In a quarter where plenty of hotel groups quietly held their breath, Minor Hotels has done something far more old-fashioned: it sharpened its pencils, tidied its books and delivered a respectable boost in profit. Proof, once again, that the fundamentals still matter, even when the global travel market is zigzagging like a backpacker hunting for free Wi-Fi.
The Bangkok-based operator, steward of more than 600 hotels under the Anantara, Avani and Tivoli flags, reported a core profit of THB 1.85 billion for the third quarter. That’s about USD 57 million, and a tidy 7% lift year-on-year, despite revenue slipping a modest 2% to THB 33.5 billion.
At first glance, profit rising while revenue softens may look like an accountant’s parlour trick. In fact, it reflects something more traditional: disciplined cost control, operational tightening and the sort of portfolio diversification that cushions the bumps when one region sneezes and another surges.
Thailand softens, Maldives sparkles.
The softer top line came largely from Minor’s home market, Thailand, where a round of hefty renovations is currently underway at several flagship luxury properties. The Anantara Siam Bangkok Hotel, Anantara Hua Hin Resort and the ever-photogenic Anantara Golden Triangle Elephant Camp & Resort have all been under the hammer, the hotel equivalent of a strategic facelift.
These upgrades, intended to future-proof the brand and strengthen long-term asset value, temporarily clipped performance and nudged Thai occupancy down four percentage points for the quarter.
But as Thailand took a breather, the Maldives stepped up with a five-percentage-point surge in occupancy, continuing its post-pandemic streak as the region’s overachiever. Europe also delivered steady, if unspectacular, trading the tourism equivalent of a reliable family sedan rather than a supercar, but welcome all the same.
Efficiency becomes a competitive weapon.
Minor’s profitability bump came courtesy of a decidedly old-world virtue: efficiency.
The group trimmed financing costs by 18% and operating expenses by 4% quarter-on-quarter, tightening the belt without cutting into muscle. Systemwide occupancy nudged up to 70%, while RevPAR climbed 3% year-on-year — a respectable number in a quarter where consumer sentiment in parts of Asia wobbled.
The Maldives again led the charge with RevPAR up 23%, followed by Australia and New Zealand with a 6% rise, while Europe and the Americas added 2%. Average daily rates grew 1% across the portfolio, buoyed by stronger pricing in Asia, the Indian Ocean, the Middle East and Africa.
As Group CEO Dillip Rajakarier noted, resilience is not an accident.
“In the face of challenging global operating conditions, Minor Hotels has again delivered strong profit growth through disciplined cost control and prudent financial management,” said Rajakarier.
“This performance underscores the resilience of our business model and the strength of our diversified portfolio, as we continue to optimise our asset-right strategy, sharpen rate and mix management, and maintain focus on high-margin business segments.”
It is the sort of statement shareholders like to hear, one that emphasises backbone over bravado.
Nine-month results underline resilience.
The nine-month picture reinforces the narrative. For the first three quarters of 2025, Minor Hotels delivered core profit of THB 4.1 billion, up 32% year-on-year, even as revenue dipped 3% to THB 97.6 billion. EBITDA held steady —an achievement in a year when many operators have battled rising labour and utility costs.
Occupancy across the portfolio averaged 68%, with Thailand dipping five points but the Maldives rising eleven. Europe, benefiting from a stable summer and resilient intra-EU travel demand, lifted by 2 points.
RevPAR for the year to date rose 3%, led again by the Maldives (+13%), the Middle East and Africa (+5%) and Europe (+4%).
Asset-right strategy shapes next phase.
Looking ahead, Minor Hotels appears firmly committed to its “asset-right” strategy, one part ownership, one part management, and a healthy dose of capital discipline.
In an environment where interest rates remain stubborn, consumer confidence fluctuates, and global travel demand occasionally coughs, a flexible balance sheet becomes a competitive edge. That approach, married with strategic reinvestment in luxury properties, sets the stage for further margin expansion.
The group signalled it will continue to prioritise high-margin segments, portfolio optimisation, and disciplined reinvestment, the hotel industry equivalent of tending the garden before planting anything new.
And if the third quarter is any indication, the approach is paying off.
By Kanda Limw – (c) 2025
Read time: 4 minutes.
About the Writer
Kanda Limw is a self-motivated administrative professional with a strong track record of efficiently and precisely supporting business operations. Highly organised and adaptable, she brings a wealth of skills to the table, from multitasking and prioritising competing demands to managing complex filing systems and ensuring smooth office workflows.
Her background spans professional secretarial work, customer relations, and project planning, where her critical thinking and proactive approach have consistently delivered results. Kanda is experienced in managing directors’ schedules, coordinating meetings, and streamlining administrative processes while maintaining the highest standards of professionalism.
With progressive experience in office management, she has developed a reputation for reliability and attention to detail. Colleagues value her calm under pressure, her ability to anticipate needs, and her dedication to keeping operations on track. Kanda continues to build on her diverse skill set, driving efficiency and excellence in every task she undertakes.
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