Minor International (MINT) continues to see promising growth prospects in the travel sector, driven by strong statistics and forward bookings in both Europe and Thailand.
Strong Travel Season in Europe
The travel season that began in the second quarter of 2023 in Europe has continued to gather momentum, with notable strength in forward bookings for September and October. MINT’s hotels across the continent have seen a surge in demand, driven not only by robust leisure travel but also by a resurgence in corporate business travel. During the first half of September, these hotels achieved an impressive average occupancy rate exceeding 70%. This uptick in occupancy has been accompanied by sustained growth in Average Daily Rate (ADR), a sign of a robust tourism recovery in the region. Reservations for September are 15% to 20% higher than the same period last year, and October’s outlook remains strong, surpassing initial expectations.
Thailand’s Growth Story
MINT’s hotels in Thailand are also experiencing strong double-digit growth in performance indicators, including occupancy, ADR, and RevPAR. These positive trends bode well for the upcoming high season in the fourth quarter of 2023. The government’s pro-tourism policies, including a visa-free scheme for Chinese travelers, are expected to provide an additional boost to MINT’s 33 hotels and nearly 6,000 rooms in Thailand, solidifying its leading position in the country.
Strategies for Continued Success
Building on the success of the previous quarter, MINT remains proactive in implementing strategic initiatives. These include repositioning, rebranding, and cross-brand expansion strategies aimed at further enhancing room rates and profitability.
Expanding Horizons
MINT is actively working to attract more Asian travelers to Europe and vice versa by leveraging its cross-selling and cross-distribution network. This strategy is expected not only to strengthen MINT’s presence but also to create more room for growth, solidifying its position as a key player in the global travel sector. The combined membership program between GHA and NH Hotel Group has made MINT’s GHA DISCOVERY one of the world’s largest hospitality loyalty programs, contributing to direct bookings through MINT’s platforms and profitability.
MINT’s CFO, Mr. Chaiyapat Paitoon, expressed his confidence, stating: “I’m pleased to emphasize that the sustained growth trends in both the European and Thai markets are a testament to MINT’s unwavering commitment to excellence and our remarkable ability to adapt to ever-evolving market dynamics. With a promising outlook ahead, MINT is unquestionably positioned for strong growth in 2023 and into 2024.”
With these positive signals and well-executed strategies, MINT is poised to capitalize on opportunities in the recovering travel landscape. The company is expected to maintain high profitability levels, explore new geographical markets, and deliver satisfactory returns to its stakeholders.
