Playa Hotels & Resorts N : ↓ 2023 Annual Report to Shareholders

ANNUAL REPORT

2023

Hiltonn Playa del Carmen

VALUED SHAREHOLDERS,

Playa's best in class Service From the Heart led to another excellent year in 2023, as our value proposition continued to resonate with our guests. The compelling value of our all-inclusive offering at a time of rapidly rising costs for many consumer facing items will continue to be an important competitive advantage for Playa and our ability to sustain growth in the future. We were able to deliver value to our guests while growing RevPAR 14%, leading to

UHFRUG$GMXVWHG(%,7'$DQGIUHHFDVKŴRZ7KHIXQGDPHQWDOLPSURYHPHQWLQ 2023 was led by our resorts in Jamaica, following the removal of COVID-19 related travel restrictions during the second quarter of 2022. The year was not without challenges, as the transition of resort operations at the two Jewel resorts in the Dominican Republic and adverse foreign currency exchange

UDWH ); ŴXFWXDWLRQV ZHUH PHDQLQJIXO KHDGZLQGV GXULQJ 'HVSLWH the challenges presented by FX and the two Jewel resorts in the Dominican Republic, we still managed to generate our highest annual ADR, RevPAR, and Adjusted EBITDA in the Company's history. We expect leisure demand to remain steady in 2024 and remain focused on managing what is in our control to continue offering a compelling value proposition to our guests and driving growth for our shareholders through prudent capital allocation and portfolio optimization.

2023 FINANCIAL PERFORMANCE HIGHLIGHTS

As we outlined in the beginning of the year, we expected more robust

ƓQDQFLDO UHVXOWV GXULQJ WKH ƓUVW KDOI RI GXH WR WKH QHJDWLYH LPSDFW

IURPWKH2PLFURQYDULDQWH[SHULHQFHGGXULQJWKHƓUVWKDOIRIDQGWKDW results would moderate to a more normalized level in the second half of the year. That expectation largely came to fruition as our ADR growth moderated to healthy mid-to-high single digit year-over-year growth during the second

KDOIRIWKHHDU+RZHYHURXUFRQWLQXHGIRFXVRQRSHUDWLQJHIƓFLHQFKHOSHG

RIIVHWWKHLPSDFWRIHOHYDWHGH[SHQVHLQŴDWLRQDQGPRUHQRUPDOL]HG$'5 growth. Adjusting for the impact of Hurricane Fiona related disruptions and business interruption insurance proceeds, we were able to drive year- over-year margin expansion, on a currency neutral basis, in our core legacy portfolio during the second half of 2023.

Jamaica was our standout segment of the year, with year-over-year RevPAR growth of nearly 26% driving Owned Resort EBITDA growth of 43%. We

ZHUH FRQƓGHQW WKDW -DPDLFD ZRXOG VHH D KHDOWK UHFRYHU DIWHU -DPDLFD removed their travel restrictions in the second quarter of 2022, as this was our best performing segment prior to the pandemic, and we did not believe

WKHUH ZHUH DQ VWUXFWXUDO FKDQJHV LQ WKH PDUNHW WR SUHYHQW D VLJQLƓFDQW improvement in fundamentals.

,Q WKH 'RPLQLFDQ 5HSXEOLF RXU ŴDJVKLS +DWW =LYD DQG +DWW =LODUD &DS Cana property continued to set the standard in the market and delivered another excellent year, but the segment faced a substantial headwind from the Jewel Punta Cana and Jewel Palm Beach resorts, which experienced an

XQSURƓWDEOHHDULQIROORZLQJWKHGLVUXSWLRQLQRSHUDWLRQVDVDUHVXOW of the change in resort management. Subsequently, we announced the sale of the Jewel Punta Cana resort during the fourth quarter of 2023 and are actively pursuing the disposition of the Jewel Palm Beach resort.

Despite being one of the best performing markets during the pandemic- era and leading the way during the recovery, both of our major segments in Mexico continued to show healthy fundamental growth in 2023. In anticipation of a return to more moderate levels of growth, we strategically realigned our operations management and implemented changes to our

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FRPSURPLVLQJ WKH JXHVW H[SHULHQFH 7KH HIƓFLHQF PHDVXUHV UHVXOWHG LQ year-over-year margin expansion in both of our Mexican segments during the second half of 2023, on a currency neutral basis, as RevPAR growth

PRGHUDWHG+RZHYHURXUHIIRUWVZHUHODUJHORIIVHWEWKHQHJDWLYHƓQDQFLDO impact of the appreciation of the Mexican Peso versus the U.S. Dollar, which was a $25 million headwind in 2023.

Putting it all together, we were able to deliver record Adjusted EBITDA of $272 million in 2023, despite the negative impacts from the Jewel resorts in the Dominican Republic and foreign currency exchange rate headwinds. We will continue executing our strategic objectives in 2024 and are expecting to deliver Adjusted EBITDA of $250-275 million for

WKHIXOOHDU:HLQYHVWHGLQWKHJXHVWH[SHULHQFHEVWDIƓQJRXUUHVRUWV to focus on service, which we believe will continue to pay off as our value proposition resonate with consumers.

SIGNIFICANTLY IMPROVED LIQUIDITY PROFILE AND CASH FLOWS

We entered 2023 with nearly $816 million of net debt and trailing 12-month leverage of approximately 3.4x and exited 2023 with nearly $817 million of net debt and trailing 12-month leverage of

DSSUR[LPDWHO[UHŴHFWLQJWKHVLJQLƓFDQWIUHHFDVKŴRZJHQHUDWLRQ of the business and our strategic resort portfolio optimization actions. We were able to lower our net leverage ratio while reinvesting in our assets and returning capital to shareholders through our share repurchases.

