Minor Hotels Reports 32% Increase in Core Profit for 2025
Minor Hotels has reported higher profitability for the 2025 financial year, supported by steady system-wide demand, disciplined cost management and lower finance expenses. The group operates a global portfolio of more than 640 properties across owned, managed and franchised models.
For the full year, Minor Hotels recorded core profit of THB 6.84 billion (approximately USD 217 million), a 32% year-on-year increase. Core revenue totalled THB 133.2 billion, while operating expenses declined by around 1% compared with the previous year. The improvement in profitability was primarily driven by reduced net finance costs and below-the-line factors, including lease accounting adjustments and foreign exchange movements.
System Sales and Operating Performance
Total System Sales (TSS) increased by 3% on a like-for-like basis to THB 140.36 billion and by 4% overall to THB 166.1 billion, reflecting continued demand across the group’s global portfolio. Performance was achieved despite ongoing renovations at several owned properties, including Anantara Siam Bangkok Hotel, which temporarily reduced available room inventory during the year.
Key operating indicators improved compared with 2024. System-wide occupancy increased by 1 percentage point to 68%, average daily rate (ADR) rose 3%, and revenue per available room (RevPAR) increased 4%, reflecting continued focus on rate-led growth.
Dillip Rajakarier, Group CEO of Minor International, the parent company of Minor Hotels, said the group’s emphasis on management and franchise expansion, alongside a disciplined ownership approach, supported earnings stability and profitability in 2025.
Regional Performance
Europe and the Americas (EUAM), which accounts for more than half of Minor Hotels’ portfolio, recorded double-digit growth in profit contribution during the year. Occupancy in the region increased by 2 percentage points year-on-year, while ADR rose 2% and RevPAR 4%, supported by leisure demand and improving corporate and MICE activity, particularly in the fourth quarter. Spain and Italy were among the stronger-performing markets.
In the Middle East and Africa, RevPAR grew 10%, driven mainly by rate increases, while Asia and the Indian Ocean recorded a 12% rise, with the Maldives contributing significantly to the regional performance.
Fourth Quarter Results
In the fourth quarter, Minor Hotels reported a 32% year-on-year increase in core profit to THB 2.73 billion. Core revenue rose 5% to THB 35.6 billion, while EBITDA increased 7%, reflecting operating leverage during the peak travel period. EUAM again led performance, with profit contribution rising 44% compared with the same quarter in 2024.
System-wide occupancy reached 70% during the quarter, up two percentage points year-on-year, while ADR increased by 4% and RevPAR by 8%.
Development Pipeline and Outlook
Minor Hotels enters 2026 with an expanded development pipeline following a year of strong signing activity in 2025. During the year, the group signed 40 new hotel projects and master agreements and opened or rebranded 23 properties. The company expects trading conditions in 2026 to remain supportive, supported by forward bookings and continued interest from owners and developers across priority markets.
The group also continues to invest in talent development through the Asian Institute of Hospitality Management, which operates in an academic association with Les Roches. In addition, Minor International is advancing plans for a hotel real estate investment trust (REIT), targeted for a 2026 listing, to enable capital recycling while retaining long-term operating and brand relationships.
Leave a comment