Playa Hotels & Resorts (PLYA) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,180,720
Entity Central Index Key	0001692412
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 285,342	$ 272,520
Insurance recoverable	11,058	9,821
Inventories	18,690	19,963
Prepayments and other assets	49,711	54,294
Property and equipment, net	1,407,248	1,415,572
Derivative financial instruments	9,707	2,966
Goodwill, net	60,642	60,642
Other intangible assets	3,441	4,357
Deferred tax assets	12,514	12,967
Total assets	1,946,998	1,933,725
LIABILITIES AND SHAREHOLDERS’ EQUITY
Income tax payable	12,608	11,592
Debt	1,060,158	1,061,376
Other liabilities	33,930	33,970
Deferred tax liabilities	64,891	64,815
Total liabilities	1,360,013	1,378,928
Commitments and contingencies (see Note 7)
Shareholders’ equity
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 172,016,422 shares issued and 135,040,042 shares outstanding as of March 31, 2024 and 169,423,980 shares issued and 136,081,891 shares outstanding as of December 31, 2023)	19,104	18,822
Treasury shares (at cost, 36,976,380 shares as of March 31, 2024 and 33,342,089 shares as of December 31, 2023)	(280,787)	(248,174)
Paid-in capital	1,205,652	1,202,175
Accumulated other comprehensive income	7,813	1,112
Accumulated deficit	(364,797)	(419,138)
Total shareholders’ equity	586,985	554,797
Total liabilities and shareholders’ equity	1,946,998	1,933,725
Related Party
ASSETS
Trade and other receivables, net	6,423	5,861
LIABILITIES AND SHAREHOLDERS’ EQUITY
Trade and other payables	11,710	10,743
Nonrelated Party
ASSETS
Trade and other receivables, net	82,222	74,762
LIABILITIES AND SHAREHOLDERS’ EQUITY
Trade and other payables	$ 176,716	$ 196,432

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - € / shares	Mar. 31, 2024	Dec. 31, 2023
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)	172,016,422	169,423,980
Ordinary shares, outstanding (in shares)	135,040,042	136,081,891
Treasury shares, at cost (in shares)	36,976,380	33,342,089

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Total revenue	$ 300,635	$ 273,802
Direct and selling, general and administrative expenses
Direct	137,979	128,968
Selling, general and administrative	51,219	45,127
Depreciation and amortization	18,672	19,191
Reimbursed costs	2,889	3,534
(Gain) loss on sale of assets	(36)	13
Business interruption insurance recoveries	(17)	0
Gain on insurance proceeds	(370)	0
Direct and selling, general and administrative expenses	210,336	196,833
Operating income	90,299	76,969
Interest expense	(23,128)	(29,666)
Other (expense) income	(793)	232
Net income before tax	66,378	47,535
Income tax provision	(12,037)	(4,816)
Net income	$ 54,341	$ 42,719
Earnings per share
Basic (in dollars per share)	$ 0.40	$ 0.27
Diluted (in dollars per share)	$ 0.39	$ 0.27
Weighted average number of shares outstanding during the period - Basic (in shares)	136,651,696	157,314,177
Weighted average number of shares outstanding during the period - Diluted (in shares)	138,009,859	158,772,453
Package
Revenue
Total revenue	$ 259,629	$ 233,568
Non-package
Revenue
Total revenue	34,143	33,481
The Playa Collection
Revenue
Total revenue	1,020	726
Management fees
Revenue
Total revenue	2,534	1,929
Cost reimbursements
Revenue
Total revenue	2,889	3,534
Other revenues
Revenue
Total revenue	$ 420	$ 564

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 54,341	$ 42,719
Other comprehensive income, net of taxes
Gain on derivative financial instruments	6,750	2,895
Pension obligation loss	(49)	(218)
Total other comprehensive income	6,701	2,677
Comprehensive income	$ 61,042	$ 45,396

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Treasury Shares	Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		158,228,508
Beginning balance at Dec. 31, 2022	$ 664,862	$ 18,700	$ (62,953)	$ 1,189,090	$ (6,985)	$ (472,990)
Beginning balance (in shares) at Dec. 31, 2022			10,046,996
Shareholders' Equity
Net income	42,719					42,719
Other comprehensive income	2,677				2,677
Share-based compensation, net of tax withholdings (in shares)		1,148,476
Share-based compensation, net of tax withholdings	3,166	$ 122		3,044
Repurchase of ordinary shares (in shares)		(4,974,132)	(4,974,132)
Repurchase of ordinary shares	(40,890)		$ (40,890)
Ending balance (in shares) at Mar. 31, 2023		154,402,852
Ending balance at Mar. 31, 2023	$ 672,534	$ 18,822	$ (103,843)	1,192,134	(4,308)	(430,271)
Ending balance (in shares) at Mar. 31, 2023			15,021,128
Beginning balance (in shares) at Dec. 31, 2023	136,081,891	136,081,891
Beginning balance at Dec. 31, 2023	$ 554,797	$ 18,822	$ (248,174)	1,202,175	1,112	(419,138)
Beginning balance (in shares) at Dec. 31, 2023	33,342,089		33,342,089
Shareholders' Equity
Net income	$ 54,341					54,341
Other comprehensive income	6,701				6,701
Share-based compensation, net of tax withholdings (in shares)		2,579,278	13,164
Share-based compensation, net of tax withholdings	$ 3,650	$ 282	$ (109)	3,477
Repurchase of ordinary shares (in shares)	(3,621,127)	(3,621,127)	(3,621,127)
Repurchase of ordinary shares	$ (32,504)		$ (32,504)
Ending balance (in shares) at Mar. 31, 2024	135,040,042	135,040,042
Ending balance at Mar. 31, 2024	$ 586,985	$ 19,104	$ (280,787)	$ 1,205,652	$ 7,813	$ (364,797)
Ending balance (in shares) at Mar. 31, 2024	36,976,380		36,976,380

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 54,341	$ 42,719
Adjustments to reconcile net income to net cash from operating activities
Depreciation and amortization	18,672	19,191
Amortization of debt discount and issuance costs	1,648	1,795
Share-based compensation	3,759	3,166
Loss on derivative financial instruments	9	6,405
Deferred income taxes	529	3,826
(Gain) loss on sale of assets	(36)	13
Amortization of key money	(192)	(193)
Provision for doubtful accounts	491	81
Other	153	198
Changes in assets and liabilities:
Insurance recoverable	(1,237)	5,626
Inventories	1,273	(569)
Prepayments and other assets	5,393	3,159
Trade and other payables	(21,692)	(28,743)
Payables to related parties	967	2,292
Income tax payable	1,016	(205)
Other liabilities	196	531
Net cash provided by operating activities	56,777	45,287
INVESTING ACTIVITIES
Capital expenditures	(9,953)	(10,257)
Purchase of intangibles	(79)	(77)
Payment of key money	(485)	0
Proceeds from the sale of assets, net	71	3
Property damage insurance proceeds	0	7,979
Net cash used in investing activities	(10,446)	(2,352)
FINANCING ACTIVITIES
Repayments of debt	(2,750)	(2,750)
Repurchase of ordinary shares	(30,534)	(42,558)
Principal payments on finance lease obligations	(116)	(107)
Repurchase of ordinary shares for tax withholdings	(109)	0
Net cash used in financing activities	(33,509)	(45,415)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	12,822	(2,480)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD	272,520	283,945
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	285,342	281,465
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest, net of interest capitalized	21,038	21,406
Cash paid for income taxes, net	11,381	1,427
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES
Capital expenditures incurred but not yet paid	1,894	873
Repurchase of ordinary shares not yet settled	1,970	0
Par value of vested restricted share awards	282	122
Related Party
Changes in assets and liabilities:
Trade and other receivables, net	(562)	(2,602)
Nonrelated Party
Changes in assets and liabilities:
Trade and other receivables, net	$ (7,951)	$ (11,403)

Organization, operations and ba

Organization, operations and basis of presentation	3 Months Ended
	Mar. 31, 2024
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”), through its subsidiaries, 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 24 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. 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, 2023, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 22, 2024 (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. Results for the comparative prior periods have been reclassified to conform to the current period presentation.

