Minor Hotels has reported a 16 per cent jump in net profit to 5.1 billion baht (US$151 million) and a nine per cent rise in total revenue to 134 billion baht 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 2.2 billion baht, representing a 14 per cent 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.
In 2024, Minor Hotels’ group-wide occupancy reached 68 per cent, marking a two percentage-point uptick from the previous year, with Thailand leading the way with a five-point gain to 70 per cent.
ADR across the global portfolio also rose six per cent year-on-year, while RevPar climbed nine per cent overall.
The group’s portfolio in Thailand, where it has 30 properties, was a standout performer with a 17 per cent 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 US, the UK, and Mexico. A well-executed pricing strategy led to a six per cent ADR increase in the region in 2024, contributing to nine per cent RevPar growth that was led by properties in Spain, Central Europe, Benelux and Italy.
Dillip Rajakarier, CEO, Minor Hotels and Group CEO, Minor International, said: “Minor Hotels is well positioned to capitalise on the ongoing global travel rebound and accelerate growth in 2025 and beyond. 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.”
The company added 30 new properties and over 3,000 keys in 2024, propelling its global portfolio past 560 hotels and 81,000 keys.
Looking ahead, it 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.
By the end of 2027, Minor Hotels aims to expand its worldwide portfolio to 850 properties.
