The group also posted a 1% year-on-year increase in core revenue to $1.08 billion, while disciplined cost management helped lift EBITDA by 2% to $220 million.
System-wide RevPAR remained steady year-on-year amid uneven regional trading conditions, as a 1% increase in ADR was largely offset by a one-percentage-point decline in occupancy to 68%.
Europe & Americas remained the strongest-performing region for Minor Hotels in the quarter, delivering 5% RevPAR growth, supported in particular by strength in Spain, Central Europe and Italy. Performance across Asia, the Indian Ocean, Australasia, the Middle East and Africa was softer overall, with the greatest pressure coming from the Middle East.
Asia nevertheless showed pockets of strength, notably among luxury properties in Thailand, where RevPAR increased 7% year-on-year driven by higher rates.
In results for the first half of the year, the company’s, continued focus on rate integrity supported a 3% increase in system-wide RevPAR, with ADR up 4% against the same period last year. Occupancy edged down by 1% to 66% as demand remained uneven across markets.
First-half growth was spread across several key parts of the portfolio, with the Europe & Americas region delivering a 5% increase in RevPAR, while Thailand grew 6% and the wider Asia and Indian Ocean portfolio rose 10%. These gains provided a counterweight to continued pressure in the Middle East.
The overall revenue trend also remained positive, with core revenue rising 3% to $2 billion and EBITDA up 2% to $320 million. Core profit for the half softened 4% to $60 million, impacted by significant renovation works at owned properties as well as unrealized foreign exchange loss.
The company continued to ramp up its development activity during Q2, completing hotel management agreements for 20 new properties—including signings in Sharjah, Austria, Saudi Arabia and the Caribbean—and bringing its first-half total to 29 properties representing 2,165 keys. This puts the group on track to surpass its record year of 40 signings in 2025, with the increased pace reflecting growing owner demand for its brands and operating platforms.
Notable announcements included Anantara Miami Resort & Residences, which will mark the brand’s debut in the U.S.; three Anantara properties in India; and Minor’s entry into Turkey. The group also unveiled The Wolseley Hotel New York, the first hotel announced under The Wolseley Hotels brand, and continued its momentum in the Japan market with the signing of Avani Kyoto.
The agreements help to expand Minor Hotels’ fee-based business and advance its ‘asset-right’ strategy, which aims to grow the portfolio while creating a more balanced mix of owned, managed and franchised hotels.
During the first half, Minor Hotels opened 11 new hotels representing 1,167 keys. Notable additions included Tivoli Palazzo 1880 Lecce Hotel and entry into Slovenia and Croatia, as well as NH Hua Hin, which expanded the group’s select service portfolio in Thailand.
Minor Hotels also rebranded several existing properties during the period, including Porta Rossa Hotel Firenze, Colbert Collection becoming the first member of its new Colbert Collection soft brand, Tivoli President Milano joining the group’s luxury portfolio in Italy, and three properties across Spain and Germany converting to iStay Hotels by NH.
It also announced the evolution of Anantara Vacation Club into Minor Vacation Club, reflecting the expansion of its vacation ownership business into a multi-brand offering, with two new club resorts set to open in Japan later in 2026.
“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, 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.”