Significant accounting policies

Significant accounting policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant accounting policies	Significant accounting policies Derivative financial instruments Derivative financial instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured to fair value at period end. Changes in the fair value of a derivative contract that is qualified, designated and highly effective as a cash flow hedge are recorded in total other comprehensive income in our Condensed Consolidated Statements of Comprehensive Income and reclassified into earnings in our Condensed Consolidated Statements of Operations in the same period or periods during which the hedged transaction occurs. If a derivative contract does not meet these criteria, then the total change in fair value is recognized in earnings. Cash flows from a derivative financial instrument that is classified as a cash flow hedge are recorded in the same category as the cash flows from the items being hedged in the Condensed Consolidated Statements of Cash Flows. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Annual periods beginning after December 15, 2023 We are in the process of evaluating the impact of ASU No. 2023-07 on the Condensed Consolidated Financial Statements with respect to our segment disclosures. ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this update require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Annual periods beginning after December 15, 2024 We are in the process of evaluating the impact of ASU No. 2023-09 on the Condensed Consolidated Financial Statements with respect to our income tax disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Yucatán Pacific Dominican Jamaica Other Total Package revenue $ 88,062 $ 39,638 $ 72,213 $ 59,716 $ — $ 259,629 Non-package revenue 10,794 5,916 9,508 7,925 — 34,143 The Playa Collection — — — — 1,020 1,020 Management fees 39 — — — 2,495 2,534 Cost reimbursements — — — 1,095 1,794 2,889 Other revenues — — — — 420 420 Total revenue $ 98,895 $ 45,554 $ 81,721 $ 68,736 $ 5,729 $ 300,635 Three Months Ended March 31, 2023 Yucatán Pacific Dominican Jamaica Other Total Package revenue $ 81,287 $ 36,803 $ 59,602 $ 55,876 $ — $ 233,568 Non-package revenue (1) 9,700 4,747 9,167 9,867 — 33,481 The Playa Collection — — — — 726 726 Management fees 38 — — — 1,891 1,929 Cost reimbursements — — — 1,337 2,197 3,534 Other revenues (1) — — — — 564 564 Total revenue $ 91,025 $ 41,550 $ 68,769 $ 67,080 $ 5,378 $ 273,802 ________ (1) Includes $0.6 million that was reclassified from non-package revenue to other revenues to conform with current period presentation. Contract assets and liabilities We do not have any material contract assets as of March 31, 2024 and December 31, 2023 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. We record contract liabilities when cash payments are received or due in advance of guests staying at our resorts, which are presented as advance deposits (see Note 14) within trade and other payables on our Condensed Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year.

Property and equipment

Property and equipment	3 Months Ended
	Mar. 31, 2024
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 March 31, As of December 31, 2024 2023 Property and equipment, gross Land, buildings and improvements $ 1,648,338 $ 1,646,452 Fixtures and machinery (1) 87,539 86,717 Furniture and other fixed assets 205,476 203,639 Construction in progress 25,402 22,077 Total property and equipment, gross 1,966,755 1,958,885 Accumulated depreciation (559,507) (543,313) Total property and equipment, net $ 1,407,248 $ 1,415,572 ________ (1) Includes the gross balance of our finance lease right-of-use assets, which was $6.3 million as of March 31, 2024 and December 31, 2023. Depreciation expense for property and equipment was $17.7 million and $18.8 million for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024, we capitalized $0.3 million of interest expense on qualifying assets using the weighted-average interest rate of our debt. We did not capitalize any interest expense for the three months ended March 31, 2023. Hurricane Fiona We received business interruption proceeds of $0.4 million during the three months ended March 31, 2024 related to the impact of Hurricane Fiona in September 2022. We received an additional $1.2 million of business interruption insurance proceeds in April and May 2024 and expect to receive the remaining proceeds in 2024. Lessor contracts We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one ($ in thousands) : Three Months Ended March 31, Leases 2024 2023 Operating lease income (1) $ 1,186 $ 950 ________ (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	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes We file tax returns for our entities in key jurisdictions including Mexico, the Dominican Republic, Jamaica, the United States, and the Netherlands. We are domiciled in the Netherlands and our Dutch subsidiaries are subject to a Dutch general tax rate of 25.8%. Our other operating subsidiaries are subject to tax rates of up to 30% in the jurisdictions in which they are domiciled. The Netherlands enacted the Dutch Minimum Tax Act 2024 in December 2023. The Dutch Minimum Tax Act 2024 implements measures to ensure that large multinational groups of companies pay a minimum corporate tax rate of 15% in accordance with the European Union's Pillar 2 Directive. As we are incorporated in the Netherlands, we were subject to certain provisions of the Dutch Minimum Tax Act 2024 beginning January 1, 2024. The adoption of the Dutch Minimum Tax Act 2024 resulted in $12.0 million of additional income tax expense incurred in the Netherlands for the three months ended March 31, 2024, which increased our effective tax rate (“ETR”) by 18.2%. As a result, our ETR was 18.1% for the three months ended March 31, 2024 compared to 10.1% for the three months ended March 31, 2023. An Advance Pricing Agreement (“APA”) for Playa Dominican Resort B.V. was approved in March 2024 and is effective January 1, 2022 through December 31, 2025. We are in the process of finalizing new APAs for Playa Cana B.V. and Playa Romana Mar B.V., which expired as of December 31, 2021. We expect the APAs to be completed before the end of 2024, as the APA terms for the general hotel association have already been approved. Our estimated annual effective tax rate calculation reflects the terms of the APAs that are expected to apply for the year ending December 31, 2024. We had no uncertain tax positions or unrecognized tax benefits as of March 31, 2024. We expect no significant changes in unrecognized tax benefits over the next twelve months. We regularly assess the realizability of our deferred tax assets by evaluating historical and projected future operating results, the reversal of existing temporary differences, taxable income in permitted carry back years, and the availability of tax planning strategies. As of March 31, 2024, a valuation allowance has been maintained as a reserve on a portion of our net deferred tax assets due to the uncertainty of realization of our loss carry forwards and other deferred tax assets. If our operating results continue to improve and our projections show continued utilization of tax attributes, we may consider that as significant positive evidence and our future reassessment may result in the determination that all or a portion of the valuation allowance is no longer required. The exact timing and amount of the valuation allowance releases are ultimately contingent upon the level of profitability achieved in future periods.

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2024
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. 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. Hyatt also owns Apple Leisure Group (“ALG”), the brand management platform AMResorts, and various tour operators and travel agencies. 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 (our “Board”). We pay Sagicor for employee insurance coverage at 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. 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 months ended March 31, 2024 and 2023 were as follows ( $ in thousands ): Three Months Ended March 31, Related Party Transaction 2024 2023 Revenues Sagicor Cost reimbursements (1) $ 1,095 $ 1,477 Expenses Hyatt Franchise fees (2) $ 11,299 $ 9,954 Sagicor Insurance premiums (2) $ 394 $ 320 Chief Executive Officer Lease expense (3) $ 153 $ 196 AMResorts Management fees (2) $ — $ 41 AMResorts Marketing fees (3) $ — $ 37 ________ (1) Equivalent amount included as reimbursed costs in the Condensed Consolidated Statements of Operations. (2) 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. (3) Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2024
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 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	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Ordinary shares	Ordinary shares Our Board previously authorized a $200.0 million share repurchase program pursuant to which we may repurchase our outstanding ordinary shares as market conditions and our liquidity warrant. The repurchase program is subject to certain limitations under Dutch law, including the existing repurchase authorization granted by our shareholders. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means (including Rule 10b5-1 trading plans). Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. During the three months ended March 31, 2024, we repurchased 3,621,127 ordinary shares under the program at an average price of $8.98 per share. As of March 31, 2024, we had approximately $163.9 million remaining under the $200.0 million share repurchase program. As of March 31, 2024, our ordinary share capital consisted of 135,040,042 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 5,075,907 restricted shares and performance share awards and 36,272 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 to 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	3 Months Ended
	Mar. 31, 2024
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. As of March 31, 2024, there were 10,054,397 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, 2024 to March 31, 2024 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2024 2,733,532 $ 6.84 Granted 1,456,506 8.03 Vested (1,417,634) 6.61 Forfeited (19,156) 7.25 Unvested balance at March 31, 2024 2,753,248 $ 7.59 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. Our performance shares have market conditions where either 25% or 50% of the performance share awards will vest based on the total shareholder return (“TSR”) of our ordinary shares relative to those of our peer group and either 50% or 75% will vest based on the compound annual growth rate of the price of our ordinary shares. The peer shareholder return component may vest between 0% and 200% of target, with the award capped at 100% of target should Playa’s TSR be negative. The growth rate component 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 17, 2024 Peer Shareholder Return 50 % $ 2,915 39.05 % 4.09 % — % Growth Rate 50 % $ 2,066 39.05 % 4.09 % — % February 8, 2024 Growth Rate 100 % $ 4,369 38.21 % 4.20 % — % ________ (1) Expected volatility was determined based on Playa’s historical share prices. (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, 2024 to March 31, 2024 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2024 2,048,350 $ 6.34 Granted 1,509,519 7.39 Vested (1,174,808) 5.38 Forfeited (24,130) 6.01 Unvested balance at March 31, 2024 2,358,931 $ 7.35

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic and diluted earnings per share (“EPS”) are as follows ( $ in thousands, except share data ): Three Months Ended March 31, 2024 2023 Numerator Net income $ 54,341 $ 42,719 Denominator Denominator for basic EPS - weighted-average number of shares outstanding 136,651,696 157,314,177 Effect of dilutive securities Unvested performance share awards 747,783 952,494 Unvested restricted share awards 610,380 505,782 Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 138,009,859 158,772,453 EPS - Basic $ 0.40 $ 0.27 EPS - Diluted $ 0.39 $ 0.27 For the three months ended March 31, 2024 and 2023, we had no anti-dilutive unvested performance share awards. The performance targets of our unvested performance share awards were partially achieved as of March 31, 2024 and 2023. For the three months ended March 31, 2024 and 2023, we had no anti-dilutive unvested restricted share awards.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Our debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date March 31, 2024 December 31, 2023 Senior Secured Credit Facilities Revolving Credit Facility (1) SOFR + 3.50% January 5, 2028 $ — $ — Term Loan due 2029 (2) SOFR + 3.25% January 5, 2029 1,086,250 1,089,000 Total Senior Secured Credit Facilities (at stated value) 1,086,250 1,089,000 Unamortized discount (25,139) (26,466) Unamortized debt issuance costs (6,059) (6,380) Total Senior Secured Credit Facilities, net $ 1,055,052 $ 1,056,154 Financing lease obligations $ 5,106 $ 5,222 Total debt, net $ 1,060,158 $ 1,061,376 ________ (1) We had an available balance on our Revolving Credit Facility of $225.0 million as of March 31, 2024 and December 31, 2023. (2) The effective interest rate for the Term Loan due 2029 was 8.58% and 8.59% as of March 31, 2024 and December 31, 2023, respectively. Financial maintenance covenants We were in compliance with all applicable covenants as of March 31, 2024. A summary of our applicable covenants and restrictions is as follows: Debt Covenant Terms Senior Secured Credit Facility We are subject to a total net leverage ratio of 5.20x if we have more than 35% drawn on the Revolving Credit Facility.

