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Palladium Hotel Group has revealed that its RevPAR across Europe rose 14% between May and October compared with the same period last year.
The company stated that this was driven by an 8% rise in duration of stay and a 5% increase in the average room rate.
As a result, Palladium is confident that it is on course to surpass last year’s record revenue of €1.069bn (£890m).
The United Kingdom remains the primary market for the group’s European hotels, accounting for 27% of market share.
However, the group’s hotels in Spain (Balearic Islands, Canary Islands, and Costa del Sol) and Italy (Sicily) recorded particularly strong results during the May-October summer season.
Among the top-performing destinations was Italy, where Grand Palladium Sicilia Resort and Spa achieved a 15% increase in RevPAR, supported by a 6% increase in duration of stay and an 8% rise in ADR.
Sergio Zertuche, chief sales and marketing officer at Palladium Hotel Group, said: “We are very pleased with the results achieved this summer season. We overcame the slowdown in summer travel in the Caribbean and Americas and a slight decrease in demand in Europe due to the Euros and Olympic Games to rebound. A strong start to the year and our adaptability to changing conditions allow us to approach the end of 2024 with confidence in exceeding last year’s record €1.069bn in managed revenue.”
