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PLYA Playa Hotels & Resorts

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number1-38012
Entity Registrant NamePlaya Hotels & Resorts N.V.
Entity Incorporation, State or Country CodeP7
Entity Tax Identification Number98-1346104
Entity Address, Address Line OneNieuwezijds Voorburgwal 104
Entity Address, Postal Zip Code1012 SG
Entity Address, City or TownAmsterdam,
Entity Address, CountryNL
Country Region31
City Area Code6
Local Phone Number82 55 84 30
Title of 12(b) SecurityOrdinary Shares, €0.10 par value
Trading SymbolPLYA
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding164,029,575
Entity Central Index Key0001692412
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
ASSETS
Cash and cash equivalents $ 200,427 $ 146,919
Restricted cash25,939 25,941
Trade and other receivables, net27,083 25,433
Accounts receivable from related parties3,482 3,726
Inventories14,063 13,813
Prepayments and other assets42,051 47,638
Property and equipment, net1,630,006 1,727,383
Assets held for sale55,864 34,472
Goodwill, net61,654 61,654
Other intangible assets8,303 8,556
Deferred tax assets11 2,130
Total assets2,068,883 2,097,665
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade and other payables117,153 123,410
Payables to related parties8,054 8,073
Income tax payable158 348
Debt971,999 1,251,267
Related party debt193,064 0
Derivative financial instruments40,811 46,340
Other liabilities29,358 29,768
Liabilities held for sale5,419 0
Deferred tax liabilities64,161 70,323
Total liabilities1,430,177 1,529,529
Commitments and contingencies (see Note 7)
Shareholders' equity
Ordinary shares (par value €0.10; 500,000,000 shares authorized, 166,237,579 shares issued and 164,029,575 shares outstanding as of March 31, 2021 and 136,770,086 shares issued and 134,571,290 shares outstanding as of December 31, 2020)18,470 14,871
Treasury shares (at cost, 2,208,004 shares as of March 31, 2021 and 2,198,796 shares as of December 31, 2020)(16,697)(16,642)
Paid-in capital1,167,444 1,030,148
Accumulated other comprehensive loss(28,066)(30,949)
Accumulated deficit(502,445)(429,292)
Total shareholders' equity638,706 568,136
Total liabilities and shareholders' equity $ 2,068,883 $ 2,097,665

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - € / sharesMar. 31, 2021Dec. 31, 2020
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)166,237,579 136,770,086
Ordinary shares, outstanding (in shares)164,029,575 134,571,290
Treasury shares, at cost (in shares)2,208,004 2,198,796

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue
Total revenue $ 77,746 $ 177,228
Direct and selling, general and administrative expenses
Direct60,221 97,898
Selling, general and administrative24,668 33,832
Depreciation and amortization20,883 24,959
Reimbursed costs513 950
Impairment loss24,011 16,173
Loss on sale of assets273 0
Direct and selling, general and administrative expenses130,569 173,812
Operating (loss) income(52,823)3,416
Interest expense(18,167)(20,955)
Other expense(706)(3,906)
Net loss before tax(71,696)(21,445)
Income tax benefit (provision)1,951 (1,111)
Net loss $ (69,745) $ (22,556)
Earnings per share
Losses per share - Basic (in dollars per share) $ (0.43) $ (0.17)
Losses per share - Diluted (in dollars per share) $ (0.43) $ (0.17)
Weighted average number of shares outstanding during the period - Basic (in shares)160,827,261 129,286,708
Weighted average number of shares outstanding during the period - Diluted (in shares)160,827,261 129,286,708
Package
Revenue
Total revenue $ 63,894 $ 153,055
Non-package
Revenue
Total revenue12,995 22,578
Management fees
Revenue
Total revenue344 645
Cost reimbursements
Revenue
Total revenue $ 513 $ 950

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss $ (69,745) $ (22,556)
Other comprehensive income (loss), net of taxes
Unrealized gain (loss) on interest rate swaps2,894 (15,048)
Pension obligation loss(11)(55)
Total other comprehensive income (loss)2,883 (15,103)
Comprehensive loss $ (66,862) $ (37,659)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in ThousandsTotalCumulative effect of accounting changes, net of taxCumulative Effect, Period of Adoption, Adjusted BalanceOrdinary SharesOrdinary SharesCumulative Effect, Period of Adoption, Adjusted BalanceTreasury SharesTreasury SharesCumulative Effect, Period of Adoption, Adjusted BalancePaid-In CapitalPaid-In CapitalCumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Other Comprehensive LossAccumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted BalanceAccumulated DeficitAccumulated DeficitCumulative effect of accounting changes, net of taxAccumulated DeficitCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2019129,121,576 1,846,095
Beginning balance at Dec. 31, 2019 $ 809,651 $ 14,215 $ (14,088) $ 1,001,088 $ (24,642) $ (166,922)
Shareholders' Equity
Net loss(22,556)(22,556)
Other comprehensive income (loss)(15,103)(15,103)
Share-based compensation, net of tax withholdings (in shares)493,226 4,500
Share-based compensation, net of tax withholdings3,189 $ 55 $ (34)3,168
Repurchase of ordinary shares (in shares)(340,109)340,109
Repurchase of ordinary shares(2,500) $ (2,500)
Ending balance (in shares) at Mar. 31, 2020129,274,693 2,190,704
Ending balance at Mar. 31, 2020772,681 $ 14,270 $ (16,622)1,004,256 (39,745)(189,478)
Beginning balance (in shares) at Dec. 31, 2019129,121,576 1,846,095
Beginning balance at Dec. 31, 2019 $ 809,651 $ 14,215 $ (14,088)1,001,088 (24,642)(166,922)
Shareholders' Equity
Accounting Standards Update [Extensible List]us-gaap:AccountingStandardsUpdate201902Member
Ending balance (in shares) at Dec. 31, 2020134,571,290 134,571,290 2,198,796 2,198,796
Ending balance at Dec. 31, 2020 $ 568,136 $ (3,408) $ 564,728 $ 14,871 $ 14,871 $ (16,642) $ (16,642)1,030,148 $ 1,030,148 (30,949) $ (30,949)(429,292) $ (3,408) $ (432,700)
Shareholders' Equity
Net loss(69,745)(69,745)
Other comprehensive income (loss)2,883 2,883
Share-based compensation, net of tax withholdings (in shares)708,285 9,208
Share-based compensation, net of tax withholdings3,124 $ 87 $ (55)3,092
Equity issuance (in shares)28,750,000
Equity issuance (see Note 8)137,716 $ 3,512 134,204
Ending balance (in shares) at Mar. 31, 2021164,029,575 2,208,004
Ending balance at Mar. 31, 2021 $ 638,706 $ 18,470 $ (16,697) $ 1,167,444 $ (28,066) $ (502,445) $ 3,400

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (69,745) $ (22,556)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization20,883 24,959
Amortization of debt discount and issuance costs1,011 339
Share-based compensation3,179 3,223
(Gain) loss on derivative financial instruments(2,635)6,369
Impairment loss24,011 16,173
Deferred income taxes(2,034)2,500
Loss on sale of assets273 0
Amortization of key money(234)(206)
Bad debt expense(9)(542) $ 3,100
Other199 71
Changes in assets and liabilities:
Trade and other receivables, net(1,350)9,880
Accounts receivable from related parties244 (35)
Inventories(356)(545)
Prepayments and other assets4,636 946
Trade and other payables(2,940)(13,596)
Payables to related parties(1,345)2,171
Income tax payable(190)(976)
Other liabilities(160)(1,450)
Net cash (used in) provided by operating activities(26,562)26,725
INVESTING ACTIVITIES
Capital expenditures(4,561)(6,434)
Receipt of key money0 8,500 8,500
Purchase of intangibles(29)(56)
Proceeds from the sale of assets, net34,212 3
Net cash provided by investing activities29,622 2,013
FINANCING ACTIVITIES
Proceeds from ordinary shares, net of issuance costs137,716 0
Repayments of debt(2,525)(2,525)
Proceeds from borrowings on revolving credit facility0 40,000
Repayments of borrowings on revolving credit facility(84,667)(15,000)
Repurchase of ordinary shares0 (2,500)
Repurchase of ordinary shares for tax withholdings(55)(34)
Principal payments on lease obligations(23)0
Net cash provided by financing activities50,446 19,941
INCREASE IN CASH AND CASH EQUIVALENTS53,506 48,679
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF THE PERIOD172,860 20,931 20,931
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF THE PERIOD226,366 69,610 172,860
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents $ 200,427 $ 146,919 $ 69,610
Restricted cash25,939 25,941 0
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH226,366 69,610 $ 20,931 $ 226,366 $ 172,860 $ 69,610
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest18,798 14,034
Cash paid for income taxes, net197 2,000
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Capital expenditures incurred but not yet paid720 4,083
Intangible assets capitalized but not yet paid59 236
Par value of vested restricted share awards $ 87 $ 55

Organization, operations and ba

Organization, operations and basis of presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, operations and basis of presentationOrganization, operations and basis of presentation Background Playa Hotels & Resorts N.V. (“Playa” or the “Company”) 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 22 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. COVID-19 impact Due to the spread of the coronavirus (“COVID-19”) global pandemic, and in response to related governmental restrictions and advisories, reductions in scheduled commercial airline service, and potential health risks to our employees and guests, we temporarily suspended operations at all of our resorts from late March through June 2020. Our resorts began reopening in July, in stages, based on incremental easing of government restrictions and advisories and increases in scheduled commercial airline service. As of March 31, 2021, all of our resorts have reopened with the exception of the Capri Resort. We also implemented additional safety measures at our resorts to mitigate the potential health risks of COVID-19. We cannot predict when our business will return to normalized levels because we cannot predict when all effects of the pandemic will subside. The longer and more severe the pandemic, the greater the material adverse effect the pandemic will have on our business, results of operations, cash flows, financial condition, access to credit markets and ability to service our debt. 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, 2020, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021 (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.

Significant accounting policies

Significant accounting policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Significant accounting policiesSignificant accounting policies Standards adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. January 2021 The adoption of ASU No. 2019-12 resulted in changes to our deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We adopted ASU No. 2019-12 on a modified retrospective basis through a $3.4 million cumulative-effect adjustment to opening retained earnings in our Condensed Consolidated Financial Statements for the three months ended March 31, 2021. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 2022 We are currently evaluating the impact of ASU No. 2020-04 on the Condensed Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of one-month LIBOR rates.