Derivative financial instrument

Derivative financial instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Derivative financial instruments Interest rate swaps We have entered into interest rate swaps to mitigate the interest rate risk inherent to our floating rate debt. Our interest rate swaps outstanding during the three months ended March 31, 2024 and 2023 are as follows: Notional Amount Interest Rate Received Fixed Rate Paid Effective Date Maturity Date Designated as Cash Flow Hedges $275 million One-month SOFR 4.05% April 15, 2023 April 15, 2025 $275 million One-month SOFR 3.71% April 15, 2023 April 15, 2026 Not Designated as Hedging Instrument (1) $800 million One-month LIBOR 2.85% March 29, 2018 March 31, 2023 ________ (1) Our LIBOR-based interest rate swaps were designated as cash flow hedges in March 2019, but were deemed ineffective in February 2020 due to the decrease in interest rates. Foreign currency forward contracts We have entered into foreign currency forward contracts to mitigate the risk of foreign exchange fluctuations on certain direct expenses, such as salaries and wages and food and beverage costs, which are denominated in Mexican Pesos. As of March 31, 2024, the total outstanding notional amount of the forward contracts was $78.7 million, or $1.4 billion Mexican Pesos, which will be settled monthly with maturity dates between April 2024 and December 2024. Quantitative disclosures about derivative financial instruments The following tables present the effect of our derivative financial instruments, net of tax, in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 ($ in thousands) : Three Months Ended March 31, 2024 2023 Interest rate swaps (1) Foreign currency forwards (2) Interest rate swaps Change in fair value $ (5,852) $ (2,868) $ — Reclassification from AOCI to the income statement $ 2,024 $ (54) $ (2,895) ________ (1) Amounts are reclassified from AOCI to interest expense. As of March 31, 2024, the total amount expected to be reclassified during the next twelve months is $5.6 million. (2) Amounts are reclassified from AOCI to direct expenses. As of March 31, 2024, the total amount expected to be reclassified during the next twelve months is $2.9 million. Derivative Financial Instruments Financial Statement Classification Three Months Ended March 31, 2024 2023 Designated as Cash Flow Hedges Interest rate swaps Interest expense $ (2,024) $ — Foreign currency forwards Direct expenses $ (180) $ — Not Designated as Hedging Instruments Interest rate swaps (1) Interest expense $ — $ 3,013 ________ (1) Includes the loss from the change in fair value of our interest rate swaps and the cash interest paid or received for the monthly settlements of the derivative. The following table presents the effect of our derivative financial instruments in the Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023 ($ in thousands) : Derivative Financial Instruments Financial Statement Classification As of March 31, As of December 31, 2024 2023 Designated as Cash Flow Hedges Interest rate swaps Derivative financial instruments $ 6,785 $ 2,966 Foreign currency forwards Derivative financial instruments $ 2,922 $ —

Fair value of financial instrum

Fair value of financial instruments	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. 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 assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 ($ in thousands) : Financial Assets March 31, 2024 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swaps $ 6,785 $ — $ 6,785 $ — Foreign currency forwards $ 2,922 $ — $ 2,922 $ — Financial Assets December 31, 2023 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swaps $ 2,966 $ — $ 2,966 $ — The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of March 31, 2024 and December 31, 2023 ($ in thousands) : Carrying Value Fair Value As of March 31, 2024 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan due 2029 $ 1,055,052 $ — $ — $ 1,102,108 Carrying Value Fair Value As of December 31, 2023 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan due 2029 $ 1,056,154 $ — $ — $ 1,097,081 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 Foreign currency forwards The fair value of the foreign currency forwards is estimated based on the expected future cash flows by incorporating the notional amount of the forward contract, the maturity date of the contract, and observable inputs including spot rates, forward rates, and interest rate curves (including discount factors). The fair value also incorporates credit valuation adjustments to appropriately reflect nonperformance risk. The fair value is largely dependent on prevailing foreign currency forward rates as of the measurement date and maturing on the maturity dates of any existing forwards. If, in subsequent periods, any prevailing foreign currency forward rate differs from the corresponding contracted foreign currency rate, we will recognize a gain or loss. 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 SOFR as of the measurement date. If, in subsequent periods, forecasted SOFR exceeds the fixed rates we pay on our interest rate swaps, we will recognize a gain and future cash inflows. Conversely, if forecasted SOFR falls below the fixed rates we pay on our interest rate swaps in subsequent periods, we will recognize a loss and future cash outflows. Financial instruments not recorded at fair value Term Loan due 2029 The fair value of our Term Loan due 2029 is estimated using cash flow projections over the remaining contractual period by applying market forward rates and discounting back at the appropriate discount rate. Revolving Credit Facility The valuation technique of our Revolving Credit Facility is consistent with our Term Loan due 2029. 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Gross trade and other receivables (1) $ 82,656 $ 75,051 Allowance for doubtful accounts (434) (289) Total trade and other receivables, net $ 82,222 $ 74,762 ________ (1) The opening balance as of January 1, 2023 was $63.4 million. We have not experienced any significant write-offs to our accounts receivable during the three months ended March 31, 2024 and 2023. Prepayments and other assets The following summarizes the balances of prepayments and other assets as of March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Advances to suppliers $ 13,391 $ 18,213 Prepaid income taxes 12,540 11,510 Prepaid other taxes (1) 4,606 5,641 Operating lease right-of-use assets 6,243 6,426 Key money 6,896 6,475 Other assets 6,035 6,029 Total prepayments and other assets $ 49,711 $ 54,294 ________ (1) Includes recoverable value-added tax, general consumption tax, and other sales tax accumulated by our Mexico, Jamaica, Dutch and Dominican Republic entities. Goodwill We recognized no goodwill impairment losses on our reporting units nor any additions to goodwill during the three months ended March 31, 2024. 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 March 31, 2024 and December 31, 2023 are as follows ($ in thousands) : Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total Gross carrying value $ 51,731 $ — $ — $ 33,879 $ 85,610 Accumulated impairment losses (6,168) — — (18,800) (24,968) Net carrying value $ 45,563 $ — $ — $ 15,079 $ 60,642 Other intangible assets Other intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2024 2023 Gross carrying value Casino and other licenses (1) $ 628 $ 607 Management contract 1,900 1,900 Enterprise resource planning system 6,352 6,352 Other 4,732 4,674 Total gross carrying value 13,612 13,533 Accumulated amortization Management contract (546) (523) Enterprise resource planning system (5,250) (4,349) Other (4,375) (4,304) Total accumulated amortization (10,171) (9,176) Net carrying value Casino and other licenses (1) 628 607 Management contract 1,354 1,377 Enterprise resource planning system 1,102 2,003 Other 357 370 Total net carrying value $ 3,441 $ 4,357 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. Amortization expense for intangible assets was $1.0 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. Trade and other payables The following summarizes the balances of trade and other payables as of March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Trade payables $ 26,374 $ 25,929 Advance deposits (1) 69,054 80,506 Withholding and other taxes payable 15,747 15,164 Interest payable 2,853 2,603 Payroll and related accruals 25,183 31,466 Accrued expenses and other payables (2) 37,505 40,764 Total trade and other payables $ 176,716 $ 196,432 ________ (1) The opening balance as of January 1, 2023 was $83.3 million. (2) As of March 31, 2024 and December 31, 2023, accrued expenses and other payables includes $10.1 million and $16.8 million, respectively, of unpaid clean up and repair expenses related to Hurricane Fiona. As of March 31, 2024, accrued expenses and other payables also includes $2.0 million related to share repurchases not yet settled. Other liabilities The following summarizes the balances of other liabilities as of March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Pension obligation (1) $ 10,396 $ 9,980 Operating lease liabilities 6,811 6,973 Unfavorable ground lease liability 1,721 1,748 Key money 14,073 14,331 Other 929 938 Total other liabilities $ 33,930 $ 33,970 ________ (1) For the three months ended March 31, 2024 and 2023, the service cost component of net periodic pension cost was $0.4 million and $0.3 million, respectively, and the non-service cost components were $0.3 million and $0.9 million, respectively.

