17,518 $ (1,820) $ 37,714 $ 15,111 Pacific Coast 6,429 (2,330) 13,992 3,726 Dominican Republic 11,267 (6,296) 20,859 (3,388) Jamaica 5,632 (7,473) 6,924 3,503 Segment Owned Resort EBITDA 40,846 (17,919) 79,489 18,952 Other corporate (9,749) (8,205) (28,778) (26,782) Management fees 673 8 1,469 635 Total Adjusted EBITDA 31,770 (26,116) 52,180 (7,195) Interest expense (19,047) (19,973) (56,164) (61,844) Depreciation and amortization (19,927) (22,518) (60,827) (69,877) Impairment loss — (867) (24,011) (42,308) Gain (loss) on sale of assets 4 — (644) (1,729) Other income (expense) 587 224 (747) 1,171 Repairs from hurricanes and tropical storms (435) — (435) — Share-based compensation (3,270) (1,925) (9,899) (7,867) Other tax (expense) income (67) 170 (228) (298) Transaction expenses (210) (541) (928) (1,416) Contract termination costs (400) — (400) — Severance expense — (1,448) (1,287) (3,892) Non-service cost components of net periodic pension (benefit) cost (1) (16) (311) 463 (1,600) Net loss before tax (11,011) (73,305) (102,927) (196,855) Income tax (provision) benefit (1,360) (5,299) 13,043 8,237 Net loss $ (12,371) $ (78,604) $ (89,884) $ (188,618) ________ (1) Represents the non-service cost components of net periodic pension (benefit) cost recorded within other income (expense) in the Condensed 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 September 30, 2021 and December 31, 2020 ($ in thousands) : As of September 30, As of December 31, 2021 2020 Segment property and equipment, gross Yucatán Peninsula $ 665,731 $ 799,849 Pacific Coast 288,122 288,328 Dominican Republic 679,057 678,900 Jamaica 407,826 406,047 Total segment property and equipment, gross 2,040,736 2,173,124 Corporate property and equipment, gross 4,798 4,505 Accumulated depreciation (449,921) (450,246) Total property and equipment, net $ 1,595,613 $ 1,727,383 The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the nine months ended September 30, 2021 and 2020 ( $ in thousands ): Nine Months Ended September 30, 2021 2020 Segment capital expenditures Yucatán Peninsula $ 2,709 $ 3,423 Pacific Coast 536 1,120 Dominican Republic 1,874 6,728 Jamaica 3,288 2,364 Total segment capital expenditures (1) 8,407 13,635 Corporate 256 149 Total capital expenditures (1) $ 8,663 $ 13,784 ________ |
Organization, operations and _2
Organization, operations and basis of presentation - Narrative (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)resort | Dec. 31, 2020USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of resorts in portfolio | resort | 22 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Deferred tax liabilities | $ 64,794 | $ 77,637 |
Accumulated deficit | $ (529,898) | (436,606) |
Immaterial Error Correction | Dominican Republic | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Deferred tax liabilities | 7,300 | |
Accumulated deficit | $ (7,300) |
Significant accounting polici_4
Significant accounting policies (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' equity attributable to parent | $ (623,953) | $ (630,058) | $ (631,392) | $ (560,822) | $ (629,623) | $ (703,244) | $ (765,367) | $ (802,337) |
Accumulated Deficit | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' equity attributable to parent | $ 529,898 | $ 517,527 | $ 509,759 | 436,606 | $ 362,854 | $ 284,250 | $ 196,792 | $ 174,236 |
Cumulative effect of accounting changes, net of tax | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' equity attributable to parent | 3,408 | |||||||
Cumulative effect of accounting changes, net of tax | Accumulated Deficit | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Stockholders' equity attributable to parent | $ 3,408 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 151,287 | $ 28,736 | $ 357,836 | $ 206,946 |
Package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 124,331 | 22,705 | 293,005 | 176,062 |
Non-package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 25,211 | 5,518 | 60,808 | 28,336 |
Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 673 | 8 | 1,469 | 635 |
Cost reimbursements | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,072 | 505 | 2,554 | 1,913 |
Corporate/Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,188 | 298 | 2,779 | 1,357 |
Corporate/Other | Package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Corporate/Other | Non-package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 232 | 259 | 726 | 293 |
Corporate/Other | Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 673 | 8 | 1,469 | 635 |
Corporate/Other | Cost reimbursements | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 283 | 31 | 584 | 429 |
Yucatán Peninsula | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 52,806 | 17,903 | 134,015 | 82,199 |
Yucatán Peninsula | Package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 43,993 | 14,775 | 111,378 | 71,337 |
Yucatán Peninsula | Non-package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,813 | 3,128 | 22,637 | 10,862 |
