- Core revenue in Q1 increases 4% y-y
- Core EBITDA up 7% y-y
- RevPAR +5% globally, driven by Thailand (+10%) and Europe (+8%)
- First-quarter loss cut by 57% versus 2024
Minor Hotels has reported a resilient start to 2025, shrugging off seasonal softness and currency volatility to post a 4% year-on-year increase in core revenue and a 7% jump in core EBITDA.
Buoyed by robust leisure and business demand, Minor Hotels cut its first-quarter core loss to THB 493 million - an improvement of 57% versus last year. The sharp turnaround underscores both the earning power of the group's diverse global portfolio and its disciplined cost controls.
System-wide occupancy across Minor's global portfolio of more than 560 properties edged up one point to 64% while average daily rate (ADR) rose 3% year-on-year, lifting global RevPAR by 5%.
Thailand continued to outperform, with owned hotels in the country recording a 10% RevPAR increase as international arrivals accelerated, flight connectivity improved and global exposure from HBO's The White Lotus Season 3 - filmed across four Minor resorts - boosted brand visibility.
Europe also exceeded expectations despite its traditional low season, with owned hotels in the region delivering 8% RevPAR growth, led by strong trading in Spain, Italy and the Benelux region, underscoring demand resilience across the continent.
Strategic pricing and stronger direct-booking initiatives, notably the debut of the new Minor Hotels masterbrand in March, combined to sharpen top-line momentum.
Total system sales for the entire portfolio held steady in the first quarter at THB 40.5 billion and rose 3% on a like-for-like basis once foreign-exchange effects and recent openings or exits were stripped out.
Asia, the Indian Ocean, the Middle East and Africa saw a combined 2% uplift in system sales, with the Maldives and Sri Lanka helping to offset pockets of softness elsewhere in those regions.
Hotels owned by Minor but operated by third parties grew like-for-like system sales by 6%, buoyed by robust demand in Africa and Thai resorts, while the mixed-use division - including Anantara Vacation Club, The Wolseley Hospitality Group, residential, spa and retail businesses - expanded system sales by 16%.
"Delivering such a strong first-quarter performance in what is traditionally our toughest season shows the power of our trusted brands and the agility of our people," said Dillip Rajakarier, Group CEO of Minor International, the parent company of Minor Hotels. "We will keep building momentum through 'asset right' expansion and sharper distribution while maintaining strict discipline on operating and capital costs, with a clear focus on further debt reduction to strengthen our balance sheet."
Looking ahead, booking trends for the second quarter remain in line with management's outlook for the rest of 2025. The group will leverage its diverse portfolio of brands, adaptable teams and broad geographic spread to capture demand and safeguard margins amid ongoing currency and macro-economic uncertainty.