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Strong performances in Europe and Thailand drive revenue and profit growth exceeding expectations.
Minor Hotels has continued its impressive growth trajectory, with Q3 results showing significant gains in both core profit and revenue. The company, which owns and operates over 560 hotels across eight global brands, reported a core net profit of THB 3.1 billion for the first nine months of 2024, reflecting a 13% year-on-year increase, despite the negative impact of an unrealised foreign exchange loss.
Year-to-date core revenues reached THB 100.2 billion, marking an 11% increase compared to last year and surpassing budgeted projections.
This strong performance was largely driven by the company’s hotels in Europe and Thailand. Minor Hotels’ ability to exceed forecasts highlights its operational efficiency and market adaptability, driven by successful revenue optimization strategies and a strategic focus on key regions.
Strong Third-Quarter Growth
The robust third-quarter growth was propelled by strong demand from both business and leisure travelers across Europe, with Thailand also benefiting from a solid low season performance.
Occupancy across the global portfolio reached 69% in Q3, up one percentage point from the previous year. Systemwide Revenue Per Available Room (RevPAR) grew by 6% compared to Q3 2023, with a year-to-date increase of 12%.
European Portfolio Drives Growth
Minor Hotels Europe & Americas posted an impressive 9% year-on-year increase in RevPAR, alongside a 7% increase in Average Daily Rate (ADR).
Growth was particularly strong in Spain, Central Europe, and the Benelux region, fueled by rising visitor numbers from the US and the UK. By capitalizing on these positive trends, Minor Hotels successfully executed targeted pricing and marketing strategies to maximize revenue.
For the first nine months of 2024, Minor Hotels Europe & Americas generated EUR 1,789 million in revenue, marking a 10.9% increase over the same period in 2023.
ADR in the region rose by 6.2% year-on-year to EUR 146, with Spain and Central Europe driving performance gains. RevPAR increased by 8% to EUR 101, reflecting Minor Hotels’ effective pricing strategies and strong demand in high-growth regions. This resulted in a 52% increase in recurring net profit, reaching EUR 141 million.
In Q3, revenues for Minor Hotels Europe & Americas rose by 10% year-on-year to EUR 644 million, driven by a 7.3% increase in ADR to EUR 152. This ADR growth accounted for 83% of RevPAR growth, with Spain and Central Europe showing particularly strong performance.
Thailand Leads in Asia
Despite Q3 typically being Thailand’s low season, the region saw a 12% increase in RevPAR, driven by a strong influx of international visitors and thriving domestic travel.
Occupancy rose by two percentage points year-on-year to 66%. Minor Hotels’ yield optimization strategy boosted ADR by 9% and occupancy by 2%, demonstrating the company's ability to attract a diverse range of profitable traveler segments year-round.
In Asia, Q3 saw several key new openings, including an NH Resort and NH Collection hotel in Sri Lanka, an NH Hotel in Bangkok, and the announcement of an NH Collection Resort in Koh Samui.
Half of these openings are under management contracts, aligning with Minor’s strategy to drive profitability while leveraging its management infrastructure to expand in high-growth markets. These additions further strengthen the company’s market position and appeal to a wider range of travelers.
Group Positioned for Continued Growth
"Our exceptional performance this quarter highlights the strength of our strategic focus on high-growth markets and our ability to adapt to evolving travel trends," said Dillip Rajakarier, CEO of Minor Hotels and Group CEO of Minor International.
"The strong expansion in Europe, coupled with Thailand’s continued recovery, showcases the success of our revenue optimization initiatives and our dedication to delivering outstanding guest experiences. With the high season approaching, we are well-positioned to capitalize on rising demand and deliver sustained growth, creating significant value for our stakeholders."
As the high season approaches, Minor Hotels is well-positioned to capture strong demand across its key markets. Forward bookings in popular destinations like Thailand and Bali are increasing, fueled by exclusive holiday experiences tailored to high-end travelers. In Europe, corporate travel remains steady, and bookings for December holidays are gaining momentum.
About Minor Hotels
Minor Hotels is a global hospitality group operating over 550 hotels, resorts and residences in 56 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 200 hotels by the end of 2026.
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