Minor Hotel Group has released figures detailing its net profit growth for 2015, reporting a 38% YoY increase.
The group has attributed the majority of the growth to the improved performance of Oaks Hotels and Resorts, claiming an increase in real estate income and revaluation gains of Baht 670 million from
business acquisitions relating to the Sun International and Oaks Elan Darwin transactions. Excluding the revaluation gains, 2015 net profit for MHG increased by 16% year-on-year.
During 2015 MHG also achieved a number of key milestones, having acquired seven hotels from Tivoli Hotels and Resorts in Portugal and Brazil, before completing the transaction with the acquisition of the remaining seven hotels in Portugal. The combined 14-hotel, EUR 294.2 million Tivoli transaction comes with a 9.6x EV/EBITDA multiple underpinned by real estate, brand values and customer loyalty. In addition, this largest-ever acquisition by the group marked its strategic entry into Europe and Latin America with a strong operating platform to drive further growth.
MHG also acquired six properties and a tour operating company from Cheli and Peacock. The camps and lodges in Kenya have joined the group’s Elewana portfolio in East Africa. Oaks also made its brand debut in Australian Northern Territory with the acquisition of Elan Soho Suites, which was later renamed Oaks Elan Darwin.
In addition, two new-build Anantara resorts opened – Banana Island Resort Doha by Anantara in Qatar in January and Anantara Peace Haven Tangalle Resort in Sri Lanka in December. A third Anantara was added with the re-flagging of the MHG-owned Four Seasons Bangkok to Anantara Siam Bangkok, the property becoming the brand’s flagship in Thailand. MHG’s dynamic upscale AVANI brand also added AVANI Seychelles Barbarons Resort in the Indian Ocean. Overall in 2015 MHG added a total of 17 properties to its growing portfolio and expanded its footprint into four new countries – Qatar, the Seychelles, Portugal and Brazil.