Business segments

Business segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business segments	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 report four separate reportable segments by geography: (i) Yucatán Peninsula, (ii) Pacific Coast, (iii) Dominican Republic and (iv) Jamaica. Our operating segments are components of the business that 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. For the three months ended March 31, 2024 and 2023, we have excluded the immaterial amounts of management fees, cost reimbursements, The Playa Collection revenues and other from our segment reporting. The performance of our business is evaluated primarily on adjusted earnings before interest expense, income tax provision, and depreciation and amortization expense (“Adjusted EBITDA”) and the performance of our segments is evaluated on Adjusted EBITDA before corporate expenses, The Playa Collection revenue and management fees (“Owned Resort EBITDA”). Adjusted EBITDA and Owned Resort EBITDA should not be considered alternatives to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. We define Adjusted EBITDA as net income, determined in accordance with U.S. GAAP, for the periods presented, before interest expense, income tax provision, and depreciation and amortization expense, further adjusted to exclude the following items: (a) (gain) loss on sale of assets; (b) other (expense) income; (c) repairs from hurricanes and tropical storms; (d) share-based compensation; and (e) transaction expenses. Adjusted EBITDA includes corporate expenses, which are overhead costs that are essential to support the operation of the Company, including the operations and development of our resorts. 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, defined as total revenue less compulsory tips paid to employees, cost reimbursements, management fees, The Playa Collection revenue, and other miscellaneous revenue not derived from segment operations, and a reconciliation to total revenue for the three months ended March 31, 2024 and 2023 ( $ in thousands ): Three Months Ended March 31, 2024 2023 Owned net revenue Yucatán Peninsula $ 95,988 $ 88,748 Pacific Coast 44,296 40,515 Dominican Republic 81,612 68,769 Jamaica 64,642 62,977 Segment owned net revenue 286,538 261,009 Other revenues 420 564 Management fees 2,534 1,929 The Playa Collection 1,020 726 Cost reimbursements 2,889 3,534 Compulsory tips 7,234 6,040 Total revenue $ 300,635 $ 273,802 The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net income for the three months ended March 31, 2024 and 2023 ( $ in thousands ): Three Months Ended March 31, 2024 2023 Owned Resort EBITDA Yucatán Peninsula $ 40,053 $ 37,936 Pacific Coast 19,141 17,523 Dominican Republic 37,770 26,849 Jamaica 27,076 27,081 Segment Owned Resort EBITDA 124,040 109,389 Other corporate (14,122) (13,555) The Playa Collection 1,020 726 Management fees 2,534 1,929 Adjusted EBITDA 113,472 98,489 Interest expense (23,128) (29,666) Depreciation and amortization (18,672) (19,191) Gain (loss) on sale of assets 36 (13) Other (expense) income (793) 232 Repairs from hurricanes and tropical storms — 861 Share-based compensation (3,759) (3,166) Transaction expenses (1,037) (863) Non-service cost components of net periodic pension cost (1) 259 852 Net income before tax 66,378 47,535 Income tax provision (12,037) (4,816) Net income $ 54,341 $ 42,719 ________ (1) Represents the non-service cost components of net periodic pension cost or benefit recorded within other (expense) income 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 March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Segment property and equipment, gross Yucatán Peninsula $ 683,966 $ 683,073 Pacific Coast 308,271 305,588 Dominican Republic 542,700 541,629 Jamaica 425,382 422,772 Total segment property and equipment, gross 1,960,319 1,953,062 Corporate property and equipment, gross 6,436 5,823 Accumulated depreciation (559,507) (543,313) Total property and equipment, net $ 1,407,248 $ 1,415,572 The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the three months ended March 31, 2024 and 2023 ( $ in thousands ): Three Months Ended March 31, 2024 2023 Segment capital expenditures Yucatán Peninsula $ 2,021 $ 2,741 Pacific Coast 2,528 946 Dominican Republic 1,554 3,895 Jamaica 3,175 1,806 Total segment capital expenditures (1) 9,278 9,388 Corporate 874 126 Total capital expenditures (1) $ 10,152 $ 9,514 ________ (1)

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent events	Subsequent events During the period from April 1, 2024 through April 30, 2024, we purchased 1,859,322 ordinary shares at an average price of $9.36 per share. As of April 30, 2024, we had $146.5 million remaining under our $200.0 million share repurchase program.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 54,341	$ 42,719

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant accounting polici_2

Significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 22, 2024 (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. Results for the comparative prior periods have been reclassified to conform to the current period presentation.
Derivative financial instruments	Derivative financial instruments Derivative financial instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured to fair value at period end. Changes in the fair value of a derivative contract that is qualified, designated and highly effective as a cash flow hedge are recorded in total other comprehensive income in our Condensed Consolidated Statements of Comprehensive Income and reclassified into earnings in our Condensed Consolidated Statements of Operations in the same period or periods during which the hedged transaction occurs. If a derivative contract does not meet these criteria, then the total change in fair value is recognized in earnings. Cash flows from a derivative financial instrument that is classified as a cash flow hedge are recorded in the same category as the cash flows from the items being hedged in the Condensed Consolidated Statements of Cash Flows.
Standards not yet adopted	Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Annual periods beginning after December 15, 2023 We are in the process of evaluating the impact of ASU No. 2023-07 on the Condensed Consolidated Financial Statements with respect to our segment disclosures. ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this update require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Annual periods beginning after December 15, 2024 We are in the process of evaluating the impact of ASU No. 2023-09 on the Condensed Consolidated Financial Statements with respect to our income tax disclosures.
Contract assets and liabilities	Contract assets and liabilities We do not have any material contract assets as of March 31, 2024 and December 31, 2023 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. We record contract liabilities when cash payments are received or due in advance of guests staying at our resorts, which are presented as advance deposits (see Note 14) within trade and other payables on our Condensed Consolidated Balance Sheet. Our advanced deposits are generally recognized as revenue within one year.

Significant accounting polici_3

Significant accounting policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Standards Adopted	Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Annual periods beginning after December 15, 2023 We are in the process of evaluating the impact of ASU No. 2023-07 on the Condensed Consolidated Financial Statements with respect to our segment disclosures. ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this update require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Annual periods beginning after December 15, 2024 We are in the process of evaluating the impact of ASU No. 2023-09 on the Condensed Consolidated Financial Statements with respect to our income tax disclosures.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Standards Adopted	Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Annual periods beginning after December 15, 2023 We are in the process of evaluating the impact of ASU No. 2023-07 on the Condensed Consolidated Financial Statements with respect to our segment disclosures. ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this update require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Annual periods beginning after December 15, 2024 We are in the process of evaluating the impact of ASU No. 2023-09 on the Condensed Consolidated Financial Statements with respect to our income tax disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Yucatán Pacific Dominican Jamaica Other Total Package revenue $ 88,062 $ 39,638 $ 72,213 $ 59,716 $ — $ 259,629 Non-package revenue 10,794 5,916 9,508 7,925 — 34,143 The Playa Collection — — — — 1,020 1,020 Management fees 39 — — — 2,495 2,534 Cost reimbursements — — — 1,095 1,794 2,889 Other revenues — — — — 420 420 Total revenue $ 98,895 $ 45,554 $ 81,721 $ 68,736 $ 5,729 $ 300,635 Three Months Ended March 31, 2023 Yucatán Pacific Dominican Jamaica Other Total Package revenue $ 81,287 $ 36,803 $ 59,602 $ 55,876 $ — $ 233,568 Non-package revenue (1) 9,700 4,747 9,167 9,867 — 33,481 The Playa Collection — — — — 726 726 Management fees 38 — — — 1,891 1,929 Cost reimbursements — — — 1,337 2,197 3,534 Other revenues (1) — — — — 564 564 Total revenue $ 91,025 $ 41,550 $ 68,769 $ 67,080 $ 5,378 $ 273,802 ________ (1)

Property and equipment (Tables)

Property and equipment (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, As of December 31, 2024 2023 Property and equipment, gross Land, buildings and improvements $ 1,648,338 $ 1,646,452 Fixtures and machinery (1) 87,539 86,717 Furniture and other fixed assets 205,476 203,639 Construction in progress 25,402 22,077 Total property and equipment, gross 1,966,755 1,958,885 Accumulated depreciation (559,507) (543,313) Total property and equipment, net $ 1,407,248 $ 1,415,572 ________ (1) Includes the gross balance of our finance lease right-of-use assets, which was $6.3 million as of March 31, 2024 and December 31, 2023.
Schedule of Rental Income	The following table presents our rental income for the three months ended March 31, 2024 and 2023 ($ in thousands) : Three Months Ended March 31, Leases 2024 2023 Operating lease income (1) $ 1,186 $ 950 ________ (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)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Transactions between us and related parties during the three months ended March 31, 2024 and 2023 were as follows ( $ in thousands ): Three Months Ended March 31, Related Party Transaction 2024 2023 Revenues Sagicor Cost reimbursements (1) $ 1,095 $ 1,477 Expenses Hyatt Franchise fees (2) $ 11,299 $ 9,954 Sagicor Insurance premiums (2) $ 394 $ 320 Chief Executive Officer Lease expense (3) $ 153 $ 196 AMResorts Management fees (2) $ — $ 41 AMResorts Marketing fees (3) $ — $ 37 ________ (1) Equivalent amount included as reimbursed costs in the Condensed Consolidated Statements of Operations. (2) 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. (3) Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations.

