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Palladium is set to bill 1,000 million and opens Only You hotels around the world

Date: May 31, 2023 Time: 10:21:32

Palladium Hotel Group expands its business outlook for 2023 and 2024 “moderate growth”. Consider that the “champagne effect” of 2022 is over, unless it is contributed by visitors from China, where its borders have just reopened.

Palladium Hotel Group has closed the year 2022 with a turnover of 948 million euros, which represents an increase of 113% compared to 2021 and 26% more than in 2019. In addition, the group has raised its rate daily average (ADR) by 29% and its average price per available room (RevPar) by 16% compared to 2019. Likewise, the company belonging to Grupo Empresas Matutes has announced new features, such as its first hotel in Venice or the renovation of several establishments in Europe and America.

The hotel group will internationalize its Only You brand, currently focused on Spain and which will add a new establishment in Venice from the year 2025. It will manage a hotel with 168 rooms whose renovation works have already begun. The openings do not stop there: another Only You will open in Seville at the end of this year and they have achieved an investment commitment of 160 million euros from the owners of various establishments, which will result in product improvements, prices and proposal of worth.

They continue to consolidate the restructuring

The president of the Palladium Hotel Group Abel Matutes Prats of recently opened hotels and the effort to improve the customer experience, processes and, therefore, the profitability of management”.

For his part, the CEO of the hotel company has indicated that part of the success of these results is due to the consolidation of hotels such as the Grand Palladium Sicilia Resort & Spa, Palladium Hotel Menorca, Only YOU Hotel Valencia and Only YOU Hotel Málaga, opened in 2021, as well as the great reception of TRS Ibiza Hotel and Hard Rock Hotel Marbella, opened in 2022.

In addition, the obtaining of the first Michelin Star by the Bless Hotel Ibiza restaurant, Etxeko Ibiza by Martín Berasategui, has been highlighted as one of the milestones of the year.

The 2022 balance also highlights the commercial alliance with the Registry Collection of Wyndham Hotels & Resorts, through which Palladium Hotel Group Rewards, one of the most solid and recognized loyalty programs in the sector that has close to 100 million members .

Expansion in 2023 and 2024

The company has announced the international expansion of the brand This will be the first urban of the hotel group in Italy. The total renovation of the current property is projected to turn it into a 5-star hotel with 168 rooms and various restaurant spaces, among which an impressive terrace stands out.

In addition, during the first quarter of 2024, Only YOU Hotel Sevilla will open its doors. The asset is currently undergoing a comprehensive reform process to become a new 5-star hotel, which contains 226 rooms and an important restoration proposal and spaces for events, including a large outdoor area with a swimming pool. Both interior design projects are carried out by the prestigious international studio of Lázaro Rosa-Violán.

For its part, Hard Rock Hotel Marbella inaugurated this year its Oasis building, with which it adds 174 rooms, which include two new categories, Rock Suite and Rock Star Suite. The hotel will also debut its Rock Spa and more than 900 square meters of meeting spaces. In addition, since this spring Hard Rock Hotel Marbella has been open all year.

On the other hand, Palladium Hotel Group has managed to commit significant investments by the owners of already existing assets for the reform and renovation of hotels in Europe and America. Said budget increased to 160 million euros for projects to be carried out between 2023 and 2024, and Grand Palladium Palace Ibiza Resort & Spa, while for the next 2024 renovation projects will be added in hotels in Mexico and Punta Cana.

loss of talent

The “war for talent” that hotel operators will end due to the lack of qualified personnel is assumed to be the main factor that will limit the group’s growth possibilities. “We are losing talent from people who are changing sectors, and hitting us for personnel, even among friends,” said Sobrino in his speech. Added to this are other issues such as the lower purchasing power of families as a result of high inflation or the geopolitical impacts of the conflict in Ukraine.

To alleviate the personnel problems, the group has proposed to improve its policies to “be a more attractive company for people and that they join the Palladium team”, since with respect to the rest of the limiting factors, “we are responsible for this “.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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