Playa Hotels & Resorts NV on September 8, 2021, provided an update on July and August preliminary occupancy and net package average daily (ADR) rate results indicating that both are trending above expectations. Playa owns and/or manages a total portfolio consisting of 22 resorts (8,366 rooms) located in Mexico, Jamaica, and the Dominican Republic.
For the combined months of July and August, occupancy was 63.8 per cent at a net package ADR of US$328. The preliminary ADR represents an approximate 34 per cent increase compared to the same period in 2019.
In a company release, Bruce Wardinski, chairman and CEO of Playa Hotels & Resorts, stated, “We are continuing to execute our strategy and are pleased to announce our progress thus far this quarter. We expected our absolute ADR to decline as the quarter progressed due to seasonal factors but exceeding 2019 ADR by over 30 per cent is well beyond our expectations.”
Playa Hotels & Resorts N V is a owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations in Mexico and the Caribbean.
The company owns and manages 15 resorts (6,004 rooms) located throughout Mexico, Jamaica and the Dominican Republic. Playa also owns two resorts in the Dominican Republic that are managed by a third party and manages five resorts on behalf of third-party owners.
Playa Hotels, which belongs to the Zacks Hotels and Motels industry, posted revenues of US$128.8 million for the quarter ended June 2021. This compares to year ago revenues of $0.98 million. Playa Hotels shares have added about 9.2 per cent since the beginning of the year versus the S&P 500’s gain of 17.8 per cent.