Revenue tripled drives adjusted EBITDA to turn positive. Confident right strategy has been implemented.

Press Room

Bangkok, February 28, 2021 – SHR reveals strong recovery. Revenue in fourth quarter 2021 reached Bt. 1.74 billion brought up the revenue for the full year 2021 to hit Bt. 4.51 billion, tripled the revenue over last year. The well-balanced and diversified portfolio of SHR has benefited from the lift of travel restrictions worldwide. The ADR in Q4/21 of CROSSROADS Maldives hotels reached its highest since the opening whereas the ADR of UK hotels during H2/21 already surpassed pre-pandemic levels which boosted adjusted EBITDA to turn profit. Confident that the company has picked the right strategy which creates continuous revenue growth.

S Hotels and Resorts PCL (SHR), the flagship hospitality arm of Singha Estate PCL, announced its fourth quarter financial results for the year 2021, showing revenue from sales and services during Q4/21 at Bt. 1,744 million went up 23% quarter-on-quarter driving up the full year revenue in 2021 to Bt. 4,513 million, tripled the revenue over last year. The sharp rise in revenue boosted adjusted EBITDA in 2021 to turn profit at Bt. 518 million jumped by 187% from the previous year.

In 2021, the revenue from UK and Maldives hotels made up to 90.3% of total revenue. However, the lift in Covid-19 restrictions and the borders reopening to international travellers because of the increased vaccination rate together with the rise in travel demand during year-end festive holidays brought up the proportion of revenue from Thailand and Outrigger hotels in Q4/21 to 16.4% from 2.9% in previous quarter, a positive signal for future revenue growth when tourism sector resumes normal.

Performance of hotels in CROSSROADS Maldives last year recovered well with its outstanding design and composition of the project which are different from other typical resorts in Maldives. CROSSROADS Maldives is the first and only fully integrated leisure lifestyle destination in Maldives that serves variety types of guests.  SHR spent time during pandemic to improve and build image of CROSSROADS Maldives to quickly become popular among international travellers proved by many awards and recognition of its excellence from leading organizations globally. The average daily rate (ADR) and revenue per available room (RevPAR) of hotels in CROSSROADS Maldives in Q4/21 reached its highest level since opening even though tourists from Asian countries such as China, Korea and Japan which used to be key source markets in Maldives still cannot travel due to their strict Covid-19 restrictions. SHR is confident that when all countries fully reopen their borders, CROSSROADS Maldives will grow even stronger and become a dream destination of travellers from all over the world.   

Next is the success of investment strategy to acquire additional shares in UK hotels portfolio during Q1/21 with the strengths of the UK hotels portfolio that could make up the most well balance portfolio both geographically and seasonally for SHR. Last year the recovery of tourism sector in UK was better than other regions as we expected in which the ADR of UK hotels portfolio during the H2/21 already surpassed the ADR of the same period during pre-pandemic years by 14%. This was due to the pent-up demand from domestic travellers which is the target segment of UK hotels portfolio where all are regional hotels. Hence, the growth of revenue from the UK hotels portfolio was higher than expected, which reiterated the success of investment strategy in the UK portfolio. In addition, SHR intended to enhance the efficiency and return of UK hotels portfolio with the plan for additional investment in the potential hotels to increase ADR and more profitability.

With the efficiency of the SHR’s hotel management team, which is flexible, resilient, and able to respond quickly to the change of all travel related restrictions as well as other Covid-19 measures announced by the Government such as Phuket Sandbox, Rao Tiew Duay Gan, and Test & Go drove up the performance of Thailand hotels portfolio during Q4/21. The occupancy rate in December of SAii Laguna Phuket and SAii Phi Phi Island Village increased to 64% and 59% respectively, the highest levels since the spread of Covid-19 in Thailand. In addition, the ADR of Thailand hotel portfolio in Q4/21 also reached the peak of the year. The outlook of tourism sector in 2022 in Thailand will gradually recover from the travel subsidy campaigns launched by the Government to attract domestic travel and travel and easing travel restriction for international travellers.     

The borders reopening to foreign tourists of both Mauritius and Fiji after more than a year of closure pushed the performance of Fiji and Mauritius hotels to improve significantly.  The occupancy rate in December which was the first month with international tourists of Outrigger Beach Resort and Castaway Island Fiji have shown a great success with strong recovery to 37% and 63% respectively with ADR close to the pre-pandemic levels by pent-up demand from Australian tourists during year-end festive holidays whereas the occupancy rate in Q4/21 of Mauritius Beach Resort was 54% with most of the hotel guests being repeated guests. SHR believes that the Fiji and Mauritius hotels will recover as quickly as Maldives did. 

Mr. Dirk De Cuyper, Chief Executive Officer of S Hotels and Resorts PCL, revealed that “We achieved the revenue target of Bt. 4.5 billion as tourism recovery gain momentum towards year-end from the festive season as well as the borders reopening plan in most tourism destinations. Together with the success of right and appropriate commercial strategies, under the most challenging environment. SHR will continue the long-term grow to continuously improve efficiency and returns of our hotel portfolio. This included additional CAPEX investment to uplift our products to increase the profitability as well as stronger positioning in the market. SHR still has sufficient debt headroom to support future growth and investment”.


About S Hotels & Resorts Public Company Limited

S Hotels & Resorts Public Company Limited (SHR), the hospitality arm of Singha Estate Public Company Limited, is a fast-growing, Thai-inspired company with an extensive international portfolio and world-class standards. Specialising in the management and investment of high-quality hotels and resorts in desirable destinations across the globe, S Hotels & Resorts has created a collection of its own distinctive lifestyle brands, whilst also partnering with the hospitality industry’s leading names. The company aims to set new standards for leisure and lifestyle through diversified business platforms and to enhance value for all its stakeholders based upon a philosophy of sustainable development and delivering benefits to local communities. To learn more, please visit our website at or follow us on Facebook, Instagram, YouTube or LinkedIn.

S Hotels & Resorts Public Company Limited
123 Suntowers Building B, 10th Floor,
Vibhavadi-Rangsit Road, Chom Phon, 
Chatuchak, Bangkok 10900
Tel: +66 (0) 2058-9888

Corporate Communications 
Lalita Somboonsuk                                                  
Tel. 095-762-3547