Despite seasonal challenges, Minor Hotels has posted a strong net profit of THB 530 million for Q1 2024. The hotel owner and operator attributed this success to a significant 17% increase in core revenue, exceeding expectations and driven by rate growth across its portfolio. Thailand and Europe emerged as key markets, with hotels in those regions reporting high occupancy and rate growth. Minor Hotels aims to expand its network by adding 200 new hotels by 2026.
Marriott International, Inc. has reported its first quarter 2024 financial outcomes. The company saw a global increase in comparable systemwide constant dollar Revenue Per Available Room (RevPAR) of 4.2%, with international markets experiencing a particularly strong 11.1% growth. Adjusted diluted EPS rose to $2.13 from $2.09 in the same period last year. During the quarter, Marriott welcomed approximately 46,000 net rooms, including around 37,000 rooms under its agreement with MGM Resorts International. The company has a global development pipeline of over 3,400 properties and nearly 547,000 rooms. Financial highlights for the quarter include a 7% increase in base management and franchise fees, a 10% surge in co-brand credit card fees, and a 4% rise in incentive management fees. Marriott repurchased 4.8 million shares of common stock for $1.2 billion during the quarter, and as of April 26, has returned $1.7 billion to shareholders through dividends and share repurchases. The company raised its full year earnings guidance and expects to return between $4.2 billion and $4.4 billion to shareholders in 2024.
