Minor Hotels Drives Record Profit Growth, Owning Seven Luxury Resorts in Maldives

Minor Hotels, a global hotel chain with seven luxury resorts in the Maldives, had an exceptional year in 2023, achieving record revenue and a significant 450% increase in profits.

Key Highlights:

• Full-year income: THB 121.4 billion (approx. USD 3.4 billion), up 25% from 2022.

• Core net revenue: THB 4.95 billion, 450% boost compare to 2022.

• Europe and Thailand: Led group-wide increase in Average Daily Rate (ADR) and tenancy.

• Q4 2023 core profit: THB 1.89 billion, a 95% raise year-over-year.

• Strong expansion predictable in 2024: Room revenues previously above 2023 levels.

The exciting presentation is credited to several factors:

• Resurgent travel demand: Freedom and business travel bounce back, driving tough rate growth across Minor’s collection.

• Brand equity and cost management: Strong brand standing and restricted cost control helped offset growing costs.

• Strategic expansion: Expansion in key market like Thailand and Europe bolster performance.

Minor Hotels has a strong presence in the Maldives, a popular luxury travel spot. The company operates seven resorts across its Anantara, Avani, and NH Collection brands, providing a range of accommodations from beachfront villas to overwater bungalows to suit various traveler tastes.

Minor Hotels expects further growth in 2024, as room revenues have already surpassed 2023 levels in important markets. The company is planning a bold expansion strategy, with the goal of incorporating 200-250 new hotels into its current portfolio within the next three years. This expansion will encompass new hotel launches in Vienna, Saudi Arabia, and various prosperous markets across the Middle East and Asia Pacific regions.

Minor Hotels runs more than 540 hotels across 56 countries, including seven upscale resorts in the Maldives. Offering a range of brands such as Anantara, Avani, and NH Collection, the company serves the diverse needs and interests of travelers. Their goal is to cultivate a more passionate and connected world through their hospitality offerings.