Spanish hotel chain Riu Hotels & Resorts saw year-on-year sales rise 13% to more than €4 billion in 2024.
The company’s 98 hotels handled 6.7 million guests during the year.
Chief executive Luis Riu committed to expansion through extensive renovations and new construction projects in 2025.
The Riu Palace La Mola in Formentera will be the first Palace branded hotel in the Balearic Islands to reopen after extensive renovation in April.
The Riu Guanacaste in Costa Rica and the Riu Jalisco on the coast of Nayarit in Mexico will also be renovated.
The Riu Palace Tikida Agadir in Morocco will also undergo a comprehensive refurbushment.
The Riu Nautilus in Torremolinos will close before the end of the year and re-open as the Riu Palace Hotel in 2026.
The Riu Ventura in Cancun is currently being remodelled and renovated and will be the group’s 23rd hotel in Mexico.
Construction has begun on a third hotel in Zanzibar, the Riu Palace Swahili, on Nungwi beach, with opening planned for 2026.
The Riu Plaza Toronto is due to be be completed next year while expansion in Asia will continue with construction of the Riu Palace Phuket, due to accept its first guests on Mai Khao beach in the north-west of the island in 2026.
Riu said: “During 2024, demand remained very high from all our main outbound markets for all destinations and this led to very good figures in all business indicators, with average rate, occupancy, stays and revenue all increasing by over 5%.
“As a result, we closed 2024 with a gross revenue of €4.082 million, which is 13% higher than the previous year. We welcomed 6.7 million guests into our hotels, recording an overall average occupancy rate of 89%. Riu now has 98 hotels, which are located in 21 countries and staffed by a total of 38.055 employees.”
He added: “Lower inflation, the drop in interest rates and measures to control skyrocketing costs have also helped these figures somewhat, but it’s not all down to the improving economic situation.
“Over the year, we’ve continued our efforts to introduce new services and upgrade our range of establishments by investing in major refurbishments and new openings, such as our first hotel in the city of Chicago.
“This increase in rates and revenue is underpinned by the high-quality experience that we offer.”