MINT ANTICIPATES CONTINUED GROWTH IN THE TRAVEL SECTOR

Editorial Staff

MINT ANTICIPATES CONTINUED GROWTH IN THE TRAVEL SECTOR
MINT’s management reaffirms their optimistic outlook for the travel sector in both Europe and Thailand, supported by the company’s operating statistics and forward booking for the remainder of the year.

Continued strong travel season in Europe: The high travel season that kicked off in 2Q23 in Europe has continued to gain momentum, with particular strength seen in forward bookings for September and October. MINT's hotels across the continent have experienced a surge in demand, driven by not only continued robust leisure demand but also strong business travel from corporate segment.

During the first half of September, these hotels boasted an impressive average occupancy rate exceeding 70%. This uptick in occupancy has been accompanied by sustained growth in average daily rate (ADR), signaling strong tourism recovery in the region. Reservation on the book for September is 15% - 20% higher than the same point in the prior year, while that of October also looks strong and above original expectation.

Strong Growth in Thailand: MINT's hotels in Thailand are also experiencing strong double-digit growth in performance indicators, including occupancy, ADR, and reservation. These positive trends bode well for the upcoming high season in the fourth quarter of 2023. The government’s policy to drive tourism including a visa-free scheme for Chinese travelers will also provide an additional boost to MINT’s 33 hotels and close to 6,000 rooms in Thailand, given its leading position in the country.
The company aims to mobilize more Asian travelers to Europe by leveraging its cross-selling and cross-distribution network and vice versa.

Mr. Chaiyapat Paitoon, CFO of MINT, expressed his confidence, stating, "I'm pleased to emphasize that the sustained growth trends in both the European and Thai markets are a testament to MINT’s unwavering commitment to excellence and our remarkable ability to adapt to ever-evolving market dynamics. With a promising outlook ahead, MINT is unquestionably positioned for strong growth in 2023 and into 2024."