Minor Hotels Surges to Record-High Q3 Profit Driven by Robust European Demand

Minor Hotels reports a record-high third-quarter profit of THB 1.7 billion, marking a growth in net profit of 8% on the same period last year for the group.

Minor Hotels 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.

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 achieves 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.

Dillip Rajakarier, CEO of Minor Hotels and Group CEO of Minor International said, “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. 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.”