Minor Hotels Delivers Q2 Profit Growth, Accelerates Asset-Right Expansion

Minor Hotels, a leading global hotel owner and operator, has reported steady growth in the second quarter of 2026, with core profit of THB 2.8 billion (approx. USD 84.3 million) marking a 2% year-on-year increase, as continued strength in Europe & Americas helped offset disruption in the Middle East.

Financial Performance
- Core profit: THB 2.8 billion (~USD 84.3 million), up 2% year-on-year.
- Core revenue: THB 35.8 billion, up 1%.
- EBITDA: THB 7.5 billion, up 2%.
- RevPAR: Flat overall, with ADR up 1% but occupancy down to 68%.
- Regional strength: Europe & Americas delivered 5% RevPAR growth, especially in Spain, Central Europe, and Italy.
- Challenges: Middle East performance remained under pressure, though Thailand luxury properties saw 7% RevPAR growth.

First-Half 2026 Trends
- RevPAR: Up 3% system-wide, driven by a 4% ADR increase.
- Occupancy: Down 1 percentage point to 66%.
- Revenue: THB 66.2 billion (+3%).
- EBITDA: THB 10.9 billion (+2%).
- Core profit: THB 2.2 billion, down 4% due to renovations and FX losses.

Expansion Momentum
- Hotel management agreements (HMAs): 29 signed in H1, including 20 in Q2.
- New markets: Sharjah, Austria, Saudi Arabia, Caribbean, Turkey, and Japan.
- Notable projects:
- Anantara Miami Resort & Residences (brand debut in the US).
- The Wolseley Hotel New York (first under The Wolseley Hotels brand).
- Avani Kyoto (Japan expansion).
- Openings: 11 new hotels (1,167 keys), including Tivoli Palazzo 1880 Lecce and NH Hua Hin.
- Rebrands: Properties in Italy, Spain, and Germany converted to Tivoli, Colbert Collection, and iStay Hotels.
- Vacation ownership: Anantara Vacation Club evolved into Minor Vacation Club, expanding into Japan.

CEO Commentary
Dillip Rajakarier emphasized resilience amid uneven demand, highlighting disciplined rate management and geographic diversification as key to protecting profitability.

Outlook
- Demand expected to remain uneven in H2 2026.
- Strong forward bookings and continued focus on rate integrity and operational efficiency.
- Asset-right strategy (balanced mix of owned, managed, franchised hotels) remains central to growth.

This quarter shows Minor Hotels balancing profitability discipline with aggressive expansion, positioning itself strongly despite regional volatility.