Minor Hotels, a leading international hotel owner, operator and investor, has reported record-high third-quarter profit of THB 1.7 billion, on the back of strong leisure and business demand in Europe and continued recovery in Thailand.
The result marks a growth in net profit of 8% on the same period last year for the group, which currently has a portfolio of 540 hotels and resorts in 56 countries.
Significant growth in revenue per available room (RevPar) was recorded across the group, with an 11% year-on-year increase reported for the third quarter, surpassing pre-COVID-19 level by 26%. The growth reflected operational revival across all of Minor’s business models, robust global travel demand and successful sales and pricing strategy.
Minor’s European hotel business was a particularly strong performer, achieving its highest-ever third quarter RevPAR fuelled by robust leisure demand and a substantial increase in business travel supported by several large events, corporate conventions and trade fairs.
In Thailand, the increase in international arrivals, combined with Minor Hotels’ strategic penetration of non-traditional feeder markets, drove a robust 38% increase in RevPAR in the third quarter versus the same period last year.
Minor’s owned and leased hotels portfolio contributed 85% of core hotel and mixed-use revenues in the quarter, reporting 17% in system-wide RevPAR.
Strong demand for travel saw average room rates rise 8% year on year at owned and leased hotels in Europe and Latin America, where occupancy also rose from 69% in 3Q22 to 71% in 3Q23, inching closer to the 2019 level of 75%. As a result, RevPar of owned and leased hotel portfolio in those regions exceeded the pre-COVID-19 figure by 19%.
Owned hotels in Thailand also saw a substantial 38% year on year increase in system-wide RevPar. The rise in international arrivals to Thailand, combined with Minor Hotels’ strategy to penetrate further into non-traditional feeder markets, drove average occupancy and room rates.
Minor Hotels anticipates growth to continue, with forward bookings displaying solid traction in the final quarter of the year, despite prevailing geopolitical and economic challenges.
While Europe is entering a period of lower seasonality, Thailand is experiencing an upward trend as it enters its high season and performance from hotels in Australia are expected to strengthen in Q4 as it moves out of winter.
“Minor Hotels has continued its strong post-COVID momentum to achieve its highest-ever third quarter core net profits. This is a trend we expect will continue, as Minor Hotels stands to benefit from the strengthening global tourism industry, strong forward bookings, and increased travel activities,” said Dillip Rajakarier, CEO of Minor Hotels and Group CEO of Minor International.
“With this momentum, we look forward to strong year-over-year results in the next few quarters, particularly driven by hotel high season in Asia during 4Q23 and 1Q24."
Minor Hotels opened three new hotels in the third quarter, with one each in the Maldives, Australia and Thailand. It also rebranded two properties from NH Hotels to Avani, in Italy and Mexico.
About Minor Hotels
Minor Hotels is a global hospitality group operating over 560 hotels, resorts and residences in 58 countries, pursuing its vision of crafting a more passionate and interconnected world. As a hotel owner, operator and investor, Minor Hotels fulfils the needs and desires of today’s global travellers through its diverse portfolio of eight hotel brands – Anantara, Avani, Elewana Collection, NH, NH Collection, nhow, Oaks and Tivoli – and a collection of related businesses. Minor Hotels is rapidly accelerating its global growth ambitions, aiming to add more than 280 hotels by the end of 2027.
Minor Hotels is a proud member of the Global Hotel Alliance (GHA), the world's largest alliance of independent hotel brands, and participates in the GHA DISCOVERY loyalty programme.
For more information, please visit minorhotels.com and connect with Minor Hotels on Facebook and LinkedIn.
Contact details
Related topics
Related news
Minor Hotels Unveils ‘Memories by Minor Hotels’ – A Bespoke Indian Wedding Experience in Asia’s Most Exciting Destina...
Memories by Minor Hotels allows couples to celebrate their occasion in some of the world’s most breathtaking locations across Asia.
‘White Lotus Effect’ in Full Bloom for Minor Hotels as Thailand Booking Interest Surges
Three Anantara properties that served as principal filming locations for the hit HBO series experience 104% rise in web traffic, 180% bump in bookings.
Minor Hotels Adds Second NH Hotels & Resorts Property in Bangkok
NH Bangkok Asoke follows the brand's debut in Thailand's capital city with the opening of NH Bangkok Sukhumvit Boulevard in October 2024.
Minor Hotels Continues China Expansion with Anantara Thousand Island Lake Resort
The new lakeside project blends Anantara’s lifestyle and luxury expertise with the natural beauty of Qiandao Lake for an unparalleled vacation experience.
Minor Hotels and HBX Group Expand Strategic Partnership to Include Hotels in Australasia, Africa, Middle East and Asia
HBX Group’s global network will now have access to over 560 Minor Hotels properties across 58 countries.