Minor Hotels reports 16% profit...

Group saw significant increases in occupancy across Asia, Indian Ocean, the Middle East and Africa

International hotel owner and operator Minor Hotels has performed well year-on-year with consolidated core first-half profit rising 16% in H1 2024 versus 2023.

The continued run of double-digit growth for the Bangkok-based group – which operates more than 550 hotels across 55 countries across Asia-Pacific, the Middle East, Africa, the Indian Ocean, Europe and the Americas – was driven by sustained demand for business and leisure travel across all markets, particularly Europe.

The group also saw strong year-on-year increases in occupancy across Asia, Indian Ocean, the Middle East and Africa, rising 6% to achieve 61% in H1 2024. Worldwide, occupancy results were positive but more modest, rising 2% in H1 2024.

Average daily rate (ADR) across the global portfolio rose 11% year-on-year for the quarter, driving a 12% increase in revenue per available room (RevPAR). For the first half, similar ADR growth of 11% pushed RevPAR up 15% versus 2023.

In the first half of 2024, Minor Hotels expanded its global footprint, opening several new properties, including four hotels under the NH Hotels & Resorts and NH Collection brands in Finland, South Africa and Sri Lanka, the brand's first properties in these countries.

In addition to NH Hotels & Resorts and NH Collection, Minor's portfolio of brands include Avani (pictured), Anantara, Elewana, Oaks, Tivoli and Nhow.

Dillip Rajakarier, CEO of Minor International, said: “We are well positioned to continue our growth momentum. Our strategic initiatives and premium asset and brand portfolio ensure that we can capitalise on these opportunities, increase our market share, and deliver exceptional results to our shareholders and stakeholders."

For more information, visit www.minorhotels.com

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