$VRXPDUHFDOOZHUHƓQDQFHGRXUGHEWDQGLQFUHDVHGWKHFDSDFLW of our Revolving Credit Facility during the fourth quarter of 2022. In April of 2023, we entered into two interest rate swaps to mitigate

WKH ŴRDWLQJ LQWHUHVW UDWH ULVN RQ RXU WHUP ORDQ GXH 6HSDUDWHO in January of 2024, we entered into FX forwards to hedge part of

RXU H[SRVXUH WR WKH ŴXFWXDWLRQV RI WKH 0H[LFDQ 3HVR SURYLGLQJ better visibility for our operations and lower volatility related to the Mexican Peso. With respect to capital allocation, our Board of Directors reauthorized a new $200 million share repurchase program in February of 2023, replacing the prior $100 million authorization announced in September of 2022. In December of 2023, our Board of Directors once again authorized another $200 million share repurchase authorization, which replaced the prior February $200 million authorization that only

had approximately $30 million remaining. During 2023, we repurchased approximately $185 million of our stock and have continued to repurchase

VKDUHVLQ*LYHQWKHIUHHFDVKŴRZJHQHUDWLRQRIRXUEXVLQHVVDQGWKH attractive valuation of our stock, we continue to believe that repurchasing shares is an attractive use of capital on a risk adjusted basis. As of March 31, 2024, we have repurchased approximately $264 million worth of shares, or approximately 20% of the shares outstanding at the time of the program reauthorization in September of 2022. We will balance strategic capital investments in our portfolio with share repurchases and intend to maintain our leverage ratios well below pre-pandemic levels.

CONTINUED PROGRESS ON STRATEGIC INITIATIVES

With the business fundamentals and net leverage ratio on healthy footing, we are focused on continuing our portfolio optimization efforts in the coming years. During the fourth quarter of 2023, we announced the sale of the Jewel Punta Cana resort for total gross proceeds of $82 million and are pursuing the disposition of the Jewel Palm Beach resort, as we realign our capital investments into our resorts with superior long-term competitive positioning and returns. Our long-term asset planning and capital investments are critical to our success, facilitating the implementation of guest feedback while adapting to changes in the market to remain relevant to guests and driving fundamentals.

2SHUDWLQJ HIƓFLHQF LV D NH VWUDWHJLF IRFXV JLYHQ WKH HOHYDWHG OHYHO RI LQŴDWLRQIRUPDQRIRXUVLJQLƓFDQWUHVRUWH[SHQVHV:HKDYHLQYHVWHGLQ

RXUSURFXUHPHQWSUDFWLFHVDQGRSHUDWLRQVWHDPVDQGZKLOHWKHHIƓFLHQF savings have been excellent thus far, we believe the potential for reducing costs has a longer runway in both procurement and core resort operations as vendor contracts mature, best practices are adapted and implemented, and the process iterates.

SANCTUARY CAP CANA

The implementation of our third-party owned and operated vacation membership club program, The Playa Collection (TPC), continued during 2023 and we expect the roll-out to all of our resorts to be completed in 2024. While operating only in a portion of our resorts during 2023, the high margin, capital light fee stream from TPC reached over $3 million during the year. We expect to see healthy

JURZWK IURP73& LQ GULYLQJ FDSLWDO HIƓFLHQW JURZWK ZKLOH DOVR strengthening our relationships with our guests and further optimizing our customer acquisition costs.

As we look ahead to 2024, I am encouraged by the demand we are seeing and our competitive positioning. Our revenue on the books for 2024 is up for every quarter of the year compared to 2023, with ADR for the comparable portfolio continuing to strengthen. Once again, I have to thank the extraordinary Playa associates at our resorts that make this all possible. They represent the very essence of hospitality and truly bring to life our Service From the Heart guest focus. I would also like

WRWKDQNRXULQYHVWRUVIRURXURQJRLQJVXSSRUWDQGFRQƓGHQFHLQWKH Playa team.

Sincerely,

BRUCE D. WARDINSKI

&KDLUPDQDQG&KLHI([HFXWLYH2IƓFHU

OUR RESORTS

DOMINICAN REPUBLIC

HYATT ZILARA	HYATT ZIVA	HILTON LA ROMANA
CAP CANA	CAP CANA	FAMILY RESORT
375 Rooms | Adults-Only	375 Rooms | All-Ages	418 Rooms | All-Ages
Cap Cana, Dominican Republic	Cap Cana, Dominican Republic	La Romana, Dominican Republic

HILTON LA ROMANA	SANCTUARY		JEWEL
ADULT RESORT	CAP CANA*	PALM BEACH
356 Rooms | Adults-Only	324 Rooms | Adults-Only	500 Rooms | All-Ages
La Romana, Dominican Republic	Punta Cana, Dominican Republic	Punta Cana, Dominican Republic
		MEXICO

JEWEL PUNTA CANA*	WYNDHAM ALLTRA SAMANA*	HYATT ZILARA CANCUN
620 Rooms | All-Ages	404 Rooms | All-Ages	310 Rooms | Adults-Only
Punta Cana, Dominican Republic	Samana, Dominican Republic	Cancun, Mexico

HYATT ZIVA	HYATT ZIVA	HYATT ZIVA PUERTO
CANCUN	LOS CABOS	VALLARTA
547 Rooms | All-Ages	591 Rooms | All-Ages	335 Rooms | All-Ages
Cancun, Mexico	Cabo San Lucas, Mexico	Puerto Vallarta, Mexico