Yucatán Peninsula | Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Yucatán Peninsula | Cost reimbursements | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Pacific Coast | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 22,668 | 787 | 52,770 | 22,522 |
Pacific Coast | Package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 19,874 | 526 | 45,167 | 19,160 |
Pacific Coast | Non-package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,794 | 261 | 7,603 | 3,362 |
Pacific Coast | Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Pacific Coast | Cost reimbursements | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Dominican Republic | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 42,832 | 2,453 | 97,649 | 38,097 |
Dominican Republic | Package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 35,131 | 1,889 | 80,512 | 33,078 |
Dominican Republic | Non-package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 7,701 | 564 | 17,137 | 5,019 |
Dominican Republic | Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Dominican Republic | Cost reimbursements | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Jamaica | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 31,793 | 7,295 | 70,623 | 62,771 |
Jamaica | Package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 25,333 | 5,515 | 55,948 | 52,487 |
Jamaica | Non-package revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,671 | 1,306 | 12,705 | 8,800 |
Jamaica | Management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Jamaica | Cost reimbursements | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 789 | $ 474 | $ 1,970 | $ 1,484 |
Property and equipment - Schedu
Property and equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,045,534 | $ 2,177,629 |
Accumulated depreciation | (449,921) | (450,246) |
Total property and equipment, net | $ 1,595,613 | $ 1,727,383 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total property and equipment, net | Total property and equipment, net |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,758,942 | $ 1,863,406 |
Fixtures and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 79,717 | 83,802 |
Gross balance of finance lease right of use asset | 2,300 | 2,300 |
Furniture and other fixed assets | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 203,951 | 225,869 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,924 | $ 4,552 |
Property and equipment - Narrat
Property and equipment - Narrative (Details) $ in Thousands | Jun. 29, 2021USD ($) | Jun. 24, 2021USD ($) | Mar. 31, 2021USD ($) | Feb. 05, 2021USD ($) | May 22, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Property, Plant and Equipment [Abstract] | |||||||||
Depreciation expense | $ 19,600 | $ 21,900 | $ 59,800 | $ 68,600 | |||||
Lessor, Lease, Description [Line Items] | |||||||||
Cash consideration from sale of assets held for sale, after customary closing costs | $ 88,904 | $ 58,507 | |||||||
Term Loan | Senior Secured Credit Facilities | |||||||||
Lessor, Lease, Description [Line Items] | |||||||||
Portion of net proceeds used to prepay Term Loan, deduction of incremental expenses and capital expenditures | $ 24,400 | ||||||||
Minimum | |||||||||
Lessor, Lease, Description [Line Items] | |||||||||
Contractual term (in years) | 1 year | 1 year | |||||||
Maximum | |||||||||
Lessor, Lease, Description [Line Items] | |||||||||
Contractual term (in years) | 3 years | 3 years | |||||||
Sale of Assets | Dreams Puerto Aventuras | |||||||||
Lessor, Lease, Description [Line Items] | |||||||||
Cash consideration for sale of assets | $ 34,500 | ||||||||
Cash consideration from sale of assets held for sale, after customary closing costs | 34,300 | ||||||||
Gain (loss) recognized on sale of assets (less than in February 2021) | $ 100 | ||||||||
Portion of net proceeds used to prepay Term Loan, deduction of incremental expenses and capital expenditures, period post sale (up to) (in months) | 24 months | ||||||||
Sale of Assets | Jewel Dunn's River Beach Resort & Spa and Jewel Junn's 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 | ||||||||
Gain (loss) recognized on sale of assets (less than in February 2021) | $ (1,800) | ||||||||
Portion of net proceeds used to prepay Term Loan, deduction of incremental expenses and capital expenditures, period post sale (up to) (in months) | 24 months | ||||||||
Sale of Assets | Capri Resort | |||||||||
Lessor, Lease, Description [Line Items] | |||||||||
Cash consideration from sale of assets held for sale, after customary closing costs | $ 55,200 | ||||||||
Gain (loss) recognized on sale of assets (less than in February 2021) | $ (500) | ||||||||
Percent of proceeds | 0.50 | ||||||||
Portion of net proceeds used to prepay Term Loan, deduction of incremental expenses and capital expenditures, period post sale (up to) (in months) | 18 months | ||||||||
Assets Held for Sale | Capri Resort | |||||||||
Lessor, Lease, Description [Line Items] | |||||||||
Cash consideration for sale of assets | $ 55,000 | ||||||||
Impairment loss recorded based on expected sale price of the properties | $ 24,000 |
