Minor Hotels Drives Record Profit Growth, Owning Seven Luxury Resorts in Maldives
International hotel giant Minor Hotels, operating seven luxurious resorts in the Maldives, reported a stellar year in 2023, with record revenue and a massive 450% profit surge.
Key Highlights:
- Full-year revenue: THB 121.4 billion (approx. USD 3.4 billion), up 25% from 2022.
- Core net profit: THB 4.95 billion, 450% increase compared to 2022.
- Europe and Thailand: Led group-wide growth in Average Daily Rate (ADR) and occupancy.
- Q4 2023 core profit: THB 1.89 billion, a 95% increase year-over-year.
- Strong growth expected in 2024: Room revenues already exceeding 2023 levels.
The impressive performance is attributed to several factors:
- Resurgent travel demand: Leisure and business travel bounced back, driving strong rate growth across Minor’s portfolio.
- Brand equity and cost management: Strong brand reputation and disciplined cost control helped offset rising costs.
- Strategic expansion: Expansion in key markets like Thailand and Europe bolstered performance.
Minor Hotels enjoys a significant presence in the Maldives, a renowned luxury travel destination. With seven stunning resorts under its Anantara, Avani and NH Collection brands, the company caters to diverse traveler preferences, offering everything from beachside villas to overwater bungalows.
Minor Hotels anticipates continued growth in 2024, with room revenues already exceeding 2023 levels in key markets. The company plans aggressive expansion, aiming to add 200-250 new hotels to its existing portfolio over the next three years. This includes exciting new openings in Vienna, Saudi Arabia, and across thriving Middle East and Asia Pacific markets.
Minor Hotels operates over 540 hotels in 56 countries, including seven luxury resorts in the Maldives. With a diverse portfolio of brands like Anantara, Avani, and NH Collection, the company caters to various traveler needs and passions. Their vision is to create a more passionate and interconnected world through their hospitality experiences.
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