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Share Awards	A summary of our restricted share awards from January 1, 2024 to March 31, 2024 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2024 2,733,532 $ 6.84 Granted 1,456,506 8.03 Vested (1,417,634) 6.61 Forfeited (19,156) 7.25 Unvested balance at March 31, 2024 2,753,248 $ 7.59
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 17, 2024 Peer Shareholder Return 50 % $ 2,915 39.05 % 4.09 % — % Growth Rate 50 % $ 2,066 39.05 % 4.09 % — % February 8, 2024 Growth Rate 100 % $ 4,369 38.21 % 4.20 % — % ________ (1) Expected volatility was determined based on Playa’s historical share prices. (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, 2024 to March 31, 2024 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2024 2,048,350 $ 6.34 Granted 1,509,519 7.39 Vested (1,174,808) 5.38 Forfeited (24,130) 6.01 Unvested balance at March 31, 2024 2,358,931 $ 7.35

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted EPS	Basic and diluted earnings per share (“EPS”) are as follows ( $ in thousands, except share data ): Three Months Ended March 31, 2024 2023 Numerator Net income $ 54,341 $ 42,719 Denominator Denominator for basic EPS - weighted-average number of shares outstanding 136,651,696 157,314,177 Effect of dilutive securities Unvested performance share awards 747,783 952,494 Unvested restricted share awards 610,380 505,782 Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 138,009,859 158,772,453 EPS - Basic $ 0.40 $ 0.27 EPS - Diluted $ 0.39 $ 0.27

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 Senior Secured Credit Facilities Revolving Credit Facility (1) SOFR + 3.50% January 5, 2028 $ — $ — Term Loan due 2029 (2) SOFR + 3.25% January 5, 2029 1,086,250 1,089,000 Total Senior Secured Credit Facilities (at stated value) 1,086,250 1,089,000 Unamortized discount (25,139) (26,466) Unamortized debt issuance costs (6,059) (6,380) Total Senior Secured Credit Facilities, net $ 1,055,052 $ 1,056,154 Financing lease obligations $ 5,106 $ 5,222 Total debt, net $ 1,060,158 $ 1,061,376 ________ (1) We had an available balance on our Revolving Credit Facility of $225.0 million as of March 31, 2024 and December 31, 2023. (2) The effective interest rate for the Term Loan due 2029 was 8.58% and 8.59% as of March 31, 2024 and December 31, 2023, respectively. Debt Covenant Terms Senior Secured Credit Facility We are subject to a total net leverage ratio of 5.20x if we have more than 35% drawn on the Revolving Credit Facility.

Derivative financial instrume_2

Derivative financial instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	We have entered into interest rate swaps to mitigate the interest rate risk inherent to our floating rate debt. Our interest rate swaps outstanding during the three months ended March 31, 2024 and 2023 are as follows: Notional Amount Interest Rate Received Fixed Rate Paid Effective Date Maturity Date Designated as Cash Flow Hedges $275 million One-month SOFR 4.05% April 15, 2023 April 15, 2025 $275 million One-month SOFR 3.71% April 15, 2023 April 15, 2026 Not Designated as Hedging Instrument (1) $800 million One-month LIBOR 2.85% March 29, 2018 March 31, 2023 ________ (1) Our LIBOR-based interest rate swaps were designated as cash flow hedges in March 2019, but were deemed ineffective in February 2020 due to the decrease in interest rates.
Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations Operations	The following tables present the effect of our derivative financial instruments, net of tax, in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 ($ in thousands) : Three Months Ended March 31, 2024 2023 Interest rate swaps (1) Foreign currency forwards (2) Interest rate swaps Change in fair value $ (5,852) $ (2,868) $ — Reclassification from AOCI to the income statement $ 2,024 $ (54) $ (2,895) ________ (1) Amounts are reclassified from AOCI to interest expense. As of March 31, 2024, the total amount expected to be reclassified during the next twelve months is $5.6 million. (2) Amounts are reclassified from AOCI to direct expenses. As of March 31, 2024, the total amount expected to be reclassified during the next twelve months is $2.9 million. Derivative Financial Instruments Financial Statement Classification Three Months Ended March 31, 2024 2023 Designated as Cash Flow Hedges Interest rate swaps Interest expense $ (2,024) $ — Foreign currency forwards Direct expenses $ (180) $ — Not Designated as Hedging Instruments Interest rate swaps (1) Interest expense $ — $ 3,013 ________ (1) Includes the loss from the change in fair value of our interest rate swaps and the cash interest paid or received 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 derivative financial instruments in the Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023 ($ in thousands) : Derivative Financial Instruments Financial Statement Classification As of March 31, As of December 31, 2024 2023 Designated as Cash Flow Hedges Interest rate swaps Derivative financial instruments $ 6,785 $ 2,966 Foreign currency forwards Derivative financial instruments $ 2,922 $ —

Fair value of financial instr_2

Fair value of financial instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	The following tables present our fair value hierarchy for our financial assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 ($ in thousands) : Financial Assets March 31, 2024 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swaps $ 6,785 $ — $ 6,785 $ — Foreign currency forwards $ 2,922 $ — $ 2,922 $ — Financial Assets December 31, 2023 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swaps $ 2,966 $ — $ 2,966 $ —
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 March 31, 2024 and December 31, 2023 ($ in thousands) : Carrying Value Fair Value As of March 31, 2024 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan due 2029 $ 1,055,052 $ — $ — $ 1,102,108 Carrying Value Fair Value As of December 31, 2023 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan due 2029 $ 1,056,154 $ — $ — $ 1,097,081
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 Foreign currency forwards The fair value of the foreign currency forwards is estimated based on the expected future cash flows by incorporating the notional amount of the forward contract, the maturity date of the contract, and observable inputs including spot rates, forward rates, and interest rate curves (including discount factors). The fair value also incorporates credit valuation adjustments to appropriately reflect nonperformance risk. The fair value is largely dependent on prevailing foreign currency forward rates as of the measurement date and maturing on the maturity dates of any existing forwards. If, in subsequent periods, any prevailing foreign currency forward rate differs from the corresponding contracted foreign currency rate, we will recognize a gain or loss. 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 SOFR as of the measurement date. If, in subsequent periods, forecasted SOFR exceeds the fixed rates we pay on our interest rate swaps, we will recognize a gain and future cash inflows. Conversely, if forecasted SOFR falls below the fixed rates we pay on our interest rate swaps in subsequent periods, we will recognize a loss and future cash outflows. Financial instruments not recorded at fair value Term Loan due 2029 The fair value of our Term Loan due 2029 is estimated using cash flow projections over the remaining contractual period by applying market forward rates and discounting back at the appropriate discount rate. Revolving Credit Facility The valuation technique of our Revolving Credit Facility is consistent with our Term Loan due 2029. 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)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Gross trade and other receivables (1) $ 82,656 $ 75,051 Allowance for doubtful accounts (434) (289) Total trade and other receivables, net $ 82,222 $ 74,762 ________ (1) The opening balance as of January 1, 2023 was $63.4 million.
Schedule of Prepayments and Other Assets	The following summarizes the balances of prepayments and other assets as of March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Advances to suppliers $ 13,391 $ 18,213 Prepaid income taxes 12,540 11,510 Prepaid other taxes (1) 4,606 5,641 Operating lease right-of-use assets 6,243 6,426 Key money 6,896 6,475 Other assets 6,035 6,029 Total prepayments and other assets $ 49,711 $ 54,294 ________ (1) Includes recoverable value-added tax, general consumption tax, and other sales tax accumulated by our Mexico, Jamaica, Dutch 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 March 31, 2024 and December 31, 2023 are as follows ($ in thousands) : Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total Gross carrying value $ 51,731 $ — $ — $ 33,879 $ 85,610 Accumulated impairment losses (6,168) — — (18,800) (24,968) Net carrying value $ 45,563 $ — $ — $ 15,079 $ 60,642
Schedule of Other Intangible Assets, Indefinite-Lived	Other intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2024 2023 Gross carrying value Casino and other licenses (1) $ 628 $ 607 Management contract 1,900 1,900 Enterprise resource planning system 6,352 6,352 Other 4,732 4,674 Total gross carrying value 13,612 13,533 Accumulated amortization Management contract (546) (523) Enterprise resource planning system (5,250) (4,349) Other (4,375) (4,304) Total accumulated amortization (10,171) (9,176) Net carrying value Casino and other licenses (1) 628 607 Management contract 1,354 1,377 Enterprise resource planning system 1,102 2,003 Other 357 370 Total net carrying value $ 3,441 $ 4,357 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization.
Schedule of Other Intangible Assets, Finite-Lived	Other intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2024 2023 Gross carrying value Casino and other licenses (1) $ 628 $ 607 Management contract 1,900 1,900 Enterprise resource planning system 6,352 6,352 Other 4,732 4,674 Total gross carrying value 13,612 13,533 Accumulated amortization Management contract (546) (523) Enterprise resource planning system (5,250) (4,349) Other (4,375) (4,304) Total accumulated amortization (10,171) (9,176) Net carrying value Casino and other licenses (1) 628 607 Management contract 1,354 1,377 Enterprise resource planning system 1,102 2,003 Other 357 370 Total net carrying value $ 3,441 $ 4,357 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization.
Schedule of Trade and Other Payables	The following summarizes the balances of trade and other payables as of March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Trade payables $ 26,374 $ 25,929 Advance deposits (1) 69,054 80,506 Withholding and other taxes payable 15,747 15,164 Interest payable 2,853 2,603 Payroll and related accruals 25,183 31,466 Accrued expenses and other payables (2) 37,505 40,764 Total trade and other payables $ 176,716 $ 196,432 ________ (1) The opening balance as of January 1, 2023 was $83.3 million. (2)
Schedule of Other Liabilities	The following summarizes the balances of other liabilities as of March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Pension obligation (1) $ 10,396 $ 9,980 Operating lease liabilities 6,811 6,973 Unfavorable ground lease liability 1,721 1,748 Key money 14,073 14,331 Other 929 938 Total other liabilities $ 33,930 $ 33,970 ________ (1) For the three months ended March 31, 2024 and 2023, the service cost component of net periodic pension cost was $0.4 million and $0.3 million, respectively, and the non-service cost components were $0.3 million and $0.9 million, respectively.

