Palladium exceeds pre-Covid turnover as it charts growth

The annual turnover of €948m reported in 2022 was up 113% on 2021, and up 26% on 2019. The group also increased its average daily rate by 29% and its revenue per available room by 16%, compared to 2019.

Chief executive Jesús Sobrino predicted good results for 2023, explaining: "In 2022 we managed to exceed the pre-pandemic figures by far and the forecasts for next year are positive, despite challenges facing the sector. We expect a year of moderate growth, in which we anticipate reaching €1 billion in turnover for the first time."

Agents helped drive business through the Palladium Connect partnership programme, and bookings made by the 53,000 members contributed more than €50m euros to the group’s annual output.

The group also announced the international expansion of the Only YOU Hotels brand, which will operate a new hotel in Venice on a leasehold basis from 2025. It will be the hotel group’s first urban hotel in Italy and the current property will be fully renovated into a five-star hotel with 168 rooms and several dining areas. 

Only YOU Hotel Sevilla will open its doors during the first quarter of 2024. The property is currently undergoing refurbishment and will have 226 rooms. 

Palladium Hotel Group has also secured €160m from existing hotel owners for renovations. In 2023 work will take place at Grand Palladium Kantenah Resort & Spa in Riviera Maya and Grand Palladium Palace Ibiza Resort & Spa. Additional renovation projects are also planned for properties in Mexico and Punta Cana during 2024.

In 2021 the group opened Grand Palladium Sicilia Resort & Spa, Palladium Hotel Menorca, Only YOU Hotel Valencia and Only YOU Hotel Malaga. Further openings in 2022 included TRS Ibiza Hotel and Hard Rock Hotel Marbella, while the Etxeko Ibiza by Martín Berasategui restaurant at Bless Hotel Ibiza won its first Michelin star.