Minor Hotels Strengthens Profitability with 7% Lift in Q3

Minor Hotels has delivered a resilient third-quarter performance, with profitability rising on the back of improved operational efficiency across its global portfolio of more than 600 hotels, even as market conditions softened in parts of Asia.       

In the third quarter, Minor Hotels reported a core profit of THB 1.85 billion (approx. USD 57 million), representing a 7% increase year-on-year. Core revenue for the quarter was THB 33.5 billion, down 2% compared to the same period last year.

The modest decrease in core revenue partially reflected ongoing investment in several of Minor’s flagship luxury properties - including significant upgrades to Anantara Siam Bangkok Hotel, Anantara Hua Hin Resort, and Anantara Golden Triangle Elephant Camp & Resort - as part of the group’s long-term strategy to enhance brand and asset value. This contributed to softer performance in Minor’s home market of Thailand, where occupancy for the quarter fell four percentage points year-on-year, though this was partially offset by strong gains in the Maldives (+5 pp) and steady trading across other regions, notably in Europe.

The higher profitability despite softer revenue reflects ongoing efficiency improvements and disciplined cost control across Minor Hotels’ operations, supported by an 18% reduction in financing costs and a 4% quarterly decrease in operating expenses.

Systemwide occupancy increased one percentage point to 70%, while revenue per available room (RevPAR) grew 3% year-on-year, driven by a 23% increase in the Maldives, 6% in Australia and New Zealand, and 2% in Europe and the Americas. Average daily rate (ADR) rose 1% systemwide, supported by a 10% increase in Asia and the Indian Ocean, 5% in the Middle East and Africa, 1% in Thailand, and stable performance in Europe and the Americas.

“In the face of challenging global operating conditions, Minor Hotels has again delivered strong profit growth through disciplined cost control and prudent financial management,” said Dillip Rajakarier, Group CEO of Minor International (SET:MINT), the parent company of Minor Hotels. “This performance underscores the resilience of our business model and the strength of our diversified portfolio, as we continue to optimise our asset-right strategy, sharpen rate and mix management, and maintain focus on high-margin business segments.”

For the first nine months of 2025, Minor Hotels delivered a core profit of THB 4.1 billion, up 32% year-on-year. Core revenue for the period was THB 97.6 billion, down 3%, while EBITDA remained stable year-on-year.

Occupancy for the period rose one percentage point to 68%, with declines in Thailand (-5 pp) offset by higher levels in Europe (+2 pp) and the Maldives (+11 pp). RevPAR increased 3% year-to-date, led by growth in the Maldives (+13%), Middle East and Africa (+5%), and Europe (+4%).

Looking ahead, Minor Hotels remains focused on margin expansion, portfolio optimisation, and strategic investment to drive sustainable growth through its asset-right development model.