Business segments (Tables)

Business segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents segment Owned Net Revenue, defined as total revenue less compulsory tips paid to employees, cost reimbursements, management fees, The Playa Collection revenue, and other miscellaneous revenue not derived from segment operations, and a reconciliation to total revenue for the three months ended March 31, 2024 and 2023 ( $ in thousands ): Three Months Ended March 31, 2024 2023 Owned net revenue Yucatán Peninsula $ 95,988 $ 88,748 Pacific Coast 44,296 40,515 Dominican Republic 81,612 68,769 Jamaica 64,642 62,977 Segment owned net revenue 286,538 261,009 Other revenues 420 564 Management fees 2,534 1,929 The Playa Collection 1,020 726 Cost reimbursements 2,889 3,534 Compulsory tips 7,234 6,040 Total revenue $ 300,635 $ 273,802 The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net income for the three months ended March 31, 2024 and 2023 ( $ in thousands ): Three Months Ended March 31, 2024 2023 Owned Resort EBITDA Yucatán Peninsula $ 40,053 $ 37,936 Pacific Coast 19,141 17,523 Dominican Republic 37,770 26,849 Jamaica 27,076 27,081 Segment Owned Resort EBITDA 124,040 109,389 Other corporate (14,122) (13,555) The Playa Collection 1,020 726 Management fees 2,534 1,929 Adjusted EBITDA 113,472 98,489 Interest expense (23,128) (29,666) Depreciation and amortization (18,672) (19,191) Gain (loss) on sale of assets 36 (13) Other (expense) income (793) 232 Repairs from hurricanes and tropical storms — 861 Share-based compensation (3,759) (3,166) Transaction expenses (1,037) (863) Non-service cost components of net periodic pension cost (1) 259 852 Net income before tax 66,378 47,535 Income tax provision (12,037) (4,816) Net income $ 54,341 $ 42,719 ________ (1) Represents the non-service cost components of net periodic pension cost or benefit recorded within other (expense) income 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 March 31, 2024 and December 31, 2023 ($ in thousands) : As of March 31, As of December 31, 2024 2023 Segment property and equipment, gross Yucatán Peninsula $ 683,966 $ 683,073 Pacific Coast 308,271 305,588 Dominican Republic 542,700 541,629 Jamaica 425,382 422,772 Total segment property and equipment, gross 1,960,319 1,953,062 Corporate property and equipment, gross 6,436 5,823 Accumulated depreciation (559,507) (543,313) Total property and equipment, net $ 1,407,248 $ 1,415,572 The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the three months ended March 31, 2024 and 2023 ( $ in thousands ): Three Months Ended March 31, 2024 2023 Segment capital expenditures Yucatán Peninsula $ 2,021 $ 2,741 Pacific Coast 2,528 946 Dominican Republic 1,554 3,895 Jamaica 3,175 1,806 Total segment capital expenditures (1) 9,278 9,388 Corporate 874 126 Total capital expenditures (1) $ 10,152 $ 9,514 ________ (1)

Organization, operations and _2

Organization, operations and basis of presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 resort
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of resorts in portfolio	24

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 300,635	$ 273,802
Package revenue
Disaggregation of Revenue [Line Items]
Total revenue	259,629	233,568
Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue	34,143	33,481
The Playa Collection
Disaggregation of Revenue [Line Items]
Total revenue	1,020	726
Management fees
Disaggregation of Revenue [Line Items]
Total revenue	2,534	1,929
Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue	2,889	3,534
Other revenues
Disaggregation of Revenue [Line Items]
Total revenue	420	564
Operating Segments | Other revenues | Revision of Prior Period, Reclassification, Adjustment
Disaggregation of Revenue [Line Items]
Total revenue		600
Other
Disaggregation of Revenue [Line Items]
Total revenue	5,729	5,378
Other | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Other | The Playa Collection
Disaggregation of Revenue [Line Items]
Total revenue	1,020	726
Other | Management fees
Disaggregation of Revenue [Line Items]
Total revenue	2,495	1,891
Other | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue	1,794	2,197
Other | Other revenues
Disaggregation of Revenue [Line Items]
Total revenue	420	564
Yucatán Peninsula | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	98,895	91,025
Yucatán Peninsula | Operating Segments | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue	88,062	81,287
Yucatán Peninsula | Operating Segments | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue	10,794	9,700
Yucatán Peninsula | Operating Segments | The Playa Collection
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Yucatán Peninsula | Operating Segments | Management fees
Disaggregation of Revenue [Line Items]
Total revenue	39	38
Yucatán Peninsula | Operating Segments | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Yucatán Peninsula | Operating Segments | Other revenues
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Pacific Coast | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	45,554	41,550
Pacific Coast | Operating Segments | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue	39,638	36,803
Pacific Coast | Operating Segments | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue	5,916	4,747
Pacific Coast | Operating Segments | The Playa Collection
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Pacific Coast | Operating Segments | Management fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Pacific Coast | Operating Segments | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Pacific Coast | Operating Segments | Other revenues
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Dominican Republic | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	81,721	68,769
Dominican Republic | Operating Segments | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue	72,213	59,602
Dominican Republic | Operating Segments | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue	9,508	9,167
Dominican Republic | Operating Segments | The Playa Collection
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Dominican Republic | Operating Segments | Management fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Dominican Republic | Operating Segments | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Dominican Republic | Operating Segments | Other revenues
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Jamaica | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	68,736	67,080
Jamaica | Operating Segments | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue	59,716	55,876
Jamaica | Operating Segments | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue	7,925	9,867
Jamaica | Operating Segments | The Playa Collection
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Jamaica | Operating Segments | Management fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Jamaica | Operating Segments | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue	1,095	1,337
Jamaica | Operating Segments | Other revenues
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0

Property and equipment - Schedu

Property and equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,966,755	$ 1,958,885
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total property and equipment, net	Total property and equipment, net
Accumulated depreciation	$ (559,507)	$ (543,313)
Total property and equipment, net	1,407,248	1,415,572
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,648,338	1,646,452
Fixtures and machinery
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	87,539	86,717
Gross balance of finance lease right of use asset	6,300	6,300
Furniture and other fixed assets
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	205,476	203,639
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 25,402	$ 22,077

Property and equipment - Narrat

Property and equipment - Narrative (Details) - USD ($)	2 Months Ended	3 Months Ended
	May 31, 2024	Mar. 31, 2024	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Depreciation expense		$ 17,700,000	$ 18,800,000
Interest expense capitalized on qualifying assets		(300,000)	$ 0
Business Interruption Insurance | Hurricane Fiona
Lessor, Lease, Description [Line Items]
Insurance proceeds		$ 400,000
Business Interruption Insurance | Hurricane Fiona | Subsequent Event
Lessor, Lease, Description [Line Items]
Insurance proceeds	$ 1,200,000
Maximum
Lessor, Lease, Description [Line Items]
Contractual term (in years)		3 years
Minimum
Lessor, Lease, Description [Line Items]
Contractual term (in years)		1 year

Property and equipment - Sche_2

Property and equipment - Schedule of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Operating lease income	$ 1,186	$ 950

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Increase in effective income tax rate ("ETR") (in percent)	18.20%
Effective income tax rate ("ETR")	18.10%	10.10%
NETHERLANDS
Income Tax Contingency [Line Items]
Increase in effective income tax rate ("ETR")	$ 12

Related party transactions - Tr

Related party transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party | Sagicor | Cost reimbursements
Related Party Transaction [Line Items]
Total transactions with related parties	$ 1,095	$ 1,477
Related Party | Sagicor | Insurance premiums
Related Party Transaction [Line Items]
Total transactions with related parties	394	320
Related Party | Hyatt | Franchise fees
Related Party Transaction [Line Items]
Total transactions with related parties	11,299	9,954
Related Party | AMResorts | Management fees
Related Party Transaction [Line Items]
Total transactions with related parties	0	41
Related Party | AMResorts | Marketing fees
Related Party Transaction [Line Items]
Total transactions with related parties	0	37
Chief Executive Officer | Lease expense
Related Party Transaction [Line Items]
Total transactions with related parties	$ 153	$ 196

Ordinary shares - Narrative (De

Ordinary shares - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 $ / shares € / shares shares	Mar. 31, 2024 USD ($) shares	Dec. 31, 2023 € / shares shares	Dec. 07, 2023 USD ($)
Class of Stock [Line Items]
Amount of ordinary shares reauthorized for repurchase | $				$ 200
Repurchase of ordinary shares (in shares)	3,621,127
Average price of shares repurchased (in dollars per share) | $ / shares	$ 8.98
Remaining authorized amount under share repurchase program | $		$ 163.9
Ordinary shares, outstanding (in shares)		135,040,042	136,081,891
Ordinary shares, par value (in euros per share) | € / shares	$ 0.10		€ 0.10
Restricted Shares and Performance Share Awards
Class of Stock [Line Items]
Shares outstanding (in shares)		5,075,907
Restricted Share Units
Class of Stock [Line Items]
Shares outstanding (in shares)		36,272

