Minor Hotels Europe & Americas reported total revenue of EUR2.4 billion in 2024, marking a 12% increase compared to the EUR2.2 billion recorded in 2023. This solid growth underlines the effectiveness of the Group’s corporate strategy, which focuses on portfolio optimisation, cost control, and operational efficiency.
The Average Daily Rate (ADR) continued its upward trend, closing 2024 with a 5.6% increase, from EUR138 per night in 2023 to EUR145 per night in 2024. Average occupancy for the year stood at 69.2%, up 1.2 percentage points from 2023, but still 0.8 percentage point below 2019 like for like levels. ADR and occupancy rates followed an upward trajectory across European markets and remained stable in Latin America.
Minor Hotels Europe & Americas boosted its reported EBITDA by 14% in 2024, reaching EUR680 million. Excluding the impact of IFRS 16, recurring EBITDA stood at EUR407 million, up by 24.5% and with a 17% margin, two percentage points higher than in 2023 and on par with 2019, implying a 30% conversion ratio, explained by a strong ADR strategy and the Group’s cost control measures
These strategic measures contributed to a 67% increase in recurring net profit, reaching EUR210 million. Total net profit came in at EUR212 million, up by 65% from the previous year. The Group expects a positive 2025, as the travel sector continues to expand, though it is cautious as growth rates may moderate following the strong performance of recent years.
Sustained Growth in the Fourth Quarter
Total revenue for Q4 2024 rose to EUR639 million, reflecting a 16% year-on-year increase. Growth remained robust across both Europe and Latin America, positively impacted by the Brazilian portfolio and Argentina’s currency devaluation in December 2023. Between October and December 2024, average occupancy reached 70%, up 1.5 percentage points from Q4 2023, while ADR increased by 4% to EUR143 per night.
The company reduced its net financial debt by EUR20 million in 2024, bringing it down to EUR244 million by year-end. This was achieved despite a net initial payment of EUR158 million for Brazilian assets and an additional EUR154 million in ordinary CapEx., as the Company has prioritized repositioning and IT investments starting in 2024 to continue improving the existing portfolio during coming years. Liquidity at year-end stood at EUR533 million, including EUR220 million in cash.
On 1 October 2024, Moody’s upgraded the Group’s corporate rating from “B1” to “Ba3” with a stable outlook, due to ongoing robust performance, sustained improvement in key metrics, and ample liquidity. Fitch also raised its rating from “B” to “BB-” in 2024. With these upgrades, MHEA´s corporate rating now stands one level above its 2019 rating.
All business units within the company recorded higher ADR and occupancy improved in all European countries. In Spain, occupancy reached 74% (+2 p.p.), while ADR grew by 10%. Italy, the Benelux, and Central Europe also saw single-digit ADR increases and occupancy gains from one to three percentage points. In Latin America, occupancy remained steady, while ADR is on a growth trajectory.
About Minor Hotels
Minor Hotels is a global hotel group that operates more than 560 hotels, resorts and residences in 58 countries, and pursues the vision of creating a more passionate and interconnected world. As a hotel owner, operator and investor, Minor Hotels meets the needs and desires of today's global travelers through its diverse portfolio of eight hotel brands (Anantara, Avani, Elewana Collection, NH, NH Collection, nhow, Oaks and Tivoli) and a portfolio of related businesses. Minor Hotels is rapidly accelerating its global growth ambitions, with the goal of adding more than 280 hotels by the end of 2027
Minor Hotels is a member of the Global Hotel Alliance (GHA), the world's largest alliance of independent hotel brands, and participates in the GHA DISCOVERY loyalty program.
For more information, please visit minorhotels.com and connect with Minor Hotels via Facebook and LinkedIn.
Contact details
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- Irene Fernández
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VP PR & Communications
Minor Hotels Europe & Americas, NH, NH Collection, nhow & Tivoli - ai.fernandez@minor-hotels.com
- +34 619 267 690
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- Sonia Cobo
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Manager Corporate Communication and Public Affairs
Minor Hotels Europe & Americas
- s.cobo@minor-hotels.com
- +34 636 661 525
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