* Managed by Playa Hotels & Resorts, owned by a third-party

WYNDHAM ALLTRA	WYNDHAM ALLTRA	WYNDHAM ALLTRA
CANCUN	PLAYA DEL CARMEN	VALLARTA*
458 Rooms | All-Ages	287 Rooms | Adults-Only	229 Rooms | All-Ages
Cancun, Mexico	Playa del Carmen, Mexico	Nuevo Vallarta, Mexico

HILTON	KIMPTON	SEADUST CANCUN
PLAYA DEL CARMEN	HACIENDA TRES RIOS*	FAMILY RESORT*
524 Rooms | Adults-Only	255 Rooms | All-Ages	502 Rooms | All-Ages
Playa del Carmen, Mexico	Playa del Carmen, Mexico	Cancun, Mexico

JAMAICA

THE YUCATAN RESORT	HILTON ROSE HALL	JEWEL PARADISE COVE
PLAYA DEL CARMEN*	RESORT & SPA	BEACH RESORT & SPA
60 Rooms | Adults-Only	495 Rooms | All-Ages	225 Rooms | Adults-Only
Playa del Carmen, Mexico	Montego Bay, Jamaica	Runaway Bay, Jamaica

HYATT ZILARA	HYATT ZIVA	JEWEL GRANDE MONTEGO
ROSE HALL	ROSE HALL	BAY RESORT & SPA+
344 Rooms | Adults-Only	276 Rooms | All-Ages	217 Rooms | All-Ages
Montego Bay, Jamaica	Montego Bay, Jamaica	Montego Bay, Jamaica

* Managed by Playa Hotels & Resorts, owned by a third-party

+ Two towers are managed by Playa Hotels & Resorts and owned by a third-party, and one tower is owned by Playa Hotels & Resorts

OUR BRANDS

WE ARE

PLAYA HOTELS & RESORTS

OPENINGS AND MILESTONES

MAR	OCT	JUN	SEP
2017	2017	2018	2018

Playa	Management of	Sagicor Acquisition	Hilton Strategic
Goes Public	Sanctuary Cap Cana	Complete	Alliance Announced

DEC	MAY	DEC	NOV
2021	2020	2019	2018

Strategic Alliance	Sale of Jewel
with Wyndham Hotels	Dunn's River
and Conversion	and Jewel
of Two Resorts	Runaway Bay

SEP

2022 Sanctuary Cap Cana debuts >ÃÌ iÜœÀ`½ÃwÀÃÌÕÝÕÀÞ Collection All-Inclusive Resort by Marriott

SEP

2022

Hyatt Zilara	Began conversion
and Hyatt Ziva	of Hilton
Cap Cana	Playa del Carmenand
Grand Opening	Hilton La Romana

	DEC
Announced the	2023	Sale of
`iÛiœ«"i˜Ìœv½ÃwÀÃÌ		Jewel
Kimpton All-Inclusive Resort		Punta Cana
in Riviera Maya

-UNITED&!,+,,+STATES

+SECURITIES-*!,!+&0ANDEXCHANGE&'%%!++!'&COMMISSION

Washington,4F;D.C. 20549

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FORM'*% 10-#K

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x ANNUAL&&-$*('*,(REPORT PURSUANT-*+-&,,'+,!'&'*7',TOSECTION 13 OR 15(d) OF THE+SECURITIES-*!,!+0EXCHANGE&,'ACTOF 1934

BEG;89<>For the fiscal year ended December 31,2023

OR'*

❑ ,*&+!,!'&*('*,(TRANSITION REPORT PURSUANT-*+-&,,'+,!'&'*7',TOSECTION 13 OR 15(d) OF THE+SECURITIES-*!,!+0EXCHANGE&,'ACTOF 1934.

COMMISSION'%%!++!'&FILE!$NO&' . 001-38012

(?4L4Playa HotelsBG8?F*8FBEGFResorts&N ..V.

(ExactK46GA4@8B9E8:<><><>name of registrant as specified in its charter)

,;8The Netherlands&8G;8E?4A7F		98-1346104
(State+G4G8BEBG;8E=HE<><><><><><>or other jurisdiction of incorporation or organization)		(IRS!*+@C?BL8E!78AG<9<64G<>Employer Identification Number)
Nieuwezijds&<8HJ8M<=7FVoorburgwal.BBE5HE:J4?104
1012+SG Amsterdam,@FG8E74@ G;8the Netherlands&8G;8E?4A7F		Not&BGCC?<645?8Applicable
(Address77E8FFB9(E<><><>of Principal Executive Offices)		(Zip2<>Code)
	[phone]
(Registrant's*8:<>Telephone Number,!A6?H7<>Including Area Code)
Securities+86HE<><><>registered pursuant to Section 12(b) of the Act:
,<>Title of Each Class	,E47<>Trading Symbol(s)	Name&4@8B946;K6;4A:8BAof Each Exchange on Which;<6;*8:<>Registered
'E7<>Ordinary Shares,RC4EI4?H8€0.10 par value	(PLYA$1	,;8&4F74D+GB6>%4E>8GThe Nasdaq Stock Market $LLC$

+86HE<><><>Securities registered pursuant to Section 12(g) of the Act: None

"E;@:8K<9P:?<:BD8IB@=K?@JKI8EK@J8N<>Indicate by check mark if the registrant is a well-known seasoned<;@JJLas8J;<=@E<;defined@Ein+LC<>405 ofF=K?<>,<:LI@K@<>Act:K. Yes2<>D 'FNo ❑