Property and equipment - Sche_2
Property and equipment - Schedule of Rental Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Operating lease income | $ 796 | $ 254 | $ 2,189 | $ 1,400 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Statutory income tax rate | 25.00% | |||
Other operating subsidiaries income tax rate (up to) | 0.30 | |||
Income tax (provision) benefit | $ 1,360 | $ 5,299 | $ (13,043) | $ (8,237) |
Income tax benefit for the sale of Dreams Puerto Aventuras and Capri Resort | 5,500 | |||
Valuation allowance against deferred tax assets | $ (700) | $ 3,000 |
Related party transactions - Tr
Related party transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Affiliated Entity | Hyatt | Franchise fees | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | $ 5,310 | $ 1,102 | $ 13,285 | $ 7,666 |
Affiliated Entity | Sagicor | Insurance premiums | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | 213 | 187 | 571 | 720 |
Affiliated Entity | Sagicor | Cost reimbursements | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | 926 | 488 | 2,214 | 1,652 |
Affiliated Entity | DKCM | Interest expense | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | 5,563 | 0 | 16,434 | 0 |
Chief Executive Officer | Lease expense | ||||
Related Party Transaction [Line Items] | ||||
Total transactions with related parties | $ 189 | $ 186 | $ 605 | $ 564 |
Ordinary shares - Narrative (De
Ordinary shares - Narrative (Details) $ in Thousands | Jan. 11, 2021USD ($)shares | Mar. 31, 2021shares | Jun. 30, 2020shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021€ / sharesshares | Jan. 11, 2021€ / shares | Dec. 31, 2020€ / sharesshares |
Class of Stock [Line Items] | ||||||||
Ordinary shares, par value (in euros per share) | € / shares | € 0.10 | € 0.10 | € 0.10 | |||||
Cash consideration, net of underwriting discounts | $ | $ 137,700 | $ 137,716 | $ 19,558 | |||||
Ordinary shares, outstanding (in shares) | 164,220,739 | 134,571,290 | ||||||
Ordinary Shares | ||||||||
Class of Stock [Line Items] | ||||||||
Ordinary shares issued (in shares) | 28,750,000 | 28,750,000 | 4,878,049 | |||||
Restricted Shares and Performance Share Awards | ||||||||
Class of Stock [Line Items] | ||||||||
Shares outstanding (in shares) | 4,225,350 | |||||||
Restricted Share Units | ||||||||
Class of Stock [Line Items] | ||||||||
Shares outstanding (in shares) | 27,501 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) - shares | Jan. 04, 2021 | Sep. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grants under the 2017 Plan (in shares) | 4,850,439 | |
Performance Share Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Granted (in shares) | 1,027,519 | 1,027,519 |
Vesting percentage | 100.00% | |
Peer Shareholder Return | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of total awards vesting based on designated criteria | 50.00% | |
Growth Rate | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of total awards vesting based on designated criteria | 50.00% | 50.00% |
Minimum | Performance Share Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 0.00% | |
Maximum | Performance Share Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 150.00% | |
Vesting percentage of negative awards | 1 |
Share-based compensation - Summ
Share-based compensation - Summary of Restricted Stock and Performance Share Awards (Details) - $ / shares | Jan. 04, 2021 | Sep. 30, 2021 |
Restricted Share Awards | ||
Number of Shares | ||
Unvested balance at beginning of period (in shares) | 2,225,139 | |
Granted (in shares) | 1,925,298 | |
Vested (in shares) | (908,657) | |
Forfeited (in shares) | (16,448) | |
Unvested balance at end of period (in shares) | 3,225,332 | |
Weighted-Average Grant Date Fair Value | ||
Unvested balance at beginning of period (in dollars per share) | $ 8.53 | |
Granted (in dollars per share) | 5.45 | |
Vested (in dollars per share) | 8.63 | |
Forfeited (in dollars per share) | 7.53 | |
Unvested balance at end of period (in dollars per share) | $ 6.67 | |
Performance Share Awards | ||
Number of Shares | ||
Unvested balance at beginning of period (in shares) | 0 | |
Granted (in shares) | 1,027,519 | 1,027,519 |
Unvested balance at end of period (in shares) | 1,027,519 | |
Weighted-Average Grant Date Fair Value | ||
Unvested balance at beginning of period (in dollars per share) | $ 0 | |
Granted (in dollars per share) | 5.18 | |
Unvested balance at end of period (in dollars per share) | $ 5.18 |
Share-based compensation - Su_2
Share-based compensation - Summary of Key Inputs (Details) - USD ($) $ in Thousands | Jan. 04, 2021 | Sep. 30, 2021 |
Peer Shareholder Return | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 50.00% | |
Grant Date Fair Value by Component | $ 3,088 | |
Volatility Rate | 57.69% | |
Interest Rate | 0.16% | |
Dividend Yield | 0.00% | |
Growth Rate | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of Total Award | 50.00% | 50.00% |
Grant Date Fair Value by Component | $ 2,230 | |
Volatility Rate | 57.69% | |
Interest Rate | 0.16% | |
