At a time when many hotel industry businesses are struggling, other operators are still reporting positive figures.
The Minor Hotels group has just posted its strongest full-year results on record, reporting a 16% jump in net profit and a 9% rise in total revenue for 2024.
The record-breaking numbers for the Thai-based business underscore heightened global tourism demand, particularly in the group's home market, as well as in Europe where it operates over 280 properties.
The global hotel owner and operator, which has a portfolio of more than 560 properties in 58 countries, ended the year on a strong note with fourth-quarter profit of THB 2.2 billion (102 million AUD), representing a 14% year-on-year increase.
The results reflected what the group said was disciplined pricing strategy, strong operating leverage, and continued expansion under the group’s ‘asset-right’ strategy – a deliberate balance between asset-heavy and asset-light models – while setting the stage for further gains in 2025.
In 2024, Minor Hotels’ group-wide occupancy reached 68%, marking a two percentage-point uptick from the previous year, with Thailand leading the way with a five-point gain to 70%.
Average daily rate (ADR) across the global portfolio also rose 6% year-on-year, while revenue per available room (RevPar) climbed 9% overall.
The group’s portfolio in Thailand, where it has 30 properties, was a standout performer with a 17% RevPar increase driven by expanded airline routes and targeted marketing efforts, which attracted high-spending travellers from North America, Asia, Europe, and the Middle East.
“Minor Hotels is well positioned to capitalise on the ongoing global travel rebound and accelerate growth in 2025 and beyond,” said Dillip Rajakarier, CEO of Minor Hotels and Group CEO of Minor International.
“Our asset-right strategy and disciplined financial management will continue to drive growth and create value for our stakeholders. With a reinforced financial position, we are set to innovate, expand profitably, and capture new opportunities - mostly capital-free - as we continue to scale our global footprint.”
Minor operates hotel brands including Anantara, Avani, Elewana Collection, NH, NH Collection, nhow, Oaks and Tivoli.
The company expects a further boost in Thailand tourism following the much-anticipated airing of the third season of the HBO series
The White Lotus, which was filmed in Thailand – including at several properties
owned or operated by Minor Hotels (top image) – and premiered on February 16.
By the end of 2027, Minor Hotels aims to expand its worldwide portfolio to 850 properties.