Wednesday, November 13, 2024 Minor Hotels has showcased remarkable growth momentum, with its Q3 2024 performance highlighting notable gains in core profit and revenue. Operating over 560 properties under eight global brands, the group reported a core net profit of THB 3.1 billion for the first nine months of 2024, reflecting a 13% year-on-year rise, despite facing challenges from an unrealised foreign exchange loss.
Core revenues for the year so far climbed to THB 100.2 billion, a robust 11% increase compared to the previous year, surpassing budget expectations. This achievement was largely driven by outstanding performances in its European and Thai hotel operations.
Minor Hotels’ ability to exceed projections demonstrates its adept operational strategies and responsiveness to market dynamics, focusing on revenue optimisation and strategic investments in key regions. The third quarter’s strong results were bolstered by high demand for business and leisure travel in Europe, complemented by a thriving low season in Thailand. Global occupancy rates reached 69% in Q3, improving by one percentage point year-on-year.
Additionally, systemwide Revenue Per Available Room (RevPAR) rose by 6% in Q3 compared to the same period last year and recorded a 12% increase year-to-date. Minor Hotels Europe & Americas recorded a robust 9% year-on-year increase in RevPAR alongside a 7% rise in ADR, reflecting a strong high season performance. Markets like Spain, Central Europe, and the Benelux .
