Spanish hospitality group Palladium has released its annual results, reporting overall growth in revenues and announced plans for rapid expansion in the year 2024.

At the ongoing Fitur tourism fair in Madrid, Spanish hospitality group Palladium Hotel Group has announced a positive balance of 2023.

In a press statement, the group says that in 2023, it exceeded EUR 1 billion in volume of managed business, reaching EUR 1.69 billion, an increase of 16 pc over the previous year and confirms the sustainable growth of the company. The company says that overall its Revenue Per Available Room (RevPar) has increased by 14 pc compared to 2022.

“Overcoming the EUR 1 billion barrier in managed business volume strengthens our business model, in which growth accompanied by profitability and customer satisfaction as essential pillars, compose a win for the group,’’ says Abel Matutes Prats, President of Palladium Hotel Group.

The hotel group says that in 2023, 98 pc of its hotels were placed above the industry average in terms of recommendation index and 75 pc above the direct compset in terms of online reputation on social networks. It adds that its Palladium Rewards loyalty programme continued to grow, adding more than 25,000 new members each month and contributing up to 70 pc of revenue per direct sales channel.

“Our main objectives are to continue growing in a profitable, sustainable and responsible way.  As independent operators and owners of our brands, we strive every day to raise the level of trust of our owners and our customers,” says Jesús Sobrino, CEO of Palladium Hotel Group.

Outlining expansion and growth plans

The statement highlighted the renovation carried out at Grand Palladium Kantenah Resort & Spa, in Riviera Maya, where the hotel premiered Bravo Dinner & Dance, a new concept of entertainment, and Family Selection, the VIP service for families of the group, which, after this opening, has a total of 444 suites in three destinations across Mexico, Puerto Vallarta, Costa Mujeres and Riviera Maya.

The hotel says that its propert, Only You Hotel Sevilla will open this spring. The project will be a 5-star hotel, with 226 rooms and an important proposal of restoration and spaces for events, including a large outdoor area with a pool. This year, the group will also begin the restoration of the current Palladium Hotel Palmyra, owned by Grupo Empresas Matutes, located in the municipality of Sant Antoni in Ibiza, which, after an investment of EUR 13 million euros, will become a new 5-star hotel, the first Only You hotel in the area.

The statement adds that internationally, Only You Hotels will continue its international expansion with the opening of a 5-star property in Venice in 2025, which will be the first urban hotel of the group in Italy and the second property in management in the country for Palladium Hotel Group, which already has a resort in Sicily, Grand Palladium Sicilia Resort & Spa.

The group will also begin a process of renovation at Grand Palladium Imbassaí Resort & Spa, Brazil. Finally, after the opening of 45 Times Square Hotel in New York, Palladium Hotel Group is looking at other US cities such as Miami, Los Angeles or Chicago and other destinations in Mexico, the Middle East and the Mediterranean, where the group is studying opportunities for expansion related to the brands of its portfolio.