{"id":240286,"date":"2024-08-09T05:15:00","date_gmt":"2024-08-08T22:15:00","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=240286"},"modified":"2024-08-09T06:12:45","modified_gmt":"2024-08-08T23:12:45","slug":"minor-hotels-declares-robust-q2","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2024\/08\/minor-hotels-declares-robust-q2\/","title":{"rendered":"Minor Hotels declares robust Q2"},"content":{"rendered":"\n

SINGAPORE, 9 August 2024: Minor Hotels announced its financial results for the second quarter of 2024, this week, indicating a robust performance that saw quarterly revenues climb 11% year-on-year and consolidated core first-half profit rise 16% versus 2023.<\/p>\n\n\n\n

In a press statement, the group said that the “continued run of double-digit growth for the Bangkok-based group, which operates more than 550 hotels globally, was driven by sustained demand for both business and leisure travel across all markets, particularly Europe.”<\/p>\n\n\n

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Photo credit: Minor Hotels. Strong performance in Europe.<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n

In the second quarter of 2024, Minor Hotels reported a consolidated core net profit of THB2.6 billion (USD72 million), surpassing last year’s figure by 3%. Consolidated core profit in 1H24 was THB1.7 billion, marking a growth of 17% versus 2023 figures, off the back of THB66.1 billion in core revenue (+14% y-y).<\/p>\n\n\n\n

The group reported strong year-on-year increases in occupancy across Asia, Indian Ocean and MEA, gaining six percentage points to 61% in 1H24, and four percentage points to 56% for 2Q24. Worldwide, occupancy results were positive but more modest, rising one percentage point for the quarter and two percentage points for the half.<\/p>\n\n\n\n

The average daily rate (ADR) across the global portfolio rose 11% year-on-year for the quarter, driving a 12% increase in revenue per available room (RevPAR). Similar ADR growth of 11% for the first half pushed RevPAR up 15% versus 2023.  <\/p>\n\n\n\n

Minor’s owned hotels in Thailand experienced significant growth, with RevPAR in Q2 increasing 14% year-on-year. This reflects the strong rebound in international tourist arrivals from key markets such as the US, China, Europe, India, and Australia. The year-on-year occupancy increase of five percentage points and a 4% rise in ADR underline Thailand’s enduring appeal as a top travel destination and the strength of Minor Hotels’ asset portfolio. Hotels in  Samui, Phuket, and Bangkok outperformed expectations, with RevPAR growth of 32%, 10%, and 11%, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"

SINGAPORE, 9 August 2024: Minor Hotels announced its financial results for the second quarter of 2024, this week, indicating a robust performance that saw quarterly revenues climb 11% year-on-year and consolidated core first-half profit rise 16% versus 2023. 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