Minor Hotels achieve profit growth of 32% in 2025 | News
Minor Hotels, a leading hotel owner and operator with a global portfolio of more than 640 properties, has achieved another record profit in 2025 due to strong system-wide demand and improved financial discipline.
The group reported full-year core profit of THB 6.84 billion (approximately US$217 million), up 32% year-on-year. Operating performance remained broadly stable, with core revenues of THB133.2 billion and operating expenses declining by approximately 1% year-on-year. The increase in core profit was primarily due to lower net finance costs and below-the-line improvements, including lease accounting and currency movements.
Total system revenue (TSS) increased by 3% to THB 140.36 billion on a comparable basis over the year, and by 4% overall to THB 166.1 billion, on a comparable basis during the year, reflecting continued demand across Minor Hotels’ managed, franchised and owned portfolio.
This performance was achieved despite significant renovations to several prime locations, including the Anantara Siam Bangkok Hotel, which limited available inventory throughout the year, and against the backdrop of continued macroeconomic and geopolitical uncertainty.
Key operating metrics also increased versus 2024 figures: occupancy increased one percentage point to 68%, system-wide average daily rate (ADR) increased 3% year-over-year and system-wide revenue per available room (RevPAR) increased 4%, indicating a continued focus on pricing rather than volume-based growth.
The quality of our growth is becoming just as important as the pace of our growth. By expanding through management and franchise partnerships while maintaining a disciplined ownership position, we pursue an asset-right approach that supports earnings resilience. Together with strong system-wide demand, this has contributed to a record year of profits in 2025 and we are well positioned for further growth in 2026.
Dillip Rajakarier, Group CEO of Minor International (SET:MINT), the parent company of Minor Hotels
EUAM strengthens its role as a profit anchor
Europe and Americas (EUAM), which accounts for more than half of Minor Hotels’ global portfolio, continued to drive results in 2025, delivering double-digit profit contribution growth and strengthening the region’s role as a stable earnings base. Performance was supported by strong leisure demand and improving business and MICE activity, especially in the fourth quarter. EUAM occupancy increased by two percentage points year-on-year, while ADR increased by 2% and RevPAR increased by 4%, with strong figures reported in Spain and Italy.
In the Middle East and Africa, RevPAR grew 10%, mainly driven by strong rate growth, especially in the luxury segment. In Asia and the Indian Ocean, interest rate-driven growth drove RevPAR up 12%, with the Maldives a key driver of performance.
The fourth quarter delivers strong net growth
Minor Hotels achieved strong profit growth in the fourth quarter, with core profit rising 32% year-on-year to THB 2.73 billion, supported by peak season demand and improved operating leverage in both the resort and urban markets.
Core revenues rose 5% year-on-year to THB35.6 billion, while EBITDA rose 7%, reflecting disciplined cost management and the benefit of interest-driven growth. Performance was again led by EUAM, where profit contribution increased 44% year-on-year, driven by strong leisure demand in Central Europe, Spain and Italy.
Systemwide occupancy increased two percentage points in the quarter to 70%, while ADR increased 4% and RevPAR increased 8% compared to the same period in 2024, underscoring continued price strength across both resort and urban portfolios.
Asset-light pipeline to support growth through 2026
Minor Hotels enters 2026 with its strongest development pipeline to date, following a record year of expansion activity in 2025. During the year, the group signed 40 new hotel projects and framework agreements and opened or rebranded 23 properties.
Looking ahead, Minor Hotels expects trading conditions to remain supportive in 2026, supported by positive booking trends, continued demand across the global portfolio and the benefits of an increasingly diversified and asset-right growth model. The group expects to secure a further 25 deals in the first quarter of 2026, reflecting continued interest from owners and developers in priority markets.
At the same time, Minor Hotels continues to invest in long-term capacity building. Through the Asian Institute of Hospitality Management, operating in academic collaboration with Les Roches, the group continues to strengthen its talent pipeline, with 250 students from 25 countries enrolled in the BBA program by 2025.
To further support its growth strategy, Minor International, the parent company of Minor Hotels, is working on plans for a hotel real estate investment trust (REIT), which should be listed in 2026. The proposed REIT is expected to enable capital recycling from mature assets while maintaining long-term operational and brand relationships, providing additional flexibility to invest in new markets and brand development.
