Thailand’s international hotel success story, Minor Hotels, has revealed plans to split out and list key elements of its business, as it grows ever larger.
The planned moves come as the group looks for ways to reduce debt, and strengthen its balance sheet. The group’s board is keen to restructure the business, so that it is in its best shape for future growth. As well as its international hotel business, the Minor group also has a major food and beverage operation across Thailand and nearby countries.
A Dynamic Growth Plan
Already, a three year plan in place aims to grow both businesses. By 2028, Minor wants to grow the hotels division from 636 to 850 properties, and intends to take its restaurant count from 2,746 to around 4,150 over the same period.
Minor is investigating a process of splitting off some of the hotel assets it owns outright, into a real estate investment trust. The Reit could list in the second half of 2026, on the Singapore stock exchange, a market where investors understand well the concept of buying into Reit shares.
The aim is to package up a dozen European hotels, and two in Thailand, as a diversified offering. The Reit could release up to USD1 billion for the company, with their owned assets sold into the Reit, while Minor would retain management rights for the hotels, and continue to operate the properties under their established brands.
In addition, Minor Foods would be listed on the Hong Kong market, opening up the investment opportunity to a wider pool of investors than would be available via the Thai market. An IPO would split out the business, and provide it with access to new funding as the business seeks to grow aggressively in new markets such as India, Vietnam and Laos. Minor International group chief executive Dillip Rajakarier said the process could take place in late 2026, subject to regulatory approvals.
In recent times, Minor has looked to grow by increasingly signing management or franchise agreements, growing via an asset light approach. It has a strong base of hotel assets in Europe, a legacy of its acquisition of the Spanish NH Hotels business several years ago. That purchase brought it established brands including NH Hotels, nhow, NH Collection and another European brand, Tivoli.
Adding to the Brand Portfolio
In addition, Minor is busy growing its own brands, notably Anantara, Avani and Oaks. The group recently signed Avani Wollongong and Anantara Perth, boosting its pipeline in Australia. In late 2025, the company also launched Avani Living as a residential brand, opening Avani Living Queen’s Wharf Residences in Brisbane. The extended stay property has 225 apartments, ranging in size from one to three bedrooms.
In Brazil, Minor has signed a project that will launch its new Minor Reserve Collection. The Aventora Resort Baía Formosa will open in the north of the country in 2028. The collection brand is the latest addition to Minor’s brand portfolio, aiming to draw together hotels and resorts that promise an extraordinary stay.
