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Palladium Hotel Group Reports Record Growth in 2023

Palladium surpasses 1 billion euros in 2023

Palladium Hotel Group Reports Record Growth in 2023

During FITUR, the International Tourism Fair in Madrid, Palladium Hotel Group announced a record-breaking year in 2023, surpassing 1 billion euros in managed business volume, marking a 16 percent increase compared to the previous year.

The Spain-based group, boasting over 50 years of experience in the hotel industry, also reported a substantial 14 percent year-over-year growth in RevPAR, a key metric in the hotel industry.

In 2023, an impressive 98 percent of Palladium’s hotels ranked above the industry’s average recommendation index. The Palladium Rewards loyalty program witnessed significant growth, adding over 25,000 new members each month, with up to 70 percent of revenue generated through direct sales channels.

Palladium made notable enhancements to its offerings, including the renovation of the Grand Palladium Kantenah Resort & Spa, where it introduced its innovative dinner and dance concept, Bravo Dinner & Dance. Additionally, the group launched Family Service, a VIP service tailored for families, now available at resorts in Puerto Vallarta, Costa Mujeres, and Riviera Maya.

Looking ahead to 2024, Palladium Hotel Group anticipates several milestones, including the opening of Only YOU Hotel Sevilla, a 5-star, 226-room hotel in Spain. The group also plans to convert the Palladium Hotel Palmyra in Ibiza into an Only YOU Hotel through a renovation project. Furthermore, Palladium aims to expand its presence in American markets, following its successful management of the 45 Times Square Hotel in New York City. The group is exploring opportunities in cities like Miami, Los Angeles, and Chicago, as well as international destinations across the Mediterranean, Middle East, and Mexico.

Abel Matutes Prats, President of Palladium Hotel Group, expressed his satisfaction with the group’s achievements, stating, “Overcoming the €1 billion barrier in managed business volume strengthens our business model, where growth, profitability, and customer satisfaction are essential pillars.”