Revenue

Revenue3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
RevenueRevenue 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, 2021 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Other Total Package revenue $ 28,870 $ 7,552 $ 17,463 $ 10,009 $ — $ 63,894 Non-package revenue 5,808 1,362 3,432 2,268 125 12,995 Management fees — — — — 344 344 Cost reimbursements — — — 377 136 513 Total revenue $ 34,678 $ 8,914 $ 20,895 $ 12,654 $ 605 $ 77,746 Three Months Ended March 31, 2020 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Other Total Package revenue $ 56,727 $ 18,724 $ 31,367 $ 46,237 $ — $ 153,055 Non-package revenue 7,547 3,086 4,265 7,666 14 22,578 Management fees — — — — 645 645 Cost reimbursements — — — 596 354 950 Total revenue $ 64,274 $ 21,810 $ 35,632 $ 54,499 $ 1,013 $ 177,228 Contract assets and liabilities We do not have any material contract assets as of March 31, 2021 and December 31, 2020 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.

Property and equipment

Property and equipment3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and equipmentProperty and equipment The balance of property and equipment, net is as follows ($ in thousands ): As of March 31, As of December 31, 2021 2020 Property and equipment, gross Land, buildings and improvements $ 1,755,739 $ 1,863,406 Fixtures and machinery (1) 79,707 83,802 Furniture and other fixed assets 204,046 225,869 Construction in progress 4,853 4,552 Total property and equipment, gross 2,044,345 2,177,629 Accumulated depreciation (414,339) (450,246) Total property and equipment, net $ 1,630,006 $ 1,727,383 ________ (1) Includes the gross balance of our financing lease right-of-use asset, which was $2.3 million as of March 31, 2021 and December 31, 2020 (see Note 11). Depreciation expense for property and equipment was $20.5 million and $24.7 million for the three months ended March 31, 2021 and 2020, respectively. Sale of assets On February 5, 2021, we completed the sale of the Dreams Puerto Aventuras, which was reported in our Yucatán Peninsula reportable segment, for $34.5 million in cash consideration. Upon closing of the sale, we received total cash consideration of $34.3 million, after customary closing costs, and recognized a loss of $0.2 million within loss on sale of assets in the Condensed Consolidated Statements of Operations. Consistent with the terms of our Existing Credit Agreement (as defined in Note 11), we expect that a portion of the net proceeds, after deducting incremental expenses and capital expenditures incurred across our portfolio for up to 24 months following the sale, will be used to prepay our Term Loan in February 2023. Assets held for sale On March 31, 2021, we entered into an agreement to sell our equity interest in the Capri Resort, which is reported within our Yucatán Peninsula reportable segment, for $55.0 million in cash consideration. Upon entering into the agreement, we classified the resort and related deferred tax liabilities as held for sale and recorded an impairment loss of $24.0 million based on the sale price, which is considered an observable input other than quoted prices (Level 2) in the U.S. GAAP fair value hierarchy (see Note 13). The impairment is recorded within impairment loss in the Condensed Consolidated Statements of Operations. The assets associated with the sale are recorded at fair value less costs to sell within assets held for sale in the Condensed Consolidated Balance Sheet. Lessor contracts We rent certain real estate to third parties for office and retail space within our resorts. Our lessor contracts are considered operating leases and generally have a contractual term of one ($ in thousands) : Three Months Ended March 31, Leases 2021 2020 Operating lease income (1) $ 606 $ 1,146 ________ (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 taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income taxesIncome taxes We are domiciled in The Netherlands and are taxed in The Netherlands with our other Dutch subsidiaries. Dutch companies are subject to Dutch corporate income tax at a general tax rate of 25%. We continually monitor the realizability of our net operating loss carryforwards and other deferred tax assets, including any new adverse effects of the COVID-19 pandemic (see Note 1) and the timing of reversals of deferred tax liabilities. As a result, we recognized an additional $3.0 million valuation allowance against the deferred tax assets of our Mexico and Jamaica entities during the three months ended March 31, 2021. For the three months ended March 31, 2021, our income tax benefit was $2.0 million, compared to an income tax provision of $1.1 million for the three months ended March 31, 2020. The increase in our income tax benefit of $3.1 million was driven primarily by a $3.5 million increased tax benefit due to lower pre-tax book income from our tax paying entities, a $4.1 million increased tax benefit due to impairment on the Capri Resort and a $5.7 million increased tax benefit associated with foreign exchange rate fluctuations. These increases in our income tax benefit were partially offset by a $3.0 million increased income tax provision related to valuation allowances recognized for our Jamaica and Mexico entities, a $2.9 million income tax provision for the sale of the Dreams Puerto Aventuras, a $3.3 million decreased discrete tax benefit due to higher deferred tax liabilities of certain Dominican Republic entities and a $1.1 million decreased income tax benefit related to the Jamaica employment tax credit.

Related party transactions

Related party transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related party transactionsRelated 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 and representation on our Board of Directors. 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. 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. We pay Sagicor for insurance coverage for 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. Relationship with Davidson Kempner Capital Management L.P. Davidson Kempner Capital Management L.P. (DKCM) is the investment manager of multiple affiliated funds and is considered a related party due to the funds' ownership of our ordinary shares following the equity raise in January 2021 (see Note 8). The affiliated funds managed by DKCM are also the lenders to our Property Loan and Additional Credit Facility, which consists of our Term A1, Term A2 and Term A3 loans (see Note 11). We pay DKCM periodic interest payments related to the outstanding debt. 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, 2021 and 2020 were as follows ( $ in thousands ): Three Months Ended March 31, Related Party Transaction 2021 2020 Hyatt Franchise fees (1) $ 3,516 $ 5,516 Sagicor Insurance premiums (1) $ 155 $ 414 Sagicor Cost reimbursements $ 430 $ 722 Chief Executive Officer Lease expense (2) $ 228 $ 182 DKCM Interest expense $ 5,404 $ — ________ (1) 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. (2) Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations.

Commitments and contingencies

Commitments and contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingenciesCommitments 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. Our Dutch companies file as a fiscal unity, with the exception of Playa Romana B.V., Playa Romana Mar B.V. and Playa Hotels & Resorts N.V. 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 shares3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Ordinary sharesOrdinary shares On January 11, 2021, we issued 28,750,000 ordinary shares with a par value of €0.10 per share in connection with a public equity offering. We received $137.7 million in cash consideration, net of underwriting discounts and customary closing costs. As of March 31, 2021, our ordinary share capital consisted of 164,029,575 ordinary shares outstanding, which have a par value of €0.10 per share. In addition, 4,431,295 restricted shares and performance share awards and 29,168 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 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 compensation3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensationShare-based compensation We adopted our 2017 Omnibus Incentive Plan (the “2017 Plan”) to attract and retain independent directors, executive officers and other key employees and service providers. As of March 31, 2021, there were 4,833,991 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, 2021 to March 31, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2021 2,225,139 $ 8.53 Granted 1,925,298 5.45 Vested (717,493) 8.22 Forfeited — — Unvested balance at March 31, 2021 3,432,944 $ 6.87 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. On January 4, 2021, we issued 1,027,519 performance share awards with market conditions where 50% of the performance awards will vest based on the total shareholder return of our ordinary shares relative to those of our peer group (“Relative TSR Awards”) and 50% will vest based on the compound annual growth rate of the price of our ordinary shares (“Absolute TSR Awards”). The Relative TSR Awards and Absolute TSR Awards may vest between 0% and 150% of target and up to 100% of target, respectively. 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 4, 2021 Peer Shareholder Return 50 % $ 3,088 57.69 % 0.16 % — % Growth Rate 50 % $ 2,230 57.69 % 0.16 % — % ________ (1) Expected volatility was determined based on the historical share prices in our industry. (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, 2021 to March 31, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2021 — $ — Granted 1,027,519 5.18 Unvested balance at March 31, 2021 1,027,519 $ 5.18

Earnings per share

Earnings per share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per shareEarnings per share Basic and diluted earnings or losses per share (“EPS”) are as follows ( $ in thousands, except share data ): Three Months Ended March 31, 2021 2020 Numerator Net loss $ (69,745) $ (22,556) Denominator Denominator for basic EPS - weighted-average number of shares outstanding 160,827,261 129,286,708 Effect of dilutive securities Unvested restricted share awards — — Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 160,827,261 129,286,708 EPS - Basic $ (0.43) $ (0.17) EPS - Diluted $ (0.43) $ (0.17) For the three months ended March 31, 2021 and 2020, 1,027,519 and 1,200,714 shares of unvested performance-based equity awards, respectively, were not included in the computation of diluted EPS after assumed conversions as their effect would have been anti-dilutive. The performance targets of our unvested performance-based equity awards were partially achieved as of March 31, 2021, but were not met as of March 31, 2020. For the three months ended March 31, 2021 and 2020, 3,432,944 and 2,711,789 shares of unvested restricted share awards were not included in the computation of diluted EPS as their effect would have been anti-dilutive.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDebt Our debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date March 31, 2021 December 31, 2020 Revolving Credit Facilities Revolving Credit Facility (1) LIBOR + 3.00% LIBOR + 4.00% April 27, 2022 ($17.0 million) January 27, 2024 ($68.0 million) $ — $ 84,667 Senior Secured Credit Facilities Term Loan (2) LIBOR + 2.75% April 27, 2024 $ 973,823 $ 976,348 Term A1 Loan 11.4777% April 27, 2024 35,000 35,000 Term A2 Loan 11.4777% April 27, 2024 31,000 31,000 Term A3 Loan (3) LIBOR + 3.00% April 27, 2024 28,000 28,000 Total Term Loans (at stated value) 1,067,823 1,070,348 Unamortized discount (1,533) (1,658) Unamortized debt issuance costs (5,571) (6,015) Total Term Loans, net $ 1,060,719 $ 1,062,675 Property Loan Property Loan (at stated value) 9.25% July 1, 2025 $ 110,000 $ 110,000 Unamortized discount (3,751) (3,960) Unamortized debt issuance costs (4,176) (4,409) Total Property Loan, net $ 102,073 $ 101,631 Financing lease obligations $ 2,271 $ 2,294 Total debt, net $ 1,165,063 $ 1,251,267 ________ (1) Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had available balances of $85.0 million and $0.3 million as of March 31, 2021 and December 31, 2020, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% as of December 31, 2020. (2) One-month London Interbank Offered Rate (“LIBOR”) is subject to a 1.0% floor. The interest rate was 3.75% as of both March 31, 2021 and December 31, 2020. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12). (3) LIBOR rate is subject to a 1.0% floor. The interest rate was 4.00% as of both March 31, 2021 and December 31, 2020. Fifth Amendment to Amended and Restated Credit Agreement On February 5, 2021, we entered into the Fifth Amendment to the Amended & Restated Credit Agreement (the “Fifth Amendment”, and collectively with the unamended terms of the Senior Secured Credit Facility, the “Existing Credit Agreement”). The terms of the Senior Secured Credit Facility remain in effect except for the following terms modified by the Fifth Amendment: i. extend the maturity date for $68.0 million of the $85.0 million revolving credit facility through January 2024. The remaining $17.0 million matures in April 2022; ii. repaid the $84.7 million outstanding balance on our Revolving Credit Facility as a condition to maturity extension; iii. increase the interest rate on the extended portion of our revolving credit facility to LIBOR plus an applicable margin of 4.00%; iv. extend the replacement of the total net leverage ratio requirement of the financial covenant with a minimum liquidity balance through March 31, 2022 (the “Relief Period”); v. further modify the financial covenant for certain test dates after the Relief Period; and vi. add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period and thereafter. S econd Amendment to Additional Credit Facility On February 5, 2021, we entered into the Second Amendment to the Additional Credit Facility (the “Second Amendment”). The terms of the Additional Credit Facility remain in effect except for the following terms modified by the Second Amendment: i. extend the Relief Period through March 31, 2022; ii. further modify the financial covenant for certain test dates after the Relief Period; and iii. add certain restrictions on, among other things, the incurrence of additional debt and making of investments, dispositions and restricted payments during the Relief Period and thereafter. Financial maintenance covenants We were in compliance with all applicable covenants as of March 31, 2021. A summary of our applicable covenants and restrictions is as follows: Debt Covenant Terms Existing Credit Agreement We are required to maintain a minimum liquidity balance of $60.0 million through the Relief Period. If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to December 31, 2021, we will be subject to the following total net leverage ratio requirements: ▪ 6.50x for the period ended March 31, 2022; ▪ 6.00x for the period ended June 30, 2022; and ▪ 4.75x for periods thereafter. Term A1 Loan Same terms as the Existing Credit Agreement. Term A2 Loan No applicable debt covenants. Term A3 Loan No applicable debt covenants. Property Loan No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive quarters.

