Minor Hotels Q1 2026 Report: Premium Demand, Rate Strength Offset Regional Challenges

Minor Hotels delivered a robust first quarter in 2026, demonstrating significant resilience in the face of geopolitical uncertainty. The group’s performance was anchored by sustained demand for premium and luxury experiences, which helped drive rate strength and offset disruptions in specific markets.

Strong Financial Metrics Amidst Volatility The group reported healthy year-on-year growth across its key operating indicators. Average Daily Rate (ADR) rose by 7%, while Revenue Per Available Room (RevPAR) increased by 6%. Occupancy remained stable at 64% systemwide, a notable achievement given the traditionally softer first quarter in Europe.

“What continues to stand out is the resilience of demand for trusted premium brands, even against a backdrop of geopolitical uncertainty,” said Dillip Rajakarier, Group CEO of Minor International.

System-wide core revenues reached THB 30.4 billion, up 6% from the same period last year. Total system sales grew by 4% year-on-year (3% on a like-for-like basis), reflecting both underlying demand growth and portfolio expansion. However, the group posted a core loss of THB 631 million, an increase of THB 138 million compared to the previous year. This loss was primarily attributed to extensive renovation works at flagship properties, including the Anantara Siam Bangkok Hotel, alongside unrealized foreign exchange impacts.

Regional Performance Highlights Performance varied by region, with standout results in Asia-Pacific and the Americas:

• Maldives: A major growth engine for the group, which operates nine resorts there. ADR grew 12% and RevPAR rose 11% year-on-year.
• Thailand: Delivered strong momentum with both ADR and RevPAR increasing by 10%. Luxury performance was particularly impressive, with Anantara-branded properties seeing a 23% jump in RevPAR.
• Europe & Americas: Despite being the region’s weakest trading quarter, both areas recorded ADR growth of 6% and RevPAR growth of 7%.
• Middle East & Africa: This was the only region to see a significant decline, with occupancy dropping seven percentage points year-on-year due to regional conflict.

The divergence in performance underscores the benefit of Minor Hotels’ diversified global portfolio, which allows it to buffer against localized shocks.

Accelerating Asset-Light Expansion Minor Hotels continued to execute its asset-light growth strategy with vigor during the quarter. The group opened four new managed properties, totaling 589 keys across Thailand, Oman, Croatia, and Slovenia.

The pipeline for future expansion remains robust, with new signings secured in strategic markets including the United States, Thailand, India, and Tanzania. Expansion efforts also intensified in Australia, the UK, Brazil, Ghana, and Italy.

To support this growth, Minor Hotels accelerated the rollout of four new brands:

• The Wolseley Hotels
• Minor Reserve Collection
• Colbert Collection
• iStay

These new brands broaden the group’s offerings across luxury, soft-brand, and select-service segments.

Digital Transformation and Future Outlook Investment in long-term digital capabilities remains a priority. The group is developing a global data and AI platform in partnership with Salesforce, Google Cloud, OneTrust, and Deloitte. Targeted for deployment in 2026, the platform aims to enhance guest personalization, direct engagement, and commercial effectiveness.

“We remain focused on positioning the business for long-term growth through asset-light expansion and the continued development of digital and AI capabilities that will strengthen how we engage with guests throughout their journey,” Rajakarier added.

Looking ahead, Minor Hotels remains on track for a record year of new signings. While geopolitical uncertainty and macroeconomic volatility continue to impact certain markets, forward booking trends in Europe and key luxury destinations remain encouraging. The group maintains confidence in the long-term fundamentals of global travel demand and continues to see strong interest from owners across its brand portfolio.