In an astonishing revelation, Minor Hotels reported a whopping 120% increase in its core profit for Q2 2023, reaching THB 2.6 billion. This monumental stride paints a vivid picture of the international travel landscape, which appears to be rebounding with fervour from the setbacks of the COVID-19 pandemic.
Having a vast expanse with over 530 plush hotels and resorts spread across 56 countries, Minor Hotels is a testament to the dynamic shifts in the post-Covid travel industry. Their strong Q2 financials are not just figures but a testament to the resilience of the global travel community.
While global RevPar in Q2 magnified by 21% year-over-year, Thailand, a prominent gem in Minor’s crown, led the charts with an impressive 62% RevPar growth for owned establishments. The Southeast Asian nation didn’t stop there, recording a staggering 85% annual growth across all its hotel properties.
Minor’s portfolio’s European and Latin American segments also flashed optimistic signals. Kickstarting Europe’s prime travel season, the hotelier experienced a robust 72% occupancy rate and an 18% y-y spike in the Average Daily Rate (ADR).
These impressive digits spotlight the hotel chain’s operational excellence and reflect the broader revival of global tourism. As European nations witness a flight capacity surge, many destinations are outpacing their pre-pandemic foreign arrival rates. This has particularly benefited Minor Hotels, with their strategic locations designed to accommodate the rising tide of business and leisure travellers, especially in the warmer, late summer months and the onset of autumn.
Mr. Dillip Rajakarier, the visionary CEO of Minor Hotels and Group CEO of Minor International, expressed his bullish outlook on the future. He remarked, “Our Q2 2023 financial performance mirrors the tenacity and adaptability of our formidable team. They’ve capitalized on market prospects with a remarkable recovery in consumption, setting new profitability benchmarks.” He adds, “As we approach 2024, we foresee Minor Hotels continuing this upward trajectory, especially in Asia’s peak season, catering to regional travellers, long-haul tourists from the US and Europe, and the luxury-seeking clientele from the Middle East.”
Culminating this success story, Minor International Public Company Limited, the umbrella entity of Minor Hotels, in a display of confidence for the future and to reward its shareholders, declared an interim cash dividend distribution of THB 0.25 per share.
In the evolving narrative of global recovery, Minor Hotels has emerged as a pivotal player and an emblem of hope, resilience, and enduring prosperity in the face of challenges.
For more on Minor Hotels’ journey and endeavours, visit Minor Hotels Official Website.
Written by: Supaporn Pholrach (Joom)