Derivative financial instrument

Derivative financial instruments3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instrumentsDerivative financial instruments Effective March 29, 2018, we entered into two interest rate swaps to mitigate the interest rate risk inherent to our floating rate debt. The interest rate swaps are not for trading purposes and have fixed notional values of $200.0 million and $600.0 million. The fixed rate paid by us is 2.85% and the variable rate received resets monthly to the one-month LIBOR rate, which results in us fixing LIBOR at 2.85% on $800.0 million of our Term Loan. The interest rate swaps mature on March 31, 2023. Our interest rate swaps are designated as cash flow hedges, but are deemed ineffective due to the decrease in interest rates. All changes in fair value are recognized through interest expense in the Condensed Consolidated Statements of Operations. The following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 ($ in thousands) : 2021 2020 AOCI from our cash flow hedges as of January 1 $ 26,369 $ 20,164 Change in fair value — 16,956 Reclassification from AOCI to interest expense (2,894) (1,908) OCI related to our cash flow hedges for the three months ended March 31 (2,894) 15,048 AOCI from our cash flow hedges as of March 31 $ 23,475 $ 35,212 ________ (1) As of March 31, 2021, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million. Derivative Liabilities for Ineffective Hedges Financial Statement Classification Three Months Ended March 31, 2021 2020 Interest rate swaps (1) Interest expense $ 2,811 $ 8,729 ________ (1) Includes the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative. The following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020 ($ in thousands) : Derivative Liabilities for Ineffective Hedges Financial Statement Classification As of March 31, As of December 31, 2021 2020 Interest rate swaps Derivative financial instruments $ 40,811 $ 46,340

Fair value of financial instrum

Fair value of financial instruments3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of financial instrumentsFair 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, 2021 and December 31, 2020. We did not have any Level 3 instruments during any of the periods presented in our Condensed Consolidated Financial Statements . The following table presents our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 ($ in thousands) : March 31, 2021 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 40,811 $ — $ 40,811 $ — December 31, 2020 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 46,340 $ — $ 46,340 $ — The following table presents our fair value hierarchy for our financial assets measured at fair value on a nonrecurring basis as of March 31, 2021 ($ in thousands) : March 31, 2021 Level 1 Level 2 Level 3 Fair value measurements on a nonrecurring basis Impaired long-lived assets (1) $ 55,000 $ — $ 55,000 $ — ________ (1) On March 31, 2021, we recorded an impairment loss of $24.0 million based on the sale price of the Capri Resort, which we consider an observable input other than quoted prices. Refer to further discussion of the sale in Note 4. The following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of March 31, 2021 and December 31, 2020 ($ in thousands) : Carrying Value Fair Value As of March 31, 2021 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 969,728 $ — $ — $ 952,973 Term A1 Loan 33,879 — — 35,433 Term A2 Loan 30,008 — — 31,383 Term A3 Loan 27,104 — — 27,645 Property Loan 102,073 — — 111,985 Total liabilities $ 1,162,792 $ — $ — $ 1,159,419 Carrying Value Fair Value As of December 31, 2020 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 971,920 $ — $ — $ 936,799 Revolving Credit Facility 84,667 — — 84,769 Term A1 Loan 33,792 — — 35,182 Term A2 Loan 29,930 — — 31,161 Term A3 Loan 27,033 — — 28,028 Property Loan 101,631 — — 109,871 Total liabilities $ 1,248,973 $ — $ — $ 1,225,810 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 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 LIBOR as of the measurement date. If, in subsequent periods, forecasted LIBOR exceeds 2.85% we will recognize a gain and future cash inflows. Conversely, if forecasted LIBOR falls below 2.85% in subsequent periods we will recognize a loss and future cash outflows. Financial instruments not recorded at fair value Term Loans and Property Loan The fair value of our Term Loans and Property Loan are 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 Loans. 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 items3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other balance sheet itemsOther balance sheet items Trade and other receivables, net The following summarizes the balances of trade and other receivables, net as of March 31, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Gross trade and other receivables (1) $ 29,939 $ 28,346 Allowance for doubtful accounts (2) (2,856) (2,913) Total trade and other receivables, net $ 27,083 $ 25,433 ________ (1) The opening balance as of January 1, 2020 was $73.0 million. (2) We recognized an additional $3.1 million in bad debt expense during the year ended December 31, 2020 primarily as result of the negative effects of COVID-19. We have not experienced any significant write-offs to our accounts receivable during the three months ended March 31, 2021 and 2020. Prepayments and other assets The following summarizes the balances of prepayments and other assets as of March 31, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Advances to suppliers $ 6,111 $ 8,748 Prepaid income taxes 11,389 12,731 Prepaid other taxes (1) 13,204 14,033 Operating lease right-of-use assets 4,075 4,263 Contract deposit (2) 2,700 2,700 Other assets 4,572 5,163 Total prepayments and other assets $ 42,051 $ 47,638 ________ (1) Includes recoverable value-added tax, general consumption tax and other sales tax accumulated by our Mexico, Jamaica, Netherlands and Dominican Republic entities. (2) Represents a cash deposit related to the Sanctuary Cap Cana management contract. Subsequent to March 31, 2021, we entered into an agreement to classify this deposit as key money. 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, 2021 and December 31, 2020 are as follows ($ in thousands) : Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total Balance at December 31, 2020 Gross carrying value $ 51,731 $ — $ — $ 35,879 $ 87,610 Accumulated impairment losses (6,168) — — (19,788) (25,956) Net carrying value 45,563 — — 16,091 61,654 Activity during the period Impairment losses — — — — — Balance at March 31, 2021 Gross carrying value 51,731 — — 35,879 87,610 Accumulated impairment losses (6,168) — — (19,788) (25,956) Net carrying value $ 45,563 $ — $ — $ 16,091 $ 61,654 As a result of COVID-19 and the temporary suspension of operations at our resorts (see Note 1), the forecasted future cash flows of our reporting units materially decreased during the first quarter of 2020. We performed an interim quantitative impairment analysis as of March 31, 2020 and recognized goodwill impairment losses at the following reporting units for the three months ended March 31, 2020 as we determined that their carrying values exceeded their fair value ($ in thousands) : Reporting Unit Reportable Segment Impairment Loss Jewel Runaway Bay Beach Resort & Waterpark Jamaica $ 6,946 Jewel Dunn’s River Beach Resort & Spa Jamaica $ 5,126 Jewel Paradise Cove Beach Resort & Spa Jamaica $ 4,101 We recognized no goodwill impairment losses on our reporting units during the three months ended March 31, 2021. Other intangible assets Other intangible assets as of March 31, 2021 and December 31, 2020 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2021 2020 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system (2) 6,106 6,047 Other 4,206 4,238 Total gross carrying value 13,087 13,060 Accumulated amortization Management contract (261) (238) Enterprise resource planning system (2) (1,310) (1,125) Other (3,213) (3,141) Total accumulated amortization (4,784) (4,504) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,639 1,662 Enterprise resource planning system (2) 4,796 4,922 Other 993 1,097 Total net carrying value $ 8,303 $ 8,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $1.4 million was placed into service in 2020 and is being amortized over a weighted-average amortization period of 7 years. Amortization expense for intangible assets was $0.3 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively. Trade and other payables The following summarizes the balances of trade and other payables as of March 31, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Trade payables $ 16,368 $ 23,348 Advance deposits (1) 35,492 29,707 Withholding and other taxes payable 36,755 37,450 Interest payable 153 618 Payroll and related accruals 12,497 15,668 Accrued expenses and other payables 15,888 16,619 Total trade and other payables $ 117,153 $ 123,410 ________ (1) The opening balance as of January 1, 2020 was $53.8 million. Other liabilities The following summarizes the balances of other liabilities as of March 31, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Pension obligation (1)(2) $ 6,267 $ 6,231 Lease liabilities 4,580 4,762 Unfavorable ground lease liability 2,067 2,090 Key money (3) 15,556 15,790 Other 888 895 Total other liabilities $ 29,358 $ 29,768 ________ (1) For the three months ended March 31, 2021 and 2020, the service cost component of net periodic pension cost was $0.2 million and $0.2 million, respectively. These costs are recorded within direct expense in the Condensed Consolidated Statements of Operations. (2) For the three months ended March 31, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were $0.1 million and $0.6 million, respectively. These costs are recorded within other expense in the Condensed Consolidated Statements of Operations.