"E;@:8K<9P:?<:BD8IB@=K?@JKI8EK@JEFKI<><><>Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ❑'FNo

"E;@:8K<9P:?<:BD8IBN?<>@JKI8EK?8J=@C<;8CCI<><><:KF=Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 ;LI@E>K?DFEK?JFIJL:?J?FIK<>@JKI8EKN8JI<><>I<><><>during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the pastG8JKE@E<><>ninety (90) days. Yes D 'FNo ❑"E;@:8K<9P:?<:BD8IBN?<>@JKI8EK?8JJL9D@KK<;<><><><>LC8K@FE,Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be pursuant to Rule 405 of Regulation S-T-(§232XF=K?@J:?8GKK?DFEK?JFI=FIJL:?J?FIK<>@JKI8EKN8JI<><><>.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes D 'FNo ❑"E;@:8K<9P:?<:BD8IBN?<>@JKI8EK@J8C8I><8::<>Indicate by check mark whether the registrant is a large acceleratedI8K<;=@Can8Eaccelerated8::<><>=@C8anonEFE- accelerated8::<><>=@CJD8smallerCC<>reportingIcompany,:FDG8EP orFI8Ean <>@E>>IFNK?:FDG8EP,<<8::<><>emerging growth company. See the definitions of "large acceleratedK<;=@C^8::<><><>"accelerated filer"and8E;"smaller^JD8CC<>reportingI:FDG8EP company,"8E;^<>@E>>IFNK?:FDG8EPand "emerging growth company"@Ein

+LC<9F=K?<:KRule 12b-2of the Exchange Act.

%8I><::<><><>Large Accelerated Filer	D	Accelerated::<><><>Filer	❑
Non'FE::<><><>-AcceleratedFiler	❑	,D8CC<>FDG8EPSmaller Reporting Company	❑
		D@E>Emerging GrowthIFNK?FDG8EPCompany	❑

"=Ifan8E<>@E>emerginggrowth>IFNK?:FDG8EP company,@E;@:8K<>by9P:?<:BcheckD8IBmarkif@=K?<>I<>>@JKI8EK?8J<><><>N@K?8EPE<><>has elected not to use the extended transition period for complying with any new or revised

=@E8E:@8C8::FLEK@E>JK8E;8I;JGIFM@;<;GLIJL8EKKF,<:K@FE8F=K?<:Kfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ❑

"E;@:8K<9P:?<:BD8IBN?<>@JKI8EK?8J=@C<;8I<><><><><><><><><>Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reportingILE;<><><>under Section 404(b) of the Sarbanes-OxleyAct (15 U..S,.. 7262(b))9by9PK?<>I<>@JK<>GL9C@:public8::FLEK@E>accounting=@IDfirmK?8KthatGI<>G8I<;FI@JJL<;@KJ8L;@KI<>or issued its audit report.

"=J<:LI@K@@JK<>If securities are registered pursuant to Section 12(b) of the Act,:K @E;@:8K<>by9P:?<:BcheckD8IBmarkwhetherN?<><>K?<>=@E8E:@8CfinancialJK8K<><>F=ofK?@JKI8EK@E:CL;<;@EK?<=@C@E>I<=C<:KK?<the registrant included in the filing reflect the :FII<:K@FEF=8E<><><><>correction of an error to previously issued financial statements. ❑

"E;@:8K<9P:?<:BD8IBN?<><><><><><><><><><>Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant'sI<>@JKI8EK`J<>K?<><><>executive officers during the relevant recovery period pursuant to §240.10D-1(b). ❑

"E;@:8K<9P:?<:BD8IBN?<>@JKI8EK@J8J?<>Indicate by check mark whether the registrant is a shell companyP(as8J;<=@E<;defined@Ein+LC<>12b9-F=ofK?<>Act):K. Yes2<>❑'FNo

AsJF=of#LE<> 30, 2023, K?<>8>>I<>8K<>D8IB<>valueM8CLregistrant'sI<>@JKI8EKJordinaryFI;@E8IPJ?8I€a0.10 G8IparM8CL< value,?<>by9PnonEFE- affiliates8==@C@8K<>ofF=K?@JKI8EKN8J8GGIFO@D8K<>the registrant was approximately $1,066.2 D@CC@FEmillion(based98J<;LGFEuponK?<>closing:CFJ@E>J8C<>GI@:<>ofF=K?<>I<>@registrant'sJKI8EKJFI;@E8IPordinaryJ?8I<>onFE#LE<> 30, 2023 onFEK?<>Nasdaq)'8J;8H.

AsJF=ofFebruary<9IL8IP 20, 2024, K?<><>wereN<> 136,929,222 J?8I<>F=ofK?<>registrant'sI<>@JKI8EK`JordinaryFI;@E8IPJ?8I€a0.10 parG8Ivalue,M8CL< FLKJK8E;@E>outstanding.

DOCUMENTS'-%&,+!&'*('*,1**&INCORPORATEDBY REFERENCE

)8IKPart"""IIIF=ofK?@JthisAnnualEEL8C+<>FEonFormFID10-$@E:FIGFI8K<>9PbyreferenceI<=<>@JKI8EKJ)IFOP,K8K<><><>F=J?8Iportions of the registrant's Proxy Statement for its 2024 annual general meeting of shareholders to be9onFEMay&8P 16, 2024.

