Palladium Hotel Group Exceeds Annual Turnover of €1.2 Billion With Aims To Expand In Asia And The Middle East

Palladium Hotel Group has reported a positive balance for 2024, achieving a total revenue of €1.2billion. This result represents an increase of 12% compared to the previous year, reaffirming the hotel management group’s sustained growth since its inception in 2020. 

The company's key milestones include their return to Barcelona with 45 Times Hotel Barcelona and the launch of The Unexpected Hotels and Grand Palladium Select Collection. Confirming six new openings in the next two years,  The Unexpected Hotels, Only YOU Hotels, and BLESS Collection Hotels brands will continue to grow. 

Globally, the group has increased its RevPAR by 10% compared to the previous year, driven by a 3% growth in occupancy and a 7% rise in the average daily rate. Additionally, the direct sales share increased by 19% year-on-year, reaching 29%. 

These results have been driven in part by the strong performance of customer loyalty programmes such as Palladium Rewards, which saw over 45,000 new members join each month last year and now boasts over 1.1million members. Together with Palladium Travel Club, these programmes generated a total of 200 million euros, contributing 84% to the group’s overall direct sales share in 2024. 

For the Chairman of Palladium Hotel Group, Abel Matutes Prats, "In 2023, the group 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. We start 2025 with positive forecasts, which we hope will allow us to consolidate our business model, based on a strategy of healthy and profitable growth, always seeking to offer our guests a unique and unforgettable experience”. 

Jesús Sobrino, CEO of Palladium Hotel Group, said: “We are very satisfied with the results obtained in 2024, which represent a 12% growth compared to the previous year and 60% compared to 2019. In addition, we start 2025 with very positive expectations, with important projects and the intention to expand our growth horizon in key destinations, such as Southeast Asia and the Middle East. To this end, we are working to strengthen the strategic alliances we have with partners and owners, and to establish new relationships that will facilitate this growth”. 

2024 was a positive year for Palladium Hotel Group as it unveiled a host of new projects. In Europe, Only YOU Hotel Sevilla opened in April 2024, whilst the hotel group also returned to Barcelona, launching 45 Times Barcelona Hotel in November. In the Caribbean, the group introduced the premium programme, The Signature Level at Grand Palladium Lady Hamilton Resort & Spa in Montego Bay, Jamaica. 

In 2025, The Unexpected Ibiza Hotel will open in April ahead of the summer season. The hotel will feature 181 rooms and suites, along with an exceptional culinary and entertainment offering. This will also mark the debut of the new brand, The Unexpected Hotels, inspired by the iconic Ushuaïa Ibiza Beach Hotel, through which the company aims to expand internationally.  

As of January 2025, Grand Palladium Resorts in Costa Mujeres will offer the Grand Palladium Select Collection. This will be followed by Grand Palladium Select Palace Ibiza in April and Grand Palladium Select Bávaro in Punta Cana at the end of 2025. Finally, in Punta Cana, the group is renovating Grand Palladium Bávaro Suites Resort & Spa, introducing its VIP programme for families, Family Selection at Grand Palladium Hotels & Resorts. 

Palladium Hotel Group is working on an ambitious expansion plan that, for the first time, focuses on Asia. The group is targeting Southeast Asia, specifically Singapore, Vietnam, Bali (Indonesia), and Thailand, as well as the Middle East, as key areas for the coming years. Additionally, the group is exploring opportunities in the United States, Mexico, prominent Latin American capitals, Europe, and Mediterranean tourist hotspots, including Morocco, Greece, and Croatia, among others. 

In 2027, the group plans to open The Unexpected Hotels brand in Ras Al Khaimah, United Arab Emirates. This ambitious project, developed in partnership with Al Marjan and Almal Real Estate Development, will attract over $100 million in investment, and will feature 422 rooms. The group will also open Only YOU Hotels in Ibiza and New York. 

Palladium Hotel Group has also confirmed the scheduled opening of Only YOU Hotel Venice Bonvecchiati for the second half of 2026. Owned by Ece Real Estate and Soravia, the five-star hotel, located just 150 metres from the iconic Piazza San Marco, will feature 162 rooms. 45 Times Barcelona Hotel will later be integrated into the BLESS Collection Hotels portfolio. 

Palladium Cares, the CSR division of Palladium Hotel Group, continues to drive projects under its three pillars: Our People, Our Community, and Our Planet. 

Notable results include the “4 Causes to Take Action” initiative, which has already collaborated with 92 NGOs, mobilised 1,220 volunteers, and benefited over 4,310 people in Europe and the Dominican Republic. Throughout 2025, this project will expand to all destinations in the Americas where the group operates. 

Palladium Cares has also facilitated the launch of seven training and family centres in Jamaica, Brazil, and Mexico, promoting, among other causes, accessible workforce training. Additionally, the group has developed circular food waste reduction projects, such as the agricultural centre in Brazil, and joint initiatives with Caritas and the Red Cross in Ibiza and Tenerife.