Segment information

Segment information3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment informationSegment information 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 present four separate reportable segments by geography: (i) Yucatán Peninsula, (ii) Pacific Coast, (iii) Dominican Republic and (iv) Jamaica. For the three months ended March 31, 2021 and 2020, we have excluded the immaterial amounts of management fees, cost reimbursements and other from our segment reporting. Our operating segments are components of the business which 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. The performance of our business is evaluated primarily on adjusted earnings before interest expense, income tax benefit (provision), and depreciation and amortization expense (“Adjusted EBITDA”), which should not be considered an alternative to net loss or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. The performance of our segments is evaluated on Adjusted EBITDA before corporate expenses and management fee income (“Owned Resort EBITDA”). We define Adjusted EBITDA as net loss, determined in accordance with U.S. GAAP, for the period presented, before interest expense, income tax benefit (provision), and depreciation and amortization expense, further adjusted to exclude the following items: (a) impairment loss; (b) loss on sale of assets; (c) other expense; (d) share-based compensation; (e) other tax expense; (f) transaction expenses; and (g) severance expenses. 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 and a reconciliation to total revenue for the three months ended March 31, 2021 and 2020 ( $ in thousands ): Three Months Ended March 31, 2021 2020 Owned net revenue Yucatán Peninsula $ 33,603 $ 62,317 Pacific Coast 8,621 21,155 Dominican Republic 20,881 35,596 Jamaica 11,722 51,436 Segment owned net revenue (1) 74,827 170,504 Other 125 15 Management fees 344 645 Cost reimbursements 513 950 Compulsory tips 1,937 5,114 Total revenue $ 77,746 $ 177,228 ________ (1) Segment owned net revenue represents total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations. The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net loss for the three months ended March 31, 2021 and 2020 ( $ in thousands ): Three Months Ended March 31, 2021 2020 Owned Resort EBITDA Yucatán Peninsula $ 7,174 $ 24,935 Pacific Coast 485 8,872 Dominican Republic 1,666 7,789 Jamaica (2,780) 19,073 Segment Owned Resort EBITDA 6,545 60,669 Other corporate (9,394) (10,971) Management fees 344 645 Total Adjusted EBITDA (2,505) 50,343 Interest expense (18,167) (20,955) Depreciation and amortization (20,883) (24,959) Impairment loss (24,011) (16,173) Loss on sale of assets (273) — Other expense (706) (3,906) Share-based compensation (3,179) (3,223) Other tax expense (163) (237) Transaction expenses (579) (586) Severance expense (1,287) (1,198) Non-service cost components of net periodic pension cost (benefit) (1) 57 (551) Net loss before tax (71,696) (21,445) Income tax benefit (provision) 1,951 (1,111) Net loss $ (69,745) $ (22,556) ________ (1) Represents the non-service cost components of net periodic pension cost (benefit) recorded within other expense 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, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Segment property and equipment, gross Yucatán Peninsula $ 665,284 $ 799,849 Pacific Coast 288,339 288,328 Dominican Republic 679,286 678,900 Jamaica 406,879 406,047 Total segment property and equipment, gross 2,039,788 2,173,124 Corporate property and equipment, gross 4,557 4,505 Accumulated depreciation (414,339) (450,246) Total property and equipment, net $ 1,630,006 $ 1,727,383 The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the three months ended March 31, 2021 and 2020 ( $ in thousands ): Three Months Ended March 31, 2021 2020 Segment capital expenditures Yucatán Peninsula $ 681 $ 1,580 Pacific Coast 141 257 Dominican Republic 645 6,932 Jamaica 1,027 1,634 Total segment capital expenditures (1) 2,494 10,403 Corporate 57 114 Total capital expenditures (1) $ 2,551 $ 10,517 ________

Subsequent events

Subsequent events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent eventsSubsequent eventsIn preparing the interim Condensed Consolidated Financial Statements, there were no subsequent events since March 31, 2021

Significant accounting polici_2

Significant accounting policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of preparation, presentation and measurementBasis 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, 2020, included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2021 (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.
Standards adopted and Standards not yet adoptedStandards adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. January 2021 The adoption of ASU No. 2019-12 resulted in changes to our deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We adopted ASU No. 2019-12 on a modified retrospective basis through a $3.4 million cumulative-effect adjustment to opening retained earnings in our Condensed Consolidated Financial Statements for the three months ended March 31, 2021. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 2022 We are currently evaluating the impact of ASU No. 2020-04 on the Condensed Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of one-month LIBOR rates.
Contract assets and liabilitiesContract assets and liabilities We do not have any material contract assets as of March 31, 2021 and December 31, 2020 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.

Significant accounting polici_3

Significant accounting policies (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Standards Adopted and Standards Not Yet AdoptedStandards adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The standard simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. January 2021 The adoption of ASU No. 2019-12 resulted in changes to our deferred tax liabilities and deferred income tax expense for our resorts located in the Dominican Republic, which are subject to hybrid tax regimes. We adopted ASU No. 2019-12 on a modified retrospective basis through a $3.4 million cumulative-effect adjustment to opening retained earnings in our Condensed Consolidated Financial Statements for the three months ended March 31, 2021. Standards not yet adopted Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 2022 We are currently evaluating the impact of ASU No. 2020-04 on the Condensed Consolidated Financial Statements. We may elect to early adopt the standard prior to the discontinuation of one-month LIBOR rates.

Revenue (Tables)

Revenue (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of RevenueThe 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, 2021 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Other Total Package revenue $ 28,870 $ 7,552 $ 17,463 $ 10,009 $ — $ 63,894 Non-package revenue 5,808 1,362 3,432 2,268 125 12,995 Management fees — — — — 344 344 Cost reimbursements — — — 377 136 513 Total revenue $ 34,678 $ 8,914 $ 20,895 $ 12,654 $ 605 $ 77,746 Three Months Ended March 31, 2020 Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Other Total Package revenue $ 56,727 $ 18,724 $ 31,367 $ 46,237 $ — $ 153,055 Non-package revenue 7,547 3,086 4,265 7,666 14 22,578 Management fees — — — — 645 645 Cost reimbursements — — — 596 354 950 Total revenue $ 64,274 $ 21,810 $ 35,632 $ 54,499 $ 1,013 $ 177,228

Property and equipment (Tables)

Property and equipment (Tables)3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, NetThe balance of property and equipment, net is as follows ($ in thousands ): As of March 31, As of December 31, 2021 2020 Property and equipment, gross Land, buildings and improvements $ 1,755,739 $ 1,863,406 Fixtures and machinery (1) 79,707 83,802 Furniture and other fixed assets 204,046 225,869 Construction in progress 4,853 4,552 Total property and equipment, gross 2,044,345 2,177,629 Accumulated depreciation (414,339) (450,246) Total property and equipment, net $ 1,630,006 $ 1,727,383 ________ (1) Includes the gross balance of our financing lease right-of-use asset, which was $2.3 million as of March 31, 2021 and December 31, 2020 (see Note 11).
Schedule of Rental IncomeThe following table presents our rental income for the three months ended March 31, 2021 and 2020 ($ in thousands) : Three Months Ended March 31, Leases 2021 2020 Operating lease income (1) $ 606 $ 1,146 ________ (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, 2021
Related Party Transactions [Abstract]
Schedule of Related Party TransactionsTransactions between us and related parties during the three months ended March 31, 2021 and 2020 were as follows ( $ in thousands ): Three Months Ended March 31, Related Party Transaction 2021 2020 Hyatt Franchise fees (1) $ 3,516 $ 5,516 Sagicor Insurance premiums (1) $ 155 $ 414 Sagicor Cost reimbursements $ 430 $ 722 Chief Executive Officer Lease expense (2) $ 228 $ 182 DKCM Interest expense $ 5,404 $ — ________ (1) 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. (2) 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, 2021
Share-based Payment Arrangement [Abstract]
Summary of Restricted Share AwardsA summary of our restricted share awards from January 1, 2021 to March 31, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2021 2,225,139 $ 8.53 Granted 1,925,298 5.45 Vested (717,493) 8.22 Forfeited — — Unvested balance at March 31, 2021 3,432,944 $ 6.87
Summary of Key Inputs Used in Monte-Carlo SimulationThe 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 4, 2021 Peer Shareholder Return 50 % $ 3,088 57.69 % 0.16 % — % Growth Rate 50 % $ 2,230 57.69 % 0.16 % — % ________ (1) Expected volatility was determined based on the historical share prices in our industry. (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 AwardsA summary of our performance share awards from January 1, 2021 to March 31, 2021 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Unvested balance at January 1, 2021 — $ — Granted 1,027,519 5.18 Unvested balance at March 31, 2021 1,027,519 $ 5.18

Earnings per share (Tables)

Earnings per share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted EPSBasic and diluted earnings or losses per share (“EPS”) are as follows ( $ in thousands, except share data ): Three Months Ended March 31, 2021 2020 Numerator Net loss $ (69,745) $ (22,556) Denominator Denominator for basic EPS - weighted-average number of shares outstanding 160,827,261 129,286,708 Effect of dilutive securities Unvested restricted share awards — — Denominator for diluted EPS - adjusted weighted-average number of shares outstanding 160,827,261 129,286,708 EPS - Basic $ (0.43) $ (0.17) EPS - Diluted $ (0.43) $ (0.17)

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedules of Debt Components and CovenantsOur debt consists of the following ($ in thousands) : Outstanding Balance as of Interest Rate Maturity Date March 31, 2021 December 31, 2020 Revolving Credit Facilities Revolving Credit Facility (1) LIBOR + 3.00% LIBOR + 4.00% April 27, 2022 ($17.0 million) January 27, 2024 ($68.0 million) $ — $ 84,667 Senior Secured Credit Facilities Term Loan (2) LIBOR + 2.75% April 27, 2024 $ 973,823 $ 976,348 Term A1 Loan 11.4777% April 27, 2024 35,000 35,000 Term A2 Loan 11.4777% April 27, 2024 31,000 31,000 Term A3 Loan (3) LIBOR + 3.00% April 27, 2024 28,000 28,000 Total Term Loans (at stated value) 1,067,823 1,070,348 Unamortized discount (1,533) (1,658) Unamortized debt issuance costs (5,571) (6,015) Total Term Loans, net $ 1,060,719 $ 1,062,675 Property Loan Property Loan (at stated value) 9.25% July 1, 2025 $ 110,000 $ 110,000 Unamortized discount (3,751) (3,960) Unamortized debt issuance costs (4,176) (4,409) Total Property Loan, net $ 102,073 $ 101,631 Financing lease obligations $ 2,271 $ 2,294 Total debt, net $ 1,165,063 $ 1,251,267 ________ (1) Undrawn balances bear interest between 0.25% to 0.5% depending on certain leverage ratios. We had available balances of $85.0 million and $0.3 million as of March 31, 2021 and December 31, 2020, respectively. The weighted-average interest rate on the outstanding balance of our Revolving Credit Facility was 3.15% as of December 31, 2020. (2) One-month London Interbank Offered Rate (“LIBOR”) is subject to a 1.0% floor. The interest rate was 3.75% as of both March 31, 2021 and December 31, 2020. Our two interest rate swaps fix LIBOR at 2.85% on $800.0 million of our Term Loan (see Note 12). (3) LIBOR rate is subject to a 1.0% floor. The interest rate was 4.00% as of both March 31, 2021 and December 31, 2020. Debt Covenant Terms Existing Credit Agreement We are required to maintain a minimum liquidity balance of $60.0 million through the Relief Period. If we have more than 35% drawn on the Revolving Credit Facility for periods subsequent to December 31, 2021, we will be subject to the following total net leverage ratio requirements: ▪ 6.50x for the period ended March 31, 2022; ▪ 6.00x for the period ended June 30, 2022; and ▪ 4.75x for periods thereafter. Term A1 Loan Same terms as the Existing Credit Agreement. Term A2 Loan No applicable debt covenants. Term A3 Loan No applicable debt covenants. Property Loan No applicable debt covenants other than the requirement to maintain a cash reserve until the Properties achieve a debt service coverage ratio of 1.50x for two consecutive quarters.

