Minor Hotels reported resilient financial performance in the second quarter of 2026, with higher revenue and profitability despite uneven trading conditions across global markets.
The hotel group posted core profit of THB 2.8 billion (approximately USD 84.3 million), up 2% year-on-year, while core revenue increased 1% to THB 35.8 billion. Disciplined cost management helped lift EBITDA by 2% to THB 7.5 billion.
Europe Leads Performance Despite Middle East Challenges
Minor Hotels said Europe and the Americas remained its strongest-performing region during the quarter, delivering 5% RevPAR growth, driven by robust demand in Spain, Central Europe and Italy.
Performance across Asia, Australasia, the Indian Ocean, Africa and the Middle East was more mixed, with the Middle East facing the greatest pressure due to ongoing geopolitical challenges.
Thailand’s luxury hotels were among the standout performers in Asia, recording 7% RevPAR growth as higher room rates offset softer occupancy elsewhere.
Across the global portfolio, system-wide RevPAR remained broadly stable, as a 1% increase in average daily rate (ADR) was largely offset by a one-percentage-point decline in occupancy to 68%.
First-Half Revenue Continues to Grow
For the first six months of 2026, Minor Hotels reported 3% growth in system-wide RevPAR, supported by a 4% increase in ADR.
Core revenue for the first half rose 3% to THB 66.2 billion, while EBITDA increased 2% to THB 10.9 billion.
Core profit declined 4% to THB 2.2 billion, primarily reflecting major renovation projects at owned hotels and unrealised foreign exchange losses.
Regional performance remained positive across much of the portfolio, with RevPAR increasing 5% in Europe and the Americas, 6% in Thailand, and 10% across the wider Asia and Indian Ocean region.
Hotel Development Accelerates Worldwide
Minor Hotels significantly increased its development activity during the second quarter, signing 20 new hotel management agreements, bringing the first-half total to 29 properties representing 2,165 rooms.
The company said it remains on track to surpass its record 40 hotel signings achieved in 2025, reflecting growing owner demand for its brands and operating platform.
Among the most significant announcements were:
- Anantara Miami Resort & Residences, marking the luxury brand’s debut in the United States.
- Three new Anantara hotels in India.
- Minor Hotels’ market entry into Turkey.
- The Wolseley Hotel New York, the first property under the new The Wolseley Hotels brand.
- Avani Kyoto, introducing the Avani brand to Japan.
During the first half, the group also opened 11 hotels with 1,167 rooms, including Tivoli Palazzo 1880 Lecce, NH Hua Hin, and Avani Mooloolaba Beach Hotel in Australia.
Asset-Right Strategy Continues
Minor Hotels said its expanding pipeline supports its long-term asset-right strategy, which focuses on increasing the proportion of managed and franchised hotels while maintaining a balanced portfolio of owned assets.
The company also continued strengthening its brand portfolio by introducing Colbert Collection, expanding Tivoli Hotels & Resorts in Italy, converting several hotels to iStay Hotels by NH, and rebranding Anantara Vacation Club as Minor Vacation Club to support its growing multi-brand vacation ownership business.
Commenting on the results, Group CEO Dillip Rajakarier said:
“This was a resilient quarter given the environment we’re operating in, and it underscores the value of a diversified portfolio. Our teams across all regions stayed disciplined on rate and costs, which allowed us to protect profitability even as performance diverged across markets.”
He added:
“Geopolitical tensions, currency volatility and shifting travel patterns remain factors we’re monitoring closely. We expect demand to stay uneven through the rest of 2026, and we’ll continue to track forward bookings for the second half as conditions evolve.”
Minor Hotels said its geographic diversification, continued hotel expansion and focus on pricing discipline position the company well for long-term growth despite ongoing market uncertainty.
