Monday, May 20, 2024 Minor Hotels , a hotel owner and operator with over 550 properties in 56 countries, announced a net profit of THB 530 million for Q1 2024. This profit reflects a sustained increase in travel activities, countering the typical seasonality of the European hotel business. In Q1, Minor Hotels reported core revenue of THB 29.
6 billion, a significant 17% year-over-year increase, exceeding budget expectations. This strong performance was driven by continued revenue generation strength, with notable rate growth across the group’s hotel portfolio, especially in Europe and Thailand. The portfolio of owned and leased hotels contributed 80% of core hotel and mixed-use revenues in Q1, a 21% year-over-year increase.
Management income surged by 26% year-over-year, due to RevPAR growth across the group’s managed hotels and the addition of several new hotel management contracts throughout the year. Despite the historical seasonality of the European hotel business, where Minor Hotels operates about 300 properties, strong global demand and the group’s ability to increase rates led to strong revenue performance. This resulted in a significant narrowing of the quarterly core net loss to THB 968 million, an improvement from the core loss reported in Q1 2023.
Strong Occupancy Gains in Thailand and MEA Hotel occupancy across the group’s eight brands improved significantly to 64%, a four percentage point increase from Q1 last year. In Thailand, Minor Hotels saw a 10 perce.
