Minor International Pcl, Thailand’s largest hotel and restaurant operator, is planning to launch its first real estate investment trust (REIT) valued at around US$1 billion and is also exploring a Hong Kong listing for its restaurant unit to raise funds for debt reduction.
The company intends to contribute 14 hotels across Europe and Thailand to the REIT, which is expected to be listed in Singapore in the second half of this year, according to CEO Dillip Rajakarier.
In addition, Minor is considering listing Minor Food Pcl in Hong Kong, aiming for higher valuations and access to a broader investor base. A final decision on the IPO is expected in the second quarter, with a potential listing later this year.
Minor, whose Thai hotels were featured in the hit series White Lotus, has been actively reducing debt following its 2018 acquisition of NH Hotel Group SA, which had significantly increased its liabilities. The company aims to lower its debt-to-equity ratio to about 1.4 times this year, down from 1.8 times at the end of 2025.
Rajakarier said, “We will continue our deleveraging efforts to bring our debt to a comfortable level. Lower debt will help lift the overhang that has affected our stock price.”
The potential overseas listings also highlight the waning appeal of the Thai stock market, which continues to face challenges from sluggish economic growth and political uncertainty, despite a post-election rebound in equities.
Minor projects net income growth of up to 20% annually over the next three years, fueled by the expansion of hotels and restaurants overseas. Already one of Asia’s largest hospitality groups, the company plans to increase its hotel portfolio to 850 properties by 2028, up from 636 last year.
The group also aims to expand its restaurant network to over 4,000 outlets by 2028 across markets such as India, Indonesia, and Vietnam, compared with nearly 3,000 restaurants currently.
Shares in Minor International have risen 7% this year, lagging behind the benchmark SET Index, which has climbed 17%.
