Minor Hotels Reports Solid Q2 2026 Results as Strong Europe and Americas Demand Offsets Middle East Challenges

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Minor Hotels, the international hospitality group, delivered a stable financial performance in the second quarter of 2026, supported by strong trading conditions across Europe and the Americas, which helped balance weaker results in the Middle East. The company reported core profit of THB 2.8 billion (around USD 84.3 million), representing a 2% increase compared with the same period last year.

The group’s core revenue also showed positive momentum, rising 1% year-on-year to THB 35.8 billion. Strong operational discipline and effective cost control contributed to a 2% improvement in EBITDA, which reached THB 7.5 billion during the quarter.

Despite mixed market conditions across regions, Minor Hotels maintained stable system-wide RevPAR compared with the previous year. Average daily rate (ADR) increased by 1%, helping to partially balance a one-percentage-point decline in occupancy, which stood at 68% during the quarter.

Europe and the Americas emerged as the strongest contributors to growth, recording a 5% increase in RevPAR. Performance in these markets was supported by robust demand in Spain, Central Europe and Italy. Meanwhile, trading conditions remained more challenging across Asia, the Indian Ocean, Australasia, the Middle East and Africa, with the Middle East experiencing the most significant pressure.

However, several Asian markets demonstrated resilience. Luxury hotels in Thailand performed particularly well, achieving a 7% year-on-year increase in RevPAR, mainly driven by stronger room rates and premium demand.

Minor Hotels Strengthens First-Half Performance Through Pricing Strategy

During the first six months of 2026, Minor Hotels continued to benefit from a focused pricing strategy and maintained its approach toward protecting room rates. System-wide RevPAR increased 3% compared with the previous year, supported by a 4% rise in ADR.

Occupancy levels recorded a slight decline of one percentage point, reaching 66%, reflecting uneven demand patterns across different markets. However, stronger pricing power helped the group maintain overall revenue growth despite challenging operating conditions in certain destinations.

Growth during the first half was led by multiple regions. Europe and the Americas delivered a 5% RevPAR increase, while Thailand recorded 6% growth. The wider Asia and Indian Ocean portfolio achieved a significant 10% improvement, helping offset weaker performance in the Middle East.

Minor Hotels reported a 3% increase in core revenue for the first half, reaching THB 66.2 billion. EBITDA also improved by 2% to THB 10.9 billion. Core profit for the period declined by 4% to THB 2.2 billion, mainly due to extensive renovation projects at owned hotels and the impact of unrealised foreign exchange losses.

The company’s ongoing investment in property upgrades reflects its strategy of strengthening long-term asset value while improving guest experiences across its global portfolio.

Global Expansion Accelerates Through Asset-Light Growth Strategy

Minor Hotels continued expanding its international footprint during the second quarter by increasing its focus on management agreements and asset-light growth. The company secured agreements for 20 new hotels during the quarter, including projects in Sharjah, Austria, Saudi Arabia and the Caribbean.

With these additions, Minor Hotels completed 29 new hotel signings during the first half of 2026, representing 2,165 rooms. The pace places the company on track to exceed its previous record of 40 signings achieved in 2025.

The accelerated expansion reflects growing demand from hotel owners seeking access to Minor Hotels’ global brands, operational expertise and international distribution network.

Among the major developments announced during the period was the upcoming Anantara Miami Resort & Residences, which will introduce the Anantara brand to the United States market for the first time. The company also strengthened its presence in India with plans for three new Anantara properties and confirmed its entry into Turkey.

Minor Hotels further expanded its luxury portfolio through the announcement of The Wolseley Hotel New York, the first property under The Wolseley Hotels brand. The company also continued strengthening its position in Japan with the signing of Avani Kyoto, marking the Avani brand’s entry into the Japanese market.

These new agreements support Minor Hotels’ long-term “asset-right” strategy, designed to create a more balanced portfolio combining owned, managed and franchised properties while increasing recurring fee-based revenue.

New Hotel Openings and Brand Transformation Strengthen Global Portfolio

During the first half of 2026, Minor Hotels opened 11 new hotels, adding 1,167 rooms to its international network. The new openings expanded the company’s presence across Europe and Asia while introducing its brands to new destinations.

Key launches included Tivoli Palazzo 1880 Lecce Hotel in Italy, strengthening the Tivoli brand’s presence in the country’s luxury hospitality market. The group also entered Slovenia and Croatia, expanding its footprint across the Adriatic region.

In Thailand, the opening of NH Hua Hin increased Minor Hotels’ select-service offering and strengthened the NH Hotels brand within one of Asia’s important leisure destinations.

Alongside new openings, Minor Hotels continued transforming existing properties through strategic rebranding initiatives. Porta Rossa Hotel Firenze, Colbert Collection became the first hotel under the company’s new Colbert Collection soft brand, introducing a new luxury positioning focused on distinctive heritage properties.

The group also added Tivoli President Milano to its luxury portfolio in Italy, while three hotels in Spain and Germany transitioned to the iStay Hotels by NH brand.

These brand developments highlight Minor Hotels’ strategy of creating stronger segmentation across its portfolio, allowing travellers to access different experiences ranging from luxury resorts to lifestyle and extended-stay accommodation.

Vacation Business Expands as Minor Hotels Builds Multi-Brand Future

Minor Hotels also announced the transformation of its vacation ownership division, with Anantara Vacation Club evolving into Minor Vacation Club. The change reflects the company’s ambition to expand beyond a single-brand vacation ownership model and create a broader multi-brand platform.

The updated structure will allow Minor Hotels to introduce more diverse holiday ownership experiences while connecting customers with a wider selection of destinations and hospitality concepts.

Two new club resorts are scheduled to open in Japan later in 2026, further strengthening the group’s presence in one of the world’s most important luxury travel markets.

With continued international expansion, stronger brand development and growing demand for its management platforms, Minor Hotels is positioning itself for long-term growth despite uneven global hospitality conditions. The company’s performance in 2026 highlights the resilience of its diversified portfolio and its ability to capture opportunities across key travel markets worldwide.

Disciplined growth remains priority

“This was a resilient quarter given the environment we’re operating in, and it underscores the value of a diversified portfolio,” said Dillip Rajakarier, Group CEO of Minor International, the parent company of Minor Hotels. “Our teams across all regions stayed disciplined on rate and costs, which allowed us to protect profitability even as performance diverged across markets. Geopolitical tensions, currency volatility and shifting travel patterns remain factors we’re monitoring closely. We expect demand to stay uneven through the rest of 2026, and we’ll continue to track forward bookings for the second half as conditions evolve.”

Despite ongoing uncertainty in global trading conditions during the second half of the year, Minor’s diverse international footprint and continued expansion pipeline position the group for sustainable future growth. The company is witnessing encouraging demand trends across key markets and will continue prioritising strong pricing strategies, protecting room rates, and improving operational efficiency throughout its existing hotel portfolio.