Dividend Yield | 0.00% |
Earnings per share - Schedule o
Earnings per share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||||||
Net loss | $ (12,371) | $ (7,768) | $ (69,745) | $ (78,604) | $ (87,458) | $ (22,556) | $ (89,884) | $ (188,618) |
Denominator | ||||||||
Denominator for basic EPS - weighted-average number of shares outstanding (in shares) | 164,218,262 | 134,493,864 | 163,067,561 | 131,426,886 | ||||
Effect of dilutive securities | ||||||||
Unvested restricted share awards (in shares) | 0 | 0 | 0 | 0 | ||||
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding (in shares) | 164,218,262 | 134,493,864 | 163,067,561 | 131,426,886 | ||||
EPS - Basic (in dollars per share) | $ (0.08) | $ (0.58) | $ (0.55) | $ (1.44) | ||||
EPS - Diluted (in dollars per share) | $ (0.08) | $ (0.58) | $ (0.55) | $ (1.44) | ||||
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 | ||||
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) | 1,027,519 | 1,200,714 | 1,027,519 | 1,200,714 | ||||
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) | 3,225,332 | 2,300,089 | 3,225,332 | 2,300,089 |
Debt - Schedule of Debt Compone
Debt - Schedule of Debt Components (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 29, 2018USD ($)derivativeContract | |
Debt Instrument [Line Items] | |||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Debt | Debt | |
Finance lease obligations | $ 2,226,000 | $ 2,294,000 | |
Total debt, net | 1,136,974,000 | 1,251,267,000 | |
Interest rate swaps | |||
Debt Instrument [Line Items] | |||
Number of interest rate swap contracts | derivativeContract | 2 | ||
Fixed rate | 2.85% | ||
Senior Secured Credit Facilities | |||
Debt Instrument [Line Items] | |||
Total debt obligations | 1,037,712,000 | 1,070,348,000 | |
Unamortized discount | (1,279,000) | (1,658,000) | |
Unamortized debt issuance costs | (4,662,000) | (6,015,000) | |
Debt, net | 1,031,771,000 | 1,062,675,000 | |
Notional amount | $ 800,000,000 | ||
Term Loan | Senior Secured Credit Facilities | |||
Debt Instrument [Line Items] | |||
Total debt obligations | $ 944,393,000 | $ 976,348,000 | |
Effective interest rate | 3.75% | 3.75% | |
Notional amount | $ 800,000,000 | ||
Term Loan | Senior Secured Credit Facilities | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.75% | ||
Floor interest rate | 1.00% | ||
Term A1 Loan | Senior Secured Credit Facilities | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 11.4777% | ||
Total debt obligations | $ 35,000,000 | $ 35,000,000 | |
Term A2 Loan | Senior Secured Credit Facilities | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 11.4777% | ||
Total debt obligations | $ 31,000,000 | 31,000,000 | |
Term A3 Loan | Senior Secured Credit Facilities | |||
Debt Instrument [Line Items] | |||
Total debt obligations | $ 27,319,000 | $ 28,000,000 | |
Effective interest rate | 4.00% | 4.00% | |
Term A3 Loan | Senior Secured Credit Facilities | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.00% | ||
Floor interest rate | 1.00% | ||
Property Loan | Secured Loan Agreement | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 9.25% | ||
Total debt obligations | $ 110,000,000 | $ 110,000,000 | |
Unamortized discount | (3,323,000) | (3,960,000) | |
Unamortized debt issuance costs | (3,700,000) | (4,409,000) | |
Debt, net | 102,977,000 | 101,631,000 | |
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Total debt obligations | 0 | 84,667,000 | |
Available balance | 85,000,000 | $ 300,000 | |
Weighted average interest rate on outstanding balance of debt | 3.15% | ||
Revolving Credit Facility | Line of Credit | 4/27/2022 | |||
Debt Instrument [Line Items] | |||
Total debt obligations | 17,000,000 | ||
Revolving Credit Facility | Line of Credit | 1/27/2024 | |||
Debt Instrument [Line Items] | |||
Total debt obligations | $ 68,000,000 | ||
Revolving Credit Facility | Line of Credit | Minimum | |||
Debt Instrument [Line Items] | |||
Interest on undrawn balances, depending on certain leverage ratios | 0.25% | ||
Revolving Credit Facility | Line of Credit | Maximum | |||
Debt Instrument [Line Items] | |||
Interest on undrawn balances, depending on certain leverage ratios | 0.50% | ||
Revolving Credit Facility | Line of Credit | LIBOR | 4/27/2022 | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.00% | ||
Revolving Credit Facility | Line of Credit | LIBOR | 1/27/2024 | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 4.00% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | |||
Repayments of borrowings on revolving credit facility | $ 84,667,000 | $ 15,333,000 | |
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Repayments of borrowings on revolving credit facility | $ 84,700,000 | ||
Revolving Credit Facility | Fifth Amended And Restated Credit Agreement | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 85,000,000 | ||
Revolving Credit Facility | Fifth Amended And Restated Credit Agreement, Maturing January 2024 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 68,000,000 | ||
