The group targets growth in the Caribbean, Mexico, South America and Europe.
MADRID – Palladium Hotel Group plans to expand by implementing a hotel management model in the Caribbean, Mexico, South America and Europe in addition to its current ownership model. In 2016, the company achieved a turnover of $596 million, which represents a 13.94% increase in profit compared to the previous year. A new expansion department led by Jose Matheu, development director at Palladium Hotel Group, was established to address the changes in structure and its operational system that are needed to implement the group’s growth.
Palladium Hotel Group is a market leader in the hotel world with a diverse portfolio of luxury and full-service hotels around the world. “We want to continue to grow in the Caribbean and enter new markets. In 2017, after internally implementing our model of moving from being owners to being managers, our priority is to grow through contracts for hotel management,” says Jose Matheu, the development director at Palladium Hotel Group. “The expansion department's objectives include investigating projects that are cost-effective for both the company and for the owners, namely projects in which we can develop the group’s brands through management models. Another priority is finding investment partners who are willing to analyze reconversion projects in association with the group with the aim of repeating success stories like Ushuaia Ibiza Beach Hotel, Hard Rock Hotel Ibiza and Hard Rock Hotel Tenerife.”
A large part of the expansion efforts that the hotel group will be making will be focused on the Caribbean, Mexico and South America where it hopes to increase the numbers of American and European visitors. Palladium Hotel Group is actively researching in Aruba, Cartagena de Indias (Colombia) and Los Cabos (Mexico) for management projects to develop in the near future.
Palladium Hotel Group has already implemented its expansion plan for the next few years, which includes mostly five-star properties under the Palladium Hotels & Resorts brand in the Caribbean. Two new resorts in the Costa Mujeres region to the north of Cancun, one under the Grand Palladium brand and the other under the group's premium brand, The Royal Suites by Palladium, and one hotel in Cancun, Ushuaia Cancun, are currently underway.
Palladium Hotel Group will export its experience in Ibiza, Menorca and Sicily to expand the hotel management model to other areas of the Mediterranean such as Mallorca, the Costa del Sol, the Greek Islands and the Algarve. The similarities of these target destinations to Ibiza fit perfectly with the brands that Palladium Hotel Group manages under the Palladium Hotel & Resorts and the Fiesta Hotels & Resorts brands and the licensed Hard Rock Hotels brand.
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