	(?4L4Playa HotelsBG8?F*8FBEGFResorts&N ..V .
	,TABLE$''&,&,+OF CONTENTS
	!+FISCAL$1*&%*YEAR ENDED DECEMBER 31,2023
	(*,!PART I	(4:8Page
	6
Item"K<>1.	LJ@E<>Business
"K<>Item 1A. +@JB8:KFIJRisk Factors	14
"K<>Item 1B. .UnresolvedEI<><>Staff Comments	30
"K<>Item 1C. CybersecurityP9<>	30
"K<>Item 2.	)IFG<><>Properties	33
"K<>Item 3.	%<>8C)IF:<<;@E>JLegal Proceedings	33
"K<>Item 4.	&@E<,8=<><>Mine Safety Disclosures	34
	(*,!!PART II
Item"K<>5.	&8IB<>=FIfor+<>@JKI8EKRegistrant'sJCommonFDDFEEquity,HL@KP +<>,KF:B?FC;Stockholder<><><><><>Matters and Issuer Purchases of Equity Securities	34
"K<>Item 6.	[Reserved]4+<><>	35
"K<>Item 7.	&8E8><><><><>Management's Discussion and Analysis of Financial Condition and Results of Operations	35
"K<>Item 7A. Quantitative*L8EK@K8K@M<8E;*L8C@K8K@M<@J:CFJLI<><>and Qualitative Disclosures About Market Risk	57
"K<>Item 8.	@E8E:@8C,K8K<><><><>Financial Statements and Supplementary Data	59
"K<>Item 9.	Changes?8E>I<<>8E;@E8E:@8C@J:CFJLI<in and Disagreements with Accountants on Accounting and Financial Disclosure	103
"K<>Item 9A. ControlsFEKIFCJ8E;)IF:<;LI<>and Procedures	103
"K<>Item 9B. Other(K?<>Information	103
"K<>Item 9C. @J:CFJLI<+<>8I;@E>FI<@>E#LI@J;@:K@FEJK?8K)I<><>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	103
	(*,!!!PART III
Item"K<>10. Directors,@I<:KFIJ ExecutiveO<:LK@M8E;andCorporateFIGFI8KFM<>	104
"K<>Item 11.	O<:LK@MExecutive Compensation	104
"K<>Item 12.	,<:LI@KP(NE<><><><><><><><>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	104
"K<>Item 13. Certain<><><>Relationships and Related -Transactions,I8EJ8:K@FEJ and8E;Director@I<:KFI"E;<><><>Independence	104
"K<>Item 14.	)I@E:@G8C::FLEK8EK<<><><>Principal Accountant Fees and Services	104
	(*,!PART IV.
Item"K<>15.	O?@9@KJ8E;@E8E:@8C,K8K<><>Exhibits and Financial Statement Schedule	105
"K<>Item 16.	FIDForm 10-$K,LDD8IPSummary	107
	,@>E8KLI<>Signatures	108

2

'*FORWARD* -$LOOKING''#!&STATEMENTS+,,%&,+

'34>,99@,7=0;:=?This annual report .contains:9?,49>K1:=B,=/7::6492>?,?0809?>LB4?349?3080,9492:1?30`forward-lookingstatements" within the meaning of the Private$=4A,?0&0Securities.@=4?40>Litigation4?42,?4:9%01:=8Reform Act.?:1of 1995.:=B,=/7::6492>?,?0809?>=07,?0?:0C;0Forward-lookingstatements relate to expectations,.?,?4:9>-beliefs,07401>;=:50projections,.?4:9>1@?@=0;7,9>,9/>?=,?0240>,9?4futureplans and strategies, anticipated.4;,?0/0A09?>:=?=09/>events or trends and,9/>4847,=0C;=0>>4:9>similar expressions .concerning:9.0=94928,??0=>?3,?,=09:?34>?:=4matters that are not historical.,71,facts.?>.:=B,=/7::6492>?,?0809?>=0170Forward-lookingstatements reflect.?:@=our .current@==09?A40B>B4?3views with =0>;0respect.??:,8:92:?30=?3492>:@=to, among other things, our .capital,;4?,7=0>:@=resources,.0>;:=?1:74:;0=1:=8,9portfolio performance,.0=0>@7?>:1:;0=,?4:9>74<@4/4?D,9/149,9results of operations, liquidity andfinancial.4,7condition.:9/4?4:9. Likewise,460B4>0:@=our consolidated.:9>:74/,?0/149,9financial.4,7>?,?0809?>,9/,77:1:@=>?,?0809?>=02,=/492,9?4statements and all of our statements regarding anticipated.4;,?0/2=:B?349:@=:;0=,?4:9>,9?4growth in our operations, anticipated.4;,?0/ 8,=60?market .conditions,:9/4?4:9>/08:2=,;34demographics.>,9/=0>@7?>:1:;0=,?4:9>,=01:=B,=/7::6492>?,?0809?>and results of operations areforward-lookingstatements.9>:80In some .cases,,>0>D:@you .can,94/09?41D?30>0identify these forward1:=B,=/7::6492>?,?0809?>-lookingstatements -byD?30@>0:1?0=849:7:2D>@theuse of terminology such.3,>K:@?7::6LKas "outlook," "believes,"-0740A0>LK0C;0"expects,".?>LK;:?09?4,7LK"potential,""continues,".:9?49@0>LK8,DL"may," KB477LK>3:@7/LK"will," "should," "could".:@7/LK>006>LK,;;=:C48,?07DLK;=0/4"seeks," "approximately," "predicts,".?>LK49?09/>LK;7,9>LK0>?48,?0>LK,9?4"intends," "plans," "estimates," "anticipates".4;,?0>L:=?30902,?4A0or the negative A0=>4:9:1?30>0B:=/>:=:?30=version of these words or other comparable.:8;,=,-70B:=/>:=;3=,>0>wordsor phrases.

