Minor Hotels, owner and operator of properties worldwide, reports stable growth for the second quarter of 2026, with core profit of THB 2.8 billion, around $84.3 million, up 2% year-on-year. Continued strength in Europe and the Americas offset disruption recorded in the Middle East over the period.
The Group also posted 1% growth in core revenue to THB 35.8 billion, while disciplined cost management drove EBITDA up 2% to THB 7.5 billion. Like-for-like RevPAR remained broadly flat year-on-year, with a 1% rise in average daily rate largely offset by a one-percentage-point decline in occupancy, to 68%, amid mixed market conditions across regions.
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Europe and the Americas remained the Group’s best-performing region for the quarter, with RevPAR growth of 5%, driven notably by strength in Spain, Central Europe and Italy. Performance across Asia, the Indian Ocean, Australasia, the Middle East and Africa was broadly more modest, with the strongest pressure coming from the Middle East. Asia nonetheless showed pockets of strength, notably at luxury properties in Thailand, where RevPAR rose 7% year-on-year, driven by higher rates.
Across the first half of 2026, the Group’s rate discipline supported like-for-like RevPAR growth of 3%, with average daily rate up 4% compared with the same period last year. Occupancy fell one percentage point to 66%, with demand remaining uneven across markets. First-half growth was spread across several key portfolio segments, with RevPAR up 5% in Europe and the Americas, 6% in Thailand and 10% across the Asia and Indian Ocean portfolio, offsetting continued pressure in the Middle East. First-half core revenue rose 3% to THB 66.2 billion and EBITDA 2% to THB 10.9 billion, while core profit fell 4% to THB 2.2 billion, weighed down by significant renovation works at wholly owned properties as well as an unrealised foreign exchange loss.
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The Group continued to accelerate its development activity in the second quarter, finalising hotel management agreements for 20 new properties, including signings in Sharjah, Austria, Saudi Arabia and the Caribbean, bringing the first-half total to 29 properties representing 2,165 keys. This pace puts the Group on track to surpass its record year of 40 signings in 2025, an acceleration Minor Hotels attributes to growing owner demand for its brands and operating platforms.
Notable announcements during the quarter included the Anantara Miami Resort & Residences, which will mark the brand’s US debut, three Anantara properties in India, as well as the Group’s entry into Turkey. Minor Hotels also unveiled The Wolseley Hotel New York, the first property announced under The Wolseley Hotels brand, and continued its momentum in the Japanese market with the signing of the Avani Kyoto. The Group had also unveiled in the first quarter the launch of its new soft brand Colbert Collection in London, with the future WestDill Mayfair Hotel.
Over the first half, Minor Hotels opened 11 new hotels representing 1,167 keys, including the Tivoli Palazzo 1880 Lecce Hotel and its entry into Slovenia and Croatia, as well as the NH Hua Hin, which expands the Group’s select-service portfolio in Thailand. The Group also rebranded several existing properties over the period, including the Porta Rossa Hotel Firenze, which became the first member of the new Colbert Collection soft brand, the Tivoli President Milano, added to the Group’s Italian luxury portfolio, and three properties in Spain and Germany converted to iStay Hotels by NH. Minor Hotels also announced the evolution of its Anantara Vacation Club offering into Minor Vacation Club, reflecting the broadening of its vacation ownership business into a multi-brand offering, with two new club resorts expected in Japan by the end of the year.
Dillip Rajakarier, CEO Minor Hotels @ credit Minor Hotels
Dillip Rajakarier, Group CEO of Minor International, parent company of Minor Hotels, described the quarter as resilient given the current operating environment, highlighting the value of a diversified portfolio. He said the Group’s teams across all regions had remained disciplined on rates and costs, helping to preserve profitability despite divergent performance across markets. He added that geopolitical tensions, currency volatility and evolving travel patterns remained closely monitored factors, with demand expected to remain uneven for the rest of 2026.
At a Glance
Minor Hotels — Q2 2026 Results – Core profit: THB 2.8B (~$84.3M), +2% YoY – Core revenue: THB 35.8B, +1% YoY; EBITDA: THB 7.5B, +2% YoY – System-wide RevPAR: flat YoY (ADR +1%, occupancy -1pt to 68%) – Strongest region: Europe & Americas, RevPAR +5% (Spain, Central Europe, Italy) – Thailand luxury RevPAR: +7% YoY – H1 2026: RevPAR +3% (ADR +4%, occupancy 66%); core revenue THB 66.2B (+3%); EBITDA THB 10.9B (+2%); core profit THB 2.2B (-4%, hit by renovations & FX loss) – Development: 29 HMAs signed in H1 (2,165 keys), incl. 20 in Q2 — on track to beat 2025’s record of 40 signings – Key H1 signings: Anantara Miami (US debut), 3x Anantara India, Turkey entry, The Wolseley Hotel New York, Avani Kyoto – H1 openings: 11 hotels, 1,167 keys, incl. Tivoli Palazzo 1880 Lecce, Slovenia/Croatia entry, NH Hua Hin – Rebrands: Porta Rossa Firenze (Colbert Collection), Tivoli President Milano, 3 properties to iStay Hotels by NH – Vacation ownership: Anantara Vacation Club evolving into Minor Vacation Club
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