Minor Motels recorded 450% core internet revenue progress in 2023 in comparison with the earlier yr, after reaching a brand new full-year core income file of THB 121.4 billion (approx. US$4.3 billion or AU$5.3 billion).
Income was up 25% on 2022 figures with topline complete system gross sales reaching THB 157 billion (approx. US$4.4 billion).
The outcomes replicate the group’s robust monetary efficiency throughout most key markets, notably its lodge operations in Europe and Thailand the place core income grew 25% and 65% respectively.
“We’re happy to report our excellent efficiency in 2023,” stated Dillip Rajakarier, CEO of Minor Motels and father or mother firm Minor Worldwide Group.
“The outcomes replicate the dedication and onerous work of all our groups throughout all 56 nations. As we transfer ahead, our focus stays on increasing our footprint, driving sustainable progress, decreasing debt and creating long-term worth for our shareholders.”
Demand for leisure and enterprise journey throughout most key markets drove robust price progress, with group-wide common day by day price (ADR) rising by 10% in contrast with the earlier yr.
Group-wide occupancy was reported at 66% for the yr, a rise of 6% on 2022 figures, with the group’s Thailand accommodations among the many prime performers, reaching occupancy progress of 17%.
Group-wide RevPAR rose 22% versus 2022, with Thailand reporting 73% progress and Europe and Americas reporting a 26% enhance.
The enterprise additionally reported a powerful begin to 2024 with room revenues in January and on-the-book worth in February and March already surpassing 2023 ranges by 39% in Thailand, and 20% in Europe.
Minor Motels added a complete of 1,257 rooms in 2023 and is aiming so as to add 200-250 new accommodations to its international portfolio as a part of an aggressive enlargement over the following three years.
An adjustment to its long-standing “asset proper” technique will see the group goal extra administration and franchise contracts in a bid to drive sustainable progress whereas minimising capital expenditure.