'301:=B,=/7::6492>?,?0809?>Theforward-lookingstatements contained.:9?,490/49?34>,99@,7=0;:=?=0170in this annual report reflect.?:@=our current.@==09?A40B>,views about-:@?1@?@=00A09?>,9/,=0>@futureevents and are subject-50.??:to 9@80=:@>69:B9,9/@969:B9=4>6>@9numerous known and unknown risks, uncertainties,.0=?,49?40>,>>@8;?4:9>,9/assumptions and changes.3,920>49in circumstances.4=.@8>?,9.0>?3,?8,Dthat may .cause,@>0:@=,our actual.?@,7=0>@7?>?:results to differ/4110=>429414significantly.,9?7D1=:8?3:>00C;=0>>0/49,9D1:=B,=/7::6492>?,?0809?from those expressed in anyforward-lookingstatement.'301:77:B4921,Thefollowingfactors,.?:=>,8:92:?30=>among others, .could:@7/,7>:also .cause,@>0 actual,.?@,7=0>@7?>,9/1@?@=00A09?>?:/4110=8,?0=4,77D1=:8?3:>0>0?1:=?3:=results andfuture events to differ materiallyfrom those setforth or .contemplated:9?08;7,?0/49?301:=B,=/7::6492>?,?0809?>in theforward-lookingstatements:

Y• general2090=,70economic.:9:84.@9uncertainty.0=?,49?D,9/?300110and the effect.?:12090=,70ofgeneral economic.:9:84.conditions,.:9/4?4:9>49including.7@/4924917,?4:9070A,?0/49?0=0>?=,?0>inflation, elevated interest rates and,9/B:=>0949227:worsening global-,70economic.:9:84..conditions:9/4?4:9>:=7:B70A07>:10orlow levels of economic.:9:84.2=:B?3:9growth, on consumer.:9>@80=/4>discretionary.=0?4:9,=D>;09/492,9/?30spending and the 7:/249249/@>?=D49;,=?4lodging industry in particular;.@7,=

G• changes.3,920>49in .consumer:9>@80=;=010=09preferences,.0>49including.7@/492?30;:;@7,=4?D:1?30,7749the popularity of the all-inclusive.7@>4A0=0>:=?8:/07;,=?4resortmodel, particularly.@7,=7D49?307@C@=Din the luxury segment>02809?:1?30=0>:=?8,=60?,9/?30;:;@7,=4?D:1?=:;4of the resort market, and the popularity of tropical.,7-beach0,.31=:9?A,-frontvacations.,?4:9>compared.:8;,=0/?::?30=A,to other vacation.,?4:9:;?4:9>:=options or

destinations;/0>?49,?4:9>

G• changes.3,920>490in economic,.:9:84.>:social.4,7:=;:74?4or political.,7.conditions:9/4?4:9>49?30=024:9>B0:;0=,?049in the regions we operate, including.7@/492changes.3,920>49;0=in perception.0;?4:9:1;@ofpublic-74.-safety,>,10?D.changes3,920>49@908;7:D809?=,?0>,9/7,in unemployment rates and labor-:=1:=force.0,A,47,availability,-474?D,9/andchanges.3,920>49?30>@;;7D:1=::8>1=:8in the supply of roomsfi^om .competing:8;0?492 =0>:=?>resorts;

G• ?30>@the success..0>>,9/and continuation.:9?49@,?4:9:1:@==07,?4:9>34;>B4?3D,??:?07>:=;:=,?4:9KD,??L47?:9*:=7/B4/0:7/492>of our relationships with Hyatt Hotels Corporation ("Hyatt'), Hilton Worldwide Holdings, Inc9..K47?:9L,9/*D9/3,8:?07>%0>:=?>9("Hilton'), and Wyndham Hotels & Resorts, Inc..K*D9/3,8L("Wyndham');

G• ?30A:7,?474?D:1the volatility of currency.@==09.D0Cexchange.3,920=,?0>rates;

G• ?30>@the success..0>>:1:@=of our -branding=,9/492:==0or rebranding-=,9/492494?4,?4A0>B4?3:@=initiativeswith our current.@==09?;:=?1:74:,9/=0>:=?>?3,?8,Dportfolio and resorts that may -be0,acquired.<@4=0/49?30inthe

future;1@?@=0

G• our:@=1,47@=0?:>@failure to successfully..0>>[e-mail]:8;70?0,acquisition,.<@4>4?4:90C;,9>4:9=0;,4=,9/=09:A,?4:9;=:50expansion, repair and renovation projects.?>49?30?4801=,80>,9/,??30in the timeframes and at the costs.:>?>,9/=0?@=9>,9?4and returns anticipated;.4;,?0/

G• changes.3,920>B08,D8,6049?48492,9/>we may make in timing and scope.:;0:1:@=/0A07:;809?,9/=09:A,?4:9;=:50of our development and renovation projects;.?>

G• significant>429414.,9?49increases.=0,>0>49in .construction:9>?=@.?4:9,9//0A07:;809?and development .costs;:>?>

G• significant>429414.,9?49increases.=0,>0>49@?474?40>7,in utilities, labor-:=:=:?30==0>:=?orother resort costs;.:>?>

G• our:@=,ability-474?D?::to obtain-?,49,9/8,49?,49149,9andmaintain financing.492,==,920809?>:9,??=,arrangements on attractive.?4A0?0=8>:=,?,77terms or at all;

G• our:@=,ability-474?D?::to obtain-?,49,9/8,49?,49,8;7074<@4/4?D?:1@9/:;0=,?4:9>,9/>0=A4andmaintain ample liquidity to fund operations and service.0/0debt;-?