Derivative financial instrume_2

Derivative financial instruments (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations OperationsThe following tables present the effect of our interest rate swaps, net of tax, in the Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 ($ in thousands) : 2021 2020 AOCI from our cash flow hedges as of January 1 $ 26,369 $ 20,164 Change in fair value — 16,956 Reclassification from AOCI to interest expense (2,894) (1,908) OCI related to our cash flow hedges for the three months ended March 31 (2,894) 15,048 AOCI from our cash flow hedges as of March 31 $ 23,475 $ 35,212 ________ (1) As of March 31, 2021, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million. Derivative Liabilities for Ineffective Hedges Financial Statement Classification Three Months Ended March 31, 2021 2020 Interest rate swaps (1) Interest expense $ 2,811 $ 8,729 ________ (1) Includes the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative.
Schedule of Location and Fair Value of Derivative Instruments in Condensed Consolidated Balance SheetThe following tables present the effect of our interest rate swaps in the Condensed Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020 ($ in thousands) : Derivative Liabilities for Ineffective Hedges Financial Statement Classification As of March 31, As of December 31, 2021 2020 Interest rate swaps Derivative financial instruments $ 40,811 $ 46,340

Fair value of financial instr_2

Fair value of financial instruments (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring BasisThe following table presents our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 ($ in thousands) : March 31, 2021 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 40,811 $ — $ 40,811 $ — December 31, 2020 Level 1 Level 2 Level 3 Fair value measurements on a recurring basis Interest rate swap $ 46,340 $ — $ 46,340 $ —
Fair Value Measurements, NonrecurringThe following table presents our fair value hierarchy for our financial assets measured at fair value on a nonrecurring basis as of March 31, 2021 ($ in thousands) : March 31, 2021 Level 1 Level 2 Level 3 Fair value measurements on a nonrecurring basis Impaired long-lived assets (1) $ 55,000 $ — $ 55,000 $ — ________ (1) On March 31, 2021, we recorded an impairment loss of $24.0 million based on the sale price of the Capri Resort, which we consider an observable input other than quoted prices. Refer to further discussion of the sale in Note 4.
Schedule of Financial Liabilities Not Measured at Fair ValueThe following tables present our fair value hierarchy for our financial liabilities not measured at fair value as of March 31, 2021 and December 31, 2020 ($ in thousands) : Carrying Value Fair Value As of March 31, 2021 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 969,728 $ — $ — $ 952,973 Term A1 Loan 33,879 — — 35,433 Term A2 Loan 30,008 — — 31,383 Term A3 Loan 27,104 — — 27,645 Property Loan 102,073 — — 111,985 Total liabilities $ 1,162,792 $ — $ — $ 1,159,419 Carrying Value Fair Value As of December 31, 2020 Level 1 Level 2 Level 3 Financial liabilities not recorded at fair value Term Loan $ 971,920 $ — $ — $ 936,799 Revolving Credit Facility 84,667 — — 84,769 Term A1 Loan 33,792 — — 35,182 Term A2 Loan 29,930 — — 31,161 Term A3 Loan 27,033 — — 28,028 Property Loan 101,631 — — 109,871 Total liabilities $ 1,248,973 $ — $ — $ 1,225,810
Summary of Valuation TechniquesThe 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 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 LIBOR as of the measurement date. If, in subsequent periods, forecasted LIBOR exceeds 2.85% we will recognize a gain and future cash inflows. Conversely, if forecasted LIBOR falls below 2.85% in subsequent periods we will recognize a loss and future cash outflows. Financial instruments not recorded at fair value Term Loans and Property Loan The fair value of our Term Loans and Property Loan are 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 Loans. 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, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Trade and Other Receivables, NetThe following summarizes the balances of trade and other receivables, net as of March 31, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Gross trade and other receivables (1) $ 29,939 $ 28,346 Allowance for doubtful accounts (2) (2,856) (2,913) Total trade and other receivables, net $ 27,083 $ 25,433 ________ (1) The opening balance as of January 1, 2020 was $73.0 million. (2) We recognized an additional $3.1 million in bad debt expense during the year ended December 31, 2020 primarily as result of the negative effects of COVID-19.
Schedule of Prepayments and Other AssetsThe following summarizes the balances of prepayments and other assets as of March 31, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Advances to suppliers $ 6,111 $ 8,748 Prepaid income taxes 11,389 12,731 Prepaid other taxes (1) 13,204 14,033 Operating lease right-of-use assets 4,075 4,263 Contract deposit (2) 2,700 2,700 Other assets 4,572 5,163 Total prepayments and other assets $ 42,051 $ 47,638 ________ (1) Includes recoverable value-added tax, general consumption tax and other sales tax accumulated by our Mexico, Jamaica, Netherlands and Dominican Republic entities.
Schedule of GoodwillThe 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, 2021 and December 31, 2020 are as follows ($ in thousands) : Yucatán Peninsula Pacific Coast Dominican Republic Jamaica Total Balance at December 31, 2020 Gross carrying value $ 51,731 $ — $ — $ 35,879 $ 87,610 Accumulated impairment losses (6,168) — — (19,788) (25,956) Net carrying value 45,563 — — 16,091 61,654 Activity during the period Impairment losses — — — — — Balance at March 31, 2021 Gross carrying value 51,731 — — 35,879 87,610 Accumulated impairment losses (6,168) — — (19,788) (25,956) Net carrying value $ 45,563 $ — $ — $ 16,091 $ 61,654 ($ in thousands) : Reporting Unit Reportable Segment Impairment Loss Jewel Runaway Bay Beach Resort & Waterpark Jamaica $ 6,946 Jewel Dunn’s River Beach Resort & Spa Jamaica $ 5,126 Jewel Paradise Cove Beach Resort & Spa Jamaica $ 4,101
Schedule of Other Intangible Assets, Indefinite-LivedOther intangible assets as of March 31, 2021 and December 31, 2020 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2021 2020 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system (2) 6,106 6,047 Other 4,206 4,238 Total gross carrying value 13,087 13,060 Accumulated amortization Management contract (261) (238) Enterprise resource planning system (2) (1,310) (1,125) Other (3,213) (3,141) Total accumulated amortization (4,784) (4,504) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,639 1,662 Enterprise resource planning system (2) 4,796 4,922 Other 993 1,097 Total net carrying value $ 8,303 $ 8,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $1.4 million was placed into service in 2020 and is being amortized over a weighted-average amortization period of 7 years.
Schedule of Other Intangible Assets, Finite-LivedOther intangible assets as of March 31, 2021 and December 31, 2020 consisted of the following ( $ in thousands ): As of March 31, As of December 31, 2021 2020 Gross carrying value Casino and other licenses (1) $ 875 $ 875 Management contract 1,900 1,900 Enterprise resource planning system (2) 6,106 6,047 Other 4,206 4,238 Total gross carrying value 13,087 13,060 Accumulated amortization Management contract (261) (238) Enterprise resource planning system (2) (1,310) (1,125) Other (3,213) (3,141) Total accumulated amortization (4,784) (4,504) Net carrying value Casino and other licenses (1) 875 875 Management contract 1,639 1,662 Enterprise resource planning system (2) 4,796 4,922 Other 993 1,097 Total net carrying value $ 8,303 $ 8,556 ________ (1) Our casino and other licenses have indefinite lives. Accordingly, there is no associated amortization expense or accumulated amortization. (2) Represents software development costs incurred to develop and implement SAP as our integrated enterprise resource planning system, of which $1.4 million was placed into service in 2020 and is being amortized over a weighted-average amortization period of 7 years.
Schedule of Trade and Other PayablesThe following summarizes the balances of trade and other payables as of March 31, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Trade payables $ 16,368 $ 23,348 Advance deposits (1) 35,492 29,707 Withholding and other taxes payable 36,755 37,450 Interest payable 153 618 Payroll and related accruals 12,497 15,668 Accrued expenses and other payables 15,888 16,619 Total trade and other payables $ 117,153 $ 123,410 ________ (1) The opening balance as of January 1, 2020 was $53.8 million.
Schedule of Other LiabilitiesThe following summarizes the balances of other liabilities as of March 31, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Pension obligation (1)(2) $ 6,267 $ 6,231 Lease liabilities 4,580 4,762 Unfavorable ground lease liability 2,067 2,090 Key money (3) 15,556 15,790 Other 888 895 Total other liabilities $ 29,358 $ 29,768 ________ (1) For the three months ended March 31, 2021 and 2020, the service cost component of net periodic pension cost was $0.2 million and $0.2 million, respectively. These costs are recorded within direct expense in the Condensed Consolidated Statements of Operations. (2) For the three months ended March 31, 2021 and 2020, the non-service cost components of net periodic pension benefit or cost were $0.1 million and $0.6 million, respectively. These costs are recorded within other expense in the Condensed Consolidated Statements of Operations. (3) Represents the unamortized balance of key money received, which is amortized as a reduction to franchise fees within direct expenses in the Condensed Consolidated Statements of Operations. We received $8.5 million of key money in 2020.

Segment information (Tables)

Segment information (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting InformationThe following table presents segment owned net revenue and a reconciliation to total revenue for the three months ended March 31, 2021 and 2020 ( $ in thousands ): Three Months Ended March 31, 2021 2020 Owned net revenue Yucatán Peninsula $ 33,603 $ 62,317 Pacific Coast 8,621 21,155 Dominican Republic 20,881 35,596 Jamaica 11,722 51,436 Segment owned net revenue (1) 74,827 170,504 Other 125 15 Management fees 344 645 Cost reimbursements 513 950 Compulsory tips 1,937 5,114 Total revenue $ 77,746 $ 177,228 ________ (1) Segment owned net revenue represents total revenue less compulsory tips paid to employees, cost reimbursements, management fees and other miscellaneous revenue not derived from segment operations. The following table presents segment Owned Resort EBITDA, Adjusted EBITDA and a reconciliation to net loss for the three months ended March 31, 2021 and 2020 ( $ in thousands ): Three Months Ended March 31, 2021 2020 Owned Resort EBITDA Yucatán Peninsula $ 7,174 $ 24,935 Pacific Coast 485 8,872 Dominican Republic 1,666 7,789 Jamaica (2,780) 19,073 Segment Owned Resort EBITDA 6,545 60,669 Other corporate (9,394) (10,971) Management fees 344 645 Total Adjusted EBITDA (2,505) 50,343 Interest expense (18,167) (20,955) Depreciation and amortization (20,883) (24,959) Impairment loss (24,011) (16,173) Loss on sale of assets (273) — Other expense (706) (3,906) Share-based compensation (3,179) (3,223) Other tax expense (163) (237) Transaction expenses (579) (586) Severance expense (1,287) (1,198) Non-service cost components of net periodic pension cost (benefit) (1) 57 (551) Net loss before tax (71,696) (21,445) Income tax benefit (provision) 1,951 (1,111) Net loss $ (69,745) $ (22,556) ________ (1) Represents the non-service cost components of net periodic pension cost (benefit) recorded within other expense 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, 2021 and December 31, 2020 ($ in thousands) : As of March 31, As of December 31, 2021 2020 Segment property and equipment, gross Yucatán Peninsula $ 665,284 $ 799,849 Pacific Coast 288,339 288,328 Dominican Republic 679,286 678,900 Jamaica 406,879 406,047 Total segment property and equipment, gross 2,039,788 2,173,124 Corporate property and equipment, gross 4,557 4,505 Accumulated depreciation (414,339) (450,246) Total property and equipment, net $ 1,630,006 $ 1,727,383 The following table presents segment capital expenditures and a reconciliation to total capital expenditures for the three months ended March 31, 2021 and 2020 ( $ in thousands ): Three Months Ended March 31, 2021 2020 Segment capital expenditures Yucatán Peninsula $ 681 $ 1,580 Pacific Coast 141 257 Dominican Republic 645 6,932 Jamaica 1,027 1,634 Total segment capital expenditures (1) 2,494 10,403 Corporate 57 114 Total capital expenditures (1) $ 2,551 $ 10,517 ________

