SunTrust analyst C. Patrick Scholes lowered his price target on Playa Hotels & Resorts (PLT) to $13 from $14 but kept his Buy rating after its earnings call. The analyst notes that the company's decision to postpone the non-board approved projects in favor of stock buyback is prudent. Scholes adds that the earnings call suggested that Paya Hotels' "big ROI projects - two Hilton (HLT) conversions and Cap Cana - are currently on time and on budget", which he sees as important given their expected EBITDA contributions in future years.

Reports Q1 revenue $2.573, consensus $2.55B. Q1 system-wide comparable RevPAR increased 2.0%, on a currency neutral basis, compared to the same period in 2023. Christopher J. Nassetta, President & CEO, said, "We are pleased to report a strong first quarter with bottom line results meaningfully exceeding our expectations, further demonstrating the power of our resilient, fee-based business model and strong development story. During the first quarter, system-wide RevPAR increased 2.0 percent as renovations, inclement weather and unfavorable holiday shifts weighed on performance more than anticipated. On the development side, we continued to see great momentum across signings, starts and openings. As a result of our record pipeline and the growth pace we've seen to-date, we expect net unit growth of 6.0%-6.5% for the full year, excluding the planned acquisition of the Graduate Hotels brand."