G• ?3048;,the impact.?:1,9/of and .changes3,920>492:A0=9809?,7=02@7,?4:9>:=?30091:=in governmental regulations or the enforcement.0809??30=0:1?,C7,B>,9/=,?0>49thereof tax laws and rates (including.7@/4920C;0expected.?0/ 49increases.=0,>0>49:@=in our corporate.:=;:=,?0?,C=,?0;@=>@,9??:?30@?tax rate pursuant to the Dutch.3!4948@8',CMinimum Tax Act.?,2024), accounting..:@9?4922@4/,9guidance.0,9/>4847,=and similar 8,??0=>49=024:9>49B34matters in regions in which.3B0:;0=,?0we operate;

G• ?30,the ability-474?D:1:@=2@0>?>?:=0,ofour guests to reach.3:@==0>:=?>24A092:A0=9809?8,9/,?0/?=,A07=0>?=4our resorts given government mandated travel restrictions,.?4:9>>@such.3,>?3:>0=07,?0/?:as those related to #):=:?30=;@COVID-19or other public-74.30,7?3health .crises,=4>0>:=,4=7490>0=A4orairline service/capacity.0 .,;,.4?D4>>@0>,>B077,>issues, as well as .changes3,920>49/08,9/1:=:@==0>:=?>in demandfor our resorts =0>@7?4921=:82:A0=9809?8,9/,?0/>,10?D;=:?:resultingfrom government mandated safety protocols.:7>and/or,9/ :=30,7health?3concerns,.:9.0=9>49including.7@/492?3:>0=07,?0/?:#):=those related to COVID-19or other:?30=;@public-74.30,7?3health .crises;=4>0>

G• ?300110the effectiveness.?4A090>>:1:@=49?0=9,7of our internal .controls:9?=:7>,9/:@=and our corporate.:=;:=,?0;:74policies.40>,9/;=:andprocedures;.0/@=0>

3

G• changes.3,920>49;0=>:9907,9/,A,47,in personnel and availability-474?D:1<@,74140/;0=>:9907ofqualified personnel;

G• 0C?=080B0,?30=0A09?>>@extreme weather events, such.3,>3@==4as hurricanes,.,90>?>@9,84>?:=9,/:>17::/>,9/0C?=08030,?B,A0>B34tsunamis, tornados, floods and extreme heat waves, which.38,D49may increase.=0,>049in frequency1=0<@09.D,9/>0A0=4?D,>,=0>@7?:1and severity as a result of .climate748,?0.change,3,920,9/:?30=9,?@=,7:=8,98,/0/4>,>?0=>>@and other natural or man-madedisasters such.3,>/=:@23?>B47/14=0>as droughts, wildfires or:=:47>;477>oil spills;

G• dependence/0;09/09.0:9?34=/;,=?40>?:;=:A4/09?0=90??070on thirdparties to provide Internet, telecommunications.:88@94.,?4:9>,9/90?B:=6and network .connectivity:990.?4A4?D?::@=/,?,to our data centers;.09?0=>

G• cyber.D-0=49incidents.4/09?>,9/491:=8,?4:9?0andinformation technology.39:7:2D1,47@=0>failures;

G• ?30A:7,?474?D:1?308,=60?;=4the volatility of the market price.0,9/74<@4/4?D:1:@=:=/49,=D>3,=0>,9/:?30=:1:@=>0and liquidity of our ordinary shares and other of our securities;.@=4?40>,9/and

G• ?3049the increasingly.=0,>4927D.competitive:8;0?4?4A009A4=:9809?49B34environment in which.3B0:;0=,?0we operate.

*34701:=B,=/7::6492>?,?0809?>=0170Whileforward-lookingstatements reflect.?:@=2::/1,4?3our goodfaith -beliefs,07401>?30D,=09:?2@,=,9?00>:11@?@=0;0=1:=8,9theyare not guarantees offuture performance.0.'30:8;,9DThe Company disclaims/4>.7,48>,9D:any obligation-742,?4:9?:;@to publicly-74.7D@;/,?0:==0A4>0,9D1:=B,=/7::6492>?,?0809??:=0170updateor revise anyforward-lookingstatement to reflect.?changes.3,920>49@9/0=7D492,>>@8;?4:9>:=in underlying assumptions or factors,1,.?:=>90B491:=8,?4:9/,?,:=80?3:/>1@?@=00A09?>:=:?30=new information, data or methods, future events or other changes.3,920>,1?0=?30/,?0:1?34>,99@,7=0;:=?0Cafter the date of this annual report, except.0;?,>=0<@4=0/as required -byDapplicable,;;74.,-707,Blaw.+:@>3:@7/9:?;7,Youshould not place.0@9/@0=074,9undue reliance.0:9,9D1:=B,=/7::6492>?,?0809?>B34on anyforward-lookingstatements, which.3,=0are -based,>0/:97D:9491:=8,?4:9onlyon information currently.@==09?7D,A,47,available-70?:@>:=?:?34=/;,=?40>8,6492?301:=B,=/7::6492>?,?0809?>tous (or to third parties making theforward-lookingstatements).