Organization, operations and _2

Organization, operations and basis of presentation - Narrative (Details)3 Months Ended
Mar. 31, 2021resort
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of resorts in portfolio22

Significant accounting polici_4

Significant accounting policies (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent $ 638,706 $ 568,136 $ 772,681 $ 809,651
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent(502,445)(429,292) $ (189,478) $ (166,922)
Cumulative effect of accounting changes, net of tax
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent(3,408)
Cumulative effect of accounting changes, net of tax | Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity attributable to parent $ 3,400 $ (3,408)

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue $ 77,746 $ 177,228
Package revenue
Disaggregation of Revenue [Line Items]
Total revenue63,894 153,055
Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue12,995 22,578
Management fees
Disaggregation of Revenue [Line Items]
Total revenue344 645
Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue513 950
Other
Disaggregation of Revenue [Line Items]
Total revenue605 1,013
Other | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue0 0
Other | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue125 14
Other | Management fees
Disaggregation of Revenue [Line Items]
Total revenue344 645
Other | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue136 354
Yucatán Peninsula
Disaggregation of Revenue [Line Items]
Total revenue34,678 64,274
Yucatán Peninsula | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue28,870 56,727
Yucatán Peninsula | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue5,808 7,547
Yucatán Peninsula | Management fees
Disaggregation of Revenue [Line Items]
Total revenue0 0
Yucatán Peninsula | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue0 0
Pacific Coast
Disaggregation of Revenue [Line Items]
Total revenue8,914 21,810
Pacific Coast | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue7,552 18,724
Pacific Coast | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue1,362 3,086
Pacific Coast | Management fees
Disaggregation of Revenue [Line Items]
Total revenue0 0
Pacific Coast | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue0 0
Dominican Republic
Disaggregation of Revenue [Line Items]
Total revenue20,895 35,632
Dominican Republic | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue17,463 31,367
Dominican Republic | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue3,432 4,265
Dominican Republic | Management fees
Disaggregation of Revenue [Line Items]
Total revenue0 0
Dominican Republic | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue0 0
Jamaica
Disaggregation of Revenue [Line Items]
Total revenue12,654 54,499
Jamaica | Package revenue
Disaggregation of Revenue [Line Items]
Total revenue10,009 46,237
Jamaica | Non-package revenue
Disaggregation of Revenue [Line Items]
Total revenue2,268 7,666
Jamaica | Management fees
Disaggregation of Revenue [Line Items]
Total revenue0 0
Jamaica | Cost reimbursements
Disaggregation of Revenue [Line Items]
Total revenue $ 377 $ 596

Property and equipment - Schedu

Property and equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross $ 2,044,345 $ 2,177,629
Accumulated depreciation(414,339)(450,246)
Total property and equipment, net $ 1,630,006 $ 1,727,383
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]Total property and equipment, netTotal property and equipment, net
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross $ 1,755,739 $ 1,863,406
Fixtures and machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross79,707 83,802
Gross balance of finance lease right of use asset2,300 2,300
Furniture and other fixed assets
Property, Plant and Equipment [Line Items]
Property and equipment, gross204,046 225,869
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross $ 4,853 $ 4,552

Property and equipment - Narrat

Property and equipment - Narrative (Details) - USD ($) $ in ThousandsFeb. 05, 2021Mar. 31, 2021Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense $ 20,500 $ 24,700
Lessor, Lease, Description [Line Items]
Cash consideration from sale of assets held for sale, after customary closing costs $ 34,212 $ 3
Minimum
Lessor, Lease, Description [Line Items]
Contractual term (in years)1 year
Maximum
Lessor, Lease, Description [Line Items]
Contractual term (in years)3 years
Sale of Assets | Dreams Puerto Aventuras
Lessor, Lease, Description [Line Items]
Cash consideration for sale of assets $ 34,500
Cash consideration from sale of assets held for sale, after customary closing costs34,300
Loss recognized on sale of assets $ 200
Assets Held for Sale | Capri Resort
Lessor, Lease, Description [Line Items]
Cash consideration for sale of assets $ 55,000
Impairment loss recorded based on expected sale price of the properties $ 24,000

Property and equipment - Sche_2

Property and equipment - Schedule of Rental Income (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Operating lease income $ 606 $ 1,146

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Statutory income tax rate25.00%
Additional tax expense related to valuation allowances recognized for Jamaica, Mexico and U.S. entities, CARES Act $ 3,000
Income tax benefit (provision)1,951 $ (1,111)
Increase in income tax provision / decrease in income tax benefit(3,100)
Increased tax benefit due to lower pre-tax book income from tax paying entities3,500
Increased tax benefit due to impairment on the Capri Resort4,100
Increase in tax expense associated with foreign exchange rate fluctuations5,700
Income tax provision for the sale of Dreams Puerto Aventuras2,900
Decrease in discrete tax benefit due to higher tax liabilities of certain Dominican Republic entities(3,300)
Decrease in income tax benefit related to Jamaica employment tax credit $ 1,100

Related party transactions - Tr

Related party transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Affiliated Entity | Hyatt | Franchise fees
Related Party Transaction [Line Items]
Total transactions with related parties $ 3,516 $ 5,516
Affiliated Entity | Sagicor | Insurance premiums
Related Party Transaction [Line Items]
Total transactions with related parties155 414
Affiliated Entity | Sagicor | Cost reimbursements
Related Party Transaction [Line Items]
Total transactions with related parties430 722
Affiliated Entity | DKCM | Interest expense
Related Party Transaction [Line Items]
Total transactions with related parties5,404 0
Chief Executive Officer | Lease expense
Related Party Transaction [Line Items]
Total transactions with related parties $ 228 $ 182

Ordinary shares - Narrative (De

Ordinary shares - Narrative (Details) $ in ThousandsJan. 11, 2021USD ($)sharesMar. 31, 2021USD ($)sharesMar. 31, 2020USD ($)Mar. 31, 2021€ / sharessharesJan. 11, 2021€ / sharesDec. 31, 2020€ / sharesshares
Class of Stock [Line Items]
Ordinary shares, par value (in euros per share) | € / shares € 0.10 € 0.10 € 0.10
Cash consideration, net of underwriting discounts | $ $ 137,700 $ 137,716 $ 0
Ordinary shares, outstanding (in shares)164,029,575 134,571,290
Ordinary Shares
Class of Stock [Line Items]
Ordinary shares issued (in shares)28,750,000 28,750,000
Restricted Shares and Performance Share Awards
Class of Stock [Line Items]
Shares outstanding (in shares)4,431,295
Restricted Share Units
Class of Stock [Line Items]
Shares outstanding (in shares)29,168

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - sharesJan. 02, 2021Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants under the 2017 Plan (in shares)4,833,991
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)3 years
Granted (in shares)1,027,519
Vesting percentage100.00%
Peer Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total awards vesting based on designated criteria50.00%50.00%
Growth Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of total awards vesting based on designated criteria50.00%50.00%
Minimum | Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage0.00%
Maximum | Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage150.00%

Share-based compensation - Summ

Share-based compensation - Summary of Restricted Stock and Performance Share Awards (Details)3 Months Ended
Mar. 31, 2021$ / sharesshares
Restricted Share Awards
Number of Shares
Unvested balance at beginning of period (in shares) | shares2,225,139
Granted (in shares) | shares1,925,298
Vested (in shares) | shares(717,493)
Forfeited (in shares) | shares0
Unvested balance at end of period (in shares) | shares3,432,944
Weighted-Average Grant Date Fair Value
Unvested balance at beginning of period (in dollars per share) | $ / shares $ 8.53
Granted (in dollars per share) | $ / shares5.45
Vested (in dollars per share) | $ / shares8.22
Forfeited (in dollars per share) | $ / shares0
Unvested balance at end of period (in dollars per share) | $ / shares $ 6.87
Performance Share Awards
Number of Shares
Unvested balance at beginning of period (in shares) | shares0
Granted (in shares) | shares1,027,519
Unvested balance at end of period (in shares) | shares1,027,519
Weighted-Average Grant Date Fair Value
Unvested balance at beginning of period (in dollars per share) | $ / shares $ 0
Granted (in dollars per share) | $ / shares5.18
Unvested balance at end of period (in dollars per share) | $ / shares $ 5.18

Share-based compensation - Su_2

Share-based compensation - Summary of Key Inputs (Details) - USD ($) $ in ThousandsJan. 02, 2021Mar. 31, 2021
Peer Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award50.00%50.00%
Grant Date Fair Value by Component $ 3,088
Volatility Rate57.69%
Interest Rate0.16%
Dividend Yield0.00%
Growth Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Total Award50.00%50.00%
Grant Date Fair Value by Component $ 2,230
Volatility Rate57.69%
Interest Rate0.16%
Dividend Yield0.00%

Earnings per share - Schedule o

Earnings per share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator
Net loss $ (69,745) $ (22,556)
Denominator
Denominator for basic EPS - weighted-average number of shares outstanding (in shares)160,827,261 129,286,708
Effect of dilutive securities
Unvested restricted share awards (in shares)0 0
Denominator for diluted EPS - adjusted weighted-average number of shares outstanding (in shares)160,827,261 129,286,708
EPS - Basic (in dollars per share) $ (0.43) $ (0.17)
EPS - Diluted (in dollars per share) $ (0.43) $ (0.17)
Earnout Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of common stock acquired by outstanding warrants (in shares)2,987,770 2,987,770
Unvested Performance-Based Equity 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)1,027,519 1,200,714
Unvested 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)3,432,944 2,711,789

