BANGKOK, 19 February 2026: Minor Hotels delivered a disciplined and well-balanced performance in 2025, reporting a 32% increase in core profit to THB6.84 billion, approximately USD217 million.
The result reflects stable demand, a consistent pricing strategy, and improved financial management, rather than volume-driven expansion.
Core revenue for the year stood at THB133.2 billion, marginally lower year on year, while operating expenses declined by around 1%. Profit growth was driven primarily by lower net finance costs and improvements below the operating line, including lease accounting and foreign exchange movements. This points to tighter control of both capital structure and cost base.
Total System Sales increased by 3% on a like-for-like basis to THB140.36 billion and by 4% overall to THB166.1 billion, supported by demand across owned, managed and franchised properties. Performance was achieved despite inventory constraints stemming from major renovations at several owned assets, including the Anantara Siam Bangkok Hotel.
Operating metrics improved steadily. System-wide occupancy increased to 68% average daily rate rose by 3%, and revenue per available room increased by 4%. The figures reflect a continued focus on rate management rather than occupancy-led growth, supporting margin improvement across regions.
CEO commentary
Commenting on the results, Minor International Group CEO Dillip Rajakarier said the performance reflected a deliberate focus on quality-led growth.
“The quality of our growth is as important as the pace. By expanding primarily through management and franchise partnerships while remaining disciplined in our owned-asset strategy, we are building a more resilient earnings base. Combined with strong system-wide demand, this approach delivered a record profit in 2025 and positions us well for continued progress in 2026.”
Regional performance
Europe and the Americas remained the group’s largest contributors to earnings in 2025, accounting for more than half of the global portfolio. The region delivered double-digit profit growth, supported by resilient leisure demand and a recovery in corporate and MICE activity. Occupancy increased by two percentage points, ADR rose by 2%, and RevPAR grew by 4%, with Spain and Italy among the strongest markets.
The Middle East and Africa recorded RevPAR growth of 10%, driven primarily by rate increases in the luxury segment. Asia and the Indian Ocean saw RevPAR rise by 12%, supported by rate-led performance in resort destinations, particularly the Maldives.
Fourth quarter performance
The final quarter of the year delivered strong bottom-line growth. Core profit increased 32% year on year to THB2.73 billion, supported by peak seasonal demand and improved operating leverage across both resort and city hotels.
Core revenue rose 5% to THB35.6 billion, and EBITDA increased by 7%. System-wide occupancy reached 70% while ADR rose by 4% and RevPAR increased by 8% compared with the same period in 2024.
What drove the 32% profit growth
Profit growth in 2025 was underpinned by consistent pricing discipline, active management of finance costs and a continued shift toward fee-based income. Expansion focused on management and franchise contracts, limited capital exposure while preserving earnings quality and brand presence. Together, these factors delivered a material improvement in profitability without increasing operational risk.
Outlook for 2026 and 2027
Minor Hotels enters 2026 with positive booking trends and a strong development pipeline. Trading conditions are expected to remain supportive across key leisure and urban markets.
Based on the current pipeline, the portfolio is projected to reach approximately 720 to 750 properties by 2027, with most additions coming from management and franchise agreements. Assuming moderate RevPAR growth and stable cost ratios, further profit growth is expected over the medium term, supported by lower finance costs and a more balanced portfolio.
Plans are also progressing for a hotel real estate investment trust, targeted for a 2026 listing, designed to recycle capital from mature assets while retaining long-term operating and brand relationships.
Minor Hotels’ 2025 results demonstrate the benefits of disciplined expansion, pricing control and financial focus. The emphasis now is on consistent execution as the portfolio continues to scale.
At the end of 2025, Minor Hotels operated more than 640 properties across over 55 countries. Europe and the Americas account for just over half of the portfolio, Asia and the Indian Ocean for around one third, with the remainder in the Middle East and Africa. More than 70% of properties are managed or franchised, reflecting the group’s asset-right strategy.
About the Author
Andrew J Wood is a British-born travel writer, former hotelier and tourism consultant who has lived in Thailand since 1991. With more than four decades of experience in international hospitality and tourism, he is a former Director of Skål International and a past President of Skål International Asia, Thailand and Bangkok. He writes extensively on tourism trends, sustainability, aviation and destination strategy across the Asia-Pacific region, contributing to travel and hospitality publications worldwide. His work reflects a long-standing commitment to responsible tourism, cross-cultural understanding and the evolving role of travel in a changing global economy.
