Related party transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Related party transactions

Related 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. 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. Hyatt also owns Apple Leisure Group (“ALG”), the brand management platform AMResorts, and various tour operators and travel agencies.

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 (our “Board”). We pay Sagicor for employee insurance coverage at 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.

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 and six months ended June 30, 2024 and 2023 were as follows ($ in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Transaction	2024		2023		2024		2023
Revenues
Sagicor	Cost reimbursements(1)	$	897	$	1,270	$	1,992	$	2,747
Expenses
Hyatt	Franchise fees(2)	$	9,263	$	9,309	$	20,562	$	19,263
Sagicor	Insurance premiums(2)	$	403	$	377	$	797	$	697
Chief Executive Officer	Lease expense(3)	$	162	$	153	$	315	$	349
AMResorts	Management fees(2)	$	—	$	—	$	—	$	41
AMResorts	Marketing fees(3)	$	—	$	—	$	—	$	37

________

(1)Equivalent amount included as reimbursed costs in the Condensed Consolidated Statements of Operations.

(2)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.

(3)Included in selling, general, and administrative expense in the Condensed Consolidated Statements of Operations.