Debt - Schedule of Debt Compone

Debt - Schedule of Debt Components (Details)3 Months Ended
Mar. 31, 2021USD ($)Dec. 31, 2020USD ($)Mar. 29, 2018USD ($)derivativeContract
Debt Instrument [Line Items]
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]Total debt, netTotal debt, net
Financing lease obligations $ 2,271,000 $ 2,294,000
Total debt, net1,165,063,000 1,251,267,000
Interest rate swaps
Debt Instrument [Line Items]
Number of interest rate swap contracts | derivativeContract2
Fixed rate2.85%
Senior Secured Credit Facilities
Debt Instrument [Line Items]
Total debt obligations1,067,823,000 1,070,348,000
Unamortized discount(1,533,000)(1,658,000)
Unamortized debt issuance costs(5,571,000)(6,015,000)
Debt, net1,060,719,000 1,062,675,000
Notional amount $ 800,000,000
Term Loan | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Total debt obligations $ 973,823,000 $ 976,348,000
Effective interest rate3.75%3.75%
Notional amount $ 800,000,000
Term Loan | Senior Secured Credit Facilities | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate2.75%
Floor interest rate1.00%
Term A1 Loan | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Fixed interest rate11.4777%
Total debt obligations $ 35,000,000 $ 35,000,000
Term A2 Loan | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Fixed interest rate11.4777%
Total debt obligations $ 31,000,000 31,000,000
Term A3 Loan | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Total debt obligations $ 28,000,000 $ 28,000,000
Effective interest rate4.00%4.00%
Term A3 Loan | Senior Secured Credit Facilities | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate3.00%
Floor interest rate1.00%
Property Loan | Secured Loan Agreement
Debt Instrument [Line Items]
Fixed interest rate9.25%
Total debt obligations $ 110,000,000 $ 110,000,000
Unamortized discount(3,751,000)(3,960,000)
Unamortized debt issuance costs(4,176,000)(4,409,000)
Debt, net102,073,000 101,631,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Total debt obligations0 84,667,000
Available balance85,000,000 $ 300,000
Weighted average interest rate on outstanding balance of debt3.15%
Revolving Credit Facility | Line of Credit | 4/27/2022
Debt Instrument [Line Items]
Total debt obligations17,000,000
Revolving Credit Facility | Line of Credit | 1/27/2024
Debt Instrument [Line Items]
Total debt obligations $ 68,000,000
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Interest on undrawn balances, depending on certain leverage ratios0.50%
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Interest on undrawn balances, depending on certain leverage ratios0.25%
Revolving Credit Facility | Line of Credit | LIBOR | 4/27/2022
Debt Instrument [Line Items]
Basis spread on variable rate3.00%
Revolving Credit Facility | Line of Credit | LIBOR | 1/27/2024
Debt Instrument [Line Items]
Basis spread on variable rate4.00%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)Feb. 05, 2021Mar. 31, 2021Mar. 31, 2020
Debt Instrument [Line Items]
Repayments of borrowings on revolving credit facility $ 84,667,000 $ 15,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Repayments of borrowings on revolving credit facility $ 84,700,000
Revolving Credit Facility | Fifth Amended And Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity85,000,000
Revolving Credit Facility | Fifth Amended And Restated Credit Agreement, Maturing January 2024
Debt Instrument [Line Items]
Maximum borrowing capacity $ 68,000,000
Revolving Credit Facility | Fifth Amended And Restated Credit Agreement, Maturing January 2024 | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate4.00%
Revolving Credit Facility | Fifth Amended And Restated Credit Agreement, Maturing April 2022
Debt Instrument [Line Items]
Maximum borrowing capacity $ 17,000,000

Debt - Financial Maintenance Co

Debt - Financial Maintenance Covenants (Details)Jun. 12, 2020USD ($)fiscalQuarter
Secured Loan Agreement | Property Loan
Debt Instrument [Line Items]
Requirement to continue making deposits into reserves, minimum debt service coverage ratio to terminate1.50
Threshold number of consecutive calendar quarters to maintain minimum debt service coverage ratio for termination of requirement to continue making deposits into reserves | fiscalQuarter2
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Minimum liquidity balance | $ $ 60,000,000
Total net leverage ratio requirement threshold, percentage drawn on Revolving Credit Facility35.00%
Revolving Credit Facility | Line of Credit | Period ended March 31, 2022
Debt Instrument [Line Items]
Minimum total net leverage ratio requirements6.50
Revolving Credit Facility | Line of Credit | Period ended June 30, 2022
Debt Instrument [Line Items]
Minimum total net leverage ratio requirements6
Revolving Credit Facility | Line of Credit | Periods thereafter
Debt Instrument [Line Items]
Minimum total net leverage ratio requirements4.75

Derivative financial instrume_3

Derivative financial instruments - Narrative (Details)Mar. 29, 2018USD ($)derivativeContract
Term Loan
Derivative [Line Items]
Notional amount $ 800,000,000
Interest rate swaps
Derivative [Line Items]
Number of interest rate swap contracts | derivativeContract2
Fixed rate2.85%
Interest Rate Swap One
Derivative [Line Items]
Notional amount $ 200,000,000
Interest Rate Swap Two
Derivative [Line Items]
Notional amount $ 600,000,000

Derivative financial instrume_4

Derivative financial instruments - Effects on Comprehensive Loss Statement (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance $ 568,136 $ 809,651
Total other comprehensive income (loss)2,883 (15,103)
Ending balance638,706 772,681
Total amount expected to be reclassified from AOCI to interest expense during next twelve months11,700
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance26,369 20,164
Change in fair value0 16,956
Reclassification from AOCI to interest expense(2,894)(1,908)
Total other comprehensive income (loss)(2,894)15,048
Ending balance $ 23,475 $ 35,212

Derivative financial instrume_5

Derivative financial instruments - Effects on Income Statement (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Interest rate swaps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Effects on Income Statement $ 2,811 $ 8,729

Derivative financial instrume_6

Derivative financial instruments - Location and Fair Value of Derivatives in Balance Sheet (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Interest rate swaps | Derivative Liabilities for Ineffective Hedges | Derivative financial instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities $ 40,811 $ 46,340

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 ThousandsMar. 31, 2021Dec. 31, 2020
Fair value measurements on a recurring basis:
Derivative financial instruments $ 40,811 $ 46,340
Fair Value Measurements on a Recurring Basis | Interest rate swap
Fair value measurements on a recurring basis:
Derivative financial instruments40,811 46,340
Fair Value Measurements on a Recurring Basis | Level 1 | Interest rate swap
Fair value measurements on a recurring basis:
Derivative financial instruments0 0
Fair Value Measurements on a Recurring Basis | Level 2 | Interest rate swap
Fair value measurements on a recurring basis:
Derivative financial instruments40,811 46,340
Fair Value Measurements on a Recurring Basis | Level 3 | Interest rate swap
Fair value measurements on a recurring basis:
Derivative financial instruments $ 0 $ 0

Fair value of financial instr_4

Fair value of financial instruments - Schedule of Financial Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Assets Held for Sale | Capri Resort
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss recorded based on expected sale price of the properties $ 24,000
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets55,000
Fair Value, Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets0
Fair Value, Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets55,000
Fair Value, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired long-lived assets $ 0

Fair value of financial instr_5

Fair value of financial instruments - Schedule of Financial Liabilities Not Measured at Fair Value (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Carrying Value
Financial liabilities not recorded at fair value
Total liabilities $ 1,162,792 $ 1,248,973
Carrying Value | Revolving Credit Facility
Financial liabilities not recorded at fair value
Total liabilities84,667
Carrying Value | Property Loan
Financial liabilities not recorded at fair value
Total liabilities102,073 101,631
Fair Value | Level 1
Financial liabilities not recorded at fair value
Total liabilities0 0
Fair Value | Level 1 | Revolving Credit Facility
Financial liabilities not recorded at fair value
Total liabilities0
Fair Value | Level 1 | Property Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Fair Value | Level 2
Financial liabilities not recorded at fair value
Total liabilities0 0
Fair Value | Level 2 | Revolving Credit Facility
Financial liabilities not recorded at fair value
Total liabilities0
Fair Value | Level 2 | Property Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Fair Value | Level 3
Financial liabilities not recorded at fair value
Total liabilities1,159,419 1,225,810
Fair Value | Level 3 | Revolving Credit Facility
Financial liabilities not recorded at fair value
Total liabilities84,769
Fair Value | Level 3 | Property Loan
Financial liabilities not recorded at fair value
Total liabilities111,985 109,871
Term Loan | Carrying Value | Term Loan
Financial liabilities not recorded at fair value
Total liabilities969,728 971,920
Term Loan | Fair Value | Level 1 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Term Loan | Fair Value | Level 2 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Term Loan | Fair Value | Level 3 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities952,973 936,799
Term A1 Loan | Carrying Value | Term Loan
Financial liabilities not recorded at fair value
Total liabilities33,879 33,792
Term A1 Loan | Fair Value | Level 1 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Term A1 Loan | Fair Value | Level 2 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Term A1 Loan | Fair Value | Level 3 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities35,433 35,182
Term A2 Loan | Carrying Value | Term Loan
Financial liabilities not recorded at fair value
Total liabilities30,008 29,930
Term A2 Loan | Fair Value | Level 1 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Term A2 Loan | Fair Value | Level 2 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Term A2 Loan | Fair Value | Level 3 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities31,383 31,161
Term A3 Loan | Carrying Value | Term Loan
Financial liabilities not recorded at fair value
Total liabilities27,104 27,033
Term A3 Loan | Fair Value | Level 1 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Term A3 Loan | Fair Value | Level 2 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities0 0
Term A3 Loan | Fair Value | Level 3 | Term Loan
Financial liabilities not recorded at fair value
Total liabilities $ 27,645 $ 28,028

Fair value of financial instr_6

Fair value of financial instruments - Valuation Techniques (Details)Mar. 31, 2021
Interest rate swap | Forecasted LIBOR
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input threshold0.0285

Other balance sheet items - Sch

Other balance sheet items - Schedule of Trade and Other Receivables, Net (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Jan. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gross trade and other receivables $ 29,939 $ 28,346
Allowance for doubtful accounts(2,856)(2,913) $ (73,000)
Total trade and other receivables, net27,083 25,433
Allowance for doubtful accounts2,856 2,913 $ 73,000
Bad debt expense $ (9) $ (542) $ 3,100

Other balance sheet items - S_2

Other balance sheet items - Schedule of Prepayments and Other Assets (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advances to suppliers $ 6,111 $ 8,748
Prepaid income taxes11,389 12,731
Prepaid other taxes $ 13,204 $ 14,033
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]Total prepayments and other assetsTotal prepayments and other assets
Operating lease right-of-use assets $ 4,075 $ 4,263
Contract deposit2,700 2,700
Other assets4,572 5,163
Total prepayments and other assets $ 42,051 $ 47,638

