Minor Hotels has reported record financial performance for 2024, driven by a resurgence in global travel demand, with particular strength in Thailand and Europe.
The company’s net profit increased by 16% to THB5.1 billion (€144.8 million), while revenue climbed 9% to THB134 billion (€3.8 billion). Occupancy across the hotel group’s portfolio reached 68%, reflecting a two-percentage-point increase over the previous year.
Thailand played a key role in the company’s growth, with occupancy hitting 70% and revenue per available room (RevPar) increasing by 17%, attributed to expanded airline routes and targeted marketing strategies.
In Europe and the Americas, leisure and business travel continued to perform well, contributing to a 9% RevPar increase in key markets such as Spain, Central Europe, Benelux, and Italy.
Dillip Rajakarier, CEO of Minor Hotels and Group CEO of Minor International, emphasized the company’s strategic position to capitalize on the global travel recovery.
“Minor Hotels is well-positioned to capitalize on the ongoing global travel rebound and accelerate growth in 2025 and beyond,” he said. “Our asset-right strategy and disciplined financial management will continue to drive growth and create value for our stakeholders.”
The company expanded its global presence in 2024 with 30 new properties, including the NH Collection Helsinki Grand Hansa in Finland and the Anantara Jewel Bagh Jaipur Hotel in India.
Further growth is expected in 2025 with planned openings in Singapore, Japan, and Saudi Arabia, according to a report by Southern & East African Tourism Update.
The group is focused on a mix of owned, leased, managed, and franchised properties, aiming for a more balanced 50-50 ratio by 2027.
Currently, 70% of its portfolio is owned or leased, but future growth will largely come from hotel management agreements and franchise deals, accounting for over 90% of the development pipeline.
The company is targeting 850 properties by 2027, with nearly 300 new hotels in development, adding more than 47,000 keys across Europe, Asia, the Middle East, Africa, and Australia.
A significant portion of growth will be concentrated in the Middle East and Africa, where over 60 properties are in the pipeline.
A key focus for expansion is the luxury and branded residence segment, with developments such as the Anantara Kafue River Tented Camp in Zambia, expected to open in Q3 2025, and the Avani+ Barbarons Seychelles Resort, currently undergoing a major refurbishment.
The Anantara project marks the brand’s entry into the luxury tented camp market in Africa, positioning Minor Hotels within a growing sector of high-end experiential travel.
Rajakarier highlighted the company’s long-term vision, stating:
“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.”
With strong financial performance and a growing global footprint, the company’s trajectory offers valuable takeaways for hoteliers and investors looking to navigate post-pandemic market dynamics.
