Exceeds pre-pandemic business volume

Palladium Hotel Group, which has operations in Jamaica, has announced that for the first time in its history, the company expects to exceed €1 billion of managed turnover in 2023.

Palladium, which closed the year with a turnover of €948 million or roughly US$1.027 billion, representing 113 per cent more revenue compared to 2021 and 26 per cent more than the pre-pandemic year of 2019.

Commenting on the optimistic 2023 projections, Abel Matutes Prats, president of Palladium Hotel Group, said: “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.”

Consolidation of hotels

In line with Prats’ comment, Jesús Sobrino, CEO of Palladium Hotel Group, reaffirmed that part of this success is 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, opened in 2021, as well as the addition of the TRS Ibiza Hotel and Hard Rock Hotel Marbella, opened in 2022.

Additionally, Sobrino highlighted the first Michelin Star earned by BLESS Hotel Ibiza’s Etxeko Ibiza by Martín Berasategui as one of the milestones of the year. 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.

Expansions and Developments

Hard Rock Hotel Marbella opened its Oasis building this year with 174 rooms, including two new suite categories and a spa. Meanwhile, extensive remodeling occurred in 2022 at Grand Palladium Jamaica Resort & Spa.

Renovations will be under way at the Grand Palladium Kantenah Resort & Spa in Riviera Maya in 2023 and the Grand Palladium Palace Ibiza Resort & Spa. Palladium 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 with 226 rooms and a large outdoor pool area.

Next year, 2024, the hotel group says, will also bring more renovation projects at hotels throughout Mexico and Punta Cana.