Other balance sheet items - S_3

Other balance sheet items - Schedule of Goodwill (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Goodwill [Roll Forward]
Gross carrying value as of beginning of period $ 87,610,000
Accumulated impairment losses as of beginning of period(25,956,000)
Net carrying value as of beginning of period61,654,000
Impairment losses0
Gross carrying value as of end of period87,610,000
Accumulated impairment losses as of end of period(25,956,000)
Net carrying value as of end of period61,654,000
Yucatán Peninsula
Goodwill [Roll Forward]
Gross carrying value as of beginning of period51,731,000
Accumulated impairment losses as of beginning of period(6,168,000)
Net carrying value as of beginning of period45,563,000
Impairment losses $ 0
Gross carrying value as of end of period51,731,000
Accumulated impairment losses as of end of period(6,168,000)
Net carrying value as of end of period45,563,000
Pacific Coast
Goodwill [Roll Forward]
Gross carrying value as of beginning of period0
Accumulated impairment losses as of beginning of period0
Net carrying value as of beginning of period0
Impairment losses0
Gross carrying value as of end of period0
Accumulated impairment losses as of end of period0
Net carrying value as of end of period0
Dominican Republic
Goodwill [Roll Forward]
Gross carrying value as of beginning of period0
Accumulated impairment losses as of beginning of period0
Net carrying value as of beginning of period0
Impairment losses0
Gross carrying value as of end of period0
Accumulated impairment losses as of end of period0
Net carrying value as of end of period0
Jamaica
Goodwill [Roll Forward]
Gross carrying value as of beginning of period35,879,000
Accumulated impairment losses as of beginning of period(19,788,000)
Net carrying value as of beginning of period16,091,000
Impairment losses0
Gross carrying value as of end of period35,879,000
Accumulated impairment losses as of end of period(19,788,000)
Net carrying value as of end of period $ 16,091,000

Other balance sheet items - S_4

Other balance sheet items - Schedule of Impairment Loss (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Goodwill [Line Items]
Impairment Loss $ 0
Jamaica
Goodwill [Line Items]
Impairment Loss $ 0
Jamaica | Jewel Runaway Bay Beach Resort & Waterpark
Goodwill [Line Items]
Impairment Loss $ 6,946,000
Jamaica | Jewel Dunn’s River Beach Resort & Spa
Goodwill [Line Items]
Impairment Loss5,126,000
Jamaica | Jewel Paradise Cove Beach Resort & Spa
Goodwill [Line Items]
Impairment Loss $ 4,101,000

Other balance sheet items - S_5

Other balance sheet items - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total accumulated amortization $ (4,784) $ (4,504)
Indefinite-lived Intangible Assets [Line Items]
Total gross carrying value13,087 13,060
Total net carrying value8,303 8,556
Amortization expense for intangible assets300 $ 300
Casino and other licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets875 875
Management contract
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets1,900 1,900
Total accumulated amortization(261)(238)
Net carrying value, finite-lived intangible assets1,639 1,662
Enterprise resource planning system
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets6,106 6,047
Total accumulated amortization(1,310)(1,125)
Net carrying value, finite-lived intangible assets $ 4,796 4,922
Finite-lived intangible assets placed into service during period1,400
Estimated useful life (in years)7 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying value, finite-lived intangible assets $ 4,206 4,238
Total accumulated amortization(3,213)(3,141)
Net carrying value, finite-lived intangible assets $ 993 $ 1,097

Other balance sheet items - S_6

Other balance sheet items - Schedule of Trade and Other Payables (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Jan. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade payables $ 16,368 $ 23,348
Advance deposits35,492 29,707 $ 53,800
Withholding and other taxes payable36,755 37,450
Interest payable153 618
Payroll and related accruals12,497 15,668
Accrued expenses and other payables15,888 16,619
Total trade and other payables $ 117,153 $ 123,410

Other balance sheet items - S_7

Other balance sheet items - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Pension obligation $ 6,267 $ 6,231
Operating Lease, Liability, Statement of Financial Position [Extensible List]Total other liabilitiesTotal other liabilities
Lease liabilities $ 4,580 $ 4,762
Unfavorable ground lease liability2,067 2,090
Key money15,556 15,790
Other888 895
Total other liabilities29,358 29,768
Service cost component of net periodic pension cost200 $ 200
Non-service cost components of net periodic pension (benefit) cost100 600
Receipt of key money $ 0 $ 8,500 $ 8,500

Segment information - Schedule

Segment information - Schedule of Net Revenue and Reconciliation to Gross Revenue (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)segmentMar. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment4
Segment Reporting Information [Line Items]
Total revenue $ 77,746 $ 177,228
Management fees
Segment Reporting Information [Line Items]
Total revenue344 645
Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue513 950
Yucatán Peninsula
Segment Reporting Information [Line Items]
Total revenue34,678 64,274
Yucatán Peninsula | Management fees
Segment Reporting Information [Line Items]
Total revenue0 0
Yucatán Peninsula | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue0 0
Pacific Coast
Segment Reporting Information [Line Items]
Total revenue8,914 21,810
Pacific Coast | Management fees
Segment Reporting Information [Line Items]
Total revenue0 0
Pacific Coast | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue0 0
Dominican Republic
Segment Reporting Information [Line Items]
Total revenue20,895 35,632
Dominican Republic | Management fees
Segment Reporting Information [Line Items]
Total revenue0 0
Dominican Republic | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue0 0
Jamaica
Segment Reporting Information [Line Items]
Total revenue12,654 54,499
Jamaica | Management fees
Segment Reporting Information [Line Items]
Total revenue0 0
Jamaica | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue377 596
Operating Segments
Segment Reporting Information [Line Items]
Total revenue74,827 170,504
Operating Segments | Yucatán Peninsula
Segment Reporting Information [Line Items]
Total revenue33,603 62,317
Operating Segments | Pacific Coast
Segment Reporting Information [Line Items]
Total revenue8,621 21,155
Operating Segments | Dominican Republic
Segment Reporting Information [Line Items]
Total revenue20,881 35,596
Operating Segments | Jamaica
Segment Reporting Information [Line Items]
Total revenue11,722 51,436
Segment Reconciling Items | Other
Segment Reporting Information [Line Items]
Total revenue125 15
Segment Reconciling Items | Management fees
Segment Reporting Information [Line Items]
Total revenue344 645
Segment Reconciling Items | Cost reimbursements
Segment Reporting Information [Line Items]
Total revenue513 950
Segment Reconciling Items | Compulsory tips
Segment Reporting Information [Line Items]
Total revenue $ 1,937 $ 5,114

Segment information - Schedul_2

Segment information - Schedule of Owned Resort EBITDA, Adjusted EBITDA and Reconciliation to Net (Loss) Income (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Owned Resort EBITDA
Total Adjusted EBITDA $ (2,505) $ 50,343
Management fees77,746 177,228
Interest expense(18,167)(20,955)
Depreciation and amortization(20,883)(24,959)
Impairment loss(24,011)(16,173)
Loss on sale of assets(273)0
Other expense(706)(3,906)
Non-service cost components of net periodic pension cost (benefit)(100)(600)
Net loss before tax(71,696)(21,445)
Income tax benefit (provision)1,951 (1,111)
Net loss(69,745)(22,556)
Management fees
Owned Resort EBITDA
Management fees344 645
Yucatán Peninsula
Owned Resort EBITDA
Management fees34,678 64,274
Yucatán Peninsula | Management fees
Owned Resort EBITDA
Management fees0 0
Pacific Coast
Owned Resort EBITDA
Management fees8,914 21,810
Pacific Coast | Management fees
Owned Resort EBITDA
Management fees0 0
Dominican Republic
Owned Resort EBITDA
Management fees20,895 35,632
Dominican Republic | Management fees
Owned Resort EBITDA
Management fees0 0
Jamaica
Owned Resort EBITDA
Management fees12,654 54,499
Jamaica | Management fees
Owned Resort EBITDA
Management fees0 0
Operating Segments
Owned Resort EBITDA
Total Adjusted EBITDA6,545 60,669
Management fees74,827 170,504
Operating Segments | Yucatán Peninsula
Owned Resort EBITDA
Total Adjusted EBITDA7,174 24,935
Management fees33,603 62,317
Operating Segments | Pacific Coast
Owned Resort EBITDA
Total Adjusted EBITDA485 8,872
Management fees8,621 21,155
Operating Segments | Dominican Republic
Owned Resort EBITDA
Total Adjusted EBITDA1,666 7,789
Management fees20,881 35,596
Operating Segments | Jamaica
Owned Resort EBITDA
Total Adjusted EBITDA(2,780)19,073
Management fees11,722 51,436
Other corporate
Owned Resort EBITDA
Total Adjusted EBITDA(9,394)(10,971)
Segment Reconciling Items
Owned Resort EBITDA
Interest expense(18,167)(20,955)
Depreciation and amortization(20,883)(24,959)
Impairment loss(24,011)(16,173)
Loss on sale of assets(273)0
Other expense(706)(3,906)
Share-based compensation(3,179)(3,223)
Other tax expense(163)(237)
Transaction expenses(579)(586)
Severance expense(1,287)(1,198)
Non-service cost components of net periodic pension cost (benefit)57 (551)
Segment Reconciling Items | Management fees
Owned Resort EBITDA
Management fees $ 344 $ 645

Segment information - Schedul_3

Segment information - Schedule of Segment Property and Equipment and Reconciliation to Property and Equipment, Net (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Segment Reporting Information [Line Items]
Property and equipment, gross $ 2,044,345 $ 2,177,629
Accumulated depreciation(414,339)(450,246)
Property and equipment, net1,630,006 1,727,383
Operating Segments
Segment Reporting Information [Line Items]
Property and equipment, gross2,039,788 2,173,124
Operating Segments | Yucatán Peninsula
Segment Reporting Information [Line Items]
Property and equipment, gross665,284 799,849
Operating Segments | Pacific Coast
Segment Reporting Information [Line Items]
Property and equipment, gross288,339 288,328
Operating Segments | Dominican Republic
Segment Reporting Information [Line Items]
Property and equipment, gross679,286 678,900
Operating Segments | Jamaica
Segment Reporting Information [Line Items]
Property and equipment, gross406,879 406,047
Corporate
Segment Reporting Information [Line Items]
Property and equipment, gross $ 4,557 $ 4,505

Segment information - Schedul_4

Segment information - Schedule of Segment Capital Expenditures and Reconciliation to Capital Expenditures (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting Information [Line Items]
Total capital expenditures $ 2,551 $ 10,517
Operating Segments
Segment Reporting Information [Line Items]
Total capital expenditures2,494 10,403
Operating Segments | Yucatán Peninsula
Segment Reporting Information [Line Items]
Total capital expenditures681 1,580
Operating Segments | Pacific Coast
Segment Reporting Information [Line Items]
Total capital expenditures141 257
Operating Segments | Dominican Republic
Segment Reporting Information [Line Items]
Total capital expenditures645 6,932
Operating Segments | Jamaica
Segment Reporting Information [Line Items]
Total capital expenditures1,027 1,634
Corporate
Segment Reporting Information [Line Items]
Total capital expenditures $ 57 $ 114