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Earlier this year, I noted that Minor Hotels was well-positioned to deliver improved profitability as global tourism showed early signs of recovery. The group’s latest results for the first half of 2025 confirm that forecast, with core profit up 34% year-on-year – a clear indicator that international travel demand is gathering.

Minor Hotels, part of Bangkok-based Minor International, reported core profit of THB 2.26 billion for the first six months of 2025, driven by strong demand in Europe and the Maldives. Group revenue per available room (RevPAR) rose 4% year-on-year, with occupancy up one percentage point to 67% and average daily rate (ADR) increasing by 2%.

European & Maldives Strength Offsets Asian Softness

Europe and the Americas led the way, posting a 6% RevPAR rise despite strong 2024 comparatives. Occupancy in the region increased to 69%, supported by a 3% ADR lift. In the Maldives, RevPAR surged 23% on a 14-point jump in occupancy – a standout performance highlighting the group’s diversification strategy.

While Thailand’s overall performance softened, with a 6% RevPAR drop due to lower occupancy, specific upcountry destinations such as Koh Samui bucked the trend with positive growth. Across Asia and the Indian Ocean, RevPAR was still up 3% in the first half, with the Middle East & Africa delivering gains of 4% in the half and 11% in Q2.

Q2 Continues Upward Momentum

The second quarter’s core profit reached THB 2.7 billion, up 9% year-on-year. System-wide RevPAR rose 2% in Q2, driven by a 2% ADR increase, as occupancy held steady. Group CEO Dillip Rajakarier said the results demonstrated “high-quality growth” and the resilience of a diversified global portfolio.

Strategic Expansion & H2 Outlook

Minor Hotels has launched four new brands: The Wolseley Hotels, Minor Reserve Collection, The Colbert Collection, and iStay Hotels—expanding its reach across different market segments. Through sustainable, asset-light expansion, the company is targeting 850 properties in operation by 2027.

Forward bookings for leisure and business travel remain in line with expectations, giving the group confidence heading into the second half of the year.

Tourism Recovery Clearly in Motion

This performance not only validates Minor’s strategy but also reflects a broader trend: tourism is steadily returning despite macroeconomic pressures and geopolitical uncertainty. In my earlier analysis, I suggested that the hospitality sector’s recovery would be gradual yet resilient, with global players like Minor Hotels benefiting first from high-demand markets such as Europe and the Maldives. The latest figures confirm that this rebound is now firmly underway.