Palladium Hotel Group closed 2024 with a highly positive balance sheet, achieving a managed business volume of more than 1.2 billion euros, an increase of 12% over the previous year. This result consolidates its position among the elite of hotel companies and reflects sustained growth based on a healthy and profitable expansion strategy. The group also posted a 10% increase in RevPAR (revenue per available room), driven by a 3% increase in occupancy and a 7% increase in average price. In addition, direct sales share grew by a remarkable 19% compared to 2023, reaching 29%. Abel Matutes Prats, Chairman of Palladium Hotel Group, emphasized: “In 2023, the group already reached an important milestone, entering the elite of hotel companies that exceed 1 billion in turnover. In 2024 we have consolidated that achievement, growing at double digits, and we start the year with positive forecasts, which we hope will allow us to solidly consolidate our business model, based on a healthy and profitable growth strategy, always seeking to offer our guests a unique and unforgettable experience.”
2024 Milestones
During 2024, Palladium Hotel Group not only achieved a strong economic performance, but also consolidated key projects. In Europe, the company celebrated the opening of the Only YOU Hotel Sevilla in April and its return to Barcelona with the 45 Times Barcelona Hotel in November. In the Caribbean, the addition of The Signature Level premium program to the Grand Palladium Lady Hamilton Resort & Spa in Montego Bay (Jamaica), a proposal that reinforces the company’s commitment to exclusive services, stood out.
2025 Project Highlights
Looking ahead to 2025, the group remains committed to innovation with strategic projects such as the opening of The Unexpected Ibiza Hotel, scheduled for April. This hotel, with 181 rooms and suites, will include a high-end culinary and entertainment offer and will be the first of the new brand The Unexpected Hotels, inspired by the iconic Ushuaïa Ibiza Beach Hotel. The concept is looking to expand internationally, with an opening already confirmed in the United Arab Emirates for 2027, in partnership with Al Marjan and Almal Real Estate Development. The project will involve an investment of more than $100 million and will have 422 rooms. In January of this year, the Grand Palladium Select Costa Mujeres became part of the exclusive Grand Palladium Select Collection, a portfolio that will be expanded with the Grand Palladium Select Palace Ibiza, scheduled to open in April, and the Grand Palladium Select Bávaro in Punta Cana, which will arrive in late 2025.
Expansion plans: Asia and the Middle East as key targets
Palladium Hotel Group ‘s ambitious expansion plan includes, for the first time, its entry into Southeast Asia, with destinations such as Singapore, Vietnam, Indonesia and Thailand. In addition, the group seeks to strengthen its presence in the Middle East, with a special focus on Saudi Arabia and the United Arab Emirates. As for projects already confirmed, the Only YOU Hotel Venice Bonvecchiati is expected to open in the second half of 2026, while the same year will see the conversion of the current 45 Times Barcelona Hotel to become part of the BLESS Collection Hotels. Looking ahead to 2027, new Only YOU Hotels openings are planned for Ibiza and New York, which will expand its international presence.
