Playa Hotels & Resorts N.V. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in revenue compared to the same periods in 2023. Total revenue for Q3 2024 was $183.5 million, down 13.9% from $213.1 million in Q3 2023. For the nine months ended September 30, 2024, total revenue decreased by 2.1% to $719.6 million from $735.0 million in the prior year. The decline in revenue was primarily attributed to decreased occupancy rates and challenges in the Jamaica segment due to a travel advisory and the impact of Hurricane Beryl.
Package revenue for Q3 2024 was $154.5 million, a 15.3% decrease from $182.4 million in Q3 2023. However, for the nine-month period, package revenue increased slightly by 2.2% to $611.1 million. The company reported a net loss of $2.7 million for Q3 2024, an improvement from a net loss of $10.5 million in Q3 2023. Year-to-date, net income for the nine months ended September 30, 2024, was $64.8 million, compared to $52.8 million in the same period last year.
Operating income for Q3 2024 was $13.9 million, slightly up from $13.6 million in Q3 2023. Selling, general, and administrative expenses decreased to $169.6 million in Q3 2024 from $199.6 million in Q3 2023, reflecting cost management efforts. Adjusted EBITDA for Q3 2024 was $25.1 million, down 38.0% from $40.5 million in Q3 2023, influenced by lower revenue and increased operational costs.
The company completed the sale of its equity interest in Jewel Palm Beach for $68 million in September 2024, generating net cash proceeds of $65.3 million. This transaction contributed to a gain of $18.1 million. Capital expenditures for the nine months ended September 30, 2024, totaled $81.1 million, significantly higher than $30.7 million in the same period in 2023, indicating ongoing investments in property and equipment.
As of September 30, 2024, Playa Hotels had cash and cash equivalents of $211.1 million, down from $272.5 million at the end of 2023. The company has also been active in its share repurchase program, repurchasing 6.4 million shares during Q3 2024, with approximately $77.1 million remaining under the program. The effective interest rate on the Term Loan due 2029 decreased to 7.60% as of September 30, 2024, from 8.59% at the end of 2023, reflecting favorable refinancing conditions.
About Playa Hotels & Resorts N.V.
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