HomeHotelMinor Hotels profits increase 450% in 2023

Minor Hotels profits increase 450% in 2023

Minor Hotels recorded “record net income” of 121.4 billion THB (about 3.1 billion euros) in 2023, which has boosted the net profit growth by 450% compared to 2022. Resurgence in demand for leisure and business travel contributed to increased rates across the portfolio, primarily in Europe and Thailand. The company expects the positive trend to continue in 2024.

The company reported that the record revenue figure was 25% higher than that of 2022, with total sales reaching 157 billion THB (about 4.1 billion euros), which responds to “solid financial results in most of the group’s key markets, especially in its hotel operations in Europe and Thailand.”

In Europe, revenue grew by 25% and in Thailand by 65% ​​compared to 2022

The consolidated core profit was 4,950 million THB (127.8 million euros), being on par with pre-pandemic levels, as they reached 96% of the figure for all of 2019.

Minor hotels experienced an average daily rate (ADR) increase of 10% over the previous year. “Much of this growth was due to hotels in Europe and America, where ADR increased by 14% compared to 2022, as well as in Thailand, where the ADR of all Minor Hotels establishments increased by 29%,” they explain in a statement.

Hotel nhow Amsterdam. Source: Minor Hotels.

Group-wide occupancy stood at 66% for 2023, up 6% on 2022 figures, with Minor hotels in Thailand among the best performers, recording occupancy growth of 17%.

“The combined strength of the ADR and occupancy figures meant that group-wide RevPAR increased by 22% compared to 2022, with Thailand recording growth of 73% and Europe and America an increase of 26%,” they add.

“The results reflect the dedication and hard work of all our teams in all 56 countries. As we move forward, our focus remains on expanding our footprint, driving sustainable growth, reducing debt and creating long-term value for our shareholders.” Dillip RajakarierCEO of Minor Hotels and CEO of the Minor International Group

Throughout 2023, Minor Hotels added a total of 1,257 rooms to its inventory and, as published by HOSTELTUR, it has announced an aggressive expansion plan for the next three years, with the aim of adding between 200 and 250 new hotels to its portfolio. .

This year Minor will begin managing three hotels in Paris under the NH Hotels brand, as well as a new Anantara property in Ras Al Khaimah. In turn, the group plans to enter Anantara in Vienna, and Anantara and Avani in the Kingdom of Saudi Arabia, along with multiple new openings in the Middle East and Asia-Pacific markets.

More information

– Minor Hotels will debut in Paris with the NH Hotels and NH Collection brands

– Nhow Hotels arrives in Latin America

– Minor Hotels and NH Hotels grow in Asia

Source: Hosteltur



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