Minor International will sell 14 hotels in Europe and Thailand into the Reit, which will be listed in Singapore in H2
Published Fri, Feb 20, 2026 · 05:54 PM
MINOR International – Thailand’s largest hotel and restaurant chain operator – plans to set up its first real estate investment trust (Reit) worth about US$1 billion, and is exploring a Hong Kong listing of its restaurant unit to raise funds for debt repayment.
The company will sell 14 hotels in Europe and Thailand into the Reit, CEO Dillip Rajakarier said in a press briefing in Bangkok on Friday (Feb 20), 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, 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 initial public offering (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 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,” Rajakarier 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.
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Minor expects net income to grow by as much as 20 per cent 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.
Minor’s shares are up 7 per cent this year, trailing the benchmark SET Index, which has advanced 17 per cent. BLOOMBERG
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