Playa Hotels & Resorts N : ↓ ESG & Sustainability Report (6.8 MB)
PLAYA HOTELS & RESORTS 2022 SUSTAINABILITY REPORT PLAYA HOTELS... Playa Hotels & Resorts has released its inaugural Sustainability Report, which highlights its journey towards reducing our environmental impact and building sustainable relationships within the community. The report covers environmental and social data for the period between January 1, 2022 and December 31, 2022, including the Global Reporting Initiative (GRI) Index, Sustainable Accounting Standards Board (SASB), and Taskforce on Climate-Related Financial Disclosures (TCFD) disclosures. In 2022, Playa Hotel and Resorts continued to focus on incorporating sustainability into our day-to-day operations. The company also began the process of developing a sustainable management system called Playa Cares™, inspired by the four strategic pillars of sustainable tourism established by the Global Sustainable Tourism Council (GSTC). Social responsibility is a key component of Playa's culture and is reflected in many programs conducted by or for employees. The Ernesto Oliver Lopez Memorial Fund, established in memory of one of our employees who passed away due to COVID-19, aids Playa employees in need of emergency financial aid. The firm also prioritized employee development and community engagement efforts.
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I am proud to share our inaugural Sustainability Report, which highlights Playa Hotels and Resorts' journey towards our goals of reducing our environmental impact and building sustainable relationships within, and beyond, the Playa community.This report discloses our environmental and social data for our owned and/or managed properties during the period of January 1, 2022 to December 31, 2022, unless otherwise noted. We have also included our Global Reporting Initiative (GRI) Index, Sustainability Accounting Standards Board (SASB), and Taskforce on Climate-Related Financial Disclosures (TCFD) disclosures to reflect 2022 operations and our current best practices. These disclosures are located in the Appendix of this report. In 2022, we continued to focus on incorporating sustainability throughout our day-to-day operations. Our environmental sustainability program, Playa Green, guides our efforts to address risks related to climate change impacts and keeps us accountable to our stakeholders. Whether it was the on-going effects of the COVID-19 pandemic or disruption related to Hurricane Fiona in the Dominican Republic, the Playa team showed great perseverance and rose to the challenge of handling the adverse impacts of these events with care for all our stakeholders. We understand the importance of adapting to the challenges posed by climate change and actively incorporate capital expenditure projects into our planning to improve the climate resiliency of Playa properties. We recently initiated Playa's first tri-generation project to reduce the electrical energy consumption of our resorts through heat recovery. We are also pursuing clean energy projects at our properties. In March 2022, we began the process of developing a sustainable management system called Playa Cares™, accelerating the momentum of our corporate social responsibility (CSR) journey. Launched in May 2023, Playa Cares™ is informed by the four strategic pillars of sustainable tourism established by the Global Sustainable Tourism Council (GSTC). This system helps translate our vision of being a leader in the all-inclusive hotel industry segment, while upholding sustainable tourism principles. From a governance perspective,our Environmental,Social and Governance (ESG) Committee oversees Playa's commitment to incorporating environmental sustainability, social responsibility, and governance into our daily operations and updates the Board on its activities directly at least annually. In 2022, we established a shadow board comprised of associates from all areas of our business who meet with me quarterly to share innovative ideas and feedback to enhance everything from our resort offerings to marketing initiatives to employee benefit programs. The diverse perspectives from our shadow board provide exposure for our associates and up-and-coming talent, while also contributing to Playa's growth and evolution as a company. On the community engagement side, social responsibility is a key component of Playa's culture, and this is reflected in many of the programs conducted by or for our employees.In 2022,we donated clothing,toiletries, and other necessities to communities in Florida, Mexico, Jamaica, and the Dominican Republic. We also partnered with community organizations to conduct cleanup efforts within ecosystems that require environmental protection, such as waste collection on International Coastal Cleanup Day by Jewel Grande Montego Bay employees in September 2022. In addition, the Ernesto Oliver Lopez Memorial Fund,which was established in memory of one of our employees who passed away as a result of COVID-19, aids Playa employees in need of emergency financial aid. In 2022, the fund continued to accept donations from employees and community members directly benefiting Playa employees in need of financial assistance. I firmly believe that prioritizing our employees is key to Playa's work culture. We place a strong emphasis on valuing the diverse backgrounds within our workforce. An event that comes to mind occurred in May 2022, at Hyatt Ziva Cancun, where employees came together to enhance their understanding of various cultural perspectives and specific issues surrounding diversity. In addition, on March 8, 2022, International Women's Day was celebrated at Wyndham Alltra Playa del Carmen and associates partook in a dynamic female empowerment workshop. Fostering a culture of environmental consciousness and inclusive growth is integral to the success of our sustainability efforts at each of our properties. I sincerely appreciate all Playa employees' diligent efforts and dedication to continuous improvement. I also commend the hard work of our Playa Cares™ Leaders, who have implemented the programs and initiatives under Playa Cares™ at their respective properties. With the sustainability landscape in constant evolution, we will keep track of regulatory developments and engage with industry groups to ensure that Playa's current strategy reflects our stakeholders' needs in 2024 and beyond. I appreciate your interest in our Sustainability Report, and we look forward to welcoming you to a Playa property in the future.