Revolving Credit Facility | Fifth Amended And Restated Credit Agreement, Maturing January 2024 | Line of Credit | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 4.00% | ||
Revolving Credit Facility | Fifth Amended And Restated Credit Agreement, Maturing April 2022 | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 17,000,000 |
Debt - Financial Maintenance Co
Debt - Financial Maintenance Covenants (Details) | Feb. 05, 2021USD ($) | Sep. 30, 2021fiscalQuarter |
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 | |
Threshold number of consecutive calendar quarters to maintain minimum debt service coverage ratio for termination of requirement to continue making deposits into reserves | fiscalQuarter | 2 | |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Minimum liquidity balance | $ | $ 70,000,000 | |
Total net leverage ratio requirement threshold, percentage drawn on Revolving Credit Facility | 35.00% | |
Revolving Credit Facility | Line of Credit | Period ended March 31, 2022 | ||
Debt Instrument [Line Items] | ||
Minimum total net leverage ratio requirements | 6.50 | |
Revolving Credit Facility | Line of Credit | Period ended June 30, 2022 | ||
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 ($)derivativeContract |
Term Loan | |
Derivative [Line Items] | |
Notional amount | $ 800,000,000 |
Interest rate swaps | |
Derivative [Line Items] | |
Number of interest rate swap contracts | derivativeContract | 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 Comprehensive Loss Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 630,058 | $ 631,392 | $ 560,822 | $ 703,244 | $ 765,367 | $ 802,337 | $ 560,822 | $ 802,337 |
Total other comprehensive income (loss) | 2,996 | 2,984 | 2,883 | 3,058 | 3,078 | (15,103) | 8,863 | (8,967) |
Ending balance | 623,953 | 630,058 | 631,392 | 629,623 | 703,244 | 765,367 | 623,953 | 629,623 |
Total amount expected to be reclassified from AOCI to interest expense during next twelve months | 11,700 | |||||||
Cash Flow Hedges | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 26,369 | 20,164 | 26,369 | 20,164 | ||||
Change in fair value | 0 | 0 | 0 | 0 | 0 | 16,956 | ||
Reclassification from AOCI to interest expense | (2,958) | (2,926) | (2,894) | (2,958) | (2,926) | (1,908) | ||
Total other comprehensive income (loss) | (2,958) | $ (2,926) | $ (2,894) | (2,958) | $ (2,926) | $ 15,048 | ||
Ending balance | $ 17,591 | $ 29,328 | $ 17,591 | $ 29,328 |
Derivative financial instrume_5
Derivative financial instruments - Effects on Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest rate swaps | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effects on Income Statement | $ 3,807 | $ 3,803 | $ 10,209 | $ 22,306 |
Derivative financial instrume_6
Derivative financial instruments - Location and Fair Value of Derivatives in Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps | Derivative Liabilities for Ineffective Hedges | Derivative financial instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 31,136 | $ 46,340 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value measurements on a recurring basis: | ||
Derivative financial instruments | $ 31,136 | $ 46,340 |
Fair Value Measurements on a Recurring Basis | Interest rate swap | ||
Fair value measurements on a recurring basis: | ||
Derivative financial instruments | 31,136 | 46,340 |
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 | 31,136 | 46,340 |
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 Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | $ 1,134,748 | $ 1,248,973 |
Carrying Value | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 84,667 | |
Carrying Value | Property Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 102,977 | 101,631 |
Fair Value | Level 1 | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Fair Value | Level 1 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 1 | Property Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Fair Value | Level 2 | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Fair Value | Level 2 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | |
Fair Value | Level 2 | Property Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Fair Value | Level 3 | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 1,138,177 | 1,225,810 |
Fair Value | Level 3 | Revolving Credit Facility | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 84,769 | |
Fair Value | Level 3 | Property Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 112,240 | 109,871 |
Term Loan | Carrying Value | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 940,977 | 971,920 |
Term Loan | Fair Value | Level 1 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Term Loan | Fair Value | Level 2 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Term Loan | Fair Value | Level 3 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 931,813 | 936,799 |
Term A1 Loan | Carrying Value | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 34,060 | 33,792 |
