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.
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.