This report is Playa Hotels and Resorts' ("Playa", "Company") inaugural sustainability report, showcasing our journey and progress on environmental, social, and governance efforts and performance during the periods from January 1, 2022 to December 31, 2022, unless otherwise noted. The boundaries of this report, unless otherwise noted, include all owned and/or managed resorts in Playa's portfolio. Pertaining to environmental data, metrics are based on FY2022 data from all managed and owned resorts except: resorts that we did not manage for all of 2022 (Jewel Palm Beach, Jewel Punta Cana, Hyatt Zilara Riviera Maya, and Wyndham Alltra Vallarta) and resorts that were not operational in 2022 (Seadust Cancun Family Resort and Kimpton Hacienda Tres Rios Resort). Social data was limited to owned resorts. Any financial metrics are provided in U.S. Dollars. Please note that our environmental and social data have not been third party verified. This report includes ESG performance tables and disclosures in accordance with the SASB, the TCFD framework, and the GRI Index. This report may contain "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These statements are identifiable by the fact that they do not relate strictly to historical or current facts. Forward- looking statements reflect our current views with respect to, among other things, our capital resources, portfolio performance, results of operations, liquidity and financial condition, including, but not limited to, statements regarding the anticipated performance of our hospitality portfolio, development and acquisition plans, including those related to any joint ventures and other business or operational issues. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this annual report, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements). This report is current as of December 4, 2023.
Establishing a robust ESG foundation commences with solid governance structures. In 2020, we formed our ESG Committee to enhance the centralization and coordination of our sustainability endeavors. As we progressed with our CSR initiatives, we identified the necessity for our own sustainable management system, initiating its development in 2022. The culmination of our dedicated efforts resulted in the launch of Playa Cares™ in 2023. We uphold the utmost integrity and ethical standards in our business activities and transactions. Our Code of Business Conduct and Ethics Our ESG Committee, which includes our Chief Operating Officer, General Counsel, Chief People Officer, Senior Vice President, Investor Relations & Strategy and Assistant Corporate Controller, is overseen by the Nominating and Governance Committee (NGC) of our Board. It is an organization-wide task force with representation from multiple areas of Playa dedicated to obtaining a broader reach for idea generation and effectively promoting best practices and cross-collaboration related to corporate social responsibility and sustainability. Our ESG Committee oversees Playa's commitment to incorporating environmental sustainability, social responsibility, and governance into our daily promotes honest and ethical conduct, ensuring transparent and accurate public communications, complying with governmental laws and regulations, promptly reporting code violations internally, and accountability for adherence to the code. We also execute such policies and procedures around risk management, risk assessments, and stakeholder engagement to continually enhance the ESG program and manage climate-related risks and exposures across our portfolio. operations at all levels with an emphasis on reducing our environmental impact, mitigating risks, improving our communities and driving value for all our stakeholders. The ESG Committee reports directly to the NGC regarding Playa's activities over corporate social responsibility and sustainability matters and the external reporting thereof (including matters relating to diversity and inclusion). The NGC regularly updates the Board on the activities of the ESG Committee. The ESG Committee also updates the Board on its activities directly, at least annually.
The United Nations Environment Program (UNEP) and the World Tourism Organization (WTO) define sustainable tourism as tourism that takes full account of its current and future economic, social and environmental repercussions, meeting the needs of visitors, industry, environment, and host communities. In addition, they affirm that sustainable tourism refers to the environmental, economic and socio-cultural aspects of tourism development and an appropriate balance must be established among these three dimensions to guarantee its long-term sustainability. In line with these definitions, Playa launched Playa Cares™, our own Sustainable Management System, in May 2023. Playa Cares™ is built on the four strategic pillars of Sustainable Tourism established by the GSTC, which allow us to align each of our programs and initiatives with global efforts to change the tourism industry into a driver of sustainable development.
