Spanish group Palladium Hotels has revealed plans to open six new resorts over the next two years, as it grows its presence into Asia and the Middle East.
The expansion plans come on the back of a year of solid performance for Palladium, which in 2024 saw revenues grow to EUR1.2bn, up 12% on 2023. The numbers confirm a continuing positive trend, since the business was established in 2020. Revpar was up 10%, as room rates strengthened by 7% and occupancy improved by 3%.
Loyalty lifts performance
The group was able to grow its direct sales by 19% year on year, taking the direct volume to 29% of all sales. Customer loyalty programmes such as Palladium Rewards, delivered EUR200m of revenues.
“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,” said Jesus Sobrino, CEO of Palladium Hotel Group. “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.”
During 2024, Palladium opened several hotels and resort properties including Only You Seville and the 45 Times Hotel in Barcelona. At its Grand Palladium Lady Hamilton Resort in Montego Bay, Jamaica the group added new Signature Level accommodation and services.
Upcoming in 2025 are several launches, starting in April with the opening of The Unexpected in Ibiza. This 181 room property, with extensive culinary and entertainment choices for guests, will act as the flagship for Palladium’s new Unexpected brand, which is expected to grow internationally.
Palladium will also be rolling out its Grand Palladium Select Collection, a new tier of luxury for guests. The year began with the addition at its resort in Costa Mujeres, and will be followed through the year with a launch at Grand Palladium Select Palace Ibiza in April, then Grand Palladium Select Bavaro in Punta Cana towards the end of the year.
An opening in Venice
Looking further ahead, 2026 openings are planned for the Only You Hotel Venice Bonvecchiati. This 162 room five star hotel is owned by ECE Real Estate and Moravia, and is ideally located just 150 metres from Piazza San Marco. During the same year, the 45 Times Hotel in Barcelona will undergo a planned rebrand, joining the Bless Collection.
For 2027, Palladium will start to build its presence in the Middle East, with the launch of The Unexpected in Ras Al Khaimah, in the UAE. There, local development partners Al Marjan and Almal Real Estate Development are committed to building a 422 room hotel. The Only You brand will also see two additions, with hotels in Ibiza and New York scheduled to open.
