Minor Hotels reported another year of record profitability in 2025, with core profit rising 32% year-on-year to THB 6.84 billion (about USD 217 million). Core revenue stood at THB 133.2 billion while operating expenses eased slightly, with gains largely driven by lower finance costs and accounting improvements.
Total System Sales grew 3% like-for-like to THB 140.36 billion and 4% overall to THB 166.1 billion despite renovations at key properties. Occupancy increased to 68%, ADR rose 3% and RevPAR grew 4%, reflecting continued rate-led growth.
Leadership perspective
“The quality of our growth is becoming as important as the pace of our growth. By expanding through management and franchise partnerships while retaining a disciplined ownership position, we are pursuing an asset-right approach that supports earnings resilience. Together with strong system-wide demand, this helped deliver a record year of profit in 2025 and positions us well for further growth in 2026.” – Dillip Rajakarier, Group CEO of Minor International (SET:MINT), the parent company of Minor Hotels.
Regional performance
Europe and the Americas, which account for over half of Minor Hotels’ portfolio, delivered double-digit profit growth in 2025, supported by strong leisure demand and improving corporate and MICE activity. Occupancy rose two percentage points, ADR increased 2% and RevPAR grew 4%, with strong performance in Spain and Italy.
RevPAR grew 10% in the Middle East and Africa driven by luxury rates, while Asia and the Indian Ocean recorded 12% RevPAR growth led by the Maldives.
Fourth quarter performance
Minor Hotels reported strong Q4 results with core profit rising 32% year-on-year to THB 2.73 billion. Revenue grew 5% to THB 35.6 billion and EBITDA increased 7%, led by strong leisure demand in Europe and the Americas.
Occupancy reached 70%, ADR rose 4% and RevPAR increased 8% compared to the same period in 2024, reflecting continued pricing strength across resort and urban hotels.
Development and future outlook
Minor Hotels enters 2026 with its strongest development pipeline after signing 40 projects and opening or rebranding 23 properties in 2025. The group expects supportive trading conditions and plans to secure about 25 additional deals in early 2026.
The company is also strengthening its talent pipeline through the Asian Institute of Hospitality Management, which enrolled 250 students in 2025, and is progressing plans for a hotel REIT listing in 2026 to enable capital recycling and fund future expansion.