• Protection of our Ecosystems - Sustainable Use of Resources Playa Cares™ seeks to comply with the following objectives in each of the destinations where we operate:
• None To make optimal use of environmental resources, while maintaining essential ecological processes, helping to conserve the natural heritage and biodiversity, and effectively contributing to climate action.
• None To respect, preserve, and promote local communities' sociocultural authenticity, cultural heritage, traditional values, and intellectual rights.
• None To operate safely and prepare our operation to adequately respond to any type of risk, guaranteeing the well-being of our guests, visitors, associates, and contractors, within our resorts and offices.
• long-term economic operations,by providing socio-economic benefits to all stakeholders, including stable employment opportunities, income generation, and social services to local communities.
• None To maintain a high level of satisfaction for our guests and ensure a significant experience, by actively involving them in sustainability issues of the destinations they visit and promoting sustainable tourism practices among them.
• None To comply with all applicable local, national, and international legislation and regulations related to our Industry and type of activities. Playa Cares™ is organized into 12 Programs, which are key elements for the sustainable management of the company's resources, and their implementation is mandatory for all Playa resorts.
The implementation of Playa Cares™ in each of our resorts and offices is the responsibility of the Playa Cares™ Committee. The Playa Cares™ Committee is responsible for planning, implementing, monitoring, and adapting the programs and initiatives defined within the Playa Cares™ Sustainable Management System in each of the Playa resorts. Each property has a Playa Cares™ Committee that meets on a monthly basis to review metrics and projects, and create and follow up on its action plans. Obeying the law both in letter and in spirit is the foundation on which the Company's ethical standards are built. Playa has adopted a Code of Business Conduct and Ethics ("Code") to operationalize these values. The Code covers a wide range of business practices and procedures. In addition, we take a zero-tolerance approach to bribery and corruption. Our Anti-Bribery and Anti-Corruption Policy establishes the obligations of Playa, and of those working for and on behalf of Playa, in observing and upholding our position against bribery and corruption, and to provide guidance on how to recognize and deal with bribery and corruption issues. For further information, refer to: Our Enterprise Risk Management Program (ERMP) was established to oversee overall risk management across the Company. The program is managed by the Risk Management Committee (RMC), a cross-functional team comprising of executives from Finance, IT, and Development. In conjunction with the ESG Committee, the RMC completes a review and strategic planning session of climate-related risk and opportunities. The results of the ERMP Risk Assessment are reviewed with senior management and are presented to the Audit Committee and Board of Directors annually. Similar to the process to identify risks, the ESG Committee then works with various departments including Operations, Engineering, Legal, Finance, and Development to manage climate- related risks. The ESG Committee conducts monthly meetings and engages functional departments according to our relevant programs such as Playa Green. ESG updates are provided by the ESG Committee to the CEO on a routine basis, to the NGC semi-annually, and to the Board annually. Additional meetings and other forms of engagement are conducted with management, where required, to advance our sustainability objectives. Needs, risks, and considerations are discussed and elevated from the property level to our area directors and top down in the sharing of best practices. Climate-related risks and considerations are factored into our capital allocation and strategic planning on a regular basis as part of our annual budgeting and recurring risk assessments to pro-actively address these concerns. The ESG Committee also works in conjunction with the RMC to incorporate and capture climate-related risks in the Company's broader ERMP. Our risk assessment process incorporates sustainability risks into company strategy and identifies and prioritizes sites that are high risk. Given our footprint across several countries and regions, we aim to incorporate best practices to anticipate regulatory changes and adjust our operations accordingly with emphasis on risks and changes that are estimated to be highly likely in the short-medium term, pose potentially serious consequences if left unaddressed, or provide favorable return on investment characteristics. The most significant climate-related risk for our portfolio pertains to extreme weather events (particularly hurricanes) and local infrastructure as it relates to water and electricity. We adapt to these risks by investing in property and business interruption insurance policies. Refer to our TCFD disclosure (see 'TCFD' on page 42) to learn more about Playa's processes in identifying, assessing, and managing climate-related risks and opportunities. Guests: We have several initiatives that improve the guest's sustainability experience within our properties. Most of our resorts have obtained Green Globe certification, and we intend to pursue this certification for new properties entering our portfolio. We request guests at participating resorts to take part in several initiatives, such as the reduction of single use of plastics (i.e., straws, plastic bags), saving water by using water dispensers, and promoting local culture through food, festivities, and folklore. Employees and communities: Refer to sections Playa Health and Safety and Playa Community for more information on how we build lasting relationships with and enhance the lives of our associates and the communities in which we operate. Investors: We provide important disclosures to investors by posting them in the investor relations section of our website.
المواضيع: Markets, ESG