Minor Hotels reported stronger third-quarter profitability despite softer revenue, underscoring the effectiveness of its operational and financial discipline. Core profit for the quarter reached THB 1.85 billion (approximately USD 57 million), a 7% increase year-on-year, while core revenue was down 2% to THB 33.5 billion.

Efficiency gains drive margin expansion

The profit lift came as the group continued to manage costs tightly across its global portfolio of more than 600 hotels. Financing costs fell 18% and operating expenses declined 4% from the previous quarter. Systemwide occupancy rose to 70%, up one percentage point, while RevPAR increased 3% year-on-year. Growth was strongest in the Maldives, where RevPAR rose 23%, followed by Australia and New Zealand (+6%) and Europe and the Americas (+2%). ADR increased 1% overall, supported by double-digit growth in Asia and the Indian Ocean.

Performance in Thailand softened due to major upgrades at key luxury properties, including Anantara Siam Bangkok Hotel, Anantara Hua Hin Resort, and Anantara Golden Triangle Elephant Camp & Resort. The temporary impact of these renovations contributed to a four-point drop in Thailand’s occupancy, though gains in other regions, particularly the Maldives (+5 pp), helped balance the quarter.

Key operational highlights:

• Systemwide occupancy: 70% (+1 pp)
• RevPAR growth: +3% year-on-year
• ADR: +1% systemwide
• Financing costs: –18%
• Operating expenses: –4% quarter-on-quarter

Group CEO Dillip Rajakarier said, “In the face of challenging global operating conditions, Minor Hotels has again delivered strong profit growth through disciplined cost control and prudent financial management. This performance underscores the resilience of our business model and the strength of our diversified portfolio, as we continue to optimize our asset-right strategy, sharpen rate and mix management, and maintain focus on high-margin business segments.”

Year-to-date performance and outlook

For the first nine months of 2025, core profit reached THB 4.1 billion, up 32% year-on-year. Core revenue fell 3% to THB 97.6 billion, while EBITDA remained stable. Occupancy for the period increased to 68%, with declines in Thailand offset by higher levels in Europe and double-digit gains in the Maldives. RevPAR rose 3% year-to-date, led by the Maldives (+13%), Middle East and Africa (+5%), and Europe (+4%).

Minor Hotels plans to continue prioritizing margin expansion, portfolio optimization, and strategic investment to support long-term, sustainable growth through its asset-right development model. The group operates more than 640 hotels, resorts, and branded residences across 59 countries.