- **Q4 EBITDA Surpasses Expectations**: $67.1 million, boosted by $1.1M insurance proceeds and 200bp FX tailwind.
- **Segment Strengths**: Dominican Republic up 9%, Yucatan ADR growth 4% despite 15% EBITDA decline.
- **Challenges Remain**: Jamaica EBITDA down 36.2%, $25M advisory impact, and 25% Asian guest recovery.
- **Share Repurchases**: $25M in Q4, total $376M since 2022, signaling confidence in long-term value.

**【Management Opening Remarks】**
- The call focuses on Q4 2024 results due to the pending Hyatt transaction, with no Q&A session.
- The Board recommended the $13.50 per share tender offer, emphasizing shareholder value and operational achievements.

**【CFO Financial Highlights】**
- **EBITDA Performance**: Owned resort EBITDA of $67.1 million in Q4, driven by $1.1 million in business interruption insurance proceeds and 200 basis points FX tailwind.
- **Segment Breakdown**: 
  - **Yucatan**: 15% EBITDA decline vs. Q4 2023, offset by cost efficiency and 4% ADR growth.
  - **Dominican Republic**: 9% underlying profit growth, excluding sold properties.
  - **Jamaica**: 36.2% EBITDA decline due to U.S. travel advisory and Hurricane Beryl impact.
- **FX Impact**: 200 basis points tailwind in Q4, with 2025 hedges expected to add MXN 19.5 rate benefit.
- **Capital Allocation**: $25 million share repurchases in Q4, total $376 million since 2022; 2024 capex $97 million (slipped to 2025).
- **Guest Mix**: Direct bookings at 47.6%, with Playaresorts.com driving 13% of transient revenue.

**【Key Challenges】**
- Hurricane Beryl disrupted Q3 and Q4, with $3.2 million in insurance proceeds.
- Pacific Coast renovation delays cost $10 million, Jamaica advisory reduced RevPAR by 16%.
- Asian guest mix recovery at 25%, limiting diversification benefits.

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