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Record revenue sees Minor Hotels’ profit surge 450%
Thailand based Minor Hotels posted record full-year core revenue of THB 121.4 billion (approx. USD 3.4 billion) in 2023, and a surge in profit.
Core net profit rose 450% compared to the previous year.
Revenue was up by a quarter versus 2022, with topline total system sales reaching THB 157 billion (approx. USD 4.4 billion).
Most key markets performed well for the group, especially hotel operations in Europe and Thailand where revenue grew 25% and 65% respectively.
The consolidated core profit of THB 4.95 billion was on par with pre-Covid levels, achieving 96% of the 2019 full-year figure.
Resurgent demand for leisure and business travel across most key markets drove the growth with group-wide average daily rate (ADR) increasing by 10% compared with last year.
Much of this was driven by hotels in Europe and the Americas, where ADR was up 14%.
Group-wide occupancy was reported at 66% for the year, an increase of 6% on 2022.
Overall RevPAR rose 22% versus 2022, with Thailand reporting 73% growth and Europe & Americas with 26% increase.
In fourth quarter, Minor Hotels reported core net profit of THB 1.89 billion, slightly below Q422 profit in real terms but an increase of 95% when adjusted like-for-like.
The company expects the strong growth trend to carry through 2024.
Dillip Rajakarier, CEO of Minor Hotels said: “We are pleased with our outstanding performance in 2023. As we move forward, our focus remains on expanding our footprint and driving sustainable growth.”
Minor Hotels added a total of 1,257 rooms to its inventory in 2023, and has announced plans for aggressive expansion of its hotel portfolio over the next three years.
It aims to add 200-250 new hotels to its existing portfolio of 540 properties globally.
Minor Hotels has already added three new managed hotels in Paris in 2024 under the NH Hotels brand, as well as a new Anantara property in Ras Al Khaimah.
The hotel pipeline includes the entry of Anantara into Vienna, and both Anantara and Avani into Saudi Arabia, alongside multiple new openings in the Middle East and Asia Pacific.
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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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