Palladium Hotel Group to reach record Eur 1 billion in revenues in 2023

Revenues in 2022 exceed pre-pandemic peak for Palladium Hotel Group
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Palladium Hotel
Palladium Hotel Group to reach record Eur 1 billion in revenues in 2023

Palladium Hotel Group expects to exceed Eur 1 billion of managed turnover in 2023

Spanish luxury hotel chain Palladium Hotel Group says that not only has it crossed the pre-pandemic peak revenues of 2019 in 2022, but it also expects to exceed Eur 1 billion in managed revenues in the current year.
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Palladium Hotel Group, the Spanish luxury hotel chain based in Ibiza in Spain, has announced that for the first time in its history, the company expects to exceed Eur 1 billion of managed turnover in 2023. The company says it ended the last year with total turnover of Eur 948 million, which not only exceeded the 2021 figures comfortably, but also crossed the 2019 performance by the hotel group.

In a press statement, Palladium Hotel Group says that its 2022 turnover represented 113 pc growth over 2021 and more significantly was also 26 pc more than the revenues for 2019, the year before the pandemic hit the business.

Abel Matutes Prats, President of Palladium Hotel Group

Abel Matutes Prats

‘‘We continue to consolidate the restructuring carried out in 2020, in which we separate the hotel operator, Palladium Hotel Group, from the other companies of Grupo Empresas Matutes. We are satisfied with these great results, they represent the fruition of the evolution of newly opened hotels, as well as the effort to improve the customer experience, processes and, therefore, the profitability of our management,” says Abel Matutes Prats, President of Palladium Hotel Group.

The statement adds that Jesús Sobrino, CEO of Palladium Hotel Group says that part of this success was due to the consolidation of hotels such as Grand Palladium Sicilia Resort & Spa, Palladium Hotel Menorca, Only You Hotel Valencia and Only You Hotel Málaga, which opened in 2021, as well as the addition of the TRS Ibiza Hotel and Hard Rock Hotel Marbella that opened in 2022.

The company says that its loyalty programme, Palladium Rewards, also doubled its membership in the last year, incorporating an average of 13,000 new members per month. An alliance with Wyndham Hotels & Resorts’ loyalty programme strengthens its distribution in the US making it part of the strongest and most recognised loyalty programmes with nearly 100 million members.

The hotel also has a big line-up of new openings coming up. While the Hard Rock Hotel Marbella opened its Oasis building this year with 174 rooms, including two new suite categories and a spa. Meanwhile, extensive remodeling took place in 2022 at Grand Palladium Jamaica Resort & Spa. Renovations will be underway at the Grand Palladium Kantenah Resort & Spa in Riviera Maya in 2023 and the Grand Palladium Palace Ibiza Resort & Spa.

The statement adds that Palladium Hotel Group will open its first hotel in Venice in 2025. The five-star urban venue with 168 rooms will be part of the company’s international expansion of the Only You Hotels brand.

In 2024, Only You Hotels will inaugurate a new hotel in Sevilla in Spain with 226 rooms and a large outdoor pool area. 2024 will also bring more renovation projects at hotels throughout Mexico and Punta Cana.

In terms of sustainability, Palladium Hotel Group says it has exceeded its 2022 pledge, announcing that 55 pc of the company’s global energy consumption comes from renewable sources, either by guarantees of origin or infrastructure of photovoltaic panels for self-consumption. In addition, the group has announced that 100 pc of the energy consumed in hotels in Europe, Mexico and Brazil comes from renewables.

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