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Palladium Hotel to invest €38 million for development in 2019

  • 01 March 2019

Palladium Hotel Group ended last year on a high note with the announcement of its new brand, BLESS Collection Hotels and the expansion of its TRS Hotels. In January 2019, BLESS Hotel Madrid opened its doors on the iconic Madrilenian street, Velázquez, which will be followed by a second property, BLESS Hotel Ibiza, to open in summer 2019.

2019 will witness the opening of exciting projects, like the first Palladium Hotel on the peninsula, Palladium Costa del Sol, which is also the group’s first property to open based on a business model of management and collaboration with external partners and investment groups.

With a new year underway, the objective is continuing to enhance the existing product and service portfolio to offer the best hospitality standards in the international market. €38 million has been allocated for developments in 2019 with a primary objective of solidifying the company’s focus and position within the luxury market, through a collection of brands that have a defined personality and are directed at high-level clientele.

2018 has been an outstanding year for the Group with €636 million revenue generated, exceeding the previous year’s mark. The investments in the same year were more than€130 million in renovations and new projects across their properties in Europe and South America.

With the opening of Palladium Hotel Costa del Sol, scheduled for July 2019, Palladium Hotel Group is consolidating its position in the business world, based on hotel management contracts and collaboration with external partners and investment funds to widen the brand’s experience and build on its expertise, representing new opportunities for growth and expansion.

Palladium Hotel Group will continue to evolve and improve its new products presented in the last year, such as the Rock Royalty Level at Hard Rock Hotel Tenerife, in which bookings increased by 7.8% in 2018 year on year, helping to consolidate the position of the hotel on the island of Tenerife.

Recent openings, of two luxury resorts in Costa Mujeres (Cancun, Mexico) Grand Palladium Costa Mujeres Resort & Spa and TRS Coral Hotel, a member of The Leading Hotels of the World, along with TRS Cap Cana Hotel in the Dominican Republic, collectively with the launch of BLESS Collection Hotel brand and the growth on products such as Rock Royalty Level at Hard Rock Hotel Tenerife undoubtedly reflect the company’s focus on the luxury segment.

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