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Minor Hotels doubles quarterly profit
Thailand based Minor Hotels has more than doubled its core second quarter hotel profit.
It earned THB2.6 billion for 2Q 2023 thanks to surging travel demand in all regions.
Minor currently has a portfolio of more than 530 hotels and resorts in 56 countries.
A strong start to the Europe peak travel season contributed to the strong hotel profit.
It had an average occupancy rate of 72% and an 18% year-over-year increase in average daily rate (ADR) in Europe and Latin America.
Other key markets were led by Thailand with year-over-year RevPar growth of 85% across all hotels.
Globally, 2Q RevPar was up 21%.
Occupancy in H1 was up 10% with ADR increasing 14%.
CEO Dillip Rajakarier said: “Our 2Q financial performance is a testament to the resilience of our team, seizing market opportunities as strong consumption recovery continues.”
“Looking ahead, Minor Hotels is poised to continue its strong momentum in 2H23 and throughout 2024.”
The fourth quarter is the peak season for Asia, and Minor sees growing demand from regional markets as well as long haul US and Europe markets.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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