Minor International Pcl, Thailand’s largest hospitality firm, is planning to launch its first real estate investment trust (REIT) in Singapore and is exploring a listing of its restaurant unit in Hong Kong.
The moves reportedly support a broader plan to expand to 850 hotels and 4,150 restaurants by 2028 through an asset-light model of management and franchise agreements.
Group chief executive Dilip Rajakarier said at the company’s annual press day that the proposed Singapore listing of the REIT is expected to be valued at about $1 billion.
A separate Hong Kong listing of its restaurant unit, Minor Food, is intended to tap higher valuation multiples and a broader investor base, he added. Minor Food is already listed on the Stock Exchange of Thailand.
A final decision on the IPO is expected in the second quarter, with a potential listing later this year.
Rajakarier said the REIT, slated for launch in the second half of the year, will hold about 14 hotels — 12 in Europe and two in Thailand. Minor will keep a sizable stake but below 50%, a structure that lets it retain control while keeping the REIT off its consolidated balance sheet.
“We found the REIT structure to be the best option,” Rajakarier said, adding that the company had been assessing asset-recycling strategies, including selling properties to fund new investments or reduce debt.
The planned REIT is central to Minor’s push to cut leverage. At end-2025, the group’s net debt-to-equity ratio was 0.86 times, and net debt-to-EBITDA stood at 4.6 times.
Minor is aiming to bring net debt-to-equity down to 0.75–0.85 and reduce net debt-to-EBITDA to below four times, steps that could strengthen its credit metrics and lower funding costs.
Beyond its capital markets plans, Minor is stepping up expansion. Rajakarier said the group aims to sign about 90 hotel management and franchise agreements in 2026, more than double the record 40 signed in 2025, and to open nearly 50 hotels, up from 23 last year.
The company also plans to operate more than 4,000 restaurants by 2028, up from nearly 3,000 outlets, as it expands across Asian markets, including India, Indonesia, and Vietnam.
Founded in 1978 by American-born entrepreneur William Heinecke, Bangkok-based Minor International runs hotel brands including Anantara and operates in more than 60 countries. It reported about 165 billion baht (about $5.3 billion) in 2025 revenue.
