Palladium Hotel Group, the hotel arm of Grupo Empresas Matutes, closed 2025 with managed turnover of €1.162 billion, representing a 2% increase on a like-for-like basis. The results reinforce a strategy focused on efficiency, profitability and the qualitative evolution of the product, reflecting the sector’s transition towards a phase of moderation following the post-pandemic boom.
In a context marked by the depreciation of the US dollar and adverse weather events, the company is now activating an ambitious international expansion plan backed by more than €1.1 billion in investment commitments from the owners of its assets.
According to Palladium’s CEO, Jesús Sobrino, 2025 “put us to the test” and marked the end of double-digit organic growth. “We are entering a phase of normalisation in which tourism will grow in line with the wider economy”, he said.
Currency fluctuations reduced reported earnings by €19 million, as more than 50% of revenues are generated in dollars, while Hurricane Melissa in Jamaica and renovation works in Punta Cana — which left 25% of inventory temporarily closed — limited growth potential in the Americas. Despite this, Europe recorded a record year.
As a strategic response, the group is diversifying both geographically and in terms of source markets in order to mitigate geopolitical uncertainty. “Unfortunately, we are not invited to the Monopoly game between Putin, Trump and Xi Jinping”, Sobrino remarked ironically. “Hotels are not cruise ships that can simply move from one place to another, which is why our risk-minimisation strategy is built on two pillars: diversifying revenue streams and customer segments”.
In his view, the strength of the direct sales channel, loyalty programmes and clearly differentiated brands provides the group with “a clear roadmap” to navigate this new phase of normalisation. “We do not expect spectacular double-digit growth in 2026, but there will be growth. Our objective is not just to grow in line with the market, but above the industry average”, he added.
Expansion into Asia and a gastronomic hub in Ibiza
In recent years, Palladium Hotel Group has strengthened the qualitative evolution of its portfolio through openings, brand launches and repositionings that consolidate its presence in the upscale and luxury segments. Building on this foundation, the group is now embarking on a new expansion phase that will see four openings in 2026 and a total pipeline of 13 projects by 2029.
A key milestone will be the group’s entry into Southeast Asia with its luxury brand Bless Collection Hotels. The first project, signed in Ninh Van Bay, Vietnam, will be an 80-villa resort with private pools, scheduled to open in 2027, followed by additional phases. Palladium has already established a team in Ho Chi Minh City to develop further opportunities in Thailand, Indonesia and Singapore.
At the same time, the company is strengthening its presence in the Middle East, with a project in Ras Al Khaimah, in the United Arab Emirates, planned for 2027 under The Unexpected brand, alongside agreements in Saudi Arabia.
In Spain, the flagship project for 2026 will be The Site Ibiza, a luxury ecosystem transforming the former Hard Rock Hotel into an integrated destination featuring two five-star hotels — The Site Hotel Ibiza and The Unexpected Ibiza — as well as a world-class gastronomic hub. This culinary offering will include concepts such as Hell’s Kitchen by Gordon Ramsay, StreetXO by Dabiz Muñoz, Leña by Dani García, Coya, Sublimotion by Paco Roncero and Tatel, among others.
Other confirmed openings for 2026 include Only YOU Hotel New York, with 138 rooms in Manhattan and the brand’s first international expansion; Bless Hotel Barcelona, with 119 rooms in Plaça de Catalunya; and Palladium Hotel Peñíscola, with 315 rooms.
In the lifestyle segment, Only YOU Hotels will continue its international expansion with three confirmed openings: Venice (162 rooms) and Ibiza (156 rooms) in 2027, followed by a new hotel on Madrid’s Gran Vía in 2029, with 74 rooms.
Growth in the all-inclusive segment will accelerate in 2028 with the addition of 948 rooms in Jamaica, integrating TRS Hotels, Grand Palladium Hotels & Resorts and the Family Selection club into the existing Montego Bay complex. That same year, the group will open its second Grand Palladium Hotels & Resorts property in Imbassaí, Brazil, adding 208 rooms to the destination.
Focus on luxury
Palladium is accelerating its repositioning towards the upscale and luxury segments, having almost completely phased out three-star hotels. “We have been transforming our portfolio for more than ten years; we prioritise price over occupancy because it is more profitable”, Sobrino explained, adding that the luxury segment is more resilient and less exposed to economic downturns. “Its performance confirms that our strategy has been consistent and successful. Our focus is firmly on high-end products and revenue per room”.
Operating under an asset-light model — with 83% of hotels owned by the Matutes family and the remainder by third parties — the group is seeking “fewer owners, but with more hotels each”, in order to improve operational efficiency.
Spain remains a priority
Spain continues to be a strategic market for the group, particularly the Costa del Sol, Mallorca and Andalusia. In 2026, Palladium will open Bless Hotel Barcelona, Palladium Hotel Peñíscola and the ambitious The Site Ibiza complex.
Urban luxury will also remain a key focus. Following the success of its Madrid properties — where the BLESS hotel ranks as the city’s fourth-highest RevPAR — the group plans to add a new Only YOU hotel on Madrid’s Gran Vía in 2029.
The Ibizan hotelier also sees strong potential on the Costa del Sol, particularly in Marbella, Estepona and Málaga, and maintains its strategic interest in entering the Mallorca market, where it believes all of its leisure brands have room to grow.