Term A1 Loan | Fair Value | Level 1 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Term A1 Loan | Fair Value | Level 2 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Term A1 Loan | Fair Value | Level 3 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 35,515 | 35,182 |
Term A2 Loan | Carrying Value | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 30,167 | 29,930 |
Term A2 Loan | Fair Value | Level 1 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Term A2 Loan | Fair Value | Level 2 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Term A2 Loan | Fair Value | Level 3 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 31,456 | 31,161 |
Term A3 Loan | Carrying Value | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 26,567 | 27,033 |
Term A3 Loan | Fair Value | Level 1 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Term A3 Loan | Fair Value | Level 2 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | 0 | 0 |
Term A3 Loan | Fair Value | Level 3 | Term Loan | ||
Financial liabilities not recorded at fair value | ||
Total liabilities | $ 27,153 | $ 28,028 |
Fair value of financial instr_5
Fair value of financial instruments - Valuation Techniques (Details) | Sep. 30, 2021 |
Interest rate swap | Forecasted LIBOR | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative liability, measurement input threshold | 0.0285 |
Other balance sheet items - Sch
Other balance sheet items - Schedule of Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Gross trade and other receivables | $ 42,787 | $ 28,346 | ||
Allowance for doubtful accounts | (2,516) | (2,913) | $ (73,000) | |
Total trade and other receivables, net | 40,271 | 25,433 | ||
Allowance for doubtful accounts | 2,516 | 2,913 | $ 73,000 | |
(Recovery of)/provision for doubtful accounts | $ (210) | $ 2,051 | $ 3,100 |
Other balance sheet items - S_2
Other balance sheet items - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advances to suppliers | $ 6,510 | $ 8,748 |
Prepaid income taxes | 12,976 | 12,731 |
Prepaid other taxes | $ 8,926 | $ 14,033 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total prepayments and other assets | Total prepayments and other assets |
Operating lease right-of-use assets | $ 3,959 | $ 4,263 |
Key money | 2,403 | 2,700 |
Other assets | 4,129 | 5,163 |
Total prepayments and other assets | $ 38,903 | $ 47,638 |
Other balance sheet items - S_3
Other balance sheet items - Schedule of Goodwill (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Impairment Loss | $ 0 | $ 0 | |
Goodwill [Roll Forward] | |||
Gross carrying value | 87,610,000 | 87,610,000 | $ 87,610,000 |
Accumulated impairment losses | (25,956,000) | (25,956,000) | (25,956,000) |
Net carrying value | 61,654,000 | 61,654,000 | 61,654,000 |
Yucatán Peninsula | |||
Goodwill [Roll Forward] | |||
Gross carrying value | 51,731,000 | 51,731,000 | 51,731,000 |
Accumulated impairment losses | (6,168,000) | (6,168,000) | (6,168,000) |
Net carrying value | 45,563,000 | 45,563,000 | 45,563,000 |
Pacific Coast | |||
Goodwill [Roll Forward] | |||
Gross carrying value | 0 | 0 | 0 |
Accumulated impairment losses | 0 | 0 | 0 |
Net carrying value | 0 | 0 | 0 |
Dominican Republic | |||
Goodwill [Roll Forward] | |||
Gross carrying value | 0 | 0 | 0 |
Accumulated impairment losses | 0 | 0 | 0 |
Net carrying value | 0 | 0 | 0 |
Jamaica | |||
Goodwill [Roll Forward] | |||
Gross carrying value | 35,879,000 | 35,879,000 | 35,879,000 |
Accumulated impairment losses | (19,788,000) | (19,788,000) | (19,788,000) |
Net carrying value | $ 16,091,000 | $ 16,091,000 | $ 16,091,000 |
Other balance sheet items - S_4
Other balance sheet items - Schedule of Impairment Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Mar. 31, 2020 | Sep. 30, 2021 | |
Goodwill [Line Items] | |||
Impairment Loss | $ 0 | $ 0 | |
Jamaica | Jewel Runaway Bay Beach Resort & Waterpark | |||
Goodwill [Line Items] | |||
Impairment Loss | $ 7,318,000 | ||
Jamaica | Jewel Dunn’s River Beach Resort & Spa | |||
Goodwill [Line Items] | |||
Impairment Loss | 5,400,000 | ||
Jamaica | Jewel Paradise Cove Beach Resort & Spa | |||
Goodwill [Line Items] | |||
Impairment Loss | $ 4,321,000 |
Other balance sheet items - S_5
Other balance sheet items - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Total accumulated amortization | $ (5,254) | $ (5,254) | $ (4,504) | ||
Indefinite-lived Intangible Assets [Line Items] | |||||
Total gross carrying value | 13,111 | 13,111 | 13,060 | ||
Total net carrying value | 7,857 | 7,857 | 8,556 | ||
Amortization expense for intangible assets | 300 | $ 600 | 1,000 | $ 1,300 | |
Casino and other licenses | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 875 | 875 | 875 | ||
Management contract | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying value, finite-lived intangible assets | 1,900 | 1,900 | 1,900 | ||
Total accumulated amortization | (309) | (309) | (238) | ||
Net carrying value, finite-lived intangible assets | 1,591 | 1,591 | 1,662 | ||
Enterprise resource planning system | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying value, finite-lived intangible assets | 6,291 | 6,291 | 6,047 | ||
