Minor Hotels has announced record-breaking financial results for 2024, reporting a 16% increase in net profit to THB5.1 billion (€144.8 million) and a 9% rise in revenue to THB134 billion (€3.8 billion). The performance was driven by a strong global tourism rebound, particularly in Thailand and Europe.
The hotel group, which operates over 560 properties in 58 countries, saw its fourth-quarter profit climb 14% year-on-year to THB2.2 billion (€62.9 million). Occupancy across the portfolio rose to 68%, marking a two percentage point improvement.
Thailand was a key driver of growth with occupancy reaching 70% and revenue per available room (RevPar) rising 17% due to expanded airline routes and targeted marketing efforts. In Europe and the Americas, resilient leisure and business travel drove a 9% RevPar increase with standout performances 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.”
Minor Hotels expanded its global footprint by adding 30 new properties in 2024, including the NH Collection Helsinki Grand Hansa in Finland and the Anantara Jewel Bagh Jaipur Hotel in India. The company anticipates further growth with property launches in Singapore, Japan and Saudi Arabia in 2025.
Minor Hotels targets 850 properties by 2027
Looking ahead, Minor Hotels is on track to exceed 850 properties by the end of 2027, supported by nearly 300 new hotels in its pipeline. The group’s expansion includes over 47 000 additional keys across Europe, Asia, the Middle East, Africa and Australia – reflecting a more balanced global portfolio with more than 60 of the 300 new hotels in the Middle East and Africa.
The company’s expansion strategy emphasises luxury and branded residences. The upcoming Anantara Kafue River Tented Camp in Zambia, slated for a third quarter 2025 opening, will mark Anantara’s debut in the luxury tented camp segment of Africa. The major refurbishment of Avani+ Barbarons Seychelles Resort, also scheduled to open in the third quarter of 2025, will attempt to elevate the brand’s footprint in the Indian Ocean. The camp is expected to offer an exclusive safari experience in a natural setting.
Rajakarier said: “We are committed to strategic growth across diverse regions. Our evolving brand architecture and focus on branded residence opportunities are core to our ambitious plans.”
The latest pipeline figures underscore the group’s ambitious global strategy. A core element of this vision is the group’s “asset-right” approach – balancing owned, leased, managed and franchised properties to ensure sustainable and diversified growth. Approximately 70% of the current portfolio is owned or leased. The group is aiming to bring this ratio closer to 50-50 by 2027.
More than 90% of pipeline projects will be under hotel management agreements or franchise deals – this places the group on track to meet its goal.
