Thai hospitality giant Minor International targets 20% revenue growth in 2023

BANGKOK : Thailand-based hotelier Minor International is targeting revenue growth of at least 20 per cent this year, its chief executive said on Thursday, banking on a strategy of higher room rates and the return of Chinese tourists.

“Let’s not go for occupancy because flight capacity was limited. Let’s go for rates,” Dillip Rajakarier told reporters at a news conference, referring to the company’s preferred strategy last year.

Rates at hotels in the Maldives, Australia and Thailand last year rose 15 per cent to 40 per cent higher than pre-pandemic levels and helped to offset higher labour and interest rate costs, Rajakarier said.

Minor, which owns Spain’s NH Hotel Group, generates more than half its hotel revenue in Europe, about 15 per cent in Thailand and the remainder across the Middle East, the Americas and Australia.

“Europe has recovered very strongly … and the tail winds…