The Bangkok-based hotel owner continues its strong post-Covid recovery
Minor Hotels has more than doubled its year-on-year core profit in the second quarter of 2023, reporting growth of 120% on the same period last year.
The operator and investor, which currently has a portfolio of more than 530 hotels and resorts in 56 countries, reported surging travel demand across all regions.
A robust start to the high travel season in Europe contributed to the strong result, as leisure and business travel demand across all key customer segments led to an average occupancy rate of 72% and an 18% year-over-year surge in average daily rate (ADR) for Minor Hotel’s owned properties in Europe and Latin America.
Other key markets were also buoyed by continued travel demand recovery, led by Thailand with year-over-year RevPar growth of 62% for owned properties and 85% growth across all hotels in the country.
Minor Hotels CEO and Minor International group CEO Dillip Rajakarier said: “Looking ahead, Minor Hotels is poised to continue its strong momentum in 2H23 and throughout 2024.
“Our strategic locations and exclusive benefit programs allow us to accommodate rising business and leisure travel activities in late summer and early autumn. The fourth quarter marks the peak season for Asia with growing demand from regional markets, long-haul US and European travellers, as well as upscale visitors from the Middle East.”
For more information, visit www.minorhotels.com