The company will sell 14 hotels in Europe and Thailand into the REIT, Chief Executive Officer Dillip Rajakarier said in a press briefing in Bangkok on Friday, adding that the trust will be listed in Singapore in the second half of this year.
It is also exploring a Hong Kong listing for its restaurant unit, Minor Food Pcl, Rajakarier said, confirming a Bloomberg News report last week. Hong Kong is being considered for its potentially higher valuations and broader investor base. A final decision on the IPO is expected in the second quarter, with a potential listing later this year.
Minor, whose hotels in Thailand were featured in the hit series White Lotus, has been cutting debt to ease investor concerns after its 2018 acquisition of NH Hotel Group SA significantly increased liabilities. The company aims to reduce its debt-to-equity ratio to about 1.4 times this year, from 1.8 times at the end of 2025.
“We will continue our deleveraging attempt to bring our debt level to a comfortable level,” he said. “Lower debt will help lift the overhang that has affected our stock price.”
The overseas listings would also underscore the Thai stock market’s diminishing appeal, weighed down by weak economic growth and political uncertainty, even after a post-election rebound in equities.
Minor expects net income to grow by as much as 20% annually over the next three years, driven by the expansion of new hotels and restaurants overseas. Already one of Asia’s largest hospitality groups, the company plans to increase the number of hotels under management to 850 by 2028, up from 636 last year.
It also aims to operate more than 4,000 restaurants by 2028, expanding in Asian markets including India, Indonesia and Vietnam, compared with nearly 3,000 outlets last year.
By Anuchit Nguyen