Total accumulated amortization | (1,678) | (1,678) | (1,125) | ||
Net carrying value, finite-lived intangible assets | 4,613 | 4,613 | 4,922 | ||
Finite-lived intangible assets placed into service during period | $ 900 | 1,400 | |||
Estimated useful life (in years) | 7 years | ||||
Other | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying value, finite-lived intangible assets | 4,045 | $ 4,045 | 4,238 | ||
Total accumulated amortization | (3,267) | (3,267) | (3,141) | ||
Net carrying value, finite-lived intangible assets | $ 778 | $ 778 | $ 1,097 |
Other balance sheet items - S_6
Other balance sheet items - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Trade payables | $ 18,495 | $ 23,348 | |
Advance deposits | 39,245 | 29,707 | $ 53,800 |
Withholding and other taxes payable | 31,132 | 37,450 | |
Interest payable | 99 | 618 | |
Payroll and related accruals | 21,491 | 15,668 | |
Accrued expenses and other payables | 18,112 | 16,619 | |
Total trade and other payables | $ 128,574 | $ 123,410 |
Other balance sheet items - S_7
Other balance sheet items - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Pension obligation | $ 6,285 | $ 6,285 | $ 6,231 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total other liabilities | Total other liabilities | Total other liabilities | ||
Lease liabilities | $ 4,478 | $ 4,478 | $ 4,762 | ||
Unfavorable ground lease liability | 2,021 | 2,021 | 2,090 | ||
Key money | 15,089 | 15,089 | 15,790 | ||
Other | 897 | 897 | 895 | ||
Total other liabilities | 28,770 | 28,770 | 29,768 | ||
Service cost component of net periodic pension cost | 200 | $ 200 | 600 | $ 600 | |
Non-service cost components of net periodic pension cost (benefit) | $ 0 | $ 300 | 500 | 1,600 | |
Receipt of key money | $ 0 | $ 8,500 | $ 8,500 |
Business segment - Schedule of
Business segment - Schedule of Net Revenue and Reconciliation to Gross Revenue (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 4 | |||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 151,287 | $ 28,736 | $ 357,836 | $ 206,946 |
Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 673 | 8 | 1,469 | 635 |
Cost reimbursements | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,072 | 505 | 2,554 | 1,913 |
Yucatán Peninsula | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 52,806 | 17,903 | 134,015 | 82,199 |
Yucatán Peninsula | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Yucatán Peninsula | Cost reimbursements | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Pacific Coast | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 22,668 | 787 | 52,770 | 22,522 |
Pacific Coast | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Pacific Coast | Cost reimbursements | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Dominican Republic | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 42,832 | 2,453 | 97,649 | 38,097 |
Dominican Republic | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Dominican Republic | Cost reimbursements | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Jamaica | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 31,793 | 7,295 | 70,623 | 62,771 |
Jamaica | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Jamaica | Cost reimbursements | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 789 | 474 | 1,970 | 1,484 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 145,487 | 27,035 | 343,917 | 198,061 |
Operating Segments | Yucatán Peninsula | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 51,209 | 17,351 | 129,879 | 79,689 |
Operating Segments | Pacific Coast | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 21,982 | 773 | 51,117 | 21,854 |
Operating Segments | Dominican Republic | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 42,794 | 2,453 | 97,563 | 38,060 |
Operating Segments | Jamaica | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 29,502 | 6,458 | 65,358 | 58,458 |
Segment Reconciling Items | Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 232 | 258 | 726 | 293 |
Segment Reconciling Items | Management fees | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 673 | 8 | 1,469 | 635 |
Segment Reconciling Items | Cost reimbursements | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,072 | 505 | 2,554 | 1,913 |
Segment Reconciling Items | Compulsory tips | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 3,823 | $ 930 | $ 9,170 | $ 6,044 |
Business segment - Schedule o_2
Business segment - Schedule of Owned Resort EBITDA, Adjusted EBITDA and Reconciliation to Net (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Owned Resort EBITDA | ||||||||
Total Adjusted EBITDA | $ 31,770 | $ (26,116) | $ 52,180 | $ (7,195) | ||||
Management fees | 151,287 | 28,736 | 357,836 | 206,946 | ||||
Interest expense | (19,047) | (19,973) | (56,164) | (61,844) | ||||
Depreciation and amortization | (19,927) | (22,518) | (60,827) | (69,877) | ||||
Impairment loss | 0 | (867) | (24,011) | (42,308) | ||||
Gain (loss) on sale of assets | 4 | 0 | (644) | (1,729) | ||||
Other income (expense) | 587 | 224 | (747) | 1,171 | ||||
