Palladium Hotel Group Announces Record-Breaking Revenue and Expansion Plans

Palladium Hotel Group, a renowned Spanish hotel management company, marked a significant milestone in 2023 by generating an annual revenue surpassing €1 billion, as announced at Spain’s premier travel trade show, FITUR. This accomplishment represents a 16% increase over the previous year, signalling a strong trajectory in sustainable growth for the group.

Abel Matutes Prats, President of Palladium Hotel Group, highlighted the significance of this achievement, stating, “Surpassing the threshold of 1 billion euros in revenue reinforces our business model, where growth accompanied by the essential pillars of profitability and customer satisfaction is a winning bet.” This statement underlines the group’s commitment to a business strategy that balances financial success with customer fulfilment.

The group also reported notable improvements in its REVPAR, which rose by 14% compared to 2022. These figures are a testament to the group’s robust performance, outpacing industry standards. According to ReviewPro, 98% of Palladium’s hotels exceeded the industry average on the recommendation index, and 75% surpassed their direct competitors in online reputation across social networks. The Palladium Rewards loyalty program has been a significant contributor to this success, gaining over 25,000 new members monthly and accounting for up to 70% of the group’s direct sales revenue.

Jesús Sobrino, the CEO of Palladium Hotel Group, emphasized the group’s strategic vision, saying, “Our main objectives are continuing to grow profitably, sustainably, and responsibly. As independent operators and owners of our brands, we strive every day to elevate the trust of our owners and customers.” This approach reflects the group’s dedication to sustainable and responsible growth while maintaining independence in brand operation.

A highlight of 2023 for the group was the renovation of the Grand Palladium Kantenah Resort & Spa in Riviera Maya, which introduced a new entertainment concept, Bravo Dinner & Dance, and an enhanced VIP offering for families, Family Selection. These innovations are part of the group’s continuous effort to enhance guest experiences. The group’s expansion in Mexico now totals 444 suites across three destinations: Puerto Vallarta, Costa Mujeres, and Riviera Maya.

Looking ahead to Spring 2024, the group plans to open the doors of the Only YOU Hotel Sevilla, a 5-star hotel with 226 rooms and extensive dining and event spaces, including a spacious outdoor pool area. Additionally, the group will begin transforming the Palladium Hotel Palmyra in Ibiza into a new five-star hotel with a 13 million euro investment.

The group’s international presence will further expand with the opening of a five-star hotel in Venice in 2025, marking its first urban hotel in Italy. This venture follows the success of the Grand Palladium Sicilia Resort & Spa in Sicily, adding another prestigious property to its Italian portfolio.

In Brazil, renovations are set to commence at the Grand Palladium Imbassaí Resort & Spa, underscoring the group’s commitment to maintaining high standards across its properties.

The group’s recent opening of the 45 Times Square Hotel in New York symbolizes its ambition to extend its reach further, eyeing cities like Miami, Los Angeles, and Chicago in the United States and exploring opportunities in Mexico, the Middle East, and the Mediterranean.

Palladium Cares, the group’s CSR initiative, has made significant strides in 2023. The project, centred around three pillars – Our People, Our Community, and Our Planet – has launched the first training centres in the Americas. In collaboration with 30 NGOs, the “4 causes to take action” project, which focuses on childhood, inequality, planet, and elderly care, has already conducted 56 activities involving over 300 volunteers.

The initiative’s success extends to Central America and the Caribbean, where training centres in Jamaica and tailored curriculums in Mexico have been established in partnership with the Origen Foundation. These efforts are geared towards benefiting local communities and bridging the inequality gap.