(970>>?30Unless the .context:9?0C?=0<@4=0>:?30=B4>049?34>,99@,7=0;:=?B0@>0?30?0=8>K?30:8;,9DLKrequires otherwise, in this annual report, we use the terms "the Company," "Playa,"$7,D,LK:@="our .company,":8;,9DLKB0L K@>LK:@=L,9/>4847,==010=09"us," "our" and similar references.0>?:=010=?:to refer to Playa$7,D,:?07>%0>:=?>"Hotels & Resorts NV,) ,@?a Dutch.3;@public-74.7484?0/74,limited liability-474?Dcompany.:8;,9D9,,87:E0(naamloze A099::?>vennootschap),.3,;,9/B30=0,;;=:;=4,?04?>>@and, where appropriate, its subsidiaries->4/4,=40>.

*46GBE+H@@4ELRisk Factor Summary

*0,=0;=:A4/492?301:77:B492>@88,=D:1?30=4>61,We are providing thefollowing summary of the riskfactors.?:=>.contained:9?,490/49?34>99@,7%0;:=?:9:=8?:093,9in this Annual Report on Form 10-Kto enhance.0?30the =0,/,readability-474?D,9/,and accessibility..0>>4-474?D:1:@==4>61,ofour riskfactor.?:=/4>disclosures.7:>@=0>.*009We encourage.:@=,20:@=>3,=03:7/0=>?:our shareholders to carefully.,=01@77D=0A40B?301@77=4>61,review thefull riskfactors.?:=>contained.:9?,490/49?34>99@,7%0;:=?:9:=849?304=09?4=0?D1:=,//4?4:9,7491:=8,?4:9=02,=/492?30=4>6>,9/@9in this Annual Report on Form 10-Kin their entiretyfor additional information regarding the risks and uncertainties.0=?,49?40>?3,?that could.:@7/.cause,@>0:@=,our actual.?@,7=0>@7?>?:A,=D8,?0=4,77D1=:8=0results to vary materiallyfrom recent.09?=0>@7?>:=1=:8:@=,9?4results orfrom our anticipated.4;,?0/1@?@=0=0>@7?>future results.

• General<><><>@E>@E;LJKIP:FLC;?8M<8D8K<><>economic uncertainty and weak demand in the lodging industry could have a material adverse effect on us.

G•	+<:E@=@:8EK@E:I<8J<><><><><><><>Recent significant increases in inflation and interest rates could adversely impact us and our customers.
Y•	0<8IWe are exposed to significant risks related to the geographic :FE:<>ofF=ourFLIresorts,I@E:CL;@E>includingweatherN<8K?<> relatedI<>
	<><>naturalE8KLI8C;@J8JKand8E;@EJK89@C@KPinstability@Ein>FM<><>and8E;GL9C@:J8=<>public safety.
Y•	0E@=@:8EK<><>We have significant exposure to currency exchange rate risk.
Y	-Terrorist<>acts,8:KJ armed8ID<;:FE=C@:K conflict,:@M@CcivilLEI:I@D@E8Ccriminalactivity8:K@M@KPand8E;threatsK?I<8KJthereof,K?<>and8E;otherFK?<>@EK<>events<><>@DG8:K@E>impactingK?<the
	securityJ<:LI@KPF=KI8M<><><><><><><><><><>of travel or the perception of security of travel could adversely affect the demand for travel generally and demand for
	M8:8K@FEG8:B8><><>vacation packages at our resorts.
G•	GlobalCF98C?<8CK?healthpandemics,G8E;epidemics,<>and/8E;orFIFK?<>;@J<8J<>FLK9Ioutbreaks<8BJ:FLC;?8M<8J@>E@=@:8EKD8K<><>could have a significant material adverse effect on our
	business,9LJ@EI<>ofF=FG:8J?cash=CFNJflowsand8E;=@E8E:@8Cfinancialcondition:FE;@K@FE.
Y•	Our(LIJL::<><><>success depends in large part on the success of our third-partybrand partners.
Y•	"=N<8I<><>If we are not able to satisfy the requirements imposed by our thirdK?@I; -G8IKPpartybrand9I8E;partners,G8IKEourFLII<>withN@K?theseK?<>partnersG8IKE<>J
	could:FLC;;<><>deteriorate.
Y	-There?<><><><>are very few restrictions on the ability of our third-partyIKPbrand9I8E;partners,G8IKE@E:CL;@E>including!P8KK Hyatt,toKFcompete:FDG<>withN@K?usLJ.
Y	-There?<>CF98C?FJG@K8C@KP9I8E;<;:FDG8E@<>D<>isincreased competition from global hospitality branded companies in the all-inclusivemarket segment.
Y•	-The?resultsF=ofFG<>operationsofF=ourFLIresortsI<>mayD8Pbe9<adversely8;M<><>affected8==<:K<;by9PM8I@FLJvariousFGoperatingrisksI@JBJcommon:FDDFEtoKFtheK?@E>lodging
	@E;LJKIP industry,including@E:CL;@E>:FDGoverFM<> supplyJLGGCPand8E;dependence;<><><>onFEtourism,KFLI@JD whichN?@:?:FLC;could?8M<>a8materialD8K<>adverse8;M<><==<:KeffectonFEusLJ.
Y•	Our(LII<>;<><>acquisition,8:HL@J@K@FE repositioningIand8E;rebrandingI<9I8E;@E>GIFA<:KJprojectswillN@CCbe9 budgeting9L;>
	and8E;FK?<>other risks.

• Given@M<>theK?<>toKF<><><>weatherN<8K?<>events,<>suchJL:?as8J?LII@:8E whichN?@:?D8P@E:I<8J<@E=I<><><><><8E;8;M<><><>may increase in frequency and severity as a result of climate change and adversely affect our business.

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