Minor Hotels’ revenues posted an 11% YOY jump in the second quarter, with H1 profit soaring 16% from 2023. The Bangkok-based group saw a continued run of double-digit growth, which was driven by sustained demand for business as well as leisure travel across all markets, especially in Europe.
Minor’s consolidated core net profit in the second quarter exceeded Q2 2023 by 3% to total THB 2.6 billion ($72 million). In the first half of the year, consolidated core profit grew 17% from 2023 to stand at THB 1.7 billion ($47 million), off the back of THB 66.1 billion ($1.86 billion) in core revenue (surging by 14% YOY).
Occupancy in Asia, Indian Ocean and MEA saw strong YOY growth, gaining six percentage points to 61% in H1 and four percentage points to 56% for the second quarter. Globally, occupancy remained positive but more modest, Minor said in a statement, adding that global occupancy saw a one percentage point rise for the second quarter and two percentage points for the first half of the year.
ADR across its global portfolio soared 11% YOY for the quarter, driving an 12% increase in RevPAR.
The group’s owned hotels in Thailand posted robust growth, with RevPAR surging 14% YOY in the second quarter. This indicated the strong rebound in international tourist arrivals from key markets, such as the U.S., China, Europe, India and Australia. On a YOY basis, occupancy improved by five percentage points, while ADR rose 4%, reflecting Thailand’s appeal as a leading travel destination.
“We are well positioned to continue our growth momentum. Our strategic initiatives and premium asset and brand portfolio ensure that we can capitalize on these opportunities, increase our market share, and deliver exceptional results to our shareholders and stakeholders,” said Dillip Rajakarier, CEO of Minor Hotels and group CEO of parent company Minor International.
Minor’s performance is expected to remain strong the rest of the year, helped by a strong lineup of events in Europe and Asia’s peak leisure season in the fourth quarter, he added.
The first half of the year saw Minor Hotels growing its global portfolio by launching several new hotels, including four properties under the NH Hotels & Resorts and NH Collection brands in Finland, South Africa and Sri Lanka. These properties also marked the brands’ debut in these nations and have strengthened Minor’s global presence.
Currently, Minor operates more than 50 hotels, resorts and residences under eight brands across 56 countries. The group, which is a member of the Global Hotel Alliance, aims to add over 200 properties by the end of 2026.