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - shares			3 Months Ended
	Feb. 08, 2024	Jan. 17, 2024	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants under the 2017 Plan (in shares)			10,054,397
Unvested performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Vesting percentage			100%
Award vesting rights, negative awards (in percent)			1
Unvested performance share awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			0%
Unvested performance share awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			200%
Peer Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award		50%
Peer Shareholder Return | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award			25%
Peer Shareholder Return | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award			50%
Growth Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	100%	50%
Growth Rate | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award			50%
Growth Rate | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award			75%

Share-based compensation - Summ

Share-based compensation - Summary of Restricted Share Awards and Performance Share Awards (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Share Awards
Number of Shares
Unvested balance at beginning of period (in shares) | shares	2,733,532
Granted (in shares) | shares	1,456,506
Vested (in shares) | shares	(1,417,634)
Forfeited (in shares) | shares	(19,156)
Unvested balance at end of period (in shares) | shares	2,753,248
Weighted-Average Grant Date Fair Value
Unvested balance at beginning of period (in dollars per share) | $ / shares	$ 6.84
Granted (in dollars per share) | $ / shares	8.03
Vested (in dollars per share) | $ / shares	6.61
Forfeited (in dollars per share) | $ / shares	7.25
Unvested balance at end of period (in dollars per share) | $ / shares	$ 7.59
Performance Share Awards
Number of Shares
Unvested balance at beginning of period (in shares) | shares	2,048,350
Granted (in shares) | shares	1,509,519
Vested (in shares) | shares	(1,174,808)
Forfeited (in shares) | shares	(24,130)
Unvested balance at end of period (in shares) | shares	2,358,931
Weighted-Average Grant Date Fair Value
Unvested balance at beginning of period (in dollars per share) | $ / shares	$ 6.34
Granted (in dollars per share) | $ / shares	7.39
Vested (in dollars per share) | $ / shares	5.38
Forfeited (in dollars per share) | $ / shares	6.01
Unvested balance at end of period (in dollars per share) | $ / shares	$ 7.35

Share-based compensation - Su_2

Share-based compensation - Summary of Key Inputs (Details) - USD ($) $ in Thousands	Feb. 08, 2024	Jan. 17, 2024
Peer Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award		50%
Grant Date Fair Value by Component		$ 2,915
Volatility		39.05%
Interest Rate		4.09%
Dividend Yield		0%
Growth Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award	100%	50%
Grant Date Fair Value by Component	$ 4,369	$ 2,066
Volatility	38.21%	39.05%
Interest Rate	4.20%	4.09%
Dividend Yield	0%	0%

Earnings per share - Schedule o

Earnings per share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income	$ 54,341	$ 42,719
Denominator
Denominator for basic EPS - weighted-average number of shares outstanding (in shares)	136,651,696	157,314,177
Effect of dilutive securities
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding (in shares)	138,009,859	158,772,453
EPS - Basic (in dollars per share)	$ 0.40	$ 0.27
EPS - Diluted (in dollars per share)	$ 0.39	$ 0.27
Unvested performance share awards
Effect of dilutive securities
Unvested share awards (in shares)	747,783	952,494
Unvested restricted share awards
Effect of dilutive securities
Unvested share awards (in shares)	610,380	505,782

Earnings per share - Narrative

Earnings per share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unvested performance 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)	0	0
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)	0	0

Debt - Schedule of Debt Compone

Debt - Schedule of Debt Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Financing lease obligations	$ 5,106	$ 5,222
Total debt, net	1,060,158	1,061,376
Senior Secured Credit Facilities | Medium-term Notes
Debt Instrument [Line Items]
Total debt obligations	1,086,250	1,089,000
Unamortized discount	(25,139)	(26,466)
Unamortized debt issuance costs	(6,059)	(6,380)
Debt, net	1,055,052	1,056,154
Revolving Credit Facility | Senior Secured Credit Facilities | Line of Credit
Debt Instrument [Line Items]
Total debt obligations	0	0
Available balances	$ 225,000	225,000
Revolving Credit Facility | Senior Secured Credit Facilities | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Term Loan Due 2029 | Senior Secured Credit Facilities | Medium-term Notes
Debt Instrument [Line Items]
Total debt obligations	$ 1,086,250	$ 1,089,000
Effective interest rate (in percent)	8.58%	8.59%
Term Loan Due 2029 | 2022 Senior Secured Credit Facility | Medium-term Notes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%

Debt - Financial Maintenance Co

Debt - Financial Maintenance Covenants (Details) - Revolving Credit Facility - 2022 Senior Secured Credit Facility - Line of Credit	3 Months Ended
	Mar. 31, 2024
Debt Instrument [Line Items]
Minimum total net leverage ratio	5.20
Total net leverage ratio requirement threshold, percentage drawn on Revolving Credit Facility	35%

Derivative financial instrume_3

Derivative financial instruments - Schedule of Interest Rate Swaps (Details) $ in Millions	Mar. 31, 2024 USD ($)
Interest Rate Swap, Maturing April 15, 2025 | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 275
Fixed Rate Paid (in percent)	4.05%
Interest Rate Swap, Maturing April 15, 2026 | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 275
Fixed Rate Paid (in percent)	3.71%
Interest Rate Swap, Maturing March 31, 2023 | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 800
Fixed Rate Paid (in percent)	2.85%

Derivative financial instrume_4

Derivative financial instruments - Narrative (Details) - Mar. 31, 2024 $ in Millions, $ in Millions	USD ($)	MXN ($)
Foreign currency forwards | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 78.7	$ 1,400

Derivative financial instrume_5

Derivative financial instruments - Effects on Comprehensive Loss Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) expected to be reclassified from AOCI to interest expense during next twelve months	$ 5,600
Interest rate swaps | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, not designated as hedging instruments	0	$ 3,013
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(2,024)	0
Interest rate swaps | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	(5,852)	0
Reclassification from AOCI to the income statement	2,024	(2,895)
Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) expected to be reclassified from AOCI to interest expense during next twelve months	2,900
Foreign currency forwards | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments	(180)	$ 0
Foreign currency forwards | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	(2,868)
Reclassification from AOCI to the income statement	$ (54)

Derivative financial instrume_6

Derivative financial instruments - Location and Fair Value of Derivatives in Balance Sheet (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative assets	$ 6,785	$ 2,966
Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative assets	$ 2,922	$ 0

Fair value of financial instr_3

Fair value of financial instruments - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair value measurements on a recurring basis
Interest rate swaps	$ 9,707	$ 2,966
Fair value measurements on a recurring basis | Interest rate swap
Fair value measurements on a recurring basis
Interest rate swaps	6,785	2,966
Fair value measurements on a recurring basis | Foreign currency forwards
Fair value measurements on a recurring basis
Interest rate swaps	2,922
Fair value measurements on a recurring basis | Level 1 | Interest rate swap
Fair value measurements on a recurring basis
Interest rate swaps	0	0
Fair value measurements on a recurring basis | Level 1 | Foreign currency forwards
Fair value measurements on a recurring basis
Interest rate swaps	0
Fair value measurements on a recurring basis | Level 2 | Interest rate swap
Fair value measurements on a recurring basis
Interest rate swaps	6,785	2,966
Fair value measurements on a recurring basis | Level 2 | Foreign currency forwards
Fair value measurements on a recurring basis
Interest rate swaps	2,922
Fair value measurements on a recurring basis | Level 3 | Interest rate swap
Fair value measurements on a recurring basis
Interest rate swaps	0	$ 0
Fair value measurements on a recurring basis | Level 3 | Foreign currency forwards
Fair value measurements on a recurring basis
Interest rate swaps	$ 0

Fair value of financial instr_4

Fair value of financial instruments - Schedule of Financial Liabilities Not Measured at Fair Value (Details) - Term Loan Due 2029 - Medium-term Notes - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan due 2029	$ 1,055,052	$ 1,056,154
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan due 2029	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan due 2029	0	0
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan due 2029	$ 1,102,108	$ 1,097,081

Other balance sheet items - Sch

Other balance sheet items - Schedule of Trade and Other Receivables, Net (Details) - Nonrelated Party - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross trade and other receivables	$ 82,656	$ 75,051
Allowance for doubtful accounts	(434)	(289)	$ (63,400)
Total trade and other receivables, net	$ 82,222	$ 74,762

Other balance sheet items - S_2

Other balance sheet items - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advances to suppliers	$ 13,391	$ 18,213
Prepaid income taxes	12,540	11,510
Prepaid other taxes	$ 4,606	$ 5,641
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total prepayments and other assets	Total prepayments and other assets
Operating lease right-of-use assets	$ 6,243	$ 6,426
Key money	6,896	6,475
Other assets	6,035	6,029
Total prepayments and other assets	$ 49,711	$ 54,294

Other balance sheet items - Nar

Other balance sheet items - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impairment losses	$ 0
Amortization expense for intangible assets	$ 1,000,000	$ 400,000

Other balance sheet items - S_3

Other balance sheet items - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Gross carrying value	$ 85,610	$ 85,610
Accumulated impairment losses	(24,968)	(24,968)
Net carrying value	60,642	60,642
Yucatán Peninsula
Goodwill [Roll Forward]
Gross carrying value	51,731	51,731
Accumulated impairment losses	(6,168)	(6,168)
Net carrying value	45,563	45,563
Pacific Coast
Goodwill [Roll Forward]
Gross carrying value	0	0
Accumulated impairment losses	0	0
Net carrying value	0	0
Dominican Republic
Goodwill [Roll Forward]
Gross carrying value	0	0
Accumulated impairment losses	0	0
Net carrying value	0	0
Jamaica
Goodwill [Roll Forward]
Gross carrying value	33,879	33,879
Accumulated impairment losses	(18,800)	(18,800)
Net carrying value	$ 15,079	$ 15,079

