american dream
Palladium Hotel Group has emerged as a standout player in the sector, guided by the Matutes family’s leadership and their climb into Spain’s top tier of hotel groups. In the prior year, the company joined a select circle of national groups that issued more than 200 invoices, reaching a substantial turnover milestone alongside peers like Riu, Meliá, Barceló, NH Hotel Group, and Hotusa.
Founded a little over fifty years ago by Abel Matutes, a former minister and European commissioner, the group is now steered by his son, Abel. Last year, the hotels under Palladium’s umbrella reported a turnover of 1.069 billion euros, marking a 16% increase from the year before and surpassing the pre-pandemic figure by roughly 42% in 2019, as disclosed at the Madrid International Tourism Fair (Fitur). This growth reflects more than just volume; it underscores strategic pricing and occupancy gains across the portfolio.
Jesús Sobrino, who serves as chief executive officer, highlighted that the expansion was achieved without a proportional surge in the hotel count. The pipeline shows only modest room count increases, yet revenue rose due to higher occupancy and stronger average daily rates. The group now manages 41 hotels with around 13,000 rooms and expanded recently with the acquisition of a property featuring 140 rooms. Palladium’s approach stands as a practical model against mass tourism, focusing on elevating performance through pricing power rather than expanding the guest base indiscriminately.
american dream
Palladium broadened its footprint into the United States last year with a notable entry into New York City, in close proximity to Times Square. The hotel operates under Ferrado Hotels, a company controlled by the investment vehicle associated with Sandra Ortega, daughter of the fashion magnate Amancio Ortega. The organization will operate under a temporary brand for the next two to three years, with a midterm objective of running operations under the Only You brand. The move signals a broader ambition to establish a U.S. foothold for Palladium’s urban-focused concept.
Only You is Palladium’s urban-destination label, now wholly owned by the Matutes family after acquiring the 50 percent stake previously held by El Corte Inglés. The plan calls for Only You to anchor a growth wave in the United States, with active searches for opportunities to add properties in Chicago, Boston, Los Angeles, and Miami. In Spain, Only You is set to debut its sixth hotel this year with a Seville location and will mark its first international presence with a hotel in Venice scheduled for 2025. There are also ambitions to open the first Only You property in Ibiza, targeting the holiday segment.
Palladium’s leadership confirms active pursuit of growth projects, both by managing additional Spanish hotels—especially in Mallorca, the Canary Islands, and the Costa del Sol—and by exploring a return to Barcelona. The Ayre brand has not re-entered the portfolio since the sale of those hotels. International expansion contemplates expansion in the United States, Mexico, and Latin America, with particular interest in Buenos Aires and the Middle East, notably Saudi Arabia and the Gulf emirates.
The Matutes Group was founded by Abel Matutes over half a century ago. The group is now preparing to evolve beyond its historic banner. Only one hotel from the original brand remains in operation in the Dominican Republic, and Palladium has signaled plans to renovate and relaunch that property under a new, group-operated brand, preferably Only You or another luxury label in the portfolio. This strategy aligns with a broader transformation aimed at modernizing the brand constellation while preserving the family’s legacy.
In 2020, the Matutes family transitioned ownership and management from the family holding company to the Matutes Junior management arm. Palladium now oversees approximately 85% of the current portfolio, alongside other owners. This structure enables balanced rate strategies and encourages third-party hotel operation rather than relying solely on Matutes-branded properties, according to Sobrino. Palladium’s stance reflects a deliberate shift toward steady, value-driven growth that leverages stronger rates and selective expansion rather than one driven purely by scale.