Playa Hotels & Resorts owns and operates all-inclusive beachfront resorts in Mexico, Jamaica, and the Dominican Republic. As of year-end 2024, Playa owned and/or managed 24 resorts with roughly 8,600 rooms across key leisure destinations including Cancún, Playa del Carmen, Los Cabos, Puerto Vallarta, Cap Cana, Punta Cana, and Montego Bay. Playa's resorts operate under major hotel brands — primarily Hyatt (Ziva and Zilara), Hilton, and Wyndham (Alltra) — which together generate roughly 93% of total net revenue. The all-inclusive model means guests prepay a package covering lodging, food, beverages, and most amenities. Revenue is driven by net package ADR and occupancy; because most resort costs are fixed (labor and food & beverage are the largest buckets), occupancy swings have an outsized impact on margins. Playa also earns incremental revenue from on-property upsells to prepaid guests. Playa actively pushes direct bookings to reduce customer acquisition costs and improve net ADR, with about 40% of transient room nights booked direct in 2024. A smaller but growing fee income stream comes from third-party resort management contracts and a membership program called The Playa Collection. Roughly 65-70% of operating expenses are peso-denominated, creating FX exposure that management partially hedges. Seasonality is pronounced, with Q1 being the strongest quarter. Playa is being acquired by Hyatt, as announced in February 2025.