Asian group Minor Hotels reports record results

Asian hotel group Minor Hotels achieved record profits of almost £120 million in 2024.

The figure was 16% up on the previous year and came as revenue rose by 9% to £3.1 billion.

The group, which includes the Anantara, Avani and NH Hotels brands, said: “The record-breaking numbers underscore heightened global tourism demand, particularly in the group’s home market of Thailand as well as in Europe where it operates more than 280 properties.”

Three Anantara resorts were among locations for the third series of TV drama The White Lotus, filmed in Thailand.

The global hotel owner and operator has a portfolio of more than 560 properties in 58 countries.

“The results reflected disciplined pricing strategy, strong operating leverage, and continued expansion under the group’s ‘asset-right’ strategy – a deliberate balance between asset-heavy and asset-light models – while setting the stage for further gains in 2025,” the company said.

Group-wide occupancy rose by two percentage points to 68%, with Thailand leading the way with a five-point gain to 70%. 

Average daily rate across the global portfolio also rose 6% year-on-year, while revenue per available room (revpar) climbed 9% overall.

The group’s portfolio in Thailand, where it has 30 properties, was a “standout” performer with a 17% increase in revpar driven by expanded airline routes and targeted marketing efforts, which attracted “high-quality travellers” from North America, Asia, Europe and the Middle East.

“Performance in Europe and the Americas also remained robust, bolstered by resilient leisure and business travel from key feeder markets such as the US, UK and Mexico,” the company added.

Chief executive Dillip Rajakarier said: “Minor Hotels is well positioned to capitalise on the ongoing global travel rebound and accelerate growth in 2025 and beyond. 

“Our asset-right strategy and disciplined financial management will continue to drive growth and create value for our stakeholders. 

“With a reinforced financial position, we are set to innovate, expand profitably, and capture new opportunities – mostly capital-free – as we continue to scale our global footprint.”