Banner year sees group achieve robust gains in occupancy, revenue, and net profit on the back of global tourism boom. Minor Hotels has posted its strongest full-year results on record, reporting a 16% jump in net profit to THB 5.1 billion and a 9% rise in total revenue to THB 134 billion for 2024. The record-breaking numbers underscore heightened global tourism demand, particularly in the group’s home market of Thailand as well as in Europe where it operates more than 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, representing a 14% year-on-year increase. The results reflected 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.
STRONG MOMENTUM IN THAILAND, EUROPE
Minor Hotels continued its strong global momentum, benefitting from sustained travel recovery and successful strategic execution across key markets.
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-quality travellers from North America, Asia, Europe, and the Middle East.
Performance in Europe and the Americas also remained robust, bolstered by resilient leisure and business travel from key feeder markets such as the United States, United Kingdom and Mexico. A well-executed pricing strategy led to a 6% ADR increase in the region in 2024, contributing to 9% RevPar growth that was led by properties in Spain, Central Europe, Benelux and Italy.
“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.”
GLOBAL EXPANSION GAINS MOMENTUM
Minor Hotels accelerated its global expansion by adding 30 new properties and over 3,000 keys in 2024, propelling its global portfolio past 560 hotels and 81,000 keys. Prominent openings included NH Collection Helsinki Grand Hansa in Finland and Anantara Stanley & Livingstone Victoria Falls Hotel in Zimbabwe, while the Anantara brand also made its debut in India with the opening of Anantara Jewel Bagh Jaipur Hotel, further bolstering the company’s international footprint.
Looking ahead, Minor Hotels anticipates continued gains in occupancy and RevPar across its portfolio, supported by sustained travel demand, new feeder markets, and property launches in Singapore, Japan, and Saudi Arabia. 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 – and premiered on February 16.
By the end of 2027, Minor Hotels aims to expand its worldwide portfolio to 850 properties, highlighting its commitment to innovation, geographic diversification, and value creation.
