- Palladium Hotel Group recorded occupancy figures of 83% from July to September, representing a 2% increase from the previous year in Europe
- Globally, the group has achieved a cumulative increase of 12% in its Revenue per Available Room compared to the same period in 2022 (January – September)
- According to forecasts for the last quarter of 2023, Palladium Hotel Group expects to reach an annual global occupancy rate of 74%
London – Palladium Hotel Group has concluded the 2023 summer season in the Balearic Islands and Marbella with very positive closing figures. The hotel group forecasts a similarly positive winter season for its hotels in Tenerife, Madrid, the Caribbean and Latin America. The group’s hotels have recorded occupancy figures of 77% globally from July to September, exceeding those during the same period in 2022 by 2%, and accompanying this growth by a cumulative 12% increase in its RevPAR (Revenue per Available Room).
The United Kingdom was the largest outbound market for Palladium Hotel Group both overall and within Spain, representing 22% of total visitors globally and 32% of visitors to the group’s Spanish hotels.
Destinations and Hotels: Occupancy Figures
In Europe, Palladium Hotel Group’s hotels in Spain, Italy and the Balearic Islands have seen a 7% growth in RevPAR, with Spain reaching 82% occupancy and the Balearic Islands reaching 85% occupancy for the 2023 summer season (July – September). In Sicily, the group reached 87% occupancy in the same period, with a 15% increase in RevPAR from the same period in 2022.
In Latin America and the Caribbean, where consistent warm weather means that hotels remain open throughout the year, cumulative occupancy rates of 73% (January to September) have shown slight percentage increases compared to the previous year, along with a 21% growth in RevPAR. The group’s resort in Jamaica has reached 75% occupancy with a record RevPAR increase of 50%, after renovations carried out last year. Brazil has also reached 75% cumulative occupancy and achieved a 23% increase in RevPAR compared to last year. The resorts the group manages in the Dominican Republic register a cumulative occupancy rate of 73% and a 23% increase in RevPAR, and those located in Mexico record 72% occupancy rates with a 12% increase in RevPAR. Looking to the last quarter of the year, the group is pleased to forecast 73% average occupancy in the Americas, with an expected 20% growth in RevPAR.
Looking ahead: New Openings and Renovations for the Winter Season
Grand Palladium Jamaica Resort & Spa, located in Montego Bay on Jamaica’s northwest coast, has recently unveiled its refurbished suites and facilities following a lavish £20-million renovation, offering an array of newly redesigned suites with private pools, hydromassage bathtubs, and ocean views.
Grand Palladium Kantenah Resort & Spa in Mexico’s Riviera Maya is set to reopen its doors in December 2023 with a brand-new Family Selection offering comprising of 169 dedicated premium family suites. These specially designed suites cater to travelling families through the provision of special amenities, exclusive areas, family activities, and personalised services such as themed in-room nights and workshops for children, teenagers, and adults.
Following these extensive remodelling projects, Palladium Hotel Group has secured an investment of 160 million euros by the owners of existing assets for renovation projects, including those aforementioned and more to be carried out by 2024 at its hotels in Mexico and Punta Cana. As part of this, Palladium Hotel Group is developing a new concept which combines two of its key pillars: gastronomy and entertainment. “Bravo” will open this autumn as Grand Palladium Kantenah Resort & Spa’s first ‘dinner and dance’ gastro-show venue.
As Palladium Hotel Group now turns its attention to the final quarter of the year, its goal is to hit 1 billion euros (approximately £872,000,000) in managed business volume by the end of 2023.
About Palladium Hotel Group
Palladium Hotel Group is a Spanish hotel chain with over 50 years of experience, owned by Grupo Empresas Matutes (GEM). The group operates more than 40 hotels and over 13,000 rooms, distributed amongst six countries: Spain, Mexico, Dominican Republic, Jamaica, Italy and Brazil, and manages ten brands: TRS Hotels, Grand Palladium Hotels & Resorts, Palladium Hotels, Palladium Boutique Hotels, Fiesta Hotels & Resorts, Ushuaïa Unexpected Hotels, Only YOU Hotels, BLESS Collection Hotels and the Hard Rock Hotels Brand under licence with three hotels in Ibiza Tenerife and Marbella and the ephemera brand 45 Times Square Hotel. Palladium Hotel Group is characterised by its philosophy of attention to its team and to offering its clients high quality products and services. www.palladiumhotelgroup.com