Minor Hotels Europe & Americas has reported robust financial performance for the first half of 2025, with total revenues reaching €1.206 billion, a 5% increase over the €1.145 billion recorded during the same period in 2024. This growth reflects sustained demand across both business and leisure travel segments, alongside operational efficiency and strategic asset management.
Portfolio Expansion and Organic Growth Drive Revenues
Of the €61 million year-on-year revenue increase, €21 million (34%) was attributed to portfolio changes, including acquisitions and openings. On a like-for-like basis and at constant exchange rates, revenues grew 4% year-on-year.
Despite a saturated event calendar in Europe in 2024, the group maintained upward momentum with a 3% increase in average daily rate (ADR) — rising from €143 in H1 2024 to €147 in H1 2025. Strong travel demand pushed occupancy to 69%, up 2 percentage points from the prior year.
The combination of higher ADR and improved occupancy led to sustainable growth in revenue per available room (RevPAR), which rose from €96 to €102 per night — a 6% increase. On a comparable basis, RevPAR increased 4% year-on-year.
Q2 Highlights and Positive Outlook
Revenue for the second quarter (April–June) totaled €711 million, up 4% from €685 million in Q2 2024. Portfolio changes accounted for 32% of this quarterly growth.
Based on current travel trends, the company anticipates continued favorable demand in the third quarter, particularly across its Southern European markets.
EBITDA Growth and Improved Profitability
Minor Hotels Europe & Americas also delivered solid profitability:
Gross operating profit (EBITDAR): €432 million, +6%
Recurring EBITDA: €317 million (up from €298 million in H1 2024, +6%)
Total net profit: €112 million, a 58% increase over the €71 million reported in the first half of 2024
This net profit includes a €26 million gain from non-recurring items, mainly from the sale of two hotels in Portugal and Germany during Q1. Excluding one-off gains, recurring net profit was €86 million, representing a 30% increase from the €66 million in H1 2024.
Strengthened Balance Sheet and Early Bond Repayment
As of June 30, Minor Hotels Europe & Americas had significantly reduced its net financial debt to €114 million, compared to €244 million at the end of 2024. This €130 million reduction reflects proceeds from asset disposals, strong operating cash flow, and €78 million in capital expenditures during the period.
The company maintained a solid liquidity position of €669 million, including €344 million in cash and €325 million in available credit facilities.
This liquidity enabled the full early redemption of €400 million in senior secured bonds due in 2026, completed on July 2. The repayment was funded with available cash and a new €200 million long-term loan secured in April. Additionally, the group replaced its existing €242 million revolving credit facility with a new €200 million RCF.
Following the bond redemption, both Moody’s and Fitch have withdrawn their credit ratings for the company.
Strategic Outlook
With sustained demand, efficient cost controls, a strengthened balance sheet, and continued investment in high-performing assets, Minor Hotels Europe & Americas enters the second half of 2025 with confidence. The group is expected to remain focused on value-enhancing growth, premium brand expansion, and capital optimization across key markets in Europe and the Americas.