Other balance sheet items - S_4

Other balance sheet items - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total accumulated amortization	$ (10,171)	$ (9,176)
Indefinite-lived Intangible Assets [Line Items]
Total gross carrying value	13,612	13,533
Total net carrying value	3,441	4,357
Casino and other licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	628	607
Management contract
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	1,900	1,900
Total accumulated amortization	(546)	(523)
Net carrying value, finite-lived intangible assets	1,354	1,377
Enterprise resource planning system
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	6,352	6,352
Total accumulated amortization	(5,250)	(4,349)
Net carrying value, finite-lived intangible assets	1,102	2,003
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets	4,732	4,674
Total accumulated amortization	(4,375)	(4,304)
Net carrying value, finite-lived intangible assets	$ 357	$ 370

Other balance sheet items - S_5

Other balance sheet items - Schedule of Trade and Other Payables (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2023
Trade and Other Payables [Line Items]
Repurchase of ordinary shares not yet settled	$ 1,970	$ 0
Nonrelated Party
Trade and Other Payables [Line Items]
Trade payables	26,374		$ 25,929
Advance deposits	69,054		80,506	$ 83,300
Withholding and other taxes payable	15,747		15,164
Interest payable	2,853		2,603
Payroll and related accruals	25,183		31,466
Accrued expenses and other payables	37,505		40,764
Total trade and other payables	176,716		196,432
Hurricane Fiona | Nonrelated Party
Trade and Other Payables [Line Items]
Repair and clean up expense	10,100		$ 16,800
Repurchase of ordinary shares not yet settled	$ 2,000

Other balance sheet items - S_6

Other balance sheet items - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Pension obligation	$ 10,396		$ 9,980
Operating lease liabilities	6,811		6,973
Unfavorable ground lease liability	1,721		1,748
Key money	14,073		14,331
Other	929		938
Total other liabilities	33,930		$ 33,970
Service cost	400	$ 300
Non-service cost components of net periodic pension cost (benefit)	$ 300	$ 900

Business segments - Schedule of

Business segments - Schedule of Net Revenue and Reconciliation to Gross Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	4
Segment Reporting Information [Line Items]
Total revenue	$ 300,635	$ 273,802
Other revenues
Segment Reporting Information [Line Items]
Total revenue	420	564
Management fees
Segment Reporting Information [Line Items]
Total revenue	2,534	1,929
The Playa Collection
Segment Reporting Information [Line Items]
Total revenue	1,020	726
Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue	2,889	3,534
Operating Segments | Segment owned revenue
Segment Reporting Information [Line Items]
Total revenue	286,538	261,009
Operating Segments | Yucatán Peninsula
Segment Reporting Information [Line Items]
Total revenue	98,895	91,025
Operating Segments | Yucatán Peninsula | Segment owned revenue
Segment Reporting Information [Line Items]
Total revenue	95,988	88,748
Operating Segments | Yucatán Peninsula | Other revenues
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Yucatán Peninsula | Management fees
Segment Reporting Information [Line Items]
Total revenue	39	38
Operating Segments | Yucatán Peninsula | The Playa Collection
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Yucatán Peninsula | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Pacific Coast
Segment Reporting Information [Line Items]
Total revenue	45,554	41,550
Operating Segments | Pacific Coast | Segment owned revenue
Segment Reporting Information [Line Items]
Total revenue	44,296	40,515
Operating Segments | Pacific Coast | Other revenues
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Pacific Coast | Management fees
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Pacific Coast | The Playa Collection
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Pacific Coast | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Dominican Republic
Segment Reporting Information [Line Items]
Total revenue	81,721	68,769
Operating Segments | Dominican Republic | Segment owned revenue
Segment Reporting Information [Line Items]
Total revenue	81,612	68,769
Operating Segments | Dominican Republic | Other revenues
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Dominican Republic | Management fees
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Dominican Republic | The Playa Collection
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Dominican Republic | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Jamaica
Segment Reporting Information [Line Items]
Total revenue	68,736	67,080
Operating Segments | Jamaica | Segment owned revenue
Segment Reporting Information [Line Items]
Total revenue	64,642	62,977
Operating Segments | Jamaica | Other revenues
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Jamaica | Management fees
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Jamaica | The Playa Collection
Segment Reporting Information [Line Items]
Total revenue	0	0
Operating Segments | Jamaica | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue	1,095	1,337
Segment Reconciling Items | Other revenues
Segment Reporting Information [Line Items]
Total revenue	420	564
Segment Reconciling Items | Management fees
Segment Reporting Information [Line Items]
Total revenue	2,534	1,929
Segment Reconciling Items | The Playa Collection
Segment Reporting Information [Line Items]
Total revenue	1,020	726
Segment Reconciling Items | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue	2,889	3,534
Segment Reconciling Items | Compulsory tips
Segment Reporting Information [Line Items]
Total revenue	$ 7,234	$ 6,040

Business segments - Schedule _2

Business segments - Schedule of Owned Resort EBITDA, Adjusted EBITDA and Reconciliation to Net (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Owned Resort EBITDA
Adjusted EBITDA	$ 113,472	$ 98,489
Interest expense	(23,128)	(29,666)
Depreciation and amortization	(18,672)	(19,191)
Gain (loss) on sale of assets	36	(13)
Other (expense) income	(793)	232
Non-service cost components of net periodic pension cost	(300)	(900)
Net income before tax	66,378	47,535
Income tax provision	(12,037)	(4,816)
Net income	54,341	42,719
Operating Segments
Owned Resort EBITDA
Adjusted EBITDA	124,040	109,389
Operating Segments | Yucatán Peninsula
Owned Resort EBITDA
Adjusted EBITDA	40,053	37,936
Operating Segments | Pacific Coast
Owned Resort EBITDA
Adjusted EBITDA	19,141	17,523
Operating Segments | Dominican Republic
Owned Resort EBITDA
Adjusted EBITDA	37,770	26,849
Operating Segments | Jamaica
Owned Resort EBITDA
Adjusted EBITDA	27,076	27,081
Corporate, Non-Segment
Owned Resort EBITDA
Adjusted EBITDA	(14,122)	(13,555)
Segment Reconciling Items
Owned Resort EBITDA
Interest expense	(23,128)	(29,666)
Depreciation and amortization	(18,672)	(19,191)
Gain (loss) on sale of assets	36	(13)
Other (expense) income	(793)	232
Repairs from hurricanes and tropical storms	0	861
Share-based compensation	(3,759)	(3,166)
Transaction expenses	(1,037)	(863)
Non-service cost components of net periodic pension cost	259	852
Segment Reconciling Items | The Playa Collection
Owned Resort EBITDA
Adjusted EBITDA	1,020	726
Segment Reconciling Items | Management fees
Owned Resort EBITDA
Adjusted EBITDA	$ 2,534	$ 1,929

Business segments - Schedule _3

Business segments - Schedule of Segment Property and Equipment and Reconciliation to Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total property and equipment, gross	$ 1,966,755	$ 1,958,885
Accumulated depreciation	(559,507)	(543,313)
Property and equipment, net	1,407,248	1,415,572
Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment, gross	1,960,319	1,953,062
Operating Segments | Yucatán Peninsula
Segment Reporting Information [Line Items]
Total property and equipment, gross	683,966	683,073
Operating Segments | Pacific Coast
Segment Reporting Information [Line Items]
Total property and equipment, gross	308,271	305,588
Operating Segments | Dominican Republic
Segment Reporting Information [Line Items]
Total property and equipment, gross	542,700	541,629
Operating Segments | Jamaica
Segment Reporting Information [Line Items]
Total property and equipment, gross	425,382	422,772
Corporate
Segment Reporting Information [Line Items]
Total property and equipment, gross	$ 6,436	$ 5,823

Business segments - Schedule _4

Business segments - Schedule of Segment Capital Expenditures and Reconciliation to Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total capital expenditures	$ 10,152	$ 9,514
Operating Segments
Segment Reporting Information [Line Items]
Total capital expenditures	9,278	9,388
Operating Segments | Yucatán Peninsula
Segment Reporting Information [Line Items]
Total capital expenditures	2,021	2,741
Operating Segments | Pacific Coast
Segment Reporting Information [Line Items]
Total capital expenditures	2,528	946
Operating Segments | Dominican Republic
Segment Reporting Information [Line Items]
Total capital expenditures	1,554	3,895
Operating Segments | Jamaica
Segment Reporting Information [Line Items]
Total capital expenditures	3,175	1,806
Corporate
Segment Reporting Information [Line Items]
Total capital expenditures	$ 874	$ 126

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Dec. 07, 2023
Subsequent Event [Line Items]
Repurchase of ordinary shares (in shares)		3,621,127
Average price of shares repurchased (in dollars per share)		$ 8.98
Remaining authorized amount under share repurchase program		$ 163.9
Amount of ordinary shares reauthorized for repurchase			$ 200
Subsequent Event
Subsequent Event [Line Items]
Repurchase of ordinary shares (in shares)	1,859,322
Average price of shares repurchased (in dollars per share)	$ 9.36
Remaining authorized amount under share repurchase program	$ 146.5