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This month, the Spanish hotel group signed a Memorandum of Understanding with Saudi Arabia’s Tourism Development Fund, the entity responsible for driving the tourism sector, to explore new growth opportunities in the destination.
Palladium Hotel Group and the Tourism Development Fund (TDF), responsible for boosting the tourism sector, have signed a Memorandum of Understanding to explore development opportunities and projects across Saudi Arabia.
The purpose of the Memorandum of Understanding is to promote cooperation and assess project opportunities and feasibility. This includes identifying investment structures and technical and operational agreements, in line with the National Tourism Strategy and Saudi Vision 2030.
This strategic step is part of TDF’s efforts to attract investment and strengthen the country’s tourism sector, paving the way for Palladium Hotel Group’s entry into the Saudi market. The Spanish hotel group, which had already publicly expressed interest in the region, is thus moving forward with its international expansion plan, focused on promoting its luxury and lifestyle brands and consolidating the growth of its all-inclusive model in key markets. With a strong presence in the Caribbean and the Mediterranean, and with growth plans in the US market for 2026, the group continues to develop experiences where gastronomy, wellness, and entertainment serve as the pillars of its distinctive value proposition
Mr. Qusai Al-Fakhri, CEO of the Tourism Development Fund (TDF), stated:“The signing of this memorandum of understanding with Palladium Hotel Group represents another key step in TDF’s ongoing efforts to enhance the tourism sector in Saudi Arabia. We are working to attract high-quality investment and global expertise that contribute to the development of tourism offerings across different regions of Saudi Arabia, in line with the National Tourism Strategy and Saudi Vision 2030.”
For his part, Jesús Sobrino, CEO of Palladium Hotel Group, stated:“This strategic partnership lays the foundation for jointly exploring the possibility of entering Saudi Arabia’s tourism industry, which offers enormous opportunities for growth and expansion. We are delighted to combine Palladium Hotel Group’s international hospitality expertise with TDF’s capabilities to develop groundbreaking projects that diversify the region’s offering and raise standards through innovative hotel concepts.”
In this context, and under the Memorandum of Understanding, TDF and Palladium Hotel Group will begin their collaboration with preliminary assessments of investment opportunities in Jeddah and Yanbu, as well as identifying potential areas of cooperation. All of this will be supported by the investment incentives and facilities offered by the Tourism Development Fund, with the aim of attracting international capital, bringing global expertise to the sector, and strengthening the country’s tourism ecosystem—positioning Saudi destinations as global benchmarks for high-quality lifestyle experiences.
Palladium Hotel Group Embarks on a New Phase of International Growth
Last January, the group unveiled an ambitious opening plan that includes a total of 13 confirmed openings between 2026 and 2028, reinforcing its positioning in the luxury and lifestyle segments.
In 2026, the group will celebrate four openings:
Looking ahead to 2027–2029, Palladium Hotel Group plans nine additional openings to drive its international expansion, marking its entry into Asia with the BLESS Collection Hotels brand in Ninh Van Bay (Vietnam), as well as new projects in Europe, the Americas, and the Middle East. The plan includes growth of key brands such as Only YOU Hotels, The Unexpected Hotels, and the all-inclusive segment, with large-scale developments in destinations such as Jamaica and Brazil. This roadmap focuses on long-term value creation, strengthening brands with their own identity, and consolidating the group as a global benchmark in the hospitality industry.
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Only YOU Hotel New York, the first international opening of the urban lifestyle brand in the heart of Manhattan
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The Site Ibiza, a new destination integrating hospitality, retail, art, and fine dining, including The Site Hotel Ibiza as a new high-end Mediterranean-style hotel concept
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BLESS Hotel Barcelona, the third property under the luxury BLESS Collection Hotels brand, located in Plaza de Cataluña
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Palladium Hotel Peñíscola, expanding the group’s presence along the Mediterranean coast.
About Palladium Hotel Group
Palladium Hotel Group is a Spanish hotel chain with over 50 years of experience, owned by Grupo Empresas Matutes (GEM). The group operates more than 40 hotels and over 13,000 rooms and residences, distributed amongst eight countries: Spain, Mexico, Dominican Republic, Jamaica, Italy, Brazil, the USA and the United Arab Emirates, and manages eleven brands: TRS Hotels, Grand Palladium Hotels & Resorts, Palladium Hotels, Fiesta Hotels & Resorts, Ushuaïa Ibiza Beach Hotel, The Unexpected Hotels, Only YOU Hotels, BLESS Collection Hotels, The Site Hotel Ibiza, the Hard Rock Hotels Brand under licence with two hotels in Tenerife and Marbella and the ephemeral brand 45 Times Hotels. Palladium Hotel Group is characterised by its philosophy of attention to its team and for offering its clients high quality products and services. www.palladiumhotelgroup.com
Tourism Development Fund (TDF)
The Tourism Development Fund (TDF) is Saudi Arabia’s national enabler of the tourism sector, going beyond financing to drive high-impact investments and enhance the competitiveness of the country’s tourism destinations. TDF empowers entrepreneurs and tourism businesses with tailored financial solutions and non-financial support programs, while attracting local and international investors to develop landmark tourism projects. With a vision to create a dynamic and attractive investment environment, TDF fosters strategic partnerships, supports economic diversification, enriches visitor experiences, and strengthens Saudi Arabia’s position as a leading global tourism destination. Committed to advancing the goals of Saudi Vision 2030 and the National Tourism Strategy, TDF remains a trusted partner, working closely with investors and key stakeholders across the sector.