Contract termination costs | (400) | 0 | (400) | 0 | ||||
Non-service cost components of net periodic pension (benefit) cost | 0 | (300) | (500) | (1,600) | ||||
Net loss before tax | (11,011) | (73,305) | (102,927) | (196,855) | ||||
Income tax (provision) benefit | (1,360) | (5,299) | 13,043 | 8,237 | ||||
Net loss | (12,371) | $ (7,768) | $ (69,745) | (78,604) | $ (87,458) | $ (22,556) | (89,884) | (188,618) |
Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 673 | 8 | 1,469 | 635 | ||||
Yucatán Peninsula | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 52,806 | 17,903 | 134,015 | 82,199 | ||||
Yucatán Peninsula | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 0 | 0 | 0 | 0 | ||||
Pacific Coast | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 22,668 | 787 | 52,770 | 22,522 | ||||
Pacific Coast | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 0 | 0 | 0 | 0 | ||||
Dominican Republic | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 42,832 | 2,453 | 97,649 | 38,097 | ||||
Dominican Republic | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 0 | 0 | 0 | 0 | ||||
Jamaica | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 31,793 | 7,295 | 70,623 | 62,771 | ||||
Jamaica | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | 0 | 0 | 0 | 0 | ||||
Operating Segments | ||||||||
Owned Resort EBITDA | ||||||||
Total Adjusted EBITDA | 40,846 | (17,919) | 79,489 | 18,952 | ||||
Management fees | 145,487 | 27,035 | 343,917 | 198,061 | ||||
Operating Segments | Yucatán Peninsula | ||||||||
Owned Resort EBITDA | ||||||||
Total Adjusted EBITDA | 17,518 | (1,820) | 37,714 | 15,111 | ||||
Management fees | 51,209 | 17,351 | 129,879 | 79,689 | ||||
Operating Segments | Pacific Coast | ||||||||
Owned Resort EBITDA | ||||||||
Total Adjusted EBITDA | 6,429 | (2,330) | 13,992 | 3,726 | ||||
Management fees | 21,982 | 773 | 51,117 | 21,854 | ||||
Operating Segments | Dominican Republic | ||||||||
Owned Resort EBITDA | ||||||||
Total Adjusted EBITDA | 11,267 | (6,296) | 20,859 | (3,388) | ||||
Management fees | 42,794 | 2,453 | 97,563 | 38,060 | ||||
Operating Segments | Jamaica | ||||||||
Owned Resort EBITDA | ||||||||
Total Adjusted EBITDA | 5,632 | (7,473) | 6,924 | 3,503 | ||||
Management fees | 29,502 | 6,458 | 65,358 | 58,458 | ||||
Other corporate | ||||||||
Owned Resort EBITDA | ||||||||
Total Adjusted EBITDA | (9,749) | (8,205) | (28,778) | (26,782) | ||||
Segment Reconciling Items | ||||||||
Owned Resort EBITDA | ||||||||
Interest expense | (19,047) | (19,973) | (56,164) | (61,844) | ||||
Depreciation and amortization | (19,927) | (22,518) | (60,827) | (69,877) | ||||
Impairment loss | 0 | (867) | (24,011) | (42,308) | ||||
Gain (loss) on sale of assets | 4 | 0 | (644) | (1,729) | ||||
Other income (expense) | 587 | 224 | (747) | 1,171 | ||||
Repairs from hurricanes and tropical storms | (435) | 0 | (435) | 0 | ||||
Share-based compensation | (3,270) | (1,925) | (9,899) | (7,867) | ||||
Other tax (expense) income | (67) | 170 | (228) | (298) | ||||
Transaction expenses | (210) | (541) | (928) | (1,416) | ||||
Severance expense | 0 | (1,448) | (1,287) | (3,892) | ||||
Non-service cost components of net periodic pension (benefit) cost | (16) | (311) | 463 | (1,600) | ||||
Segment Reconciling Items | Management fees | ||||||||
Owned Resort EBITDA | ||||||||
Management fees | $ 673 | $ 8 | $ 1,469 | $ 635 |
Business segment - Schedule o_3
Business segment - Schedule of Segment Property and Equipment and Reconciliation to Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | $ 2,045,534 | $ 2,177,629 |
Accumulated depreciation | (449,921) | (450,246) |
Total property and equipment, net | 1,595,613 | 1,727,383 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 2,040,736 | 2,173,124 |
Operating Segments | Yucatán Peninsula | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 665,731 | 799,849 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 288,122 | 288,328 |
Operating Segments | Dominican Republic | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 679,057 | 678,900 |
Operating Segments | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | 407,826 | 406,047 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, gross | $ 4,798 | $ 4,505 |
Business segment - Schedule o_4
Business segment - Schedule of Segment Capital Expenditures and Reconciliation to Capital Expenditures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 8,663 | $ 13,784 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 8,407 | 13,635 |
Operating Segments | Yucatán Peninsula | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 2,709 | 3,423 |
Operating Segments | Pacific Coast | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 536 | 1,120 |
Operating Segments | Dominican Republic | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 1,874 | 6,728 |
Operating Segments | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | 3,288 | 2,364 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total capital expenditures | $ 256 | $ 149 |