Statistics from Southern Europe indicate a complete recovery in tourism after years of travel restrictions, resulting in a bullish performance for Thai hospitality groups.
Spain's National Statistics Institute (INE) reported a record figure of 7.2 million international arrivals in April, surpassing the same period in 2019 by 1.2%. From January to April, Spain experienced tremendous growth of 32% compared to the previous year, with nearly 21 million international tourists during these four months. April also saw record tourist spending in Spain, with over a 20% increase from pre-pandemic data, according to INE.
Furthermore, Spain, Italy, Greece, and Portugal are expected to achieve record tourism revenues this year based on early bookings, as reported by Reuters. Italy recorded a 70.5% increase in the number of foreign tourists in January and February compared to the same period last year, while Portugal had its best quarter in Q1 of 2023.
In line with these booming statistics, Thai hospitality group Minor Hotels and its subsidiary NH Hotel Group reported better-than-expected financial performance in Europe. As Europe entered its peak tourism season, where most of the group's hotels are located, Minor Hotels experienced significant growth, surpassing pre-pandemic levels. Higher room rates and a growing demand for luxury tourism, in which the company specialises, contributed to this success. In April, the group's Revenue Per Available Room (RevPar) in Europe was over 30% higher than in April 2019, and the Average Daily Rate (ADR) experienced a significant increase, particularly in Spain, with a 58% rise.
Chaiyapat Paitoon, the Chief Financial Officer of the company, expressed satisfaction with the news of the tourism boom in Europe and the group's bullish performance. He stated that this is just the beginning of their record-breaking years, emphasising that COVID is now behind them and it is time for growth.