Premium Demand and Rate Strength Drive Strong Q1 2026 for Minor Hotels

Minor Hotels delivered a strong first quarter in 2026, with premium travel demand and continued rate strength across the group helping to offset geopolitical disruption in selected markets.

Financial Highlights
- ADR (Average Daily Rate): Up 7% YoY, driving RevPAR growth of 6%.
- Core Revenue: THB 30.4 billion, up 6% YoY.
- Core EBITDA: Up 1% YoY.
- Occupancy: Stable at 64% systemwide, despite seasonal softness in Europe.
- Core Loss: THB 631 million, mainly due to renovations at flagship properties and FX impacts.

Regional Performance
- Maldives: ADR +12%, RevPAR +11% — strong luxury demand.
- Thailand: ADR +10%, RevPAR +10%; Anantara properties saw RevPAR +23%.
- Europe & Americas: ADR +6%, RevPAR +7% — resilience in a weak seasonal quarter.
- Middle East & Africa: Occupancy down 7 percentage points due to regional conflict.

Expansion & Strategy
- Asset-Light Growth:
- 4 new managed properties (589 keys) opened in Thailand, Oman, Croatia, Slovenia.
- Conversion of Palace Hotel Portorož (183 keys) in Slovenia.
- Pipeline: New signings in the US, Thailand, India, Tanzania, plus expansion in Australia, UK, Brazil, Ghana, Italy.
- New Brands: Rolled out The Wolseley Hotels, Minor Reserve Collection, Colbert Collection, iStay.
- Digital Investment: Building a global data & AI platform with Salesforce, Google Cloud, OneTrust, Deloitte — deployment in 2026.

Outlook
- Strong forward bookings in Europe and luxury destinations.
- Continued focus on asset-light expansion, technology-enabled guest experiences, and brand-led growth.
- CEO Dillip Rajakarier emphasizes resilience of demand for trusted premium brands, even amid geopolitical uncertainty.

Minor Hotels is clearly positioning itself for long-term growth, balancing premium demand with asset-light expansion and digital transformation.