Minor Hotels Posts 7% Q3 Profit Increase
Minor Hotels reported a steady performance for the third quarter, with profitability improving due to enhanced operational efficiency across its global portfolio of over 600 properties, even amid softer market conditions in some parts of Asia. For Q3, the group reported a core profit of THB 1.85 billion (approximately USD 57 million), representing a 7% year-over-year increase. Core revenue reached THB 33.5 billion, which is a 2% decline compared to the same period last year.
The slight dip in core revenue is partly linked to ongoing investment in several flagship luxury properties, including upgrades at Anantara Siam Bangkok Hotel, Anantara Hua Hin Resort, and Anantara Golden Triangle Elephant Camp & Resort. These enhancement projects form part of the group’s long-term strategy to strengthen brand and asset value. As a result, performance in Thailand softened, with occupancy falling four percentage points year-on-year. This was partly balanced by higher occupancy in the Maldives (+5 pp) and stable performance across other key regions, particularly Europe.
Despite the revenue decrease, profitability improved through continued efficiency measures and cost discipline, supported by an 18% reduction in financing expenses and a 4% quarter-on-quarter decrease in operating costs.
System-wide occupancy rose by one percentage point to 70%. Revenue per available room (RevPAR) increased by 3% compared to the previous year, with significant growth in the Maldives (+23%), Australia and New Zealand (+6%), and Europe and the Americas (+2%). The average daily rate (ADR) also saw a 1% increase across the system, bolstered by growth in Asia and the Indian Ocean (+10%), the Middle East and Africa (+5%), and Thailand (+1%), while performance remained stable in Europe and the Americas.
“In the face of challenging global operating conditions, Minor Hotels has again delivered profit growth through disciplined cost control and prudent financial management,” said Dillip Rajakarier, Group CEO of Minor International , the parent company of Minor Hotels.
“This performance reflects the resilience of our business model and the strength of our diversified portfolio, as we continue to refine our asset-right approach and maintain focus on margin-led segments.”
For the first nine months of 2025, Minor Hotels reported a core profit of THB 4.1 billion, a 32% year-on-year increase. Core revenue for the period was THB 97.6 billion, representing a 3% decline, while EBITDA remained broadly in line with the previous year.
Occupancy for the period rose one percentage point to 68%, with lower levels in Thailand (-5 pp) offset by higher occupancy in Europe (+2 pp) and the Maldives (+11 pp). RevPAR grew 3% year-to-date, led by gains in the Maldives (+13%), the Middle East and Africa (+5%), and Europe (+4%).
Looking ahead, Minor Hotels remains focused on margin improvement, portfolio optimisation, and strategic investment to support sustainable growth through its asset-right development model.
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