by Lacey Pfalz
Last updated: 10:20 AM ET, Fri January 26, 2024
Palladium Hotel Group reported a record-breaking 2023 during FITUR, the International Tourism Fair in Madrid, noting it exceeded 1 billion euros in volume of managed business, an increase of 16 percent year over year.
The group, which is based in Spain and has over 50 years of experience in the hotel industry, also reported a 14 percent year-over-year increase in RevPAR, or revenue per available room, a key hotel industry metric.
In 2023, 98 percent of Palladium’s hotels placed above the industry’s average recommendation index. The Palladium Rewards loyalty program added over 25,000 new members each month, with up to 70 percent of revenue per direct sales channel.
It also renovated the Grand Palladium Kantenah Resort & Spa, where the hotel premiered its dinner and dance entertainment and dining concept, Bravo Dinner & Dance. Last year the group also debuted Family Service, a VIP service for families, which is now at resorts in Puerto Vallarta, Costa Mujeres and Riviera Maya.
Palladium looks forward to several celebrations in 2024, too, including the opening of Only YOU Hotel Sevilla, a 5-star, 226-room hotel in Spain. It will also begin renovating the Palladium Hotel Palmyra, converting the hotel in Ibiza into an Only YOU Hotel. Palladium Hotel Group is also seeking to expand into American markets following its management of the 45 Times Square Hotel in New York City, eyeing cities like Miami, Los Angeles and Chicago, along with international destinations across the Mediterranean, Middle East and Mexico.
Abel Matutes Prats, president of Palladium Hotel Group stated, "Overcoming the €1 billion barrier in managed business volume strengthens our business model, in which growth accompanied by profitability and customer satisfaction as essential pillars, composes a win for the group,” said President of Palladium Hotel Group, Abel Matutes Prats.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
