Reports Q4 revenue $202.6M, consensus $183.35M. "Q4 capped off the best year in Playa’s history, further confirming our view that there is a growing market for the attractive value proposition of the all-inclusive category. Our fourth quarter results showed broad-based strength across all our geographies with the most notable standout for Playa being the acceleration of the recovery in Jamaica. Adjusting for changes in the portfolio, underlying ADR growth compared to 2019 in Jamaica during Q4 made meaningful headway versus our other segments, but still has room to grow, as this was our best performing segment prior to the pandemic…Demand has remained robust so far in 2023, with our weekly bookings for our Playa owned and managed resorts reaching new highs. Our revenue on the books for the first half of 2023 at our Playa owned and managed resorts, excluding the recently repositioned Jewel Punta Cana and Jewel Palm Beach, is up over 30%, with ADR growth driving roughly one-third of the increase. Early indications for the summer also look fantastic, with ADR continuing to show year-over-year growth. Finally, we continued to repurchase shares of our company in a meaningful way during Q4, taking advantage of, what we believe to be, a very attractive market valuation for the company. While we intend to continue pursuing high ROI projects and enhancing our resorts to deliver an exceptional guest experience, the hurdle for new projects is higher now when compared to the risk-adjusted return of buying our stock."
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on PLYA:
