Palladium Hotel Group has revealed plans to expand in Asia and the Middle East for the first time as it achieves annual turnover of 1.2 billion euros.
Announcing the results, the Spanish hotel management group also confirmed plans for six new hotel openings under the brands The Unexpected Hotels, Only YOU Hotels and BLESS Collection Hotels in the next two years.
Annual turnover increased 12% in 2024 on the previous year, which the group said “reaffirmed” its sustained growth since consolidating as a hotel management company in 2020. Its RevPAR (revenue per available room) rose by 10% on 2023 driven by a 3% growth in occupancy and a 7% rise in the average daily rate.
The group said it was now working on an ambitious expansion plan which focuses for the first time on Asia.
It will target southeast Asia, specifically Singapore, Vietnam, Bali (Indonesia), and Thailand as well as the Middle East, over the coming years.
But it is also exploring opportunities in the US, Mexico, prominent Latin American capitals, Europe, and Mediterranean tourist hotspots, including Morocco, Greece, and Croatia, among others.
Chief executive Jesús Sobrino 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.”
New hotels already confirmed include the 162-room five-star Only YOU Hotel Venice Bonvecchiati, scheduled to open in the second half of 2026. It is owned by Ece Real Estate and Soravia, and located just 150 metres from the Piazza San Marco.
Also in 2026, 45 Times Barcelona Hotel – launched in 2024 -will be integrated into the BLESS Collection Hotels portfolio.
In 2027, the group plans to open The Unexpected Hotels brand in Ras Al Khaimah, United Arab Emirates. This project is being developed in partnership with Al Marjan and Almal Real Estate Development, with investment of more than $100 million. The property will have 422 rooms.
In the same year, the group will also open Only YOU Hotels in Ibiza and New York, consolidating the international growth of the brand within its portfolio.
The plans follow what the group described as a “positive year” with openings including the Only YOU Hotel Sevilla in April 2024 and its return to Barcelona with the 45 Times Barcelona Hotel in November 2024.
In the Caribbean it introduced the premium programme The Signature Level at Grand Palladium Lady Hamilton Resort & Spa in Montego Bay, Jamaica (pictured).
This year, The Unexpected Ibiza Hotel opens in April with 181 rooms and suites. This marks the debut of the new brand The Unexpected Hotels.
In Punta Cana, the group is renovating the Grand Palladium Bávaro Suites Resort & Spa, and introducing its VIP programme for families, Family Selection, at Grand Palladium Hotels & Resorts.
The hotel group said it would also continue to develop its corporate social responsibility (CSR) projects in Europe and the Americas under its Palladium Cares division. Its ‘4 Causes To Take Action’ initiative will be expanded this year to all destinations in the Americas where it operates.
Chairman Abel Matutes Prats said: “In 2023, the group reached an important milestone, entering the elite of hotel companies that exceed one 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”.