Standing astride a bike on a sunny morning in Austria, I waved goodbye to the AmaSonata, the river cruise ship I’d been on for the last few days, as it continued sailing west on the Danube River.
27.11.2023 - 09:44 / traveldailynews.com / Vicky Karantzavelou
Minor’s European hotel business was a particularly strong performer, achieving its highest-ever third quarter RevPAR fuelled by robust leisure demand and a substantial increase in business travel supported by several large events, corporate conventions and trade fairs.
Minor Hotels, a leading international hotel owner, operator and investor, has reported record-high third-quarter profit of THB 1.7 billion, on the back of strong leisure and business demand in Europe and continued recovery in Thailand.
The result marks a growth in net profit of 8% on the same period last year for the group, which currently has a portfolio of 540 hotels and resorts in 56 countries.
Significant growth in revenue per available room (RevPar) was recorded across the group, with an 11% year-on-year increase reported for the third quarter, surpassing pre-COVID-19 level by 26%. The growth reflected operational revival across all of Minor’s business models, robust global travel demand and successful sales and pricing strategy.
In Thailand, the increase in international arrivals, combined with Minor Hotels’ strategic penetration of non-traditional feeder markets, drove a robust 38% increase in RevPAR in the third quarter versus the same period last year.
Minor’s owned and leased hotels portfolio contributed 85% of core hotel and mixed-use revenues in the quarter, reporting 17% in system-wide RevPAR.
Strong demand for travel saw average room rates rise 8% year on year at owned and leased hotels in Europe and Latin America, where occupancy also rose from 69% in 3Q22 to 71% in 3Q23, inching closer to the 2019 level of 75%. As a result, RevPar of owned and leased hotel portfolio in those regions exceeded the pre-COVID-19 figure by 19%. Owned hotels in Thailand also saw a substantial 38% year on year increase in system-wide RevPar. The rise in international arrivals to Thailand, combined with Minor Hotels’ strategy to penetrate further into non-traditional feeder markets, drove average occupancy and room rates.
Minor Hotels anticipates growth to continue, with forward bookings displaying solid traction in the final quarter of the year, despite prevailing geopolitical and economic challenges. While Europe is entering a period of lower seasonality, Thailand is experiencing an upward trend as it enters its high season and performance from hotels in Australia are expected to strengthen in Q4 as it moves out of winter.
“Minor Hotels has continued its strong post-COVID momentum to achieve its highest-ever third quarter core net profits. This is a trend we expect will continue, as Minor Hotels stands to benefit from the strengthening global tourism industry, strong forward bookings, and increased travel activities,” said Dillip Rajakarier,
Standing astride a bike on a sunny morning in Austria, I waved goodbye to the AmaSonata, the river cruise ship I’d been on for the last few days, as it continued sailing west on the Danube River.
Often seen merely as a stepping stone to the stunning Italian islands accessible via its bustling port, Naples is seldom considered a destination in itself. Contrary to this negative portrayal, Naples is a lively, culture-rich city that deserves more recognition. As the birthplace of pizza, it commands respect on culinary grounds alone. Moreover, it’s home to a wealth of significant archaeological treasures, and its unpolished streets have a beauty and authenticity that’s been washed away in other large European cities. It’s also home to a handful of excellent luxury boutique hotels offering outstanding Italian hospitality and beautiful accommodations. Here are the top hotels in Naples, Italy for a weekend getaway